Tortoise North American Pipeline Fund (TPYP)

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.