NVX Nuveen California Dividend Advantage Municipal Fund 2 Share of Beneficial Interest

Acquiring Fund to be Renamed upon Merger Completion to Better Reflect Investment Strategy

Nuveen Investments, an operating division of TIAA Global Asset Management, today announced the board of three Nuveen California municipal closed-end funds approved a merger. The merger is subject to customary conditions, including shareholder approval at the annual shareholder meeting. The merger is intended to create a larger fund with lower operating expenses and increased trading volume on the exchange for common shares. Additionally, the acquiring fund, the Nuveen California Dividend Advantage Municipal Fund (NYSE: NAC) will change its name to the Nuveen California Enhanced Quality Municipal Fund upon completion of the merger. The ticker for the fund will remain NAC.

More information on the proposed merger will be contained in proxy materials expected to be filed in the coming weeks. The proposed fund merger is as follows:

              Acquired Fund   Symbol   Acquiring Fund   Symbol       Nuveen California Dividend NVX Advantage Municipal Fund 2 Nuveen California Dividend Advantage Municipal Fund

NAC

Nuveen California Dividend NZH

To be renamed Nuveen

 

Advantage Municipal Fund 3

California Enhanced Quality

Municipal Fund

               

More information on these and other Nuveen closed-end funds is posted on Nuveen’s web site at www.nuveen.com/cef.

Nuveen provides investment solutions designed to help secure the long-term goals of individual investors and the financial advisors who serve them. Through the expertise and capabilities of TIAA Global Asset Management’s high-caliber investment managers, Nuveen is committed to providing world-class consultative services and advice that align with client needs. Funds distributed by Nuveen Securities, LLC, a subsidiary of Nuveen Investments, Inc. Nuveen Investments is an operating division of TIAA Global Asset Management. For more information, please visit the Nuveen Investments website at www.nuveen.com.

16604-INV-O-05/17

View source version on businesswire.com: http://www.businesswire.com/news/home/20160526006466/en/

Nuveen InvestmentsMedia Contact:Kristyna Munoz, (312) 917-8343kristyna.munoz@nuveen.com