Nuveen Investments Announces Plans to Launch Seven Closed-End Exchange-Traded Funds in September

Business Wire, July 30, 2001

Business/Financial Editors

CHICAGO--(BUSINESS WIRE)--July 30, 2001

Nuveen Investments today announced that it plans to launch seven municipal bond closed-end exchange-traded funds in September. The seven funds are:

-- Nuveen Dividend Advantage Municipal Fund 3

-- Nuveen California Dividend Advantage Municipal Fund 3

-- Nuveen Georgia Dividend Advantage Municipal Fund

-- Nuveen Maryland Dividend Advantage Municipal Fund 2

-- Nuveen Michigan Dividend Advantage Municipal Fund

-- Nuveen New York Dividend Advantage Municipal Fund 3

-- Nuveen Ohio Dividend Advantage Municipal Fund 2

Five of the funds had been previously registered with the Securities and Exchange Commission; registration statements were filed on July 27 for the New York and Ohio funds.

Salomon Smith Barney will serve as lead manager of these new funds, and Nuveen Advisory Corp. will be the investment advisor of these funds.

Shares of exchange traded closed-end investment companies usually trade on a national stock exchange. Like other stocks, share prices will fluctuate with market conditions and, at the time of sale, may be worth more or less than the original investment. The shares of exchange-traded funds often trade at a discount to their net asset value.

For more complete information, including risk considerations, charges and expenses, please contact your securities representative or Nuveen Investments, 333 West Wacker Drive, Chicago, Ill. 60606 for a prospectus. Investors should read the prospectus carefully before they invest or send money.

The information in this document is not complete and may be changed. These securities may not be sold until the registration statements filed with the Securities and Exchange Commission are effective. This document is not an offer to sell these securities and in not soliciting an offer to buy these securities in any state where the offer or sale is not permitted.

Nuveen Investments, a unit of The John Nuveen Company (NYSE: JNC), provides a distinct array of industry-leading products and services that enable financial advisors to serve as pre-eminent resources for their affluent and high net worth clients. As part of its commitment to helping build wealth and legacies for generations, Nuveen offers customized separately managed accounts, mutual funds, exchange-traded funds and defined portfolios. Including defined portfolios and newly-acquired assets from Symphony Asset Management, the Company manages or oversees approximately $77 billion in assets.