Two Nuveen Closed-End Funds Complete Term Preferred Share Offerings

Nuveen, an operating division of TIAA Global Asset Management, today announced that Nuveen Floating Rate Income Fund (NYSE: JFR) and Nuveen Floating Rate Income Opportunity Fund (NYSE: JRO) have each issued Term Preferred Shares, with a term redemption date of January 1, 2027 (Series 2027 Term Preferred Shares) through an offering registered with the U.S. Securities and Exchange Commission.

Details of the Series 2027 Term Preferred Shares issuance are as follows:

Nuveen Floating Rate Income Fund intends to use the net proceeds from this offering of Series 2027 Term Preferred Shares to repay outstanding borrowings. Nuveen Floating Rate Income Opportunity Fund intends to use the net proceeds from this offering of Series 2027 Term Preferred Shares to fully redeem the fund’s outstanding Variable Rate Term Preferred Shares (VRTP Shares), repay borrowings or increase leverage.

The Series 2027 Term Preferred Shares will pay a dividend rate that will remain fixed throughout the term of such shares. Term Preferred Shares are preferred securities of each fund and are senior, with priority in all respects, to each fund’s common shares in liquidation and as to payments of dividends. The Series 2027 Term Preferred Shares for JFR will rank equally with respect to the fund’s outstanding Term Preferred Shares, Series 2019, and Series 2022, with respect to liquidation and dividends. The Series 2027 Term Preferred Shares for JRO will rank equally with respect to the fund’s outstanding Term Preferred Shares, Series 2023, and VRTP shares, with respect to liquidation and dividends. This press release is neither an offer to sell nor a solicitation of an offer to buy any of these securities.

Nuveen provides investment solutions designed to help secure the long-term goals of individual investors and the advisors who serve them. Through the investment expertise of leading asset managers across traditional and alternative asset classes, Nuveen is committed to delivering consultative guidance that aligns with client needs. Funds are distributed by Nuveen Securities, LLC, a subsidiary of Nuveen Investments, Inc. Nuveen is an operating division of TIAA Global Asset Management. For more information, please visit the Nuveen website at www.nuveen.com.

The information contained on the Nuveen website is not a part of this press release.

FORWARD LOOKING STATEMENTS

Certain statements made or referenced in this release may be 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.

This notice is being provided pursuant to Regulation FD (Fair Disclosure) to ensure that each fund’s common and preferred shareholders have been informed of each fund’s issuance of Series 2027 Term Preferred Shares. Each fund’s offering of Series 2027 Term Preferred Shares is part of a shelf registration statement. In addition to the Series 2027 Term Preferred Shares sold today and term preferred shares previously sold by each fund in connection with its shelf registration statement, each fund may offer and sell additional series of term preferred shares.

21578-INV-O-12/17

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