Nuveen Investments, a leading global provider of investment services to institutions as well as individual investors, today announced that Nuveen California AMT-Free Municipal Income Fund issued Institutional MuniFund Term Preferred (iMTP) shares through a private placement with qualified institutional buyers, as defined pursuant to Rule 144A under the Securities Act of 1933 (the Securities Act). The proceeds of the iMTP share issuance will be used to redeem all of the fund’s outstanding MuniFund Term Preferred (MTP) shares as previously announced.

New Preferred Share Issuance Details:

                   
    Common     Preferred   Term
Share Preferred Issuance Redemption
Fund Ticker Type Amount ($mm) Date

Nuveen California AMT-Free Municipal Income Fund

    NKX   iMTP   $36.000   7/1/2018
 

iMTP share dividends will be set weekly at a spread to the Securities Industry and Financial Markets Association Municipal Swap Index (SIFMA) and are preferred securities that are senior, with priority in all respects, to the Fund’s common shares in liquidation and as to payments of dividends. The iMTP shares are equal in priority to NKX’s outstanding Variable Rate Demand Preferred (VRDP) shares, which will remain outstanding after the NKX iMTP share issuance.

The proceeds of the completed iMTP share issuance will be deposited in trust with an affiliate of Computershare Inc., the Redemption and Paying Agent for the MTP shares that are to be redeemed. This deposit will be held for the benefit of those MTP shareholders and those shares will be redeemed on December 29, 2014. Official notification of the redemption will be delivered to MTP shareholders through The Depository Trust Company (DTC). Upon redemption of the MTP shares, the fund intends to deregister and delist the MTP shares from the New York Stock Exchange.

No iMTP shares have been registered under the Securities Act or any state securities laws. Unless so registered, no iMTP 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.

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, LLC, Symphony Asset Management LLC, NWQ Investment Management Company, LLC, Santa Barbara Asset Management, LLC, Tradewinds Global Investors, LLC, Winslow Capital Management, LLC and Gresham Investment Management LLC, all of which are registered investment advisers and independent investment subsidiaries of Nuveen Investments, Inc. Funds distributed by Nuveen Securities, LLC, a subsidiary of Nuveen Investments, Inc. Nuveen Investments operates as a separate subsidiary within TIAA-CREF, which is a leading provider of retirement and financial services in the academic, research, medical and cultural fields. In total, Nuveen Investments managed approximately $229 billion as of September 30, 2014. For more information, please visit the Nuveen Investments website at www.nuveen.com.

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