Nuveen Variable Rate Preferred & Income Fund Declares Initial Distribution and Posts Fund Commentary

NEW YORK–(BUSINESS WIRE)–The Nuveen Premium and Floating Rate Income Fund (NYSE: NPFD) declared its initial monthly distribution of $0.1380 per share. The fund began trading on the NYSE on December 16, 2021.

The following dates apply to today’s monthly distribution statement:

For an update on the Fund’s current portfolio positioning, please see the NPFD Commentary. You can also subscribe to closed-end fund fact sheets, commentaries, distribution announcements and other closed-end fund materials at Nuveen’s website.

Nuveen is a leading closed-end fund (CEF) sponsor with $65 billion in assets under management across 62 CEFs as of September 30, 2021. The funds offer exposure to a wide range of asset classes and are designed for income-oriented investors seeking distributions. Nuveen has over 30 years of experience managing CEFs.

For more information, please visit the Nuveen CEF homepage www.nuveen.com/closed-end-funds or contact:

Finance professionals

800-752-8700

Investors

800-257-8787

Media

[email protected]

About Nuveen

Nuveen, TIAA’s investment manager, offers a full suite of results-driven investment solutions designed to secure the long-term financial goals of institutional and individual investors. Nuveen has $1.2 trillion in assets under management as of September 30, 2021 and operations in 27 countries. Its investment specialists offer deep expertise in a full range of traditional and alternative investments across a wide range of vehicles and custom strategies. For more information, please visit www.nuveen.com.

Nuveen Securities, LLC, Member FINRA and SIPC.

Information contained on Nuveen’s website does not form part of this press release.

FORWARD-LOOKING STATEMENTS

Certain statements made in this press release are forward-looking statements. Actual results or future events may differ materially from those anticipated in the 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 assume no responsibility to publicly update or revise any forward-looking statements.

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