Business Services Industry

2 Nuveen Taxable Closed-End Funds Announce Refinancing

Business Wire, May 16, 2008

$375 Million In ARPS To Be Redeemed

CHICAGO -- Two taxable closed-end funds sponsored by Nuveen Investments, Nuveen Floating Rate Income Fund (NYSE: JFR) and Nuveen Floating Rate Income Opportunity Fund (NYSE: JRO), today announced refinancing plans involving $375 million in auction-rate preferred securities (ARPS). The refinancings for JFR and JRO are expected to lower the relative costs of leverage for each fund over time while also providing liquidity at par for the holders of a portion of the funds' ARPS in JFR and JRO. The funds' Board of Trustees has approved each refinancing.

As part of the refinancings, the securities will be redeemed as follows: $235 million of $400 million ARPS in JFR (approximately 59%) and $140 million of $240 million ARPS in JRO (approximately 59%). As noted in previous announcements, funds redeeming less than all of their outstanding ARPS will redeem securities on a pro rata basis by series. The Depository Trust Company (DTC), the securities' holder of record, determines how a partial series redemption will be allocated among each participant broker-dealer account. Each participant broker-dealer, as nominee for underlying beneficial owners (street name shareholders), in turn determines how redeemed shares are allocated among its underlying beneficial owners. The procedures used by different broker-dealers to allocate redeemed shares among beneficial owners may differ from each other as well as from the procedures used by DTC.

JFR and JRO issued initial redemption notices today. Redemptions will be funded with new borrowings. Due to legal requirements, each fund will need to complete the partial redemptions in two or more phases. The funds anticipate that the refinancing for JFR and JRO will be completed by early in the third quarter. The tables below list for each fund the total number of shares, par amounts and scheduled redemption dates for this stage of redemptions:

JFR

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JRO

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For more information about Nuveen closed-end funds, visit www.nuveen.com/cef. ARPS information and updates are posted on Nuveen's auction-rate preferred resource center at www.nuveen.com/arps.>

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 NWQ, Santa Barbara, Tradewinds, Rittenhouse, Symphony and Nuveen, including the Nuveen HydePark Group. In total, the Company managed $153 billion in assets as of March 31, 2008.

FORWARD LOOKING STATEMENTS

Certain statements made in this 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: changes in securities or financial markets or general economic conditions, including changes in short term interest rates for borrowings, and other risks discussed from time to time in the Funds' filings with the Securities and Exchange Commission. Nuveen Investments and the closed-end funds managed by Nuveen Investments and its affiliates undertake no responsibility to update publicly or revise any forward-looking statements.