NZH Nuveen California Dividend Advantage Municipal Fund 3 of Beneficial Interest

Nuveen Investments, a leading global provider of investment services to institutions as well as individual investors, today announced the Board of Trustees of two Nuveen municipal bond closed-end funds has approved a new leverage refinancing plan to redeem all of their respective outstanding preferred shares. MuniFund Term Preferred (MTP) shares will be redeemed at its $10.00 liquidation value per share plus an additional amount representing any dividend amounts owed. Variable MuniFund Term Preferred (VMTP) shares will be redeemed at its $100,000.00 liquidation value per share plus an additional amount representing any dividend amounts owed. The redemption of both MTP and VMTP will be made with the proceeds of newly issued Variable Rate Demand Preferred (VRDP) shares, subject to completion of all aspects of VRDP share placement, which may not occur as planned.

The funds intending to redeem MTP and/or VMTP shares and the specific series participating are as follows:

              Fund     Preferred Share Description     Common Share Symbols Nuveen California Dividend Advantage Municipal Fund 3    

MTP:

    NYSE: NZH       NZH PrA, NZH PrB, NZH PrC       Nuveen Ohio Quality Income Municipal Fund

MTP:

NYSE: NUO NUO PrA, NUO PrC, NUO PrD  

VMTP:

      Series 2014        

The funds intend to offer VRDP shares to qualified institutional buyers in a private offering pursuant to Rule 144A of the Securities Act of 1933, and to complete the refinancing before November 1, 2013. Details regarding specific terms and timing of the redemptions will be communicated at a later date through filings with the Securities and Exchange Commission, and accompanied by a public press release at that time.

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.

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 subsidiaries of Nuveen Investments, Inc. Funds distributed by Nuveen Securities, LLC., a subsidiary of Nuveen Investments, Inc. In total, Nuveen Investments managed approximately $216 billion as of June 30, 2013. For more information, please visit the Nuveen Investments website at www.nuveen.com.

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:

• the acceptance by qualified institutional buyers of, and demand for, VRDP in amounts sufficient for each fund to refinance its MTP shares;
• the need to obtain the agreement of all parties to the final terms of the offerings of VRDP, including the liquidity providers;
• other 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.