Nuveen Equity Premium Opportunity Fund Declares Initial Distribution.

CHICAGO -- Nuveen Investments, a leading provider of diversified investment services, today announced an initial distribution declaration for the Nuveen Equity Premium Opportunity Fund (NYSE: JSN) of $0.1480 per common share. The fund began trading on the New York Stock Exchange on January 27, 2005.

The fund's primary investment objective is to provide a high level of current income and gains from net index option premiums. The fund's secondary objective is to seek capital appreciation consistent with the fund's strategy and its primary objective. The fund pursues its investment objectives by investing in an equity portfolio that is designed to substantially replicate the weighted average price movements of the S&P 500 Index (the "SPX") and the NASDAQ 100 Index (the "NDX") while utilizing an index option strategy.

The initial target weighting of the fund's equity portfolio was 75% SPX and 25% NDX. Over time, these percentage weightings may vary as the result of relative changes in each index. The index option strategy seeks to generate option premium cash flow by selling SPX and NDX call options on a continuous basis on substantially the full value of the equity portfolio in proportion to the index weightings described above. The index option strategy also seeks to protect the fund from a significant market decline over a short period of time by purchasing SPX and NDX put options in most market environments on a significant portion of the value of the equity portfolio. There is no guarantee that the fund will achieve its objective.

The following dates apply to today's distribution declaration:

Record Date: March 14

Ex-Distribution Date: March 10

Payable Date: April 1

The fund intends to make regular monthly distributions based on the past and projected performance of the fund. The tax treatment and characterization of the fund's distributions may vary significantly from time to time depending on whether the fund has gains or losses on the index options versus gains or losses on the equity portfolio.

The fund estimates that approximately 85% of the fund's distributions are from the net cash flow from the fund's index option strategy, which for tax purposes, may be treated as a combination of long-term and short-term capital gains, or a return of capital (typically representing net unrealized gains), or a combination of both gains and a return of capital. The fund estimates that the remaining balance of the distributions are from net investment income, most of which will represent "qualified dividend income" taxed to individual taxpayers at a maximum federal income tax rate of 15%, provided that the required fund share holding period has been met by the shareholder receiving the distribution.

The final composition of the tax characteristics of the distributions cannot be determined with certainty until after the end of the year, and will be reported to shareholders at that time.

Long-term capital gains distributions are generally taxed at the 15% federal income tax rate. Short term capital gains distributions are generally taxed at an investor's regular federal income tax rate which for individuals can range up to 35%. A return of capital is generally not taxable but requires investors to reduce their cost basis in the fund by the amount of the return of capital.

More information about the fund is available on www.nuveen.com/etf.

Nuveen Investments provides high-quality investment services that contribute to the building of well-diversified investment portfolios. The Company serves institutional clients, financial advisors and high-net-worth investors. The firm's asset management capabilities are marketed through four distinct brands, each with an independent investment team and area of expertise: Nuveen, focused on fixed-income investments; NWQ, specializing in value-style equities; Rittenhouse, dedicated to conservative growth-style equities; and Symphony, with expertise in alternative investment portfolios. In total, the Company manages approximately $115 billion in assets. Nuveen Investments, Inc. (NYSE: JNC) is an affiliate of The St. Paul Travelers Companies, Inc. (NYSE: STA).