[January 13, 2022]

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

The Nuveen Variable Rate Preferred & 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 declaration:

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 fund literature on Nuveen's website.

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

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

Financial Professionals
800-752-8700

Investors
800-257-8787

Media
[email protected]

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 $1.2 trillion in assets under management as of 30 September 2021 and operations in 27 countries. Its investment specialists 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 in this release are 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 statement.

EPS-1985797PR-E0122X

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