NGO Nuveen Connecticut Dividend Advantage Municipal Fund 3 IT IS A Newly Organized, Non-Diversified, Closed-End Management Investmen

Nuveen Investments, a leading global provider of investment services to institutions and high-net-worth investors, today announced the MuniFund Term Preferred shares (MTP) of three Nuveen closed-end funds, Nuveen Insured Massachusetts Tax-Free Advantage Municipal Fund (NYSE: NGX PrC), Nuveen North Carolina Dividend Advantage Municipal Fund 3 (NYSE: NII PrC) and Nuveen Connecticut Dividend Advantage Municipal Fund 3 (NYSE: NGO PrC), began trading on the New York Stock Exchange (NYSE) on Monday, March 8, 2010.

MTP is a fixed rate form of preferred stock with a mandatory redemption period, in the case of these three offerings, of five years. By issuing MTP, the funds seek to take advantage of the current historically low interest rate environment to lock in an attractive tax-exempt cost of leverage for a period as long as the term of the MTP. Issuing MTP helps the funds mitigate the risk of a significant increase in its cost of leverage should short-term interest rates rise.

Also, the Nuveen Maryland Dividend Advantage Municipal Fund 3 (AMEX: NWI) called for redemption at par a portion of its outstanding auction-rate preferred securities. This redemption will be funded by proceeds received from the issuance of MuniFund Term Preferred Shares (MTP).

NWI is redeeming $2.65 million of its $17.475 million currently outstanding ARPS.

For more information about Nuveen closed-end funds, visit www.nuveen.com/cef. ARPS information and updates are posted on Nuveen’s auction-rate preferred resource center at www.nuveen.com/arps.

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 $141 billion as of September 30, 2009. For more information, please visit the Nuveen Investments website at www.nuveen.com.

Nuveen Connecticut Dividend Advantage Municipal Fund 3 IT IS A Newly Organized, Non-Diversified, Closed-End Management Investmen (AMEX:NGO)
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