Tortoise Captial Advisors
 

Tortoise Energy Infrastructure Corporation Completes $35 Million Offering of Money Market Cumulative Preferred Shares and Affirms Dividend Guidance

September 17, 2004 (Overland Park, KS) - Tortoise Energy Infrastructure Corporation (NYSE:TYG) announced today that it has successfully completed an offering of Money Market Cumulative Preferred Shares (MMP Shares) raising a total of $35 million before fees and expenses of the transaction. The MMP Shares are rated 'Aa2' and 'AA' by Moody's Investors Services, Inc. and Fitch Ratings, respectively. Lehman Brothers acted as book running manager and Stifel, Nicolaus & Company Incorporated also participated as an underwriter for the offering. Tortoise MMP Shares may only be bought or sold through an auction or in a secondary market maintained by certain broker-dealers. There is no assurance that such market will be maintained.

Following the sale of the MMP Shares, total assets of Tortoise Energy Infrastructure Corporation will be approximately $465 million. The sale of the MMP Shares completes the Company's current leverage plans.

With respect to its common stock, the Company affirmed its expectation that beginning with its November dividend, the yield will be 6.5% of the $25 initial offering price.

About Tortoise Energy

Tortoise Energy Infrastructure Corporation owns a portfolio of investments in the energy infrastructure sector, primarily pipeline and processing Master Limited Partnerships. Tortoise Energy's goal is to provide its stockholders with a high level of total return with an emphasis on current distributions to stockholders. For more complete information about Tortoise Energy, visit the Company's Web site at www.tortoiseenergy.com or contact Investor Relations at (913) 981-1020.

Tortoise Capital Advisors serves as the advisor to Tortoise Energy Infrastructure Corporation. Including Tortoise Energy, the advisor and its affiliates have approximately $840 million of energy infrastructure investment assets under management.

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.

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS: This press release contains "forward-looking statements" as defined under the U.S. federal securities laws. Generally, the words "believe," "expect," "intend," "estimate," "anticipate," "project," "will" and similar expressions identify forward-looking statements, which generally are not historical in nature. Forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ from the Company's historical experience and its present expectations or projections. These risks include, but are not limited to, changes in economic and political conditions; regulatory and legal changes; MLP industry risk; leverage risk; valuation risk; interest rate risk; tax risk and other risks discussed in the Company's filings with the SEC. You should not place undue reliance on forward-looking statements, which speak only as of the date they are made. The Company undertakes no obligation to publicly update or revise any forward-looking statements. There is no assurance that Tortoise Energy's investment objective will be attained.