Nuveen Investments, a leading provider of diversified investment services, today announced an initial quarterly distribution declaration for the Nuveen Core Equity Alpha Fund (NYSE:JCE) of $.4300 per share, or an 8.60% annualized distribution rate on its $20 IPO market price. The closed-end fund began trading on the New York Stock Exchange on March 28, 2007.

The fund seeks an attractive level of total return by investing primarily in a portfolio of common stocks managed by Enhanced Investment Technologies, LLC (INTECH) employing their proprietary mathematical process that seeks to provide risk-adjusted excess returns above the S&P 500® Index over extended periods of time. In addition, the fund will seek to enhance its risk-adjusted returns through an option strategy of selling call options primarily on custom baskets of securities. An alternative strategies team within Nuveen will be responsible for managing the fund's option component. The fund also features a managed distribution policy designed to deliver the strategy's long-term return potential through regular quarterly distributions.

The following dates apply to today's distribution declaration:

Record Date: June 15, 2007
Ex-Distribution Date: June 13, 2007
Payable Date: July 2, 2007

More information about the fund is available on www.nuveen.com/cef.

Founded in 1987, INTECH is an independently managed, registered investment adviser firm based in Palm Beach Gardens, Florida with a research facility in Princeton, New Jersey. With 69 investment professionals and staff, INTECH managed $62 billion as of December 31, 2006. INTECH is a subsidiary of Janus Capital Group, Inc.

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 NWQ, Nuveen, Santa Barbara, Tradewinds, Rittenhouse and Symphony. In total, the Company manages $166 billion in assets as of March 31, 2007. Nuveen Investments is listed on the New York Stock Exchange and trades under the symbol ?JNC.?