NKR Nuveen Arizona Dividend Advantage Municipal Fund 2 Common Shares of Beneficial Interest

Nuveen Investments, a leading global provider of investment services to institutions and high-net-worth investors, today announced that two closed-end funds, Nuveen Arizona Dividend Advantage Municipal Fund (AMEX: NFZ) and Nuveen Arizona Dividend Advantage Municipal Fund 2 (AMEX: NKR), have successfully completed the public offering of MuniFund Term Preferred Shares (MTP). NFZ will issue $11.1 million and NKR $17.225 million of MTP shares upon settlement of the offering. The net proceeds from these offerings of MTP shares will be used to refinance all of the funds’ outstanding auction-rate preferred securities (ARPS). MTP shares are expected to trade on the New York Stock Exchange (NYSE) within 30 days of original issuance under the symbol NFZ PrC and NKR PrC respectively.

Also, the MTP shares of Nuveen California Premium Income Municipal Fund (NYSE: NCU PrC) began trading on the New York Stock Exchange (NYSE) on Thursday, October 14, 2010.

MTP is a fixed rate form of preferred stock with a mandatory redemption period, in the case of these two offerings, of five years. By issuing MTP, the funds seek to take advantage of the current historically low interest rate environment to lock in an attractive tax-exempt cost of leverage for a period as long as the term of the MTP. Issuing MTP helps the funds mitigate the risk of a significant increase in the cost of leverage should short-term interest rates rise.

Investors should consider the investment objectives and policies, risk considerations, charges and expenses of these funds carefully before investing. For a prospectus which contains this and other information relevant to an investment in MTP shares of the funds, please contact your securities representative or Nuveen Investments, LLC, 333 W. Wacker Drive, Chicago, IL 60606 or www.nuveen.com/cef. Investors should read the prospectus carefully before they invest or send money.

This document is not an offer to sell this security and is not soliciting an offer to buy this security in any state where the offer or sale is not permitted.

Nuveen Investments provides high quality investment services designed to help secure the long-term goals of institutions and high net worth investors as well as the consultants and financial advisors who serve them. Nuveen Investments markets its growing range of specialized investment solutions under the high-quality brands of NWQ, Nuveen, Santa Barbara, Symphony, Tradewinds, Winslow Capital and Nuveen HydePark. In total, the Company managed more than $160 billion as of September 30, 2010. For more information, please visit the Nuveen Investments website at www.nuveen.com.

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