Nuveen Investments, an operating division of TIAA Global Asset Management, today announced the Nuveen Arizona Premium Income Municipal Fund (NYSE: NAZ) has filed initial registration statements to establish an equity shelf program. The program is designed to provide the fund’s portfolio managers with additional flexibility in pursuing attractive investment opportunities they believe may enhance long-term shareholder returns. Under the equity shelf program, the fund, subject to market conditions, may raise equity capital by issuing additional common shares, from time to time in varying amounts and offering methods, at a net price at or above the fund’s net asset value per common share plus the per share amount of any commission.

The fund has filed a registration statement with the Securities and Exchange Commission relating to its proposed shelf offering. The information contained in fund’s preliminary prospectus within the registration statement is not complete and may be changed. New shares of the fund will not be sold until its registration statement is effective. The fund’s preliminary prospectus is not an offer to sell newly registered shares and is not soliciting an offer to buy newly registered shares in any jurisdiction where the offer or sale is not permitted.

Investors should consider the fund’s investment objectives, risks, charges and expenses carefully before investing and may obtain full fund information by visiting Nuveen’s web site at www.nuveen.com/cef or by contacting Nuveen Investments at 1-800-257-8787.

Nuveen provides investment solutions designed to help secure the long-term goals of individual investors and the financial advisors who serve them. Through the expertise and capabilities of TIAA Global Asset Management’s high-caliber investment managers, Nuveen is committed to providing world-class consultative services and advice that align with client needs. Funds distributed by Nuveen Securities, LLC, a subsidiary of Nuveen Investments, Inc. Nuveen Investments is an operating division of TIAA Global Asset Management. For more information, please visit the Nuveen Investments website at www.nuveen.com.

16536-INV-O-05/17

Nuveen InvestmentsMEDIA CONTACT:KRISTYNA MUNOZ(312) 917-8343kristyna.munoz@nuveen.com

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