Nuveen Raises In IPO for Second Index Options and Equities Fund

Nuveen Investments, a leading provider of diversified investment services, today announced it has successfully completed the initial public offering of a second closed-end exchange-traded fund (ETF) that will pursue an integrated equity index option strategy supported by a diversified portfolio of common stock. The Nuveen Equity Premium Opportunity Fund--with the primary objective to achieve a high level of current income and gains from net index option premiums --will begin trading on the New York Stock Exchange (NYSE) today under the symbol JSN.
The fund raised more than $1.3 billion in its common share offering, assuming full exercise of underwriters' overallotments, which may not occur. The fund is sponsored by Nuveen Investments, LLC. The lead manager of the common share underwriting syndicate was Citigroup Global Markets Inc.

Under normal market circumstances, the fund intends to invest in a diversified equity portfolio that is designed to substantially replicate the weighted average price movements of a blended index of the S&P 500 Index and the NASDAQ-100 Index. The initial target blend will be 75% S&P 500 and 25% NASDAQ-100. Over time, these percentage weightings may vary as a result of relative changes in each index. The equity portfolio is expected to generate a dividend yield that is higher than the weighted average yield of the two indexes. The fund will also seek to enhance its income by selling S&P 500 and Nasdaq-100 index call options on a continuous basis. At the same time, the fund will buy S&P 500 and Nasdaq-100 index puts to provide a measure of downside protection in rapidly declining markets.

"This fund offers investors a risk-managed equity-based strategy that has the potential to generate high levels of consistent cash flow and to provide some appreciation over time," says Bill Adams, Executive Vice President, Nuveen Investments. "We believe traditional fixed-income investors concerned with the potential impact of higher interest rates on bond strategies as well as equity investors looking for attractive, tax-advantaged dividend income with reduced volatility and the potential for more stable returns may find this new fund to be a suitable tool in building their portfolio."

Nuveen Asset Management is the fund's adviser and will be responsible for determining the fund's overall investment strategy. Portfolio managers from Gateway Investment Advisers, L.P. will manage the fund's index option strategy and underlying equity portfolio. Founded in 1977, Gateway Investment Advisers, L.P. specializes in the management of index option-based strategies for managing risk in equity portfolios. With more than $3.6 billion in assets under management as of December 31, 2004, Gateway provides services to high net worth individuals, investment companies, pension and profit sharing plans, charitable organizations and corporations. Gateway currently manages the largest open-end mutual fund focused on equity index option strategies. The fund has employed listed index options as its core investment strategy since 1983.

There can be no assurance this index option strategy will be successful. The value of the index options written by the fund will be affected by changes in the value of dividend rates of the underlying common stocks in the indexes, changes in the actual or perceived volatility of the stock market and the remaining time to the option's expiration. In addition, the value of the options may be adversely affected if the market for index options becomes less liquid or smaller. Moreover, if a put option purchased by the fund is not sold or realized when it has remaining value, and if the value of the indexes remains equal to or greater than the exercise price, the fund will lose its entire investment in the put option.

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

Standard & Poor's 500 Stock Index is an unmanaged index of 500 stocks that is market-capitalization weighted and is generally representative of the performance of larger companies in the U.S. "Standard & Poor's(R)", "S&P(R)", "Standard & Poor's 500", "S&P 500(R)" and "500" are trademarks of The McGraw-Hill Companies, Inc., and the fund expects to license the use of such trademarks. The fund is not sponsored, endorsed, sold or promoted by Standard & Poor's, and Standard & Poor's makes no representation regarding the advisability of investing in the fund.

The NASDAQ-100 Index includes 100 of the largest domestic and international non-financial companies listed on The NASDAQ Stock Market based on market capitalization. The NASDAQ-100 Index reflects companies across major industry groups, including computer hardware and software, telecommunications, retail/wholesale trade and biotechnology. It does not contain financial companies, including investment companies. Nasdaq(R), Nasdaq-100(R), and Nasdaq-100 Index(R), are trademarks of The Nasdaq Stock Market, Inc. ("Nasdaq") and the fund expects to license the use of such trademarks. The fund has not been passed on by Nasdaq or its affiliates as to its legality or suitability. The fund is not issued, endorsed, sold, or promoted by Nasdaq or its affiliates. Nasdaq or its affiliates make no warranties and bear no liability with respect to the fund.

It is not possible to invest directly in the S&P 500 Index and the NASDAQ-100 Index.

Investors should consider the investment objectives and policies, risk considerations, charges and expenses of the fund carefully before investing. For a prospectus which contains this and other information relevant to an investment in the fund, please contact your securities representative or Nuveen Investments, LLC, 333 W. Wacker Drive, Chicago, IL 60606. Investors should read the preliminary prospectus carefully before they invest or send money.

This document is not an offer to sell this security and is not soliciting an offer to buy this security in any state where the offer or sale is not permitted.

Nuveen Investments provides high-quality investment services that contribute to the building of well-diversified investment portfolios. The Company serves institutional clients, financial advisors and high-net-worth investors. The firm's asset management capabilities are marketed through four distinct brands, each with an independent investment team and area of expertise: Nuveen, focused on fixed-income investments; NWQ, specializing in value-style equities; Rittenhouse, dedicated to conservative growth-style equities; and Symphony, with expertise in alternative investment portfolios. In total, the Company manages approximately $115 billion in assets. Nuveen Investments, Inc. (NYSE:JNC) is an affiliate of The St. Paul Travelers Companies, Inc. (NYSE:STA).

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