NNC Nuveen North Carolina Quality Municipal Income Fund

Nuveen Investments, a leading global provider of investment services to institutions as well as individual investors, today announced that two funds have issued Variable Rate MuniFund Term Preferred Shares (VMTP) through private placements with qualified institutional buyers, as defined pursuant to Rule 144A under the Securities Act of 1933. The proceeds of the issuance for both funds will be used to redeem all of the funds’ outstanding MuniFund Term Preferred (MTP) shares as previously announced.

New VMTP issuance details are as follows:

                          Fund     Ticker     Shares    

VMTP IssuanceAmount ($mm)

    Term Redemption Date Nuveen Connecticut Premium Income Municipal Fund     NTC     1,060     $106.000     March 1, 2017 Nuveen North Carolina Premium Income Municipal Fund     NNC     1,250     $125.000     March 1, 2017                

VMTP dividends will be set weekly at a fixed spread to the Securities Industry and Financial Markets Association Municipal Swap Index (SIFMA). VMTP shares are preferred securities of the fund and are senior, with priority in all respects, to the funds’ common shares in liquidation and as to payments of dividends.

The proceeds of the VMTP issuances were deposited in trust with an affiliate of Computershare Inc., the Redemption and Paying Agent for the MTP shares. This deposit will be held for the benefit of MTP shareholders. MTP shares will be redeemed on March 3, 2014. Official notification of the redemption will be delivered to MTP shareholders through The Depository Trust Company (DTC). Upon redemption of the MTP shares, the funds intend to deregister and delist the MTP shares from the New York Stock Exchange.

No VMTP shares have been registered under the Securities Act of 1933 (the Securities Act) or any state securities laws. Unless so registered, no VMTP shares may be offered or sold in the United States except pursuant to an exemption from the registration requirements of the Securities Act and applicable state securities laws. This press release is neither an offer to sell nor a solicitation of an offer to buy any of these securities.

Nuveen Investments provides high-quality investment services designed to help secure the long-term goals of institutional and individual 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—Nuveen Asset Management, LLC, Symphony Asset Management LLC, NWQ Investment Management Company, LLC, Santa Barbara Asset Management, LLC, Tradewinds Global Investors, LLC, Winslow Capital Management, LLC and Gresham Investment Management LLC, all of which are registered investment advisers and subsidiaries of Nuveen Investments, Inc. Funds distributed by Nuveen Securities, LLC, a subsidiary of Nuveen Investments, Inc. In total, Nuveen Investments managed nearly $215 billion as of September 30, 2013. For more information, please visit the Nuveen Investments website at www.nuveen.com.

Nuveen InvestmentsMedia Contact:Kristyna Munoz, (312) 917-8343kristyna.munoz@nuveen.com