Nuveen Fund Boards Approve Closed-End Fund Reorganization

The Boards of Trustees of Nuveen Real Asset Income and Growth Fund (NYSE: JRI) and Diversified Real Asset Income Fund (NYSE: DRA) have approved the reorganization of DRA into JRI. The reorganization is subject to customary conditions, including approval by the shareholders of each fund at the respective fund’s annual shareholder meeting. Annual shareholder meetings for both funds are scheduled to take place on May 31, 2017. By combining two funds with substantially identical portfolios, the proposed reorganization is intended to benefit shareholders of each fund through fee and expense savings as well as enhanced secondary market visibility and liquidity from the combined fund’s greater outstanding shares, which over time is anticipated to promote increased investor interest and narrower trading discounts relative to net asset value. JRI will be the surviving fund in the reorganization.

More information on the proposed reorganization will be contained in proxy materials expected to be filed in the next several days. The proposed fund reorganization is as follows:

About Nuveen

Nuveen offers a comprehensive range of outcome-focused investment solutions designed to secure the long-term financial goals of institutional and individual investors. As the investment management arm of TIAA, Nuveen has $882 billion in assets under management as of 12/31/16 and operations in 16 countries. Its affiliates offer deep expertise across a comprehensive range of traditional and alternative investments through a wide array of vehicles and customized strategies. For more information, please visit www.nuveen.com.

Securities offered through Nuveen Securities, LLC, Member FINRA and SIPC.

FORWARD LOOKING STATEMENTS

Certain statements made in this press 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 http://www.sec.gov and on Nuveen's web site at https://www.nuveen.com/cef 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.

There can be no assurance than any fund will achieve its investment objective. Investments in the funds involve operating expenses and fees. The net asset value of the funds will fluctuate with the value of the underlying securities. It is important to note that closed-end funds trade on their market value, not net asset value, and closed-end funds often trade at a discount to their net asset value.

IMPORTANT INFORMATION

This press release does not constitute an offer to purchase or sell securities, nor does this press release solicit a proxy from any shareholder of the funds. In connection with the proposed reorganization, JRI expects to file a Registration Statement on Form N-14 containing a Joint Proxy Statement/Prospectus with the Securities and Exchange Commission (“SEC”) in the coming weeks. Shareholders are urged to read the Joint Proxy Statement/Prospectus and other relevant documents when they become available because they will contain important information about the proposed reorganization. Shareholders may obtain copies of the Joint Proxy Statement/Prospectus and the funds’ other regulatory filings for free at the SEC’s web site at http://www.sec.gov and on Nuveen's web site at https://www.nuveen.com/cef. The funds, Nuveen Fund Advisors and certain of their respective directors/trustees, officers and affiliates may be deemed under the rules of the SEC to be participants in the solicitation of proxies from shareholders in connection with the proposed reorganization discussed herein. Information about the trustees and officers of the funds may be found in their respective Annual Reports and annual proxy statements previously filed with the SEC.

23698-INV-O-03/19

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