NWI Nuveen Maryland Dividend Advantage Municipal Fund 3 IT IS A Newly Organized, Non-Diversified, Closed-End Management Investment C

Nuveen Investments, a leading global provider of investment services to institutions and high-net-worth investors, today announced that Nuveen Maryland Dividend Advantage Municipal Fund 3 (AMEX: NWI) called for redemption at par all of its outstanding auction-rate preferred securities (ARPS). The fund’s Board of Trustees has approved this redemption, which totals $14.825 million and will be funded by proceeds received from the issuance of MuniFund Term Preferred Shares (MTP).

NWI is redeeming all of its $14.825 million of currently outstanding ARPS.

Total SharesRedeemed

Total AmountRedeemed

For more information about Nuveen closed-end funds, visit www.nuveen.com/cef. ARPS information and updates are posted on Nuveen’s auction-rate preferred resource center at www.nuveen.com/arps.

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 Asset Management, Santa Barbara, Symphony, Tradewinds, Winslow Capital and Nuveen HydePark. In total, Nuveen Investments managed approximately $195 billion as of December 31, 2010. For more information, please visit the Nuveen Investments website at www.nuveen.com.

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