Tortoise Energy Infrastructure Corp · NYSE:TYG
Tortoise Energy Infrastructure — Tortoise Energy Independence Fund — Proxy Contest (July 2024)
12 slides from Tortoise Energy Infrastructure's proxy contest presentation, July 2024
Slide 1: Tortoise Energy Independence Fund (NDP) Presentation to Institutional Shareholder Services
Tortoise Energy Independence Fund (NDP) Presentation to Institutional Shareholder Services July 2024 © 2024 Tortoise
Slide 2: The Fund's board is currently comprised of well-qualified, professional and trusted individuals
The Fund’s board is currently comprised of well-qualified, professional and trusted individuals Conrad S. Ciccotello Alexandra Herger H. Kevin Birzer Rand C. Berney • Joined NDP board in 2012 • Joined NDP board in 2015 (Interested Director) • Joined NDP board in 2014 • Currently a Professor and the
Slide 3: The Fund's board nominee is well qualified, experienced and focused on long-term performance
The Fund’s board nominee is well qualified, experienced and focused on providing long-term performance for stockholders Rand C. Berney, CPA, CIA®, CMA® High Level Qualifications Related Experience • Long-tenured team member of the Fund’s Academic accomplishments board and familiar with NDP Formerly
Slide 4: The proposed board nominees are not qualified, experienced or focused on long-term performance
The proposed board nominees are not qualified, experienced or focused on providing long-term performance for stockholders The proposed board nominees should not be elected to the board Gabriel D. Gliksberg Aaron T. Morris Qualifications Qualifications • Manager of ATG Capital Management, • Co-founde
Slide 5: The Fund's board nominee is uniquely qualified and has a record of taking action
The Fund’s board nominee is uniquely qualified and has a record of taking action to provide value to stockholders The Fund’s board nominee has the expertise needed in the energy sector, with closed-end fund oversight, financial management and midstream strategies Board actions taken to mitigate disc
Slide 6: Solid recent performance driven by proven investment approach
Solid recent performance driven by proven investment approach The Fund’s board has prioritized the Fund’s performance NDP Annualized Performance as of June 30, 2024 40% Significant negative impact from deleveraging 30% during unprecedented global pandemic 20% 10% 0% -10% -20% 1 year 3 years 5 years
Slide 7: NDP expenses are in line with the Tortoise funds' peer group
NDP expenses are in line with the Tortoise funds' peer group Net Total Operating Fund name Ticker Management Fee Expenses Tortoise Energy Independence Fund NDP 0.77% 1.35% BlackRock Energy and Resources BGR 0.98% 1.07% Kayne Anderson Midstream Energy Fund KMF 1.25% 1.52% First Trust Energy Infrastru
Slide 8: Growing dividends to increase stockholder value
Growing dividends to increase stockholder value Over the past 3 years, the Fund’s board has steadily increased the Fund’s dividend by 103% to increase value for stockholders NDP Dividend Increases $0.70 $0.60 $0.50 $0.40 $0.30 $0.20 $0.10 $-0.00 8/9/2021 11/9/2021 1/18/2022 5/10/2022 8/9/2022 11/8/2
Slide 9: NDP discount narrowed significantly over 2024 YTD
NDP discount narrowed significantly over 2024 YTD The Fund’s board has prioritized shrinking the Fund’s discount NDP Discount Improvements (8.00) 1/1/2024 2/1/2024 3/1/2024 4/1/2024 5/1/2024 6/1/2024 7/1/2024 (10.00) (12.00) (14.00) (16.00) (18.00) (20.00) As of 6/30/2024 9
Slide 10: Current NDP Director brings critical skills needed to enhance stockholder value
Current NDP Director brings critical skills needed to enhance stockholder value The proposed nominees do not possess the comparable skills or expertise needed to increase value for stockholders Skills Rand C. Berney Gabriel D. Gliksberg Aaron T. Morris Executive leadership Independent (no conflicts
Slide 11: Conclusion – Change is not warranted or recommended
Conclusion – Change is not warranted or recommended The Fund’s board nominee has been proactive, and a major asset to the board over the past 10 years ISS should support the Fund’s board nominee based on credentials and historical performance on the board ISS should recommend that stockholders vote
Slide 12: www.tortoiseadvisors.com
(@) Tortoise www.tortoiseadvisors.com
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