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Several Nuveen Closed-End Funds Announce New VRDP Actions

Nuveen Investments, a leading global provider of investment services to institutions, as well as individual investors, today announced that four municipal closed-end funds have undertaken a number of Variable Rate Demand Preferred Shares (VRDP) transactions in privately negotiated exchanges and private placements with qualified institutional buyers, as defined pursuant to Rule 144A under the Securities Act of 1933.

The first of these transactions is the issuance of additional VRDP shares by the Nuveen Quality Income Municipal Fund, Inc. (NYSE: NQU). The fund has sold an additional 400 Series 1 VRDP Shares totaling $40,000,000. JPMorgan Chase Bank, N.A. remains the Liquidity Provider for the fund’s VRDP Shares, including the additional VDRP Shares.

The next series of transactions is the exchange of Series 1 VRDP shares for new Series 2 VRDP shares by Nuveen Pennsylvania Investment Quality Municipal Fund (NYSE: NQP), Nuveen Pennsylvania Premium Income Municipal Fund 2 (NYSE: NPY), and Nuveen California Investment Quality Municipal Fund, Inc. (NYSE: NQC). The term redemption date for these new shares is December 1, 2042. Two of these funds, NPY and NQC, have also issued additional Series 2 shares totaling $5 million and $10 million, respectively. The proceeds from the additional shares will be used to take advantage of opportunities in the current municipal market. Royal Bank of Canada is the new Liquidity Provider for each fund.

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 $220 billion as of September 30, 2012. For more information, please visit the Nuveen Investments website at www.nuveen.com.

VRDP shares include a liquidity feature that allows holders of VRDP to have their shares purchased by a liquidity provider in the event that sell orders have not been matched with purchase orders and successfully settled in a remarketing. These VRDP shares qualify as equity for income tax purposes. This affords VRDP share dividends the same tax treatment as the income on the fund’s underlying investments, notwithstanding VRDP terms that require the fund to redeem VRDP shares still owned by the liquidity provider if there are six months of continuous, unsuccessful remarketing.

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