Nuveen Fund Advisors LLC

ITEM 5           FEES AND COMPENSATION

NFAL’s advisory fees are generally based on a percentage of a Fund’s assets under management
and are described in each Fund’s prospectus or other official offering materials. Fund fees may
vary materially depending on multiple factors, including the asset class, size and/or features of the
Fund and the markets in which it is offered. Fees are subject to negotiation with a Fund’s governing
body and applicable law.

Generally, NFAL compensates a Fund’s Subadviser for the portfolio management services it
provides to the Fund from the advisory fees NFAL receives from the Fund. The process for
termination of NFAL’s services may vary by Fund, and is set forth in a Fund's investment
management agreement and/or offering or other organizational documents.

For detailed information on the terms, conditions and fees of a particular Fund, see the relevant
Fund’s prospectus or other official offering materials.

Generally, advisory fees are deducted from Fund assets based on an approach agreed to between
NFAL and each Fund.

Other Fees and Expenses

Certain Funds managed by NFAL may invest in open-end funds, closed-end funds, ETFs,
exchange traded notes (“ETNs”) and other pooled investment vehicles. Unless otherwise agreed
and where permitted by law, a Fund will bear its proportionate share of fees and expenses as an
investor in such fund or instrument in addition to NFAL’s investment advisory fees.

As part of the strategies it offers, Funds managed by NFAL may invest in certain other funds which
NFAL or any advisory affiliate or any person under common control with NFAL (“Related Persons”)
advise and from which they receive advisory, administrative and/or distribution fees (such funds
being referred to herein as “Affiliated Funds”). To the extent that a Fund invests in an Affiliated
Fund, NFAL or its Related Persons may, depending on any legal requirements, waive investment
advisory fees on the Fund assets invested in such Affiliated Fund, credit the Fund for the investment
advisory fees paid by the Affiliated Fund to NFAL or NFAL’s Related Persons, avoid or limit the
payment of duplicative investment advisory fees to NFAL or its Related Persons through other
means, or accept fees from both the Fund and the Affiliated Fund.

Certain NFAL-supervised persons are also associated with NFAL’s affiliated broker-dealer, Nuveen
Securities, LLC (“Nuveen Securities”), and in that capacity engage in marketing or selling activities
with respect to shares or interests in the Funds. See Item 10. Such personnel, in their capacity as
associated persons of a broker-dealer, will be compensated by the affiliated broker dealer for
successful marketing or selling activities with respect to shares or interests in certain Funds.

Investors in the Funds will not be advisory clients of NFAL or the Subadvisers, and NFAL and the
Subadvisers will not provide investment advice or recommendations with respect to the merits and
suitability of the particular investment and investment decision for the particular investor. Investors
in the Funds are encouraged to consult their own financial, tax and legal advisors regarding such
decisions. Fund shares are available through many unaffiliated broker-dealers and other financial
services firms.

ITEM 7           TYPES OF CLIENTS

NFAL provides services to Funds. NFAL may also provide management services to other funds or
client types in the future.