Chronicle Journal: Finance

Tortoise Pipeline & Energy Fund, Inc. and Tortoise Power and Energy Infrastructure Fund, Inc. Provide Section 19(a) Notice

This notice provides stockholders of Tortoise Pipeline & Energy Fund, Inc. (NYSE: TTP) and Tortoise Power and Energy Infrastructure Fund, Inc. (NYSE: TPZ) with information regarding the distributions paid on November 30, 2020 and cumulative distributions paid fiscal year-to-date.

The following table sets forth the estimated amounts of the current distributions, payable November 30, 2020 and the cumulative distributions paid this fiscal year to date from the following sources: net investment income, net realized short-term capital gains, net realized long-term capital gains and return of capital. All amounts are expressed per common share.

Tortoise Pipeline & Energy Fund, Inc.

Estimated Sources of Distributions

($) Current Distribution

% Breakdown of the Current Distribution

($) Total Cumulative Distributions for the Fiscal Year to Date

% Breakdown of the Total Cumulative Distributions for the Fiscal Year to Date

Net Investment Income

0.0000

0%

0.0000

0%

Net Realized Short-Term Capital Gains

0.0000

0%

0.0000

0%

Net Realized Long-Term Capital Gains

0.0000

0%

0.0000

0%

Return of Capital

0.1600

100%

0.7650

100%

Total (per common share)

0.1600

100%

0.7650

100%

Average annual total return (in relation to NAV) for the 5 years ending on 10/31/2020

-22.20%

Annualized current distribution rate expressed as a percentage of NAV as of 10/31/2020

3.92%

Cumulative total return (in relation to NAV) for the fiscal year through 10/31/2020

-70.57%

Cumulative fiscal year distributions as a percentage of NAV as 10/31/2020

4.69%

Tortoise Power and Energy Infrastructure Fund, Inc.

Estimated Sources of Distributions

($) Current Distribution

% Breakdown of the Current Distribution

($) Total Cumulative Distributions for the Fiscal Year to Date

% Breakdown of the Total Cumulative Distributions for the Fiscal Year to Date

Net Investment Income

0.0240

48%

0.3540

34%

Net Realized Short-Term Capital Gains

0.0000

0%

0.0000

0%

Net Realized Long-Term Capital Gains

0.0000

0%

0.0000

0%

Return of Capital

0.0260

52%

0.6960

66%

Total (per common share)

0.0500

100%

1.0500

100%

Average annual total return (in relation to NAV) for the 5 years ending on 9/30/2020

-5.04%

Annualized current distribution rate expressed as a percentage of NAV as of 9/30/2020

5.15%

Cumulative total return (in relation to NAV) for the fiscal year through 9/30/2020

-32.71%

Cumulative fiscal year distributions as a percentage of NAV as of 9/30/2020

9.01%

You should not draw any conclusions about TTP or TPZ’s investment performance from the amount of this distribution or from the terms of TTP and TPZ’s distribution policies.

Each of TTP and TPZ estimates that it has distributed more than its income and net realized capital gains; therefore, a portion of your distribution may be a return of capital. A return of capital may occur, for example, when some or all of the money that you invested in TTP and/or TPZ is paid back to you. A return of capital distribution does not necessarily reflect TTP or TPZ’s investment performance and should not be confused with "yield" or "income."

The amounts and sources of distributions reported are only estimates and are not being provided for tax reporting purposes. The actual amounts and sources of the amounts for tax reporting purposes will depend upon TTP and TPZ's investment experience during the remainder of its fiscal year and may be subject to changes based on tax regulations. TTP and/or TPZ will send you a Form 1099-DIV for the calendar year that will tell you how to report these distributions for federal income tax purposes.

Tortoise Capital Advisors is the Adviser to the Tortoise Pipeline & Energy Fund, Inc. and the Tortoise Power and Energy Infrastructure Fund, Inc.

For additional information on these funds, please visit cef.tortoiseecofin.com.

About Tortoise

Tortoise focuses on energy & power infrastructure and the transition to cleaner energy. Tortoise’s solid track record of energy value chain investment experience and research dates back more than 20 years. As one of the earliest investors in midstream energy, Tortoise believes it is well-positioned to be at the forefront of the global energy evolution that is underway. With a steady wins approach and a long-term perspective, Tortoise strives to make a positive impact on clients and communities. To learn more, please visit www.TortoiseEcofin.com.

Cautionary Statement Regarding Forward-Looking Statements

This press release contains certain statements that may include “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements, other than statements of historical fact, included herein are "forward-looking statements." Although the funds and Tortoise Capital Advisors believe that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. Actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in the fund’s reports that are filed with the Securities and Exchange Commission. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Other than as required by law, the funds and Tortoise Capital Advisors do not assume a duty to update this forward-looking statement.

Safe Harbor Statement

This press release shall not constitute an offer to sell or a solicitation to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer or solicitation or sale would be unlawful prior to registration or qualification under the laws of such state or jurisdiction.

Contacts:

Maggie Zastrow at (913) 981-1020 or info@tortoiseadvisors.com

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