Nuveen Enhanced Municipal Value Fund Declares Initial Distribution

• Press Release
• Source: Nuveen Investments
• On 5:22 pm EST, Monday November 2, 2009

CHICAGO--(BUSINESS WIRE)--Nuveen Investments, a leading global provider of investment services to institutions and high-net-worth investors today announced the first distribution declaration for the Nuveen Enhanced Municipal Value Fund (NYSE: NEV - News) of $.0760 per common share. The fund began trading on the New York Stock Exchange (NYSE) on September 25, 2009. This distribution, based on the $15.00 per share IPO price, reflects an annualized distribution rate of 6.08 percent. For an investor subject to the top Federal income tax rate of 35 percent, this represents a taxable equivalent yield of 9.35 percent. Monthly distributions from Nuveen's national municipal closed-end funds and portfolios are generally exempt from regular Federal income taxes.

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Symbol	Price	Change
NEV	14.43	+0.05

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The fund’s primary investment objective is to provide current income exempt from regular federal income tax, and its secondary objective is to enhance portfolio value and total return. NEV may invest in bonds subject to AMT, and the fund uses leverage to seek to enhance total returns. All of the fund’s leverage is initially expected to be through investments in inverse floating rate municipal securities, also known as tender option bonds.

Nuveen funds generally seek to pay stable distributions at rates that reflect each fund’s past results and projected future performance. During certain periods, each fund may pay distributions at a rate that may be more or less than the amount of net investment income actually earned by the fund during the period. If a fund cumulatively earned more than it has paid in distributions, it holds the excess in reserve as undistributed net investment income (UNII) as part of the fund’s net asset value (NAV). Conversely, if a fund has cumulatively paid distributions in excess of its earnings, the excess constitutes negative UNII that is likewise reflected in the fund’s NAV. Each fund will, over time, pay all of its net investment income as distributions to shareholders. The funds’ positive or negative UNII balances are disclosed from time to time in their periodic shareholder reports, and are also on www.nuveen.com/cef once the fund has at least three months’ history.

The following dates apply to today’s dividend declaration:

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 $128 billion of assets on June 30, 2009. For more information, please visit the Nuveen Investments website at www.nuveen.com.

Nuveen Investments
Media Contact:
Kristyna Sujata
312-917-8343
KRISTYNA.SUJATA@NUVEEN.COM