Nuveen Select Quality Municipal Fund Establishes Equity Shelf Program

Nuveen Investments, a leading global provider of investment services to institutions as well as individual investors, today announced that the Nuveen Select Quality Municipal Fund, Inc. (NYSE: NQS) has filed an initial registration statement to establish an equity shelf program. The program is designed to provide the fund’s portfolio managers with additional flexibility in pursuing attractive investment opportunities they believe may enhance long-term shareholder returns. Under its equity shelf program, the fund, 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 the fund’s net asset value per common share.

The fund’s primary investment objective is to provide current income exempt from regular federal income tax. Its secondary objective is to enhance portfolio value relative to the municipal bond market by investing in tax-exempt municipal securities that the fund’s adviser believes are underrated or undervalued or that represent municipal market sectors that are undervalued. The fund seeks to achieve its investment objective by investing at least 80 percent of its assets in tax-exempt municipal securities rated within the four highest grades (Baa/BBB or better) by at least one nationally recognized statistical rating organization or are unrated but deemed to be of comparable quality.

The fund has filed a preliminary prospectus with the Securities and Exchange Commission relating to the shelf offering of the fund. The information in the preliminary prospectus is not complete and may be changed. New shares of the fund will not be sold until the registration statement is effective. The preliminary prospectus is not an offer to sell newly registered shares and it is not soliciting an offer to buy newly registered shares in any jurisdiction where the offer or sale is not permitted.

Investors should consider the fund’s investment objectives, risks, charges and expenses carefully before investing. The fund’s preliminary prospectus contains this and other information about the fund. Investors should read the fund’s prospectus carefully before investing. Investors may obtain a prospectus 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 $230 billion as of January 31, 2012. For more information, please visit the Nuveen Investments website at www.nuveen.com.

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