Nuveen Closed-End Fund Reorganizations Complete

The reorganizations of Nuveen New Jersey Municipal Value Fund (NYSE: NJV) and Nuveen Pennsylvania Municipal Value Fund (NYSE: NPN) into Nuveen AMT-Free Municipal Value Fund (NYSE: NUW) and the reorganization of Nuveen California Municipal Value Fund 2 (NYSE: NCB) into Nuveen California Municipal Value Fund (NYSE: NCA) were completed prior to the open of the New York Stock Exchange on March 8, 2021.

In the reorganizations, NUW acquired substantially all of the assets and liabilities of each of NJV and NPN in a tax-free transaction in exchange for newly-issued common shares in an aggregate amount equal in value to the net assets transferred. In the reorganization, NCA acquired substantially all of the assets and liabilities of NCB in a tax-free transaction in exchange for newly-issued common shares in an aggregate amount equal in value to the net assets transferred. NCA also completed a change of domicile reorganization from a Minnesota corporation to a Massachusetts business trust. The exchange was based upon the values of the funds’ net assets as of the close of trading on March 5, 2021. The exchange ratio at which common shares of NUW were issued in exchange for the net assets for NJV and NPN and common shares of NCA were issued in exchange for net assets of NCB is listed below:

Ticker

Fund Name

Exchange Ratio

NJV

Nuveen New Jersey Municipal Value Fund

0.89773103

NPN

Nuveen Pennsylvania Municipal Value Fund

0.87497753

NCB

Nuveen California Municipal Value Fund 2

1.51727882

For more information about the shareholder-approved reorganizations, please visit www.nuveen.com/CEF.

About Nuveen

Nuveen, the investment manager of TIAA, offers a comprehensive range of outcome-focused investment solutions designed to secure the long-term financial goals of institutional and individual investors. Nuveen has $1.2 trillion in assets under management as of 31 Dec 2020 and operations in 27 countries. Its investment specialists offer deep expertise across a comprehensive range of traditional and alternative investments through a wide array of vehicles and customized strategies. For more information, please visit www.nuveen.com.

Nuveen Securities, LLC, member FINRA and SIPC.

The information contained on the Nuveen website is not a part of this press release.

FORWARD LOOKING STATEMENTS

Certain statements made in this release are forward-looking statements. Actual future results or occurrences may differ significantly from those anticipated in any forward-looking statements due to numerous factors. These include, but are not limited to:

• market developments;
• legal and regulatory developments; and
• other additional risks and uncertainties.

Nuveen and the closed-end funds managed by Nuveen and its affiliates undertake no responsibility to update publicly or revise any forward-looking statement.

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