Nuveen Municipal Credit Opportunities Fund Announces 1-For-4 Transferable Rights Offering, With Shares Priced At 95% Of Average Market Price Or 90% Of NAV

Nuveen Municipal Credit Opportunities Fund (NYSE:NMCO) today announced that its Board of Trustees (the "Board") has approved the terms of the issuance of transferable rights ("Rights") to the holders of the Fund’s common shares (par value $.01 per share) ("Common Shares") as of September 8, 2026 (the "Record Date"). Holders of Rights will be entitled to subscribe for additional Common Shares (the "Offer") at a subscription price that is expected to represent a discount to the market price of the Common Shares.

After considering a number of factors, including potential benefits and costs, the Board and the Fund’s investment adviser, Nuveen Fund Advisors, LLC (the "Advisor"), have determined that the Offer will benefit both the Fund and its shareholders and increase the assets of the Fund available to take advantage of existing investment opportunities, consistent with the Fund’s investment objectives of seeking to provide shareholders with a high level of current income exempt from regular U.S. federal income tax and secondarily, to seek total return.

All expenses of the Offer will be borne by the Advisor, and not by the Fund or any of the Fund's shareholders.

The Advisor believes this is an attractive time to raise additional assets for the Fund based on several factors, including the following potential benefits:

• Portfolio opportunities: attractive valuations in certain high yield municipal securities provide the potential to improve tax-exempt income and total return performance for all common shareholders
• Tax-efficiency: potential to re-balance the portfolio to new opportunities without the need to sell existing portfolio positions, which may reduce taxable events for common shareholders
• Benefit for common shareholders: the Offer is expected to provide common shareholders with an opportunity to buy new Common Shares below market price
• Enhanced liquidity: the Offer creates the potential for increased trading volume and liquidity of Common Shares
• Lower expense ratio: the Offer is expected to spread fixed operating costs across a larger asset base

Certain key terms of the Offer include:

• Holders of Common Shares on the Record Date ("Record Date Shareholders") will receive one Right for each outstanding Common Share owned on the Record Date. The Rights entitle the holders to purchase one new Common Share for every four Rights held (1-for-4).
• The subscription price per Common Share (the "Subscription Price") will be determined based upon a formula equal to 95% of the average of the last reported sales price of the Common Shares on the NYSE on the Expiration Date and each of the four (4) preceding trading days (the "Formula Price"). If, however, the Formula Price is less than 90% of the net asset value per Common Share at the close of trading on the NYSE on the Expiration Date, then the Subscription Price will be 90% of the Fund’s net asset value per Common Share at the close of trading on the NYSE on the Expiration Date. The Rights offering will expire at 5:00 p.m., Eastern time, on October 7, 2026 (the "Expiration Date").
• Record Date Shareholders who fully exercise all Rights issued to them can subscribe, subject to certain limitations and allotment, for any additional Common Shares which were not subscribed for by other holders of Rights at the Subscription Price, subject to the right of the Board to eliminate this over-subscription privilege. Investors who are not Record Date Shareholders but who otherwise acquire Rights in the secondary market are not entitled to participate in the over-subscription privilege. If these requests exceed available Common Shares, they will be allocated pro rata among those fully exercising Record Date Shareholders who over-subscribe based on the number of Rights originally issued to them by the Fund.
• Rights are transferable and are expected to be admitted for trading on the NYSE under the symbol "NMCO RTWI" initially trading "when-issued" on September 4, 2026. The Rights are expected to begin trading with regular settlement under the symbol "NMCO RT" on or about September 10, 2026, and are expected to cease trading at the close of trading on October 6, 2026, one business day before the Offer’s Expiration Date. During this time, Record Date Shareholders may also choose to sell their Rights. There is no guarantee that a market for the Rights will develop or be maintained.

The Fund expects to declare monthly distributions payable on October 1, 2026 and November 2, 2026, with record dates of September 15, 2026 and October 1, 2026, respectively. Any Common Shares issued after such record dates as a result of the Rights offering will not be record date Common Shares for the Fund’s monthly distributions to be paid on October 1, 2026 and November 2, 2026 and will not be entitled to receive such distributions. Shares issued pursuant to the Offer will be entitled to receive the monthly distribution expected to be payable on December 1, 2026.