NZH Nuveen California Dividend Advantage Municipal Fund 3 of Beneficial Interest

Newly Merged Fund to be Renamed California Quality Municipal Income Fund

Nuveen, an operating division of TIAA Global Asset Management, today announced that the reorganization of three California municipal closed-end funds was completed prior to the open of the New York Stock Exchange on November 7, 2016. Additionally, the acquiring fund, Nuveen California Dividend Advantage Municipal Fund (NYSE: NAC) has been renamed Nuveen California Quality Municipal Income Fund and will continue to trade under the symbol NAC.

As part of the previously announced reorganization, the funds have been merged as follows:

Acquired Fund     Symbol     Acquiring Fund     Symbol

 

Nuveen California Dividend Advantage Municipal Fund 2

 

   

 

NVX

 

   

 

 

Nuveen California Dividend Advantage Municipal Fund

To be renamed Nuveen California Quality Municipal Income Fund

   

 

 

NAC

Nuveen California Dividend Advantage Municipal Fund 3

   

NZH

         

In the merger, NAC acquired substantially all of the assets and liabilities of the acquired funds as set forth above, in tax-free transactions in exchange for an equal aggregate value of newly-issued common shares. The exchanges took place based upon the funds’ closing net asset values on November 4, 2016. The exchange ratios at which common shares of each acquired fund were exchanged for common shares of the acquiring fund are listed below:

Fund     Exchange Ratio Nuveen California Dividend Advantage Municipal Fund 2     1.00120709 Nuveen California Dividend Advantage Municipal Fund 3     0.92770435    

Additionally, preferred shareholders of each acquired fund received an equivalent number of newly issued preferred shares from the acquiring fund, with substantially the same terms as their previous preferred shares.

Nuveen provides investment solutions designed to help secure the long-term goals of individual investors and the advisors who serve them. Through the investment expertise of leading asset managers across traditional and alternative asset classes, Nuveen is committed to delivering consultative guidance that aligns with client needs. Funds are distributed by Nuveen Securities, LLC, a subsidiary of Nuveen Investments, Inc. Nuveen is an operating division of TIAA Global Asset Management. For more information, please visit the Nuveen website at www.nuveen.com.

Information contained on the Nuveen website is not a part of this press release.

20628-INV-O-11/17

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Media Contact:NuveenKristyna Munoz, 312-917-8343kristyna.munoz@nuveen.com