Company: NMZ
Filing Date: 2025-09-29
Form Type: N-14 8C
Source: 0001999371-25-014188
Chunk: 83

Company: NUVEEN MUNICIPAL HIGH INCOME OPPORTUNITY FUND
Filing Date: 2025-09-29
Form: N-14 8C
Chunk 83
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 Merger.                                                                                              |

| (2) | Assumes the issuance of 43,805,341 Acquiring Fund common shares to shareholders of Pennsylvania Municipal. This number is based on         
 the net asset value of shares of each Fund as of July 31, 2025, adjusted for estimated Merger costs and the effect of distributions, where 
 applicable.                                                                                                                                |

| (3) | Includes the impact of estimated total Merger costs of $1,125,000, which are expected to be borne by Pennsylvania Municipal and the 
 Acquiring Fund in the amounts of $1,090,000 and $35,000, respectively.                                                              |

<div align='center'>46

4. Capitalization Table—Merger of Missouri Municipal Only</div>

The table reflects a pro forma exchange ratio of approximately 1.01566517 common shares of the Acquiring Fund issued for each common share of Missouri Municipal. If the Merger is consummated, the actual exchange ratio may vary.

| Preferred Shares:                                                                                                                                                                                                        |   |   Missouri 
  Municipal |   |     Acquiring 
          Fund |   |   Pro Forma 
 Adjustments |    |   |      Combined 
      Fund Pro 
      Forma(1) |
|:-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|:--|-----------:|:--|--------------:|:--|------------:|---:|:--|--------------:|
| Series 2028 Adjustable Rate MuniFund Term Preferred (AMTP) Shares, $100,000 stated value per share, at liquidation value                                                                                                 | $ |          – | $ |    87,000,000 | $ |           – |    | $ |    87,000,000 |
| Series 2031 Adjustable Rate MuniFund Term Preferred (AMTP) Shares, $100,000 stated value per share, at liquidation value                                                                                                 | $ |          – | $ |   170,000,000 | $ |           – |    | $ |   170,000,000 |
| Series 2032 Adjustable Rate MuniFund Term Preferred (AMTP) Shares, $100,000 stated value per share, at liquidation value                                                                                                 | $ |          – | $ |   100,000,000 | $ |           – |    | $ |   100,000,000 |
| Series A MuniFund Preferred (MFP) Shares, $100,000 stated value per share, at liquidation