Nuveen Closed-End Funds Announces Intention to Redeem Preferred Shares

The Nuveen Floating Rate Income Fund (NYSE: JFR) and Nuveen Floating Rate Income Opportunity Fund (NYSE: JRO) have each filed with the Securities and Exchange Commission a notice of intention to redeem all of the outstanding Series 2022 Term Preferred Shares for JFR, and Series 2022 and Series 2023 Term Preferred Shares for JRO. The Term Preferred Share redemption price will be the $1,000 liquidation preference per share, plus an additional amount representing the final accumulated distribution amounts owed. The Funds each expect to finance the Term Preferred Share redemptions with borrowings from a credit facility and with cash on hand and the redemptions are contingent upon the completion of all aspects of such credit facility financing by the Funds, which may not occur as planned. Official notification of the redemptions will be delivered to Term Preferred Share shareholders at a later date through The Depository Trust Company (DTC).

The details of the anticipated redemption of the outstanding Term Preferred Shares are as follows:

Fund & Common Share Symbol

Share

Amount

Term

Preferred

CUSIP

Anticipated

Redemption

Date

Nuveen Floating Rate Income Fund (NYSE: JFR)

25,000

67072TAC2

11/25/2019

Nuveen Floating Rate Income Opportunity Fund (NYSE: JRO)

10,000

6706ENAB6

11/25/2019

Nuveen Floating Rate Income Opportunity Fund (NYSE: JRO)

8,000

6706ENAA8

11/25/2019

The address of the redemption and paying agent, Computershare Inc., is as follows: 150 Royall Street, Canton, Massachusetts 02021.

For more information, please visit Nuveen’s CEF homepage www.nuveen.com/closed-end-funds .

About Nuveen

Nuveen, the investment manager of TIAA, offers a comprehensive range of outcome-focused investment solutions designed to secure the long-term financial goals of institutional and individual investors. Nuveen has $1 trillion in assets under management as of 30 September 2019 and operations in 24 countries. Its investment specialists 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 .

Nuveen Securities, LLC, member FINRA and SIPC.

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, including the successful credit facility borrowing identified in this press release;legal and regulatory developments; andother 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.

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