Nuveen Closed-End Exchange-Traded Funds and Portfolios Declare Monthly

    Business Editors

    CHICAGO--(BUSINESS WIRE)--Jan. 3, 2005--One hundred and ten Nuveen closed-end exchange-traded funds (ETFs) and portfolios have declared regular monthly dividends and distributions. There were no dividend increases or decreases from the previous month.
    Monthly dividends from Nuveen's municipal closed-end ETFs and portfolios are exempt from regular Federal income taxes, and monthly dividends of single-state municipal funds and portfolios are also exempt from state and, in some cases, local income taxes for in-state residents. Unless otherwise stated in the funds' objectives, monthly dividends of the municipal funds and portfolios may be subject to the Federal Alternative Minimum Tax for some shareholders.
    Dividends and distributions from Nuveen's taxable closed-end ETFs are generally subject to Federal income taxes. In addition, monthly dividends for the Nuveen Real Estate Income Fund (JRS) may later be characterized as capital gains and/or a return of capital depending on the character of the dividend reported to JRS after year-end by real estate investment trusts (REITs) whose securities are held by the fund.
    Additionally, smaller portions of the monthly dividend for the Nuveen Quality Preferred Income Fund (JTP), Nuveen Quality Preferred Income Fund 2 (JPS), Nuveen Quality Preferred Income Fund 3 (JHP), Nuveen Preferred and Convertible Income Fund (JPC) and Nuveen Preferred and Convertible Income Fund 2 (JQC) may later be characterized as capital gains and/or a return of capital because of those funds' modest investments in REITs. A small portion of the total monthly dividends for the fiscal year ended July 31, 2004 paid by the Nuveen Floating Rate Income Fund (JFR) will be characterized as a return of capital.
    The Nuveen Real Estate Income Fund (JRS), Nuveen Diversified Dividend and Income Fund (JDD), and Nuveen Tax-Advantaged Total Return Strategy Fund (JTA) have adopted a managed distribution policy under which the fund seeks to maintain a stable monthly distribution level, stated in terms of a fixed amount per common share, representing net investment income and net realized capital gains and, if necessary, return of capital. The Nuveen Equity Premium Income Fund (JPZ) intends to make regular monthly distributions based on the past and projected performance of the fund. The fund expects that a portion of the distributions will represent "qualified dividend income" taxed at a maximum federal income tax rate of 15%, and the balance will represent a combination of long-term and short-term capital gains, and/or a return of capital representing unrealized gains. The final determination of the source and tax characteristics of all distributions in 2005 will be made after the end of the year. More details about each of the funds are available on www.nuveen.com/etf.
    All of these funds seek to pay stable dividends at rates that reflect each fund's past results and projected future performance. During certain periods, each fund may pay dividends at a rate that may be more or less than the amount of net investment income actually earned by the fund during the period. If a fund cumulatively earned more than it has paid in dividends, it holds the excess in reserve as undistributed net investment income (UNII) as part of the fund's net asset value (NAV). Conversely, if a fund has cumulatively paid dividends in excess of its earnings, the excess constitutes negative UNII that is likewise reflected in the fund's NAV. Each fund will, over time, pay all of its net investment income as dividends to shareholders. The funds' positive or negative UNII balances are disclosed from time to time in their periodic shareholder reports, and are also on www.nuveen.com/etf.
    The following dates apply to today's dividend and distribution declarations:

Record Date January 15, 2005 Ex-Dividend Date January 12, 2005 Payable Date February 1, 2005

Tax-Free Dividends Per Share Change From Amount Previous Month -------------------------- Closed-End Exchange-Traded Ticker Portfolios ------- -------------------------- NXP Select Portfolio $.0570 - NXQ Select Portfolio 2 .0550 - NXR Select Portfolio 3 .0545 - NXC CA Select Portfolio .0550 - NXN NY Select Portfolio .0535 -

Closed-End Exchange-Traded Funds: --------------------------------- Non-Leveraged Funds ------------------- NUV Municipal Value .0390 - NCA CA Municipal Value .0385 - NNY NY Municipal Value .0355 - NMI Municipal Income .0440 - NIM Select Maturities .0395 -

Closed-End Exchange-Traded Funds: --------------------------------- Leveraged Funds --------------- National -------- NPI Premium Income .0800 - NPP Performance Plus .0810 - NMA Advantage .0860 - NMO Market Opportunity .0790 - NQM Investment Quality .0840 - NQI Insured Quality .0845 - NQS Select Quality .0830 - NQU Quality Income .0805 - NIO Insured Opportunity .0810 - NPF Premier .0770 - NIF Premier Insured .0815 - NPM Premium Income 2 .0815 - NPT Premium Income 4 .0710 - NPX Insured Premium 2 .0730 - NAD Dividend Advantage .0855 - NXZ Dividend Advantage 2 .0860 - NZF Dividend Advantage 3 .0805 - NVG Insured Dividend Advantage .0775 - NEA Insured Tax-Free Advantage .0715 - NMZ High Income Opportunity Fund .0890 - California ---------- NCP Performance Plus .0775 - NCO Market Opportunity .0790 - NQC Investment Quality .0795 - NVC Select Quality .0805 - NUC Quality Income .0830 - NPC Insured Premium Income .0770 - NCL Insured Premium Income 2 .0760 - NCU Premium Income .0730 - NAC Dividend Advantage .0820 - NVX Dividend Advantage 2 .0760 - NZH Dividend Advantage 3 .0720 - NKL Insured Dividend Advantage .0760 - NKX Insured Tax-Free Advantage .0725 - Florida ------- NQF Investment Quality .0815 - NUF Quality Income .0800 - NFL Insured Premium Income .0800 - NWF Insured Tax-Free Advantage .0665 - New York -------- NNP Performance Plus .0845 - NQN Investment Quality .0815 - NVN Select Quality .0795 - NUN Quality Income .0765 - NNF Insured Premium Income .0770 - NAN Dividend Advantage .0825 - NXK Dividend Advantage 2 .0795 - NKO Insured Dividend Advantage .0745 - NRK Insured Tax-Free Advantage .0665 - Other State Funds ----------------- NAZ AZ Premium Income .0710 - NFZ AZ Dividend Advantage .0765 - NKR AZ Dividend Advantage 2 .0720 - NXE AZ Dividend Advantage 3 .0670 - NTC CT Premium Income .0735 - NFC CT Dividend Advantage .0745 - NGK CT Dividend Advantage 2 .0735 - NGO CT Dividend Advantage 3 .0650 - NPG GA Premium Income .0755 - NZX GA Dividend Advantage .0730 - NKG GA Dividend Advantage 2 .0650 - NMY MD Premium Income .0760 - NFM MD Dividend Advantage .0785 - NZR MD Dividend Advantage 2 .0730 - NWI MD Dividend Advantage 3 .0655 - NMT MA Premium Income .0735 - NMB MA Dividend Advantage .0775 - NGX Insured MA Tax-Free Advantage .0695 - NUM MI Quality Income .0790 - NMP MI Premium Income .0770 - NZW MI Dividend Advantage .0745 - NOM MO Premium Income .0735 - NQJ NJ Investment Quality .0800 - NNJ NJ Premium Income .0780 - NXJ NJ Dividend Advantage .0785 - NUJ NJ Dividend Advantage 2 .0765 - NNC NC Premium Income .0745 - NRB NC Dividend Advantage .0765 - NNO NC Dividend Advantage 2 .0720 - NII NC Dividend Advantage 3 .0670 - NUO OH Quality Income .0835 - NXI OH Dividend Advantage .0810 - NBJ OH Dividend Advantage 2 .0770 - NVJ OH Dividend Advantage 3 .0730 - NQP PA Investment Quality .0760 - NPY PA Premium Income 2 .0790 - NXM PA Dividend Advantage .0805 - NVY PA Dividend Advantage 2 .0735 - NTX TX Quality Income .0800 - NPV VA Premium Income .0760 - NGB VA Dividend Advantage .0785 - NNB VA Dividend Advantage 2 .0745 -

Taxable Distribution Per Share Closed-End Exchange-Traded Change From Funds: Amount Previous Month -------------------------- -------------------------- Ticker Taxable Funds ------- ------------- NSL Senior Income Fund $.0480 - JRS Real Estate Income Fund .1350 - JTP Quality Preferred Income Fund .0970 - JPS Quality Preferred Income Fund 2 .1020 - JHP Quality Preferred Income Fund 3 .1000 - JPC Preferred and Convertible Income Fund .1005 - JQC Preferred and Convertible Income Fund 2 .0975 - JDD Diversified Dividend and Income Fund .1025 - JTA Tax-Advantaged Total Return Strategy Fund .1000 - JFR Floating Rate Income Fund .0700 - JRO Floating Rate Income Opportunity Fund .0760 - JPZ Equity Premium Income Fund .1420 -

    Nuveen Investments provides high-quality investment services that contribute to the building of well-diversified investment portfolios. The Company serves institutional clients, financial advisors and high-net-worth investors. The firm's asset management capabilities are marketed through four distinct brands, each with an independent investment team and area of expertise: Nuveen, focused on fixed-income investments; NWQ, specializing in value-style equities; Rittenhouse, dedicated to conservative growth-style equities; and Symphony, with expertise in alternative investment portfolios. In total, the Company manages approximately $107 billion in assets. Nuveen Investments, Inc. (NYSE:JNC) is an affiliate of The St. Paul Travelers Companies, Inc. (NYSE:STA).

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CONTACT: Nuveen Investments Laurel O'Brien, 312-917-8254 laurel.obrien@nuveen.com

KEYWORD: ILLINOIS INDUSTRY KEYWORD: BANKING DIVIDEND SOURCE: Nuveen Investments

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