A new era in North American energy Tortoise Capital Advisors L.L.C.

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1 A new era in North American energy 2014 Tortoise Capital Advisors L.L.C.

2 We believe that North America is in the early innings of an energy revolution that is expected to last for decades, and is re-emerging as a global leader in energy production. With that re-emergence comes a new era in North American energy, bringing with it a dynamic and growing investment opportunity. Not so very long ago, U.S. crude oil output was in a sharp decline as the country s accessible oil reserves were being depleted. The U.S. was becoming increasingly dependent on foreign oil, and as recently as 2006, was importing some 60 percent of what it needed.¹ At the same time, supplies of natural gas also were vanishing. All that has changed. Dramatically. Technological advances have pushed North American crude oil production to levels unthinkable a few years ago, ultimately disrupting the global energy landscape and underscoring North America s relevance as a global energy force. More so, it has brought significant positive implications for the U.S. economy, including the potential for the creation of millions of jobs in the energy sector and for the industries that support it, the generation of billions of dollars in local, state and federal tax revenues and an improved trade balance.² Perhaps most significant, it is decreasing U.S. dependence on foreign oil, making the notion of greater U.S. energy independence move from a mere dream to a more realistic possibility. Further, the U.S. is changing its position in the global energy landscape from a significant, steady importer of energy to an exporter of certain products. The result for investors: a sea change in the North American energy sector, with a longterm horizon of robust production growth potential creating investment opportunities. And, at the heart of the investment opportunity: North American oil and gas producers operating in premier shale basins.

3 A NEW ERA IN NORTH AMERICAN ENERGY Page 3 It s all in the numbers: transformational product growth potential To get a grasp of North American production growth potential, consider that U.S. crude oil production is up 50 percent since its 2008 average annual production of 5 million barrels per day (MMbbl/d). In July of 2014, U.S. oil wells produced an annual average of 8.5 MMbbl/d the highest monthly average since 1988! 3 By 2020, U.S. oil production may reach more than 10 MMbbl/d. 4 To put this production in perspective, on an average day, Americans use approximately 19 million barrels of oil (roughly the same volume as the water that flows over Niagra Falls in twenty hours). 3 Crude oil production United States 10 Early Iran/Iraq War, 1980 Hurricane Katrina/Rita, Venezuela Oil Strike, 2002 Million barrels/day Million barrels/day Enron and 9/11, 2001 Gulf War, 1990 Operation Iraqi Freedom, 2003 Canada e Credit Crisis, 2008 Libya Violence, e Source: U.S.: EIA (total U.S ; AK ), ITG, (L ); Canada: Canadian Association of Petroleum Producers ( ), BMO Capital Markets ( ). The projections on this page are based on industry estimates and are no guarantee of future outcomes.

4 A NEW ERA IN NORTH AMERICAN ENERGY Page 4 Following peak production in the 1970s, U.S. reserves increasingly have been depleted and U.S. dependence on foreign oil grew, eventually peaking in But due to the application of enhanced technologies, North American production has increased dramatically. Together, U.S. and Canadian aggregate production growth from 2011 through 2013 of nearly 2.3 MMbbl/d dwarfed the combined production growth in the rest of the world. Domestic growth leading the globe Oil/liquids Approximate growth barrels/day (000s) United States Canada Iraq Russia Saudi Arabia Source: Energy Information Administration Canada is a big part of the North American story specifically the Canadian oil sands and there is significant production growth underway up north. Canadian crude oil production (including oil sands) produced 3.3 MMbbl/d in Combined production from the U.S. and Canada is poised to increase more than 36 percent by

5 A NEW ERA IN NORTH AMERICAN ENERGY Page 5 Another buried treasure: Natural gas While those oil production numbers are impressive, the importance of natural gas cannot be overlooked. North America s abundant natural gas supply has effectively eliminated the United States' dependency on foreign gas imports, and made it the world s leading producer of this valuable resource. 3 Predictable U.S. shale resources have supported globally competitive prices for natural gas. It is estimated that U.S. natural gas production will reach nearly 74 billion cubic feet per day by the end of this decade, an increase of 50 percent since This production growth is being fueled by an increasing number of unconventional sources. The charts below illustrate that natural gas production is expected to grow significantly in the years ahead. According to the Interstate Natural Gas Association of America, unconventional market share is also expected to meaningfully expand from approximately 34 percent in 2005 to more than 65 percent by U.S. natural gas production e Unconventional sources Conventional sources 18 trillion cubic feet 29 trillion cubic feet Source: Energy Information Administration, 2014 A confluence of factors is pushing the U.S. to embrace natural gas as a more widespread energy source. It is abundant; the Energy Information Administration estimates there is enough natural gas in U.S. reserves to meet our needs for more than 100 years. And demand for this relatively cleaner and inexpensive fuel is growing. In addition to being a popular source of energy to heat our homes and

6 A NEW ERA IN NORTH AMERICAN ENERGY Page 6 businesses, power companies are switching from coal-fired to natural gas plants to generate electricity, which reduces air pollution emissions. U.S. industries, such as the steel industry, are building new domestic plants that reduce the carbon footprint at less than half the cost. Manufacturing is enjoying a revolution of its own, thanks to lower electric costs associated with cheaper natural gas prices. We expect demand for U.S. shale gas from countries around the world through liquefied natural gas (LNG) exports. LNG (methane that is cooled to approximately minus 260 degree Fahreheit and compressed to 1/600th of its size in its liquid state) can easily be transported to where it s needed. Most often, LNG is transported by tanker ships to countries that consume more than they can produce or lack international pipeline access to import gas. As global demand for gas increases and it gains in popularity, it s anticipated that global demand for LNG trade also will expand due to its relatively low domestic cost compared to other places in the world which should increase exports over time. As of June 30, 2014, the price of natural gas in Japan and the U.K. averaged more than three times and nearly one and a half times that in the U.S., respectively. To put that in dollars and cents, the price for a thousand cubic feet of natural gas in the U.S. was $4.42, compared to $6.60 in the U.K. and $15.20 in Japan. Natural gas consumption growth waterfall 100 Billion cubic feet/day LNG Power Industrial Mexico Exports Other e Source: Wood Mackenzie The projections on this page are based on industry estimates and are no guarantee of future outcomes.

7 A NEW ERA IN NORTH AMERICAN ENERGY Page 7 It all begins with shale North America has dramatically shifted its position in the global energy landscape due to extensive shale reservoirs. Shale is the underground source of a tremendous amount of the world s oil and gas. Composed primarily of clay, quartz and organic material, it is characterized by thin, parallel, horizontal layers. These layers are formed as cumulative deposits of sedimentary rock (sand, silt, mud, decaying plants and animals and other microorganisms) are compressed over millions of years, a process known as compaction. Compaction occurs when older sediments are covered by progressively younger sediments. Shale forms beneath bodies of very slow-moving water such as lakes, lagoons, river deltas and deeper portions of seas. Over time, these areas are not only compacted but also subjected to geologic forces that can uplift and bend them into layers of rock that reside on what is today dry land. Organic-rich shales have been all the rage in unconventional reservoir exploration and development. These rocks historically have been viewed as source rocks that generate oil and gas, which subsequently migrate into conventional reservoirs. Unconventional access to oil and gas resources in shale formations has become increasingly important as the domestic conventional supply has diminished. Shale reservoirs are geographically expansive, generally covering far greater areas than conventionally produced reservoirs. The majority of geologic basins contain prospective shale formations, and a single shale play over tens of thousands of acres is not uncommon. In some cases, even entire states are considered prospective! Conventional vs. unconventional reservoirs 0 ft 2,500 ft Coal beds (CBM) Groundwater Reservoir seal 5,000 ft 7,500 ft Conventional oil & gas reservoir 10,000 ft Oil & gas saturated shale reservoir 12,500 ft 15,000 ft Tight gas sandstones Non-resource-rich material Source: Tortoise Capital Advisors

8 A NEW ERA IN NORTH AMERICAN ENERGY Page 8 Over the last decade, shale formations with rich oil and gas resources have been actively developed in North America, primarily across the middle section of the country and the Northeast. The map below outlines the shale formations currently being produced, compared with those just eight years ago. In 2005, the Canadian oil sands in Alberta were well under development and the use of hydraulic fracturing with horizontal drilling was taking place in the Barnett shale. Today, that same technology is being used to produce oil and gas from more than 20 unconventional plays. Major unconventional basins benefiting from technology 2005 Oil Sands Barnett 2014 Montney Oil Sands Oil and gas basins Prospective shale development Mancos Monterey Niobrara Bakken Mississippi Lime Antrim Collingwood Granite Wash Woodford Fayetteville Barnett Haynesville Floyd Permian Tuscaloosa Eagle Ford Utica Huron Marcellus Source: Tortoise Capital Advisors (2014)

9 A NEW ERA IN NORTH AMERICAN ENERGY Page 9 Dynamic duo: Horizontal drilling and hydraulic fracturing Geologists had long known about oil and gas resources in North American shales. Unfortunately, these resources were tightly held within the rock and almost impossible to extract. The rock itself is mostly impermeable, meaning its pores are not connected to one another. This tight rock makes it difficult for oil and gas to flow without the rock being stimulated in some way. For years, the only way to get oil and natural gas out of underground reservoirs was to drill vertically. Today, drilling activity incorporates two techniques used safely for many years hydraulic fracturing (pioneered in the 1940s) and horizontal drilling (first practically applied in the 1980s). Combining the two techniques has improved recoverable reserves economics, enabling producers to access and retrieve these trapped resources from locations throughout North America. Horizontal wells begin with a vertical wellbore, but once the desired depth is reached, the wellbore changes direction, becoming horizontal, and can extend for thousands of feet, allowing maximum exposure to targeted reservoir rock. Once it is completed, the well is prepared for hydraulic fracturing stimulation. Small charges create holes in the well casing, and water, sand and a small amount of additives are pumped into the well at very high pressures. The pressurized fluid breaks the rock, creating tiny microfractures that open up channels within the rock. The sand holds the fractures open so oil and gas can flow from the rock into the well and up to the surface. Fracturing a horizontal well Gas flows from fractures into well Sand props fractures open Target formation Water, sand & additives Hydraulically induced fractures It s also important to note that most of the shales being targeted in North America are found at depths of 7,000 to 14,000 feet many thousands of feet below fresh-water aquifers.

10 A NEW ERA IN NORTH AMERICAN ENERGY Page 10 The most productive shales being produced currently include the Bakken, the Eagle Ford, the Permian and the Marcellus. The Bakken shale stretches across most of western North Dakota in the Williston basin, through northeastern Montana and into Canada s Saskatchewan Province. Oil production in the region has ramped up tremendously in recent years, going from 48,000 barrels per day in 2005 to an estimated 1.7 million barrels per day by Currently, most of the drilling activity in the Bakken is focused in North Dakota in counties such as McKenzie and Dunn. Producers are testing the Middle Bakken as well as the Three Forks formation. The Bakken has had a significant impact on the economy in North Dakota; according to the Department of Labor, unemployment there is the lowest in the U.S. at approximately 2.7 percent (and ~1 percent in the Williston region). The Eagle Ford shale covers much of South Texas and is a rich resource for oil, both dry and wet gas and condensate, all of which are extracted from depths between 4,000 and 14,000 feet. Over a short time period, the Eagle Ford has emerged as the premier oil basin in the U.S. The shale is currently home to more than 220 rigs and 1,050 operating wells. Production in the Eagle Ford has quadrupled since the third quarter of The Permian basin is one of the most prolific oil- and gas-producing shales. With a history of producing crude oil that dates back to the 1920s, this resource-rich basin covers 55 million acres (86,000 square miles) and encompasses 52 counties in New Mexico and Texas, offering multiple drilling opportunities. The eastern portion of the basin is known as the Midland Basin, home to the prolific Wolfcamp shale. The western portion of the Permian extends into New Mexico and is commonly referred to as the Delaware Basin. Currently more than 200 independent operators are working in the Permian, with 290 horizontal wells. 6 For perspective, consider that horizontal drilling in the Permian began as recently as 2013! The Permian is now producing approximately 1.7 barrels of oil and nearly 6 billion cubic feet of natural gas each day. 3 The Marcellus shale covers significant acreage spanning Ohio, West Virginia, Pennsylvania and southern New York. Some geologists estimate that the Marcellus may contain up to 489 trillion cubic feet of natural gas. 1 Operating costs for natural gas in the Marcellus are the lowest in the country. We expect producers will continue to grow natural gas production even at low current natural gas prices. Marcellus production has grown from 0 percent of domestic natural gas supply in 2008 to more than 18 percent today. 3 With estimated daily production for July of 2014 at 15 billion cubic feet per day(bcf/d), the Marcellus is the most prolific natural gas basin in the U.S. 3 It also is reshaping the flow of natural gas across America. When significant production began ramping up in 2008, output was negligible and most of the Northeast relied on natural gas imports from the Gulf of Mexico or Canada; today, the Marcellus is supplying the Pennsylvania and Northeast markets and is expected to export to Canada. Bakken (000 s bbl/d) oil Marcellus (MMcf/d) gas 13, ,174 Montney Oil Sands 87 11, e Bakken e Antrim Collingwood Permian (000 s bbl/d) oil Mancos Niobrara Utica Marcellus Eagle Ford (000 s bbl/d) oil 926 1,487 1,812 Monterey Granite Wash Mississippi Lime Barnett Woodford Haynesville Fayetteville Floyd Huron 59 1,194 1, e Permian Tuscaloosa e Eagle Ford Oil and gas basins Prospective shale development Source: ITG and Tortoise Capital Advisors Note: 000 s bbl/d = thousands barrels per day. MMcf/d = million cubic feet per day. The projections on this page are based on industry estimates and are no guarantee of future outcomes.

11 A NEW ERA IN NORTH AMERICAN ENERGY Page 11 Domino effect The benefits of the expanding U.S. energy independence are far-reaching. Low-cost abundant supply is yielding growing demand that otherwise would go overseas. As an example, global petrochemical companies, such as Dow Chemical, ChevronPhillips, Sasol and Lyondellbasel are looking to take advantage of globally competitive, low-cost U.S. natural gas liquids by building or re-tooling U.S. facilities. It is estimated that unconventional oil and natural gas production's contribution to gross domestic product will double from $284 billion in 2012 to $533 billion in Nearly four million new jobs in energy and related activity are expected by In addition, U.S. oil and gas producers are expected to generate nearly $500 billion in annual production and multiplier effects from higher wealth spending, consumption and investment by 2025, and approximately $1.6 trillion in federal, state and local tax revenues. The U.S. has cut its reliance on foreign imports and reduced the billions of dollars paid to other nations. It s also conceivable that the U.S. could become an exporter to global markets. The dramatic shift from importer to exporter of these natural resources has the potential to reduce the current U.S. trade deficit by $180 billion annually by Decreasing domestic imports Oil Annual average million barrels/day % e 2015e Source: Energy Information Administration, Opportunity upstream Clearly, the investment opportunities inherent to the upstream sector of the booming North American energy sector are compelling. And the time is now. Investing in the upstream sector of the energy value chain is the purest way to play the North American energy independence theme. While upstream investments may experience some commodity price volatility, we believe that focusing on this portion of the value chain is a strategic approach to accessing the heart of the North American oil and gas production opportunity. This is because we believe: Companies that are at the forefront of developing these North American oil and gas shale resources provide an attractive long-term total return potential; As oil and gas volumes continue to grow, cash flow growth potential follows, resulting in attractive return potential; U.S. production growth remains robust, a trend that is expected to continue and may accelerate; The energy sector has underperformed other sectors over the last several years, offering an excellent entry point as North America experiences unprecedented production growth. The projections on this page are based on industry estimates and are no guarantee of future outcomes.

12 Tortoise North American Energy Independence Fund (TNPIX, TNPTX, TNPCX) Tortoise has a significant, tenured team dedicated to the energy sector, which has been at the center of our focus for more than a decade. We have a diverse team of experienced analysts, portfolio managers and traders. The depth and breadth of our industry knowledge we believe gives us a different perspective. That perspective was the catalyst behind the launch of Tortoise North American Energy Independence Fund, which provides a dedicated focus on North American crude oil and natural gas production, and supports energy independence. The fund invests primarily in equity securities of upstream North American energy companies that engage in the exploration and production of crude oil, condensate, natural gas and natural gas liquids that generally have a significant presence in North American oil and gas fields, including shale reservoirs. The fund is designed to provide: Differentiated access. Exposure to North American oil and gas production companies Growth opportunities. Targeting long-term total return through North American shale production growth potential Portfolio footprint. Exposure to multiple basins across North America Investor simplicity. One 1099, no K-1s, no unrelated business taxable income, IRA suitability Expertise of Tortoise Capital Advisors. A leading and pioneering energy investment firm Through our fundamentals-based investment process, the fund targets North American producers we believe will deliver the most significant production growth from the premier North American shale plays over many years. Portfolio asset mix As of May 31, 2014 (unaudited) By 2014e commodity mix 1 Oil/liquids 53% Natural gas 47% By 2014e geographic production mix 1 United States 82% Non North American 13% Canada 5% 1 Based on 2014 expected production of the underlying companies in the fund's portfolio as of 5/31/2014. There is no guarantee that these expectations will be met. Top 10 holdings As of May 31, 2014 (unaudited) 1. Anadarko Petroleum Corp 9.5% 2. EOG Resources Inc. 9.5% 3. Pioneer Natural Resources Co 9.2% 4. EQT Corp. 7.7% 5. Noble Energy Inc. 7.1% 6. Occidental Petroleum Corp 6.1% 7. Range Resources Corp. 4.9% 8. Energen Corp. 4.8% 9. Concho Resources Inc. 4.8% 10. Suncor Energy Inc. 4.6% Fund holdings are subject to change and are not recommendations to buy or sell any security. Reflected as a percentage of long-term investors. Target investment characteristics Premier North American oil & gas basins Strategically positioned quality companies Economic returns Recoverable amount of oil and natural gas Multiple pay zones Pipeline infrastructure build-out and associated contracts Best Basins Tortoise Oil & Gas Production Strategy Best Producers Early entrants Low finding costs Efficient operators Management track record Relative value Substantial acreage interests (location, location, location!)

13 A NEW ERA IN NORTH AMERICAN ENERGY Page 13 Disclosures 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 and may be obtained by calling 855-TCA-FUND ( ) or visiting Read it carefully before investing. Mutual fund investing involves risk. Principal loss is possible. The fund is non-diversified, meaning it may concentrate its assets in fewer individual holdings than a diversified fund. Therefore, the fund is more exposed to individual stock volatility than a diversified fund. Investing in specific sectors such as energy may involve greater risk and volatility than less concentrated investments. Risks include, but are not limited to, risks associated with North American energy investments, including upstream energy companies, pipeline companies, commodity price volatility, supply and demand, regulatory, environmental, operating, capital markets, terrorism, natural disaster and climate change risks. The fund may invest up to 25% in MLPs. 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 foreign companies involve risk not ordinarily associated with investments in securities and instruments of U.S. issuers, including risks related 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 non-rated 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. Upstream refers to the exploration and production of energy commodities. Cash flow measures the cash generation capability of a company by adding non-cash changes (e.g. depreciation) and interest expense to pre-tax income. Nothing contained on this communication constitutes tax, legal, or investment advice. Investors must consult their tax advisor or legal counsel for advice and information concerning their particular situation. 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 1 American Petroleum Institute 2 IHS 3 Energy Information Administration 4 Citi 5 Wood Mackenzie 6 Baker Hughes

14 Tortoise Capital Advisors Tortoise Capital Advisors is an investment manager specializing in listed energy investments. Tortoise is considered a pioneer in managing portfolios of MLP securities and other energy companies for individual, institutional and closed-end fund investors. As of July 31, 2014, Tortoise had approximately $17.9 billion of assets under management, including the assets of listed closed-end funds, open-end funds and other accounts. Learn more For additional information, please call 855-TCA-FUND ( ) or visit Tortoise Capital Advisors, L.L.C Ash Street, Suite 300, Leawood, KS COMM-TCA-NAE