NAN Nuveen New York Quality Municipal Income Fund

Nuveen Investments, a leading global provider of investment services to institutions and high-net-worth investors, today announced that the Nuveen California Dividend Advantage Municipal Fund 3 (AMEX: NZH) has successfully completed the issuance of $75 million of MuniFund Term Preferred Shares (MTP), and Nuveen New York Dividend Advantage Municipal Fund (NYSE: NAN) has successfully completed the issuance of $26.5 million of MTP shares. The net proceeds from these offerings of MTP shares will be used to refinance a portion of the funds’ outstanding auction-rate preferred securities (ARPS). These MTP shares are expected to trade on the New York Stock Exchange (NYSE) within 30 days of original issuance under the symbol NZH PrC and NAN PrC, respectively.

MTP is a fixed rate form of preferred stock with a mandatory redemption period, in the case of these two offerings, of five years. By issuing MTP, the funds seeks to take advantage of the current historically low interest rate environment to lock in an attractive tax-exempt cost of leverage for a period as long as the term of the MTP. Issuing MTP helps the funds mitigate the risk of a significant increase in the cost of leverage should short-term interest rates rise.

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 MTP shares of the fund, please contact your securities representative or Nuveen Investments, LLC, 333 W. Wacker Drive, Chicago, IL 60606 or www.nuveen.com/cef. Investors should read the 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 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 $141 billion as of September 30 2009. For more information, please visit the Nuveen Investments website at www.nuveen.com.

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