Tortoise Announces Index Updates for Fourth Quarter 2019 and Methodology Changes

Tortoise today announced upcoming additions and deletions to its indices as part of its regular quarterly rebalancing for the fourth quarter of 2019. Following the close of trading on Dec. 20, 2019, the indices will be rebalanced and as a result, the following changes will become effective.

The full constituent list can be viewed at https://tortoiseadvisors.com/media/1528/tmlp-constituent-overview_092019.pdf

The full constituent list can be viewed at https://tortoiseadvisors.com/media/1532/tnep-constituent-overview_092019.pdf

The full constituent list can be viewed at https://tortoiseadvisors.com/media/1260/tgwesg-constituent-overview_092019.pdf

The full constituent list can be viewed at https://tortoiseadvisors.com/media/1539/tpmt-constituent-overview_092019.pdf

There were no fourth quarter rebalancing updates to report for Tortoise North American Pipeline Index ^SM (TNAP/TNAPT) and The Tortoise Global Cloud Infrastructure Index^SM (TCLOUD/TCLOUDT).

Changes to Methodology, effective Dec. 20, 2019

Tortoise North American Pipeline Index^SM (TNAP) - To help achieve the objective of maintaining a diverse and investable asset class universe, Tortoise is updating the methodology governing constituent weights in TNAP. To facilitate diversification, only 6 names in the index will be weighted above 4% of the total index market cap at the reference date. All remaining index constituents will be capped at a maximum weight of 4%. This methodology will be implemented as part of the quarterly rebalance on the third Friday of each March, June, September and December. The maximum weight of 7.5% for individual constituents remains intact.

Tortoise North American Oil & Gas Producers Index^SM (TNEP) – In response to the evolving landscape of the energy sector, Tortoise is updating the constituent market capitalization eligibility criteria in TNEP. To qualify, companies must have a total equity market capitalization of at least US $750 million at the time of inclusion in the Index. To remain in the Index, a company must maintain an average equity market capitalization of at least US $600 million for a minimum of 20 trading days prior to rebalance reference dates. This methodology will be implemented as part of the quarterly rebalance on the third Friday of each March, June, September and December. All other constituent eligibility criteria still apply.

About Tortoise

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The Tortoise MLP Index^® is a float-adjusted, capitalization weighted index of energy master limited partnerships (MLPs). The index is comprised of publicly traded companies organized in the form of limited partnerships or limited liability companies engaged in transportation, production, processing and/or storage of energy commodities.

Tortoise North American Pipeline Index^SM is a float-adjusted, capitalization weighted index of pipeline companies that are organized and have their principal place of business in the United States or Canada. A pipeline company is defined as a company that either 1) has been assigned a standard industrial classification (“SIC”) system code that indicates the company operates in the energy pipeline industry or 2) has at least 50% of its assets, cash flow or revenue associated with the operation or ownership of energy pipelines. Pipeline companies engage in the business of transporting natural gas, crude oil and refined products, storing, gathering and processing such gas, oil and products and local gas distribution. The index includes pipeline companies structured as corporations, limited liability companies and master limited partnerships (MLPs).

The Tortoise North American Oil & Gas Producers Index^SM is a float-adjusted, capitalization weighted index of North American energy companies primarily engaged in the production of crude oil, condensate, natural gas or natural gas liquids (NGLs). The index includes exploration and production companies structured as corporations, limited liability companies, and master limited partnerships, but excludes United States royalty trusts.

The Tortoise Global Water ESG Total Return Index^SM is a proprietary, rules-based, modified capitalization-weighted, float-adjusted index comprised of companies that are materially engaged in the water infrastructure or water management industries.

The indices mentioned above are the exclusive property of Tortoise Index Solutions, LLC, which has contracted with S&P Opco, LLC (a subsidiary of S&P Dow Jones Indices LLC) to calculate and maintain the Tortoise MLP Index®, Tortoise North American Pipeline Index^SM, Tortoise North American Oil and Gas Producers Index^SM and Tortoise Global Water ESG Index^SM (the “Indices”). The Indices are not sponsored by S&P Dow Jones Indices or its affiliates or its third party licensors (collectively, “S&P Dow Jones Indices”). S&P Dow Jones Indices will not be liable for any errors or omissions in calculating the Indices. “Calculated by S&P Dow Jones Indices” and its related stylized mark(s) are service marks of S&P Dow Jones Indices and have been licensed for use by Tortoise Index Solutions, LLC and its affiliates. S&P^® is a registered trademark of Standard & Poor’s Financial Services LLC (“SPFS”), and Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”).

The Tortoise Global Cloud Infrastructure Index^SM represents the existing global cloud infrastructure landscape. It is a proprietary, rules-based, modified market capitalization-weighted, float-adjusted index comprised of companies that are materially engaged in the cloud infrastructure industry, including cloud systems/ services, cloud management software, cloud hosting, cloud security, cloud hardware and cloud data centers.

The Tortoise Global Digital Payments Infrastructure Index^SM represents the existing global digital payments landscape. It is a proprietary, rules-based, modified market capitalization-weighted, float-adjusted index comprised of companies that are materially engaged in digital payments, including merchant processing and settlement, real time record keeping, settlement networks, and Fintech products/ services that facilitate the ease, efficiency, and speed of electronic transactions. This includes companies whose primary business is comprised of one or a combination of the following categories: credit card networks, electronic transaction processing and associated products/services, credit card issuers, electronic transaction processing software (payments Fintech) or online financial services market places.

The indices mentioned above are the exclusive property of Tortoise Index Solutions, LLC and are calculated by Solactive AG (“Solactive”). The financial instruments that are based on the Index are not sponsored, endorsed, promoted or sold by Solactive AG (“Solactive”) in any way and Solactive makes no express or implied representation, guarantee or assurance with regard to: (a) the advisability in investing in the financial instruments; (b) the quality, accuracy and/or the completeness of the Index or the calculations thereof; and/or (c) the results obtained or to be obtained by any person or entity from the use of the Index.

This data is provided for informational purposes only and is not intended for trading purposes. This document shall not constitute an offering of any security, product or service. The addition, removal or inclusion of a security in the index is not a recommendation to buy, sell or hold that security, nor is it investment advice. The information contained in this document is current as of the publication date. Tortoise makes no representations with respect to the accuracy or completeness of these materials and will not accept responsibility for damages, direct or indirect, resulting from an error or omission in this document. The methodology involves rebalancing and maintenance of the index that is made periodically during each year and may not, therefore, reflect real time information.

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.

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