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Two Nuveen Municipal Closed-End Funds Establish Equity Shelf Programs

Nuveen Investments, a leading global provider of investment services to institutions as well as individual investors, today announced that the Nuveen Enhanced Municipal Value Fund (NYSE: NEV) and Nuveen Municipal Value Fund 2 (NYSE: NUW) have each filed initial registration statements to establish equity shelf programs. The programs are designed to provide the funds’ portfolio managers with additional flexibility in pursuing attractive investment opportunities they believe may enhance long-term shareholder returns. Under the equity shelf programs, the funds, subject to market conditions, may raise additional equity capital from time to time in varying amounts and offering methods at a net price at or above each fund’s net asset value per common share.

The funds have filed preliminary prospectuses with the Securities and Exchange Commission relating to the shelf offering of the funds. The information in the preliminary prospectuses is not complete and may be changed. New shares of the funds will not be sold until the registration statements are effective. The preliminary prospectuses are not an offer to sell newly registered shares and are not soliciting an offer to buy newly registered shares in any jurisdiction where the offer or sale is not permitted.

Investors should consider each fund’s investment objectives, risks, charges and expenses carefully before investing. The funds’ preliminary prospectuses contain this and other information about the funds. Investors should read the prospectuses carefully before investing. Investors may obtain a prospectus for either fund by visiting Nuveen’s web site at www.nuveen.com/cef or by contacting Nuveen Investments at 1-800-257-8787.

Nuveen Investments provides high-quality investment services designed to help secure the long-term goals of institutional and individual investors as well as the consultants and financial advisors who serve them. Nuveen Investments markets a wide range of specialized investment solutions which provide investors access to capabilities of its high-quality boutique investment affiliates—Nuveen Asset Management, Symphony Asset Management, NWQ Investment Management Company, Santa Barbara Asset Management, Tradewinds Global Investors, Winslow Capital Management, and Gresham Investment Management. In total, Nuveen Investments managed approximately $212 billion as of June 30, 2012. For more information, please visit the Nuveen Investments website at www.nuveen.com.

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