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 the Nuveen Michigan Dividend Advantage Municipal Fund (AMEX: NZW) and Nuveen Ohio Dividend Advantage Municipal Fund (AMEX: NXI) have successfully completed the public offering of $14.83 million and $18 million respectively, of MuniFund Term Preferred Shares (MTP). The net proceeds from these offerings of MTP shares will be used to refinance a portion 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 symbols NZW PrC and NXI PrC respectively.

Additionally, NZW has called for redemption at par all of its outstanding auction-rate preferred securities. This redemption will be funded by the above-mentioned proceeds received from the issuance of MTP.

NZW is redeeming all of its $14.275 million of currently outstanding ARPS.

Also, the MTP shares of two closed-end funds, Nuveen Arizona Dividend Advantage Municipal Fund (AMEX: NFZ) and Nuveen Arizona Dividend Advantage Municipal Fund 2 (AMEX: NKR) began trading on the NYSE Amex (AMEX) and the New York Stock Exchange (NYSE), respectively on Friday, November 12, 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 seeks 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 the 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.

For more information about Nuveen closed-end funds, visit www.nuveen.com/cef. ARPS information and updates are posted on Nuveen’s auction-rate preferred resource center at www.nuveen.com/arps.

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 nearly $163 billion as of September 30, 2010. For more information, please visit the Nuveen Investments website at www.nuveen.com.

Nuveen Arizona Dividend Advantage Municipal Fund 2 Common Shares of Beneficial Interest (AMEX:NKR)
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