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Tortoise Pipeline & Energy Fund Announces Initial Distribution

The Board of Directors of Tortoise Pipeline & Energy Fund, Inc. (NYSE: TTP) today declared its initial distribution of $0.40625 per share. The distribution will be paid on March 1, 2012 to stockholders of record on Feb. 22, 2012. This distribution achieves the fund’s target of a 6.5 percent annualized yield on its $25 public offering price.

The fund focuses particularly on North American pipeline companies that transport natural gas, natural gas liquids, crude oil and refined products, and to a lesser extent, on other energy infrastructure companies. As a flow-through regulated investment company, the fund may efficiently purchase securities of traditional pipeline corporations along with master limited partnerships. Its investment objective is to provide stockholders a high level of total return, with an emphasis on current distributions.

For 2012 tax purposes, the character of the distribution will be determined at year-end and will be reported to stockholders at the beginning of 2013 on their Form 1099. For book purposes, the source of this distribution is estimated to primarily consist of dividend income (eligible for qualified dividend treatment) and to a lesser extent, return of capital.

Year-End Conference Call

The fund will host a conference call on Dec. 15, 2011 at 4:30 p.m. EST, to discuss current U.S. energy infrastructure industry market conditions and TTP’s investment highlights. Participants can access the conference call by dialing (800) 762-8779. The replay access code is 4487035. The call will also be webcast in a listen-only format. A link to the webcast will be accessible at www.tortoiseadvisors.com.

A replay of the call will be available at 6 p.m. EST on Dec. 15, 2011 and continuing until 11:59 p.m. CST Dec. 30, 2011, by dialing (800) 406-7325. The replay access code is 4487035#. A replay of the webcast will also be available on the company's website at www.tortoiseadvisors.com through Dec. 15, 2012.

About Tortoise Capital Advisors, LLC

Tortoise Capital Advisors, LLC is an investment manager specializing in listed energy infrastructure investments. As of Oct. 31, 2011, the adviser had approximately $7.2 billion of assets under management in NYSE-listed closed-end investment companies, an open-end fund and other accounts. For more information, visit 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.

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