NKL Nuveen Insured California Dividend Advantage Municipal Fund Common Shares of Beneifical Interest

Nuveen Investments, a leading global provider of investment services to institutions as well as individual investors, today announced distributions for four Nuveen California municipal closed-end funds. The shareholders of these funds, Nuveen Insured California Premium Income Municipal Fund, Inc. (NYSE: NPC), Nuveen Insured California Dividend Advantage Municipal Fund (AMEX: NKL), Nuveen Insured California Premium Income Municipal Fund 2, Inc. (NYSE: NCL) and Nuveen Insured California Tax-Free Advantage Municipal Fund (AMEX: NKX) have approved proxies to reorganize into a single, larger fund. The reorganization is expected to take place after the close of business on Friday, May 4, 2012, effective Monday May 7, 2012, with NKX acquiring the common and preferred assets of the other three funds. The goal of this reorganization is to create a single, larger AMT-free California municipal bond fund, with lower operating expenses and increased share trading volume.

Regulations require that the acquired funds fully distribute any accumulated undistributed net investment income (UNII) prior to effecting a reorganization. Consequently, three funds (NPC, NKL, and NCL) are declaring distributions which will comply with these regulations, payable to fund shareholders of record on May 4, 2012. In addition, the acquiring fund (NKX) is declaring distributions payable June 1, 2012 and July 2, 2012 to shareholders of record on May 4, 2012, and is also declaring its August 1, 2012 distribution, payable to NKX fund shareholders of record on July 13, 2012. Some portion of these distributions is taxable* to shareholders under the Internal Revenue Code as long-term capital gains. The distribution information is detailed in the table below.

Since the record date is May 4, 2012 for all four funds’ distributions payable June 1, 2012 and July 2, 2012, any new fund shares acquired between the associated ex-dividend date of May 2, 2012 and the August distribution’s ex-dividend date of July 11, 2012 will not receive a distribution until August 1, 2012. However, the tax-exempt income earned on these shares during this period will be reflected in each fund’s net asset value as undistributed net investment income (UNII) which will be paid out over time. Shareholders of all four funds who hold shares as of the May 4, 2012 record date will continue to receive distributions each month from June through August, 2012.

For more information about UNII, each fund, and the shareholder-approved reorganization, please visit http://www.nuveen.com/CEF.

The following dates apply to distribution declarations for the following Closed-End Funds:

              Pre-Reorganization Record Date   Post-Reorganization Record Date   Declaration Date   4/24/2012   4/24/2012   4/24/2012 Record Date   5/4/2012   5/4/2012   7/13/2012 Ex-dividend Date   5/2/2012   5/2/2012   7/11/2012 Payable Date   6/1/2012   7/2/2012   8/1/2012     Distribution Amount and Tax Treatment   Tax-Exempt Income   Long-term Capital Gain   Tax-Exempt Income   Tax-Exempt Income Acquiring Fund NKX   .0710   .0000   .0710   0.0780 Acquired Funds NCL   .0755   .0000   .1577   - NKL   .0830   .0528   .1973   - NPC   .0725   .4235   .1489   -      

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 $230 billion as of January 31, 2012. For more information, please visit the Nuveen Investments website at www.nuveen.com.

*Nuveen is not a tax advisor. You should consult with a tax specialist for specific tax advice.