Why Energy Is Outperforming While AI Faces a Power Bottleneck: October Monthly Webinar Replay

Key Takeaways Why energy continues to outperform broader markets as higher oil prices, record refining margins and shifting interest rates drive significant differences in sector performance. How Middle East supply disruptions are reshaping global energy markets, with damaged infrastructure, constrained crude oil flows and diesel shortages creating new challenges for global supply. Why U.S. natural gas and LNG exports may benefit from global supply uncertainty as international buyers seek more reliable energy sources and regional natural gas price spreads remain elevated. How AI-driven electricity demand is testing grid reliability, with data center permitting delays, interconnection challenges and behind-the-meter power solutions shaping infrastructure development. Where Tortoise Capital continues to see investment opportunities across natural gas infrastructure, refining, digital infrastructure and nuclear energy amid evolving market conditions. ---------- Chapters: 00:00 Introduction & Investment Solutions Overview 04:09 Audience Poll: Energy Market Expectations 07:31 Q3 Energy Sector Performance 10:44 Diesel Prices & Record Refining Margins 15:02 Middle East Energy Infrastructure Disruptions 19:57 AI Power Demand & Grid Reliability Challenges 22:12 Data Center Permitting & Behind-the-Meter Power 25:33 Energy Infrastructure & Portfolio Positioning 27:45 AI Infrastructure & Nuclear Energy Outlook 29:28 U.S. LNG Export Growth & Global Price Spreads 33:01 Economic Benefits of Data Center Development 35:36 Closing Remarks & Upcoming Webinars ---------- #EnergyMarkets #EnergyInvesting #NaturalGas #AIInfrastructure #LNG #TortoiseCapital Before investing in the funds, investors should consider their investment goals, time horizons and risk tolerance. The funds’ investment objective, risks, charges and expenses must be considered carefully before investing. The statutory prospectuses and the summary prospectuses contain this and other important information about the funds. Copies of the funds’ prospectus may be obtained by calling 855-994-4437 or by emailing info@tortoisecapital.com. Read it carefully before investing. Investing involves risk, including the possible loss of principal. Quasar Distributors, LLC, is the distributor of the Tortoise Energy Infrastructure Total Return Fund (TORIX), Tortoise AI Infrastructure ETF (TCAI), Tortoise Nuclear Renaissance ETF (TNUK), Tortoise MLP ETF (TMLP), Tortoise Energy ETF (TNGY), Tortoise Electrification Infrastructure ETF (TPZ), Tortoise North American Pipeline ETF (TPYP) and Tortoise Global Water ETF (TBLU). • NOT FDIC INSURED • NO BANK GUARANTEE • MAY LOSE VALUE Exchange-traded funds (ETFs), mutual funds, closed-end funds, and separately managed accounts (SMAs) are subject to varying risks and expenses. Closed-end funds may trade at a discount to their net asset value. SMAs may not be suitable for all investors and typically require higher minimum investments.