Tortoise MLP & Pipeline Fund (TORTX / TORIX) Investing in our essential infrastructure

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1 Tortoise MLP & Pipeline Fund (TORTX / TORIX) Investing in our essential infrastructure

2 The opportunity: A reliable infrastructure system is vital to economic stability and growth.

3 Tortoise Capital Advisors Tortoise MLP & Pipeline Fund A differentiated asset class Infrastructure: the physical components of interrelated systems providing commodities and services essential to enable, sustain or enhance societal living conditions. Potable & Waste Water Reservoirs Desalination plants Water treatment plants Water towers Transportation Roads, bridges & tunnels Rail, seaports, airports Subway systems Locks & canals Communications Cell towers Switching offices Satellites Fiber optic cables

4 At the heart of this asset class is energy infrastructure Nearly all other infrastructure is dependent on pipelines and other energy assets to provide essential services to the economy. Energy Infrastructure Crude oil/refined products pipelines Natural gas pipelines Storage terminals Gas processing plants Transmission lines Power generation

5 Tortoise MLP & Pipeline Fund Investing in our essential infrastructure An investment in infrastructure can provide access to attractive operating fundamentals which may translate into desirable investment characteristics. As a result, investors, particularly institutions, have increasingly allocated a portion of their investment portfolios to infrastructure. Infrastructure assets include oil and gas pipelines and storage facilities, power grids, roads, bridges, water supply, sewers, and telecommunications. Operating fundamentals Long-lived real assets Essential services Relatively inelastic demand Monopolistic with high barriers to entry Targeted investment characteristics Long-term stability and low volatility Attractive risk-adjusted returns Diversification via low correlation with other asset classes 1

6 Tortoise Capital Advisors Tortoise MLP & Pipeline Fund A compelling sector energy infrastructure The Fund will focus primarily on MLP and pipeline companies in the North American energy infrastructure value chain. Pipeline companies are entities in which the largest component of their assets, cash flow or revenue is associated with the operation or ownership of energy pipelines and complementary assets or which have an energy pipeline-related standard industrial classification. 2

7 Investing in our essential infrastructure MLP and pipeline companies own and operate a network of asset systems that transport, store, distribute, gather and/or process crude oil, refined petroleum products (including biodiesel and ethanol), natural gas or natural gas liquids. MLP & pipeline companies targeted by the Fund: Electric power generation Exploration & development Long-haul pipelines Gathering pipelines Local gas distribution pipelines Storage and processing assets Transmission & distribution Refined products distribution Assets of pipeline and related companies typically produce volume or reservation based cash flows, with less exposure to commodity prices than many alternatives in the broader energy industry. Residential Industrial/commercial Transportation 3

8 Tortoise Capital Advisors Tortoise MLP & Pipeline Fund Solid business fundamentals Traditionally viewed as a steady and defensive sector throughout economic cycles, supported by increasing demand for an essential service. Energy infrastructure companies have historically produced predictable, recurring cash flows with limited direct commodity price exposure, and offered partial inflation protection through regulated rates. 4

9 Stability and growth Relatively inelastic demand has generated stability throughout business cycles. Projected population growth of nearly 80 million people is expected to increase energy consumption by 17% from 2010 to New energy infrastructure will be needed to support these demographic changes and growth. US energy consumption (quadrillion btu) Consumption climbs with population across cycles Population Energy Consumption Recession Projection US population (millions) Source: Energy Information Administration 5

10 Tortoise Capital Advisors Tortoise MLP & Pipeline Fund Financing growth Significant new infrastructure build-out and the capital to support, it is needed to efficiently connect growing areas of energy demand with new areas of supply. Pipeline and related infrastructure projects are expected to support growing population centers and facilitate the transportation of natural gas and crude oil across North America, creating a compelling investment opportunity in the coming decades. 6

11 Driving forces North America has an abundant and accessible natural gas supply located in domestic shale plays. As a result of Oil Sands Next 2 decades Estimated 50,000 miles pipeline build-out 4 $230 - $310 billion investment potential 4,5 technology improvements, the United States has enough natural gas to last for approximately 80 to 100 years. 1 Demand Bakken Oil and gas basins Prospective shale development has continued to increase for natural gas as a clean, reliable, domestic energy source. Antrim Marcellus Oil supply on the continent has expanded as a result of oil shale plays and the Canadian oil sands. Canada s crude oil reserves are now the 2nd largest in the Niobara world, behind only Saudi Arabia 2, with the United States importing more oil from Canada than any other country. 3 Monterey Woodford Fayetteville Huron 1 Navigant Consulting (2008) 2 Central Intelligence Agency (2011) 3 Energy Information Administration (2011) 4 Based on IFC International (2009) from Based on International Energy Agency (2008) from Barnett Eagle Ford Haynesville Source: Tortoise Capital Advisors 7

12 Tortoise Capital Advisors Tortoise MLP & Pipeline Fund Anchored in risk management Tortoise has managed investments across the energy infrastructure value chain through various economic cycles, with a philosophy particularly focused on quality. Tortoise maintains a disciplined, long-term oriented approach that it has utilized since its founding, emphasizing low volatility, downside risk minimization, and total return potential through current income and growth. 8

13 Investment process Through its in-house research coverage of companies throughout the entire energy value chain, Tortoise s investment process uses a bottom-up, fundamentals-based approach. Tortoise believes its process is a competitive advantage, allowing it to evaluate risk and reward intelligently across the energy infrastructure universe. Step 1: Qualitative analysis Proprietary risk models are used to select companies with high quality assets, effective management and a history of stable cash flows Portfolio Step 2: Quantitative analysis Proprietary financial models employed to understand growth prospects, liquidity position and sensitivities to key drivers Step 3: Relative value Proprietary valuation models used to determine portfolio weightings 9

14 Tortoise Capital Advisors Tortoise MLP & Pipeline Fund A leading and innovative MLP adviser Tortoise formed the first listed closed-end fund (TYG) focused on investing in energy infrastructure MLPs, and is one of the largest investment managers of registered funds focused on energy infrastructure MLPs through its listed closed-end funds and separate accounts. 10

15 Tortoise team Tortoise believes its history in the space and its long-only investment strategy offers competitive advantages in evaluating and managing investment opportunities. Seeing a need for growth capital and an attractive investment opportunity, Tortoise led the development of institutional direct placements in energy infrastructure MLPs. Since the first Tortoise-led MLP direct placement in 2002, Tortoise has participated in over 185 direct investments in which it has invested over $2.5 billion. Investment committee: 25 years average experience Kevin Birzer, CFA, CPA Zach Hamel, CFA Ken Malvey, CFA Terry Matlack, CFA David Schulte, CFA, CPA Investment analysts: 12 years average experience Brett Jergens, CFA Brian Kessens, CFA James Mick, CFA Matt Sallee, CFA Rob Thummel, CPA 11

16 Tortoise s philosophy: yield + growth + quality investment approach provides an attractive total return potential. For additional information, please call 855-TCA-FUND ( ) or visit Investor profile The Fund may be an appropriate investment for investors who are seeking: an efficient investment vehicle for accessing a portfolio of MLP and pipeline companies a traditional flow-through mutual fund structure with daily liquidity at NAV a fund offering the potential for total return through both capital appreciation and current income simplified tax reporting through a Form 1099 a fund that may be suitable for retirement and other tax exempt accounts potential diversification of their overall investment portfolio professional securities selection and active management by an experienced adviser 12

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18 Tortoise Capital Advisors is an investment manager specializing in listed energy infrastructure investments. Tortoise is considered a pioneer in managing portfolios of MLP securities and other energy companies for individual, institutional and closed-end fund investors. For additional information, please call 855-TCA-FUND ( ) or visit Before investing in the Fund, investors should consider their investment goals, time horizons and risk tolerance. The Fund s investment objective, risks, charges and expenses must be considered carefully before investing. The summary and statutory prospectus contains this and other important information about the Fund. Copies of the Fund s prospectus may be obtained by calling 855-TCA-FUND ( ) or visiting Read it carefully before investing. Mutual fund investing involves risk. Principal risk is possible. Diversification does not assure a profit or protect against a loss in a declining market. Investing in specific sectors such as energy infrastructure may involve greater risk and volatility than less concentrated investments. Risks include, but are not limited to, risks associated with companies owning and/or operating pipelines and complementary assets, as well as MLP, capital markets, terrorism, natural disasters, climate change, operating, regulatory, environmental, supply and demand, and price volatility risks. MLPs are subject to many risks, including those that differ from the risks involved in an investment in the common stock of a corporation, such as limited control and voting rights. The value of an MLP will depend largely on its treatment as a partnership for U.S. federal income tax purposes. The performance of securities issued by MLP affiliates primarily depend on the performance of an MLP. Securities of MLPs or MLP affiliates may not be as liquid as other more commonly traded equity securities. The tax benefits received by an investor investing in the Fund differs from that of a direct investment in an MLP by an investor. The value of the Fund s investment in an MLP will depend largely on the MLP s treatment as a partnership for U.S. federal income tax purposes. If the MLP is deemed to be a corporation then its income would be subject to federal taxation, reducing the amount of cash available for distribution to the fund which could result in a reduction of the fund s value. Investments in securities of non-u.s. issuers (including Canadian issuers) involve risks not ordinarily associated with investments in securities and instruments of U.S. issuers, including risks relating to political, social and economic developments abroad, differences between U.S. and foreign regulatory and accounting requirements, tax risk, and market practices, as well as fluctuations in foreign currencies. The Fund invests in small and mid-cap companies, which involve additional risks such as limited liquidity and greater volatility than larger companies. Investments in debt securities typically decrease in value when interest rates rise. This risk is usually greater for longer-term debt securities. Investment in lower-rated and nonrated securities presents a greater risk of loss to principal and interest than higher-rated securities. The Fund may also write call options which may limit the Fund s ability to profit from increases in the market value of a security, but cause it to retain the risk of loss should the price of the security decline. Cash flow is a measurement of the cash generating capability of a company by adding non-cash charges (e.g. depreciation) and interest expense to pretax income and subtracting maintenance capital expenditures. Correlation is a number between -1 and +1 that measures the co-movement between two random variables. Certain marketing or sales related support provided by Montage Investments and certain of its affiliates, none of which are affiliated with Quasar Distributors, LLC. Montage Investments is the indirect majority owner of Tortoise Capital Advisors. Quasar Distributors, LLC, Distributor NOT FDIC INSURED NO BANK GUARANTEE MAY LOSE VALUE 2011 Tortoise Capital Advisors 10/11