Nuveen Investments, a leading provider of diversified investment services to institutions and high net worth investors, today announced it has successfully completed the initial public offering of the Nuveen Core Equity Alpha Fund. The closed-end fund, which expands the firm's range of innovative investments available to help advisors serve investors, will begin trading on the New York Stock Exchange (NYSE) today under the symbol JCE.

The fund seeks an attractive level of total return by investing primarily in a portfolio of common stocks managed by Enhanced Investment Technologies, LLC (?INTECH?) employing their proprietary mathematical process that seeks to provide risk-adjusted excess returns above the S&P 500® Index over extended periods of time. In addition, the fund will seek to enhance its risk-adjusted returns through an option strategy of selling call options primarily on custom baskets of securities. An alternative strategies team within Nuveen will be responsible for managing the fund's option component. The fund also features a managed distribution policy designed to deliver the strategy's long-term return potential through regular quarterly distributions.

The fund raised approximately $356 million in its common share offering, assuming full exercise of underwriters' overallotments, which may not occur. The fund is sponsored by Nuveen Investments, LLC. Nuveen Asset Management is the fund's adviser and is responsible for determining the fund's overall investment strategy. The lead manager of the common share underwriting syndicate was UBS Investment Bank.

?We believe that INTECH's investment process, coupled with Nuveen's option writing expertise, can provide investors with a compelling investment alternative,? said Bill Adams, Executive Vice President, Nuveen Investments. ?This innovative Fund offers investors the potential for attractive total return by seeking to capitalize on stock price volatility. The Fund's managers will seek to outperform over time passive investment strategies benchmarked to the S&P500® Index while assuming equal or less overall investment risk than the index.?

Founded in 1987, INTECH is an independently managed, registered investment adviser firm based in Palm Beach Gardens, Florida and Princeton, New Jersey. With 69 investment professionals and staff, INTECH managed $62 billion as of December 31, 2006. INTECH is a subsidiary of Janus Capital Group.

Shares of closed-end investment companies, like the fund, usually trade on a national stock exchange. Similar to stocks, the fund's share price 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 funds often trade at a discount to their net asset value. The fund expects its quarterly distributions generally to be comprised of net investment income as well as realized and unrealized portfolio gains. In some cases, distributions may also include a return of principal. See the fund's prospectus for more information about the tax consequences of these different sources of fund distributions.

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 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.

"S&P 500®" is a trademark of The McGraw-Hill Companies, Inc. and has been licensed for use by the Nuveen Core Equity Alpha Fund. The Product 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 Product

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 highly specialized investment teams, each with its own brand name and area of expertise: NWQ, specializing in value-style equities; Nuveen, managing fixed-income investments; Santa Barbara, committed to growth equities; Tradewinds, specializing in global value equities; Rittenhouse, focused on ?blue-chip? growth equities; and Symphony, with expertise in alternative investments as well as equity and income portfolios. In total, the Company manages $162 billion in assets. Nuveen Investments is listed on The New York Stock Exchange and trades under the symbol ?JNC.?