NGO Nuveen Connecticut Dividend Advantage Municipal Fund 3 IT IS A Newly Organized, Non-Diversified, Closed-End Management Investmen

Nuveen Investments, a leading global provider of investment services to institutions and high-net-worth investors, today announced that three closed-end funds, Nuveen Insured Massachusetts Tax-Free Advantage Municipal Fund (AMEX: NGX), Nuveen North Carolina Dividend Advantage Municipal Fund 3 (AMEX: NII) and Nuveen Connecticut Dividend Advantage Municipal Fund 3 (AMEX: NGO) have successfully completed the offering of MuniFund Term Preferred Shares (MTP). NGX will issue $21.075 million, NII $28.725 million and NGO $29.0 million of MTP shares upon settlement of their respective offerings. The net proceeds from these offerings of MTP shares will be used to refinance 100% of each funds’ outstanding auction-rate preferred securities (ARPS). MTP shares are expected to trade on the New York Stock Exchange (NYSE) within 30 days of original issuance under the symbol NGX PrC, NII PrC and NGO PrC, respectively.

MTP is a fixed rate form of preferred stock with a mandatory redemption period, in the case of these three offerings, of five years. By issuing MTP, the funds seek to take advantage of the current historically low interest rate environment to lock in an attractive tax-exempt cost of leverage for a period as long as the term of the MTP. Issuing MTP helps the funds mitigate the risk of a significant increase in its cost of leverage should short-term interest rates rise.

Investors should consider the investment objectives and policies, risk considerations, charges and expenses of the fund carefully before investing. For a prospectus which contains this and other information relevant to an investment in MTP shares of the fund, please contact your securities representative or Nuveen Investments, LLC, 333 W. Wacker Drive, Chicago, IL 60606 or www.nuveen.com/cef. Investors should read the prospectus carefully before they invest or send money.

This document is not an offer to sell this security and is not soliciting an offer to buy this security in any state where the offer or sale is not permitted.

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 HydePark, NWQ, Nuveen, Santa Barbara, Symphony, Tradewinds and Winslow Capital. In total, the Company managed $141 billion as of September 30, 2009. For more information, please visit the Nuveen Investments website at www.nuveen.com.

Nuveen Connecticut Dividend Advantage Municipal Fund 3 IT IS A Newly Organized, Non-Diversified, Closed-End Management Investmen (AMEX:NGO)
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Nuveen Connecticut Dividend Advantage Municipal Fund 3 IT IS A Newly Organized, Non-Diversified, Closed-End Management Investmen (AMEX:NGO)
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