Several Nuveen Closed-End Funds Announce New VRDP Actions

• NQU Issues Additional Shares of VRDP
• NQP, NPY and NQC Exchange Series 1 VRDP Shares for Series 2 VRDP Shares
• NPY and NQC Issue Additional Shares of Series 2 VRDP

CHICAGO--(BUSINESS WIRE)--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.

VRDP dividends are set weekly at a rate established by the fund’s remarketing agent, subject to a maximum rate which will increase over time in the event of an extended period of unsuccessful remarketing.

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:

• market developments;
• 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 statements.

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 our web site is not a part of this press release.

This notice is being provided pursuant to Regulation FD (Fair Disclosure) to ensure that the funds’ common and preferred shareholders have been informed of the funds’ issuance of VRDP.

No VRDP shares have been registered under the Securities Act of 1933 (the Securities Act) or any state securities laws. Unless so registered, no 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.