NUM - Nuveen Closed-End Funds Complete Preferred Share Exchanges

Nuveen Michigan Quality Municipal Income Fund (NYSE:NUM), Nuveen Arizona Quality Municipal Income Fund (NYSE:NAZ), Nuveen Georgia Quality Municipal Income Fund (NYSE: NKG) and Nuveen Connecticut Quality Municipal Income Fund (NYSE: NTC) have each completed an issuance of Adjustable Rate MuniFund Term Preferred Shares (AMTP Shares) in a privately negotiated exchange and private placement with one or more qualified institutional buyers, as defined in Rule 144A under the Securities Act of 1933. The Funds and their corresponding amounts of newly issued AMTP shares are as follows:

Through the transactions, NUM has issued 1,730 Series 2028 AMTP Shares in exchange for 1,730 Series 2019 Variable Rate MuniFund Term Preferred Shares, with a liquidation preference of $100,000 per share (VMTP Shares); NAZ has issued 883 Series 2028 AMTP Shares in exchange for 883 Series 2019 VMTP Shares; NKG has issued 585 Series 2028 AMTP Shares in exchange for 585 Series 2019 VMTP Shares and NTC has issued 1,120 Series 2028 AMTP Shares in exchange for 1,120 Series 2019 VMTP Shares. Following the transactions, none of the Funds have any VMTP Shares outstanding.

The AMTP Shares have a liquidation preference of $100,000 per share, and were issued with a term redemption date for each series of December 1, 2028. The dividend rate for the AMTP shares of each Fund will be set periodically based on a predetermined formula, subject to adjustment of the terms from time to time by agreement of each Fund and the AMTP shareholders. The AMTP Shares are preferred securities of each Fund and are senior, with priority in all respects, to each Fund’s common shares in liquidation and as to payments of dividends.

No AMTP Shares have been registered under the Securities Act of 1933 (the Securities Act) or any state securities laws. Unless so registered, no AMTP 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.

About Nuveen

Nuveen, the investment manager of TIAA, offers a comprehensive range of outcome-focused investment solutions designed to secure the long-term financial goals of institutional and individual investors. Nuveen has $988 billion in assets under management as of 9/30/18 and operations in 16 countries. Its affiliates offer deep expertise across a comprehensive range of traditional and alternative investments through a wide array of vehicles and customized strategies. For more information, please visit www.nuveen.com.

Nuveen Securities, LLC, member FINRA and SIPC.

The information contained on the Nuveen website is not a part of this press release.

FORWARD LOOKING STATEMENTS

Certain statements made or referenced in this release may be forward-looking statements. Actual future results or occurrences may differ significantly from those anticipated in any forward-looking statements due to numerous factors. These include, but are not limited to:

• market developments;
• legal and regulatory developments; and
• other additional risks and uncertainties.

Nuveen and the closed-end funds managed by Nuveen and its affiliates undertake no responsibility to update publicly or revise any forward-looking statements.

691295-INV-AN-12/20

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