Nuveen Investments, an operating division of TIAA Global Asset Management, today announced that Nuveen California Dividend Advantage Municipal Fund (NYSE: NAC) successfully priced and placed a $145.0 million offering of new Variable Rate MuniFund Term Preferred Shares (VMTP), series 2019. The proceeds from the issuance will be used to permit NAC to invest in additional municipal securities in accordance with its investment objectives and policies and to pay costs associated with the transaction.

VMTP dividends will be set weekly at a spread to the Securities Industry and Financial Markets Association Municipal Swap Index (SIFMA). VMTP shares are preferred securities of the fund and are senior, with priority in all respects, to the fund's common shares in liquidation and as to payments of dividends.

Nuveen provides investment solutions designed to help secure the long-term goals of individual investors and the financial advisors who serve them. Through the expertise and capabilities of TIAA Global Asset Management’s high-caliber investment managers, Nuveen is committed to providing world-class consultative services and advice that align with client needs. Funds distributed by Nuveen Securities, LLC, a subsidiary of Nuveen Investments, Inc. Nuveen Investments is an operating division of TIAA Global Asset Management. For more information, please visit the Nuveen Investments website at www.nuveen.com.

16860-INV-O-06/17