Tortoise Energy Infrastructure Corp. and Tortoise Midstream Energy Fund, Inc. Announce Release of 2022 Annual Report and Release of Restated Financial Statements

OVERLAND PARK, KS / ACCESSWIRE / February 22, 2023 / Tortoise Energy Infrastructure Corp. and Tortoise Midstream Energy Fund, Inc. (NYSE:TYG) (NYSE:NTG) (the "Funds") announce the release of the annual stockholders' report for the fiscal year ending November 30, 2022. The annual report is available online at cef.tortoiseecofin.com. Please call [phone] or email [e-mail] to request a hard copy of this report free of charge.

The Funds have also released the restated financial statements for the fiscal periods ended November 30, 2021 and May 31, 2022. The restated reports are available at cef.tortoiseecofin.com.

As previously announced, the delay in publishing the current year financial statements and the determination to restate the prior period financial statements arose out of the Funds' anticipated conversion from a corporation to Regulated Investment Company ("RIC") for federal income tax purposes for the fiscal year ending November 30, 2022. The Funds had taken certain tax positions at the fiscal year ending November 30, 2021, in connection with such anticipated conversions and re-evaluated those positions in the course of completing the current year financial statements. As a result, the TYG and NTG financial statements as of and for the fiscal period ending November 30, 2021, and May 31, 2022, were restated to reflect unaccrued tax liabilities in connection with the conversion.

On February 9, 2023, the Funds concluded to not complete the conversion to a RIC as of the fiscal year ended November 30, 2022 as planned. As a result of the Funds' change in intention, the additional tax liability accrued was derecognized on February 9, 2023. Based on the NAV as stated on February 8, 2023, the estimated impact to each Fund's NAV as a result of not converting to a RIC is approximately (1.5%).

A summary of the Fund's previously reported NAVs is as follows:

TYG:

	As of November 30, 2021		As of May 31, 2022
	As previously reported	As restated	As previously reported	As restated
Net assets applicable to common stockholders	$414,944,671	$400,043,734	$492,281,519	$469,004,948
Net asset value per share outstanding	$34.79	$33.54	$41.27	$39.32

NTG:

	As of November 30, 2021		As of May 31, 2022
	As previously reported	As restated	As previously reported	As restated
Net assets applicable to common stockholders	$210,018,014	$200,841,388	$260,923,923	$250,913,266
Net asset value per share outstanding	$37.22	$35.59	$46.24	$44.46

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 an early investor 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.

Tortoise Capital Advisors, L.L.C. is the adviser to Tortoise Energy Infrastructure Corp. and Tortoise Midstream Energy Fund, Inc. For additional information on these funds, please visit cef.tortoiseecofin.com.

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.

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.

Contact information
For more information, contact Jen Ashlock at [phone] or [e-mail].

SOURCE: Tortoise

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