Tortoise Captial Advisors
 

Tortoise MLP Fund, Inc. Announces Initial Distribution; Guidance of Expected Distribution Upon Full Investment

LEAWOOD, Kan. – Sept. 8, 2010 – The Board of Directors of Tortoise MLP Fund, Inc. (NYSE: NTG), a closed-end fund focused on natural gas infrastructure investments, today declared a distribution of $0.21 per share. The distribution will be paid on Nov. 30, 2010 to stockholders of record on Nov. 22, 2010. This distribution represents the distributable cash flow achieved by investment of approximately half of the estimated total assets of the fund (including expected leverage) since the company's initial public offering on July 27, 2010. The company currently expects to achieve its target of paying a first quarter 2011 distribution of not less than a 6.5 percent annualized yield on the $25 public offering price.

Based on current financial information, this distribution is expected to be treated as return of capital for income tax purposes.

About Tortoise MLP Fund, Inc.

Tortoise MLP Fund's investment objective is to provide its stockholders a high level of total return with an emphasis on current distributions. The fund seeks to achieve its investment objective by investing primarily in energy infrastructure master limited partnership (MLPs) and their affiliates, with an emphasis on natural gas infrastructure MLPs.

About Tortoise Capital Advisors, LLC

Tortoise Capital Advisors is an investment manager specializing in listed energy infrastructure investments, such as pipeline and power companies. As of July 31, 2010, the adviser had approximately $4.9 billion of assets under management in six NYSE-listed investment companies and private accounts. For more information, visit our Web site at www.tortoiseadvisors.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.

Forward-Looking Statement

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 fund 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 fund and Tortoise Capital Advisors do not assume a duty to update any forward-looking statement.

Contact information: Tortoise Capital Advisors, LLC, Pam Kearney, Investor Relations, (866) 362-9331, pkearney@tortoiseadvisors.com