January 24, 2013 at 17:55 PM EST
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.

VRDP dividends are set weekly at a rate established by the fund’s remarketing agent, subject to a maximum rate which will increase over time in the event of an extended period of unsuccessful remarketing.

The Annual and Semi-Annual Reports and other regulatory filings of the Nuveen closed-end funds with the Securities and Exchange Commission ("SEC") are accessible on the SEC's web site at www.sec.gov and on Nuveen's web site at www.nuveen.com and may discuss the above-mentioned or other factors that affect the Nuveen closed-end funds. The information contained on our web site is not a part of this press release.

This notice is being provided pursuant to Regulation FD (Fair Disclosure) to ensure that the funds’ common and preferred shareholders have been informed of the funds’ issuance of VRDP.

No VRDP shares have been registered under the Securities Act of 1933 (the Securities Act) or any state securities laws. Unless so registered, no VRDP shares may be offered or sold in the United States except pursuant to an exemption from the registration requirements of the Securities Act and applicable state securities laws. This press release is neither an offer to sell nor a solicitation of an offer to buy any of these securities.

Contacts:

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