Nuveen Quality Income Municipal Fund : Three Nuveen Closed-End Funds Announce Intention to Redeem Preferred Shares

Nuveen Investments, a leading global provider of investment services to institutions as well as individual investors, today announced that the Board of three Nuveen municipal bond closed-end funds has approved the funds’ plans to redeem a portion of their preferred shares. Each fund has filed, or will file, with the Securities and Exchange Commission a notice of intention to redeem a portion of its outstanding Variable Rate MuniFund Term Preferred (VMTP) shares, in the case of Nuveen Dividend Advantage Municipal Fund 3 (NZF) or a portion of its outstanding Variable Rate Demand Preferred (VRDP) shares, in the case of Nuveen Municipal Advantage Fund, Inc. (NMA) and Nuveen Quality Income Municipal Fund, Inc. (NQU).

VMTP and VRDP shares will be redeemed at their respective $100,000 liquidation preference per share, plus an additional amount representing the final accumulated dividend amounts owed. Each fund intends to finance its preferred share redemptions with cash on hand and from the proceeds of sales of securities in its investment portfolio. The redemptions are contingent upon the completion of each fund’s previously announced common share tender offer, which may be delayed or extended as determined by the Board. Formal notice of each redemption will be delivered to preferred shareholders at a later date through The Depository Trust Company (DTC).

The funds intending to redeem a portion of their preferred shares are as follows:

The anticipated redemption date for the VMTP shares of NZF is October 6, 2014. The anticipated redemption date for VRDP shares of NMA and NQU is October 10, 2014.

The address of the VMTP shares redemption and paying agent, Computershare Inc., is 250 Royall Street, Canton, Massachusetts 02021. The address of the VRDP shares tender and paying agent, The Bank of New York Mellon, is 101 Barclay Street, New York, New York 10286.

No VMTP shares or VRDP shares have been registered under the Securities Act of 1933 (the Securities Act) or any state securities laws. Unless so registered, no VMTP shares or VRDP shares may be offered or sold in the United States except pursuant to an exemption from the registration requirements of the Securities Act and applicable state securities laws. This press release is neither an offer to sell nor a solicitation of an offer to buy any of these securities.

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, LLC, Symphony Asset Management LLC, NWQ Investment Management Company, LLC, Santa Barbara Asset Management, LLC, Tradewinds Global Investors, LLC, Winslow Capital Management, LLC and Gresham Investment Management LLC, all of which are registered investment advisers and subsidiaries of Nuveen Investments, Inc. Funds distributed by Nuveen Securities, LLC, a subsidiary of Nuveen Investments, Inc. In total, Nuveen Investments managed $231 billion as of June 30, 2014. For more information, please visit the Nuveen Investments website at www.nuveen.com.

FORWARD LOOKING STATEMENTS

Certain statements made in this release are forward-looking statements. Actual future results or occurrences may differ significantly from those anticipated in any forward-looking statements due to numerous factors. These include, but are not limited to:

• the consummation of each fund’s common share tender offer for a portion of its outstanding common shares;
• having the cash on hand or generating enough proceeds from the sale of portfolio securities sufficient for each fund to redeem a portion of its VMTP or VRDP shares;
• other legal and regulatory developments; and
• other additional risks and uncertainties.

Nuveen and the closed-end funds managed by Nuveen and its affiliates undertake no responsibility to update publicly or revise any forward-looking statement.

The Annual and Semi-Annual Reports and other regulatory filings of the Nuveen closed-end funds with the Securities and Exchange Commission (“SEC”) are accessible on the SEC’s web site at www.sec.gov and on Nuveen’s web site at www.nuveen.com and may discuss the above-mentioned or other factors that affect the Nuveen closed-end funds. The information contained on the SEC’s web site and our web site is not a part of this press release.

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