Tortoise North American Pipeline ETF (TPYP)

1. Box 1a: Ordinary dividends are taxed at ordinary income tax rates.
2. Box 1b: The portion of ordinary dividends characterized as qualified dividend income will be taxable at the reduced capital gain tax rates if the stockholder meets the holding period requirements.
3. Box 2a: Capital gain distributions (long-term) are taxed at the reduced capital gain tax rates.
4. Box 3: Nondividend distributions are nontaxable and considered return of capital.

For stockholders who participated in the company sponsored dividend reinvestment plan, the tax basis of shares acquired is the greater of the purchase price or the market close price on the payment date.

Report of Organizational Actions Affecting Basis of Securities

Effective January 1, 2011, issuers of corporate securities must complete Form 8937 to report organizational actions, including nontaxable distributions, that affect the basis of the securities involved in the organizational action. The information contained below is intended to satisfy the requirements of public reporting under section 1.6045B-1(a)(3) and (b)(4) of the Treasury Regulations.

Nothing contained herein should be construed as tax advice; consult your tax adviser for more information. Furthermore, you may not rely upon any information herein for the purpose of avoiding any penalties that may be imposed under the Internal Revenue Code.

1. Ordinary dividends are taxed at ordinary income tax rates.
2. The portion of ordinary dividends characterized as qualified dividend income will be taxable at the reduced capital gain tax rates if the stockholder meets the holding period requirements.
3. Capital gain distributions (long-term) are taxed at the reduced capital gain tax rates.
4. Nondividend distributions are nontaxable and considered return of capital.

Nothing contained in this communication constitutes tax, legal or investment advice. Investors must consult their tax adviser or legal counsel for advice and information concerning their particular situation.

1. Ordinary dividends are taxed at ordinary income tax rates.
2. The portion of ordinary dividends characterized as qualified dividend income will be taxable at the reduced capital gain tax rates if the stockholder meets the holding period requirements.
3. Capital gain distributions (long-term) are taxed at the reduced capital gain tax rates.
4. Nondividend distributions are nontaxable and considered return of capital.

Nothing contained in this communication constitutes tax, legal or investment advice. Investors must consult their tax adviser or legal counsel for advice and information concerning their particular situation.

1. Ordinary dividends are taxed at ordinary income tax rates.
2. The portion of ordinary dividends characterized as qualified dividend income will be taxable at the reduced capital gain tax rates if the stockholder meets the holding period requirements.
3. Capital gain distributions (long-term) are taxed at the reduced capital gain tax rates.
4. Nondividend distributions are nontaxable and considered return of capital.

Nothing contained in this communication constitutes tax, legal or investment advice. Investors must consult their tax adviser or legal counsel for advice and information concerning their particular situation.

1. Ordinary dividends are taxed at ordinary income tax rates.
2. The portion of ordinary dividends characterized as qualified dividend income will be taxable at the reduced capital gain tax rates if the stockholder meets the holding period requirements.
3. Capital gain distributions (long-term) are taxed at the reduced capital gain tax rates.
4. Nondividend distributions are nontaxable and considered return of capital.

Nothing contained in this communication constitutes tax, legal or investment advice. Investors must consult their tax adviser or legal counsel for advice and information concerning their particular situation.

1. Ordinary dividends are taxed at ordinary income tax rates.
2. The portion of ordinary dividends characterized as qualified dividend income will be taxable at the reduced capital gain tax rates if the stockholder meets the holding period requirements.
3. Capital gain distributions (long-term) are taxed at the reduced capital gain tax rates.
4. Nondividend distributions are nontaxable and considered return of capital.

Nothing contained in this communication constitutes tax, legal or investment advice. Investors must consult their tax adviser or legal counsel for advice and information concerning their particular situation.

1. Ordinary dividends are taxed at ordinary income tax rates.
2. The portion of ordinary dividends characterized as qualified dividend income will be taxable at the reduced capital gain tax rates if the stockholder meets the holding period requirements.
3. Capital gain distributions (long-term) are taxed at the reduced capital gain tax rates.
4. Nondividend distributions are nontaxable and considered return of capital.

Nothing contained in this communication constitutes tax, legal or investment advice. Investors must consult their tax adviser or legal counsel for advice and information concerning their particular situation.

1. Ordinary dividends are taxed at ordinary income tax rates.
2. The portion of ordinary dividends characterized as qualified dividend income will be taxable at the reduced capital gain tax rates if the stockholder meets the holding period requirements.
3. Capital gain distributions (long-term) are taxed at the reduced capital gain tax rates.
4. Nondividend distributions are nontaxable and considered return of capital.

Nothing contained in this communication constitutes tax, legal or investment advice. Investors must consult their tax adviser or legal counsel for advice and information concerning their particular situation.

1. Ordinary dividends are taxed at ordinary income tax rates.
2. The portion of ordinary dividends characterized as qualified dividend income will be taxable at the reduced capital gain tax rates if the stockholder meets the holding period requirements.
3. Capital gain distributions (long-term) are taxed at the reduced capital gain tax rates.
4. Nondividend distributions are nontaxable and considered return of capital.

Nothing contained in this communication constitutes tax, legal or investment advice. Investors must consult their tax adviser or legal counsel for advice and information concerning their particular situation.

1. Ordinary dividends are taxed at ordinary income tax rates.
2. The portion of ordinary dividends characterized as qualified dividend income will be taxable at the reduced capital gain tax rates if the stockholder meets the holding period requirements.
3. Capital gain distributions (long-term) are taxed at the reduced capital gain tax rates.
4. Nondividend distributions are nontaxable and considered return of capital.

Nothing contained in this communication constitutes tax, legal or investment advice. Investors must consult their tax adviser or legal counsel for advice and information concerning their particular situation.

1. Ordinary dividends are taxed at ordinary income tax rates.
2. The portion of ordinary dividends characterized as qualified dividend income will be taxable at the reduced capital gain tax rates if the stockholder meets the holding period requirements.
3. Capital gain distributions (long-term) are taxed at the reduced capital gain tax rates.
4. Nondividend distributions are nontaxable and considered return of capital.

Nothing contained in this communication constitutes tax, legal or investment advice. Investors must consult their tax adviser or legal counsel for advice and information concerning their particular situation.