Nuveen California Dividend Advantage Municipal Fund 2 Issues At-Par Redemption Notice For Auction-Rate Preferred Securities

Nuveen Investments, a leading global provider of investment services to institutions as well as high-net-worth and affluent investors, today announced that Nuveen California Dividend Advantage Municipal Fund 2 (AMEX: NVX) 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 $39.95 million and will be funded by proceeds received from the issuance of MuniFund Term Preferred Shares (MTP).

NVX is redeeming all of its $39.95 million of currently outstanding ARPS.
Series     Cusip #       Total Shares Redeemed       Total Amount Redeemed       Redemption Date
M     67069X203       799       $19,975,000       April 21, 2011
F     67069X302       799       $19,975,000       April 20, 2011

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, high-net-worth and affluent 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—NWQ, Nuveen Asset Management, Santa Barbara, Symphony, Tradewinds and Winslow Capital. In total, Nuveen Investments managed $197 billion as of December 31, 2010. For more information, please visit the Nuveen Investments website at www.nuveen.com.

Copyright Business Wire 2010

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