NMP Nuveen Michigan Premium Income Municipal Fund, Inc.

Nuveen Investments, a leading global provider of investment services to institutions as well as high-net-worth and affluent investors, today announced that the Nuveen Dividend Advantage Municipal Fund (NYSE: NAD), Nuveen Insured Tax-Free Advantage Municipal Fund (AMEX: NEA), Nuveen Michigan Premium Income Municipal Fund, Inc. (NYSE: NMP) and Nuveen Arizona Premium Income Municipal Fund, Inc. (NYSE: NAZ) called for redemption at par all of their outstanding auction-rate preferred securities (ARPS). The funds’ Board of Trustees has approved the redemptions, which total $269.025 million and will be funded by proceeds received from the issuance of Variable Rate MuniFund Term Preferred Shares (VMTP).

NAD is redeeming all of its $120.075 million of currently outstanding ARPS.

    Total Shares   Total Amount   Redemption Series   Cusip #   Redeemed   Redeemed   Date M   67066V200   1,628   $40,700,000   August 19, 2011 T   67066V309   1,628   $40,700,000   August 22, 2011 TH   67066V408   1,547   $38,675,000   August 24, 2011  

NEA is redeeming all of its $67.375 million of currently outstanding ARPS.

    Total Shares   Total Amount   Redemption Series   Cusip #   Redeemed   Redeemed   Date T   670657204   1,104   $27,600,000   August 22, 2011 W   670657303   1,105   $27,625,000   August 23, 2011 W2   670657402   486   $12,150,000   August 23, 2011  

NAZ is redeeming all of its $27.875 million of currently outstanding ARPS.

    Total Shares   Total Amount   Redemption Series   Cusip #   Redeemed   Redeemed   Date TH   67061W203   1,115   $27,875,000   August 24, 2011  

NMP is redeeming all of its $53.7 million of currently outstanding ARPS.

    Total Shares   Total Amount   Redemption Series   Cusip #   Redeemed   Redeemed   Date M   67101Q307   805   $20,125,000   August 19, 2011 TH   67101Q208   1,343   $33,575,000   August 24, 2011  

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, high net worth and affluent investors as well as the consultants and financial advisors who serve them. Nuveen Investments markets a wide range of specialized investment solutions which provide investors access to capabilities of its high-quality boutique investment affiliates - NWQ, Nuveen Asset Management, Santa Barbara, Symphony, Tradewinds and Winslow Capital. In total, Nuveen Investments had $212 billion of assets under management as of April 30, 2011. For more information, please visit the Nuveen Investments website at www.nuveen.com.