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Two Nuveen Closed-End Funds Announce New VRDP Actions

Nuveen Investments, a leading global provider of investment services to institutions, as well as individual investors, today announced that two municipal closed-end funds have issued Variable Rate Demand Preferred (VRDP) shares through private placements with qualified institutional buyers, as defined pursuant to Rule 144A under the Securities Act of 1933.

The first of these transactions is the issuance of additional VRDP shares by the Nuveen California AMT-Free Municipal Income Fund (NYSE MKT: NKX). The fund sold an additional 350 Series 4 VRDP shares for gross proceeds of $35,000,000. The second transaction is the issuance of additional VRDP shares by the Nuveen California Performance Plus Municipal Fund, Inc. (NYSE: NCP). The fund sold an additional 100 Series 1 VRDP shares for gross proceeds of $10,000,000. Citibank, N.A. is the Liquidity Provider for both the existing and additional NKX Series 4 VRDP shares and the existing and additional NCP Series 1 VRDP shares.

Nuveen Investments provides high-quality investment services designed to help secure the long-term goals of institutional and individual investors as well as the consultants and financial advisors who serve them. Nuveen Investments markets a wide range of specialized investment solutions which provide investors access to capabilities of its high-quality boutique investment affiliates—Nuveen Asset Management, Symphony Asset Management, NWQ Investment Management Company, Santa Barbara Asset Management, Tradewinds Global Investors, Winslow Capital Management, and Gresham Investment Management. In total, Nuveen Investments managed approximately $219 billion as of December 31, 2012. For more information, please visit the Nuveen Investments website at www.nuveen.com.

VRDP shares include a liquidity feature that allows holders of VRDP to have their shares purchased by a liquidity provider in the event that sell orders have not been matched with purchase orders and successfully settled in a remarketing. These VRDP shares qualify as equity for income tax purposes. This affords VRDP share dividends the same tax treatment as the income on the fund’s underlying investments, notwithstanding VRDP terms that require the fund to redeem VRDP shares still owned by the liquidity provider if there are six months of continuous, unsuccessful remarketing.

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