NNC Nuveen North Carolina Quality Municipal Income Fund

Nuveen Quality Municipal Income Fund (NYSE:NAD), Nuveen New York Quality Municipal Income Fund (NYSE: NAN), Nuveen Minnesota Quality Municipal Income Fund (NYSE:NMS), Nuveen Maryland Quality Municipal Income Fund (NYSE: NMY) and Nuveen North Carolina Quality Municipal Income Fund (NYSE: NNC) have each completed one or more issuances of Adjustable Rate MuniFund Term Preferred Shares (AMTP Shares) in privately negotiated exchanges and private placements with qualified institutional buyers, as defined in Rule 144A under the Securities Act of 1933. The Funds and their corresponding amounts of newly issued AMTP shares are as follows:

                                                  Fund           Common           AMTP           Aggregate           Number Share Series Liquidation of Ticker Preference Preferred                                                 Shares Nuveen Quality Municipal Income Fund           NAD           2028           $337,000,000           3,370 Nuveen Quality Municipal Income Fund           NAD           2028-1           $208,500,000           2,085 Nuveen New York Quality Municipal Income Fund           NAN           2028           $147,000,000           1,470 Nuveen Minnesota Quality Municipal Income Fund           NMS           2028           $52,800,000           528 Nuveen Maryland Quality Municipal Income Fund           NMY           2028           $182,000,000           1,820 Nuveen North Carolina Quality Municipal Income Fund           NNC           2028           $143,500,000           1,435  

Through the transactions, NAD has issued 3,370 Series 2028 AMTP Shares in exchange for 3,370 Series 2019 Variable Rate MuniFund Term Preferred Shares, with a liquidation preference of $100,000 per share (VMTP Shares), and 2,085 Series 2028-1 AMTP Shares in exchange for 2,085 Series 2019-1 VMTP Shares; NAN has issued 1,470 Series 2028 AMTP Shares in exchange for 1,470 Series 2019 VMTP Shares; NMS has issued 528 Series 2028 AMTP Shares in exchange for 528 Series 2019 VMTP Shares; NMY has issued 1,820 Series 2028 AMTP Shares in exchange for 1,820 Series 2019 VMTP Shares and NNC has issued 1,435 Series 2028 AMTP Shares in exchange for 1,435 Series 2019 VMTP Shares. Following the transactions, none of the Funds have any VMTP Shares outstanding.

The AMTP Shares have a liquidation preference of $100,000 per share, and were issued with a term redemption date for each series of December 1, 2028. The dividend rate for the AMTP shares of each Fund will be set periodically based on a predetermined formula, subject to adjustment of the terms from time to time by agreement of each Fund and the AMTP shareholders. The AMTP Shares are preferred securities of each Fund and are senior, with priority in all respects, to each Fund’s common shares in liquidation and as to payments of dividends.

No AMTP Shares have been registered under the Securities Act of 1933 (the Securities Act) or any state securities laws. Unless so registered, no AMTP Shares may be offered or sold in the United States except pursuant to an exemption from the registration requirements of the Securities Act and applicable state securities laws. This press release is neither an offer to sell nor a solicitation of an offer to buy any of these securities.

About Nuveen

Nuveen, the investment manager of TIAA, offers a comprehensive range of outcome-focused investment solutions designed to secure the long-term financial goals of institutional and individual investors. Nuveen has $988 billion in assets under management as of 9/30/18 and operations in 16 countries. Its affiliates offer deep expertise across a comprehensive range of traditional and alternative investments through a wide array of vehicles and customized strategies. For more information, please visit www.nuveen.com.

Nuveen Securities, LLC, member FINRA and SIPC.

The information contained on the Nuveen website is not a part of this press release.

FORWARD LOOKING STATEMENTS

Certain statements made or referenced in this release may be forward-looking statements. Actual future results or occurrences may differ significantly from those anticipated in any 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 undertake no responsibility to update publicly or revise any forward-looking statements.

691294-INV-AN-12/20

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Name Kristyna MunozPhone 254-644-1615Email kristyna.munoz@nuveen.com