NUF Nuveen Florida Quality Income Municipal Fund

Nuveen Investments, a leading global provider of investment services to institutions and high-net-worth investors, today announced that both common and preferred shareholders of Nuveen Florida Investment Quality Municipal Fund (NQF) and the Nuveen Florida Quality Income Municipal Fund (NUF), have approved the merger of their respective fund into Nuveen Premium Income Municipal Fund 2 (NPM).

The vote by shareholders of Nuveen�s two other Florida closed-end funds, Nuveen Insured Florida Tax-Free Advantage Municipal Fund (NWF) and Nuveen Insured Florida Premium Income Municipal Fund (NFL) to approve their merger with the Nuveen Insured Tax-Free Advantage Municipal Fund (NEA) and the Nuveen Insured Municipal Opportunity Fund (NIO), respectively, took place on June 17, 2009 as described in a press release dated June 18, 2009. These shareholder meetings were originally scheduled to be held May 15, 2009. Shareholders of all four Nuveen Florida closed-end funds have now approved their respective mergers with more than 80% of participating shares of each fund voting in favor of the merger. The consummation of the respective mergers remains subject to the approval of shareholders of the corresponding national closed-end fund.

The vote by shareholders of each of the three Nuveen national closed-end funds named above remains open, and the meeting for each of those funds has been adjourned until July 24, 2009, as previously announced.

Earlier this year, ISS Governance Services Inc. (ISS) recommended that shareholders of the four Nuveen Florida and the three named Nuveen national closed-end funds vote in favor of each of the proposed mergers. ISS is widely recognized as the leading independent proxy advisory firm; and its recommendations are relied upon by major institutional investment firms, mutual funds, and other fiduciaries throughout the country.

On June 17, 2009, an institutional holder of common shares of each of the four Nuveen Florida closed-end municipal funds filed a lawsuit in the 15th Judicial Circuit Court of Palm Beach County, Florida. The lawsuit alleges that each fund�s meeting, originally scheduled for May 15, 2009, was improperly adjourned and seeks to invalidate the action taken by the Florida funds� shareholders to approve the mergers. The funds� management believes that the complaint is without merit, and the funds intend to vigorously contest the case.

For more information on these proposals and other Nuveen closed-end funds, please visit 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, Santa Barbara, Symphony, Tradewinds and Winslow Capital. In total, the Company managed $115 billion of assets on March 31, 2009. For more information, please visit the Nuveen Investments website at www.nuveen.com.

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