Company: JPC
Filing Date: 2025-04-24
Form Type: N-14 8C
Source: 0001999371-25-004713
Chunk: 247

Company: Nuveen Preferred & Income Opportunities Fund
Filing Date: 2025-04-24
Form: N-14 8C
Chunk 247
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 relevant to the issuer credit rating scales include:

| ● | The                                                                                      
 ratings do not predict a specific percentage of default likelihood or failure likelihood 
 over any given time period.                                                              |

| ● | The                                                                              
 ratings do not opine on the market value of any issuer’s securities or stock, or 
 the likelihood that this value may change.                                       |

| ● | The                                                                       
 ratings do not opine on the liquidity of an issuer’s securities or stock. |

| ● | The                                                                                   
 ratings do not opine on the possible loss severity on an obligation should an issuer  
 (or an obligation with respect to structured finance transactions) default, except in 
 the following cases:                                                                  |

| ● | Ratings                                                                                       
 assigned to individual obligations of issuers in corporate finance, banks, non-bank financial 
 institutions, insurance and covered bonds.                                                    |

| ● | In                                                                                              
 limited circumstances for U.S. public finance obligations where Chapter 9 of the Bankruptcy     
 Code provides reliably superior prospects for ultimate recovery to local government obligations 
 that benefit from a statutory lien on revenues or during the pendency of a bankruptcy           
 proceeding under the Code if there is sufficient visibility on potential recovery prospects.    |

| ● | The                                                                                     
 ratings do not opine on the suitability of an issuer as a counterparty to trade credit. |

<div align='center'>A-9</div>

| ● | The                                                                                       
 ratings do not opine on any quality related to an issuer’s business, operational          
 or financial profile other than the agency’s opinion on its relative vulnerability        
 to default or in the case of Viability Ratings on its relative vulnerability to failure.  
 For the avoidance of doubt, not all defaults will be considered a default for rating      
 purposes. Typically, a default relates to a liability payable to an unaffiliated, outside 
 investor.                                                                                 |

| ● | The                                                                               
 ratings do not opine on any quality related to a transaction’s profile other than 
 the agency’s opinion on the relative vulnerability to default of an issuer and/or 
 of each rated tranche or security.                                                |

| ● | The                                                                                   
 ratings do not predict a specific percentage of extraordinary support likelihood over 
 any given period.                                                                     |

| ● | In                                                                                       
 the case of Government and Shareholder Support Ratings, the ratings do not opine on any  
 quality related to an issuer’s business, operational or financial profile other          
 than the agency’s opinion on its relative likelihood of receiving external extraordinary 
 support.                                                                                 |

| ● | The