Tortoise Captial Advisors
 

Tortoise MLP Fund, Inc. Announces $1.06 Billion Initial Public Offering

LEAWOOD, Kan. – July 27, 2010 – Tortoise MLP Fund, Inc. (NYSE: NTG) a closed-end fund focused on natural gas infrastructure investments, today announced the pricing of its initial public offering of common stock. The fund priced 42,400,000 shares at $25.00 per share, raising $1.06 billion. The fund has granted the underwriters a 45-day option to purchase an additional 6,153,000 shares of common stock at the same price.

The fund intends to use the net proceeds from the offering to invest in a portfolio consisting primarily of energy infrastructure master limited partnerships (MLPs) and their affiliates, with an emphasis on natural gas infrastructure MLPs. The fund's investment objective is to provide its stockholders a high level of total return with an emphasis on current distributions.

The underwriting syndicate was led by Morgan Stanley, Citi, BofA Merrill Lynch, UBS Investment Bank and Wells Fargo Securities. Senior co-managers included Stifel Nicolaus Weisel, Barclays Capital, Oppenheimer & Co., and RBC Capital Markets.

A registration statement relating to these securities has been filed with and declared effective by the Securities and Exchange Commission. This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any offer, solicitation or sale, any securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the laws of such state or jurisdiction.

An offer will be made only by means of the prospectus. A copy of the final prospectus relating to the offering may be obtained, when available, from Morgan Stanley, Attention: Prospectus Department, 180 Varick Street, 2nd Floor, New York, NY 10014 (tel.: 866-718-1649); Citi, Brooklyn Army Terminal, 140 58th Street, 8th Floor, Brooklyn, N.Y. 11220 (tel.: 800-831-9146); BofA Merrill Lynch, Attention: Prospectus Department, 4 World Financial Center, New York, NY 10080 (email: dg.prospectus_requests@baml.com); UBS Investment Bank, Attention: Prospectus Department, 299 Park Avenue, New York, NY 10171 (tel.: 888-827-7275); Wells Fargo Securities, Attention: Equity Syndicate Department, 375 Park Avenue, New York, NY 10152 (tel.: 800-326-5897); or from any of the underwriters.

About Tortoise Capital Advisors, LLC

Tortoise is an investment manager specializing in managing portfolios of investments in MLPs and other energy companies. As of June 30, 2010, Tortoise had approximately $3.6 billion of assets under management in five NYSE-listed investment companies and private accounts.

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 Company 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 Company'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 Company 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