Nuveen Closed-End Funds’ Board to Recommend Merger of Florida CEFs

Nuveen Investments, a leading global provider of investment services to institutions and high-net-worth investors today announced the Board of Trustees of Nuveen’s closed-end funds has voted to recommend merging four Florida municipal bond funds into three existing Nuveen national municipal bond funds. This proposal is subject to shareholder approval at a special meeting of shareholders later this year. More information on the proposed mergers will be contained in the proxy materials that the funds anticipate filing in the coming weeks. The proposed fund mergers are detailed below.

• Nuveen Insured Florida Tax-Free Advantage Municipal Fund (NYSE Alternext: NWF) to merge into the Nuveen Insured Tax-Free Advantage Municipal Fund (NYSE Alternext: NEA)
• Nuveen Insured Florida Premium Income Municipal Fund (NYSE: NFL) to merge into the Nuveen Insured Municipal Opportunity Fund, Inc. (NYSE: NIO)
• Nuveen Florida Investment Quality Municipal Fund (NYSE: NQF) and Nuveen Florida Quality Income Municipal Fund (NYSE: NUF) to merge into the Nuveen Premium Income Municipal Fund 2, Inc. (NYSE: NPM).

More information on these and other Nuveen closed-end funds is posted on Nuveen’s web site at www.nuveen.com/cef.

Nuveen Investments provides high quality investment services designed to help secure the long-term goals of institutions and high net worth investors as well as the consultants and financial advisors who serve them. Nuveen Investments markets its growing range of specialized investment solutions under the high-quality brands of HydePark, NWQ, Nuveen, Rittenhouse, Santa Barbara, Symphony and Tradewinds. In total, the Company managed $134 billion of assets on September 30, 2008.