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Nuveen California Premium Income Municipal Fund Completes Offering Of MuniFund Term Preferred Shares

Nuveen Investments, a leading global provider of investment services to institutions and high-net-worth investors, today announced that the Nuveen California Premium Income Municipal Fund (AMEX: NCU) has successfully completed the public offering of $35.25 million of MuniFund Term Preferred Shares (MTP). The net proceeds from the offering of MTP shares will be used to refinance all of NCU’s outstanding auction-rate preferred securities (ARPS). MTP shares are expected to trade on the New York Stock Exchange (NYSE) within 30 days of original issuance under the symbol NCU PrC.

MTP is a fixed rate form of preferred stock with a mandatory redemption period, in the case of this offering, of five years. By issuing MTP, the fund seeks to take advantage of the current historically low interest rate environment to lock in an attractive tax-exempt cost of leverage for a period as long as the term of the MTP. Issuing MTP helps the fund mitigate the risk of a significant increase in its cost of leverage should short-term interest rates rise.

Investors should consider the investment objectives and policies, risk considerations, charges and expenses of the fund carefully before investing. For a prospectus which contains this and other information relevant to an investment in MTP shares of the fund, please contact your securities representative or Nuveen Investments, LLC, 333 W. Wacker Drive, Chicago, IL 60606 or www.nuveen.com/cef . Investors should read the prospectus carefully before they invest or send money.

This document is not an offer to sell this security and is not soliciting an offer to buy this security in any state where the offer or sale is not permitted.

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, Santa Barbara, Symphony, Tradewinds, Winslow Capital and Nuveen HydePark. In total, the Company managed $150 billion as of June 30, 2010. For more information, please visit the Nuveen Investments website at www.nuveen.com.



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