September 30, 2020

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Tortoise Power and Energy Infrastructure Fund, Inc. (TPZ) Declares Monthly Distribution and Update on Tortoise Essential Assets Income Term Fund’s (TEAF) Direct Investments and Portfolio Allocation

LEAWOOD, KS–(BUSINESS WIRE)–Tortoise Power and Energy Infrastructure Fund, Inc. (NYSE: TPZ) today declared the July monthly distribution of $0.05 per share payable on July 31, 2020 to shareholders of record on July 24, 2020.

Additionally, Tortoise Essential Assets Income Term Fund (NYSE: TEAF) provides an update on the fund’s direct investments, portfolio asset allocation, structure types and impact statistics as of June 30, 2020 on the company website here. Updates will continue to be posted on a monthly basis until the fund reaches its target of 60% direct investments.

In addition, on a monthly basis, details on each private deal that has taken place over the prior month will be published here. The list includes all deals completed since the fund’s inception through June 30, 2020.

Tortoise Advisors UK Limited, TEAF’s sub-adviser, has changed its name to Ecofin Advisors Limited.

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

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

TPZ will report the sources for its distributions at the time of the payment in the applicable Section 19(a) Notice. The amounts and sources of distributions TPZ reports 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 TPZ’s investment experience during the remainder of its fiscal year and may be subject to changes based on tax regulations. 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, L.L.C. is the adviser to Tortoise Power and Energy Infrastructure Fund, Inc. and Tortoise Essential Assets Income Term Fund. Ecofin Advisors Limited is a sub-adviser to Tortoise Essential Assets Income Term Fund.

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

About Tortoise

Tortoise invests in essential assets – those assets and services that are indispensable to the economy and society. 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.tortoiseadvisors.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

(913) 981-1020

info@tortoiseadvisors.com

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