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

Nuveen Investments, a leading global provider of investment services to institutions as well as individual investors, today announced that 110 Nuveen closed-end funds declared regular monthly distributions. These funds represent a broad range of tax-exempt, taxable fixed and floating rate income investment strategies for investors seeking to build sophisticated and diversified long-term investment portfolios for cash flow. The funds’ monthly distributions are listed below.

Monthly distributions from Nuveen's municipal closed-end funds and portfolios are generally exempt from regular Federal income taxes, and monthly distributions of single-state municipal funds and portfolios are also exempt from state and, in some cases, local income taxes for in-state residents. Unless otherwise stated in the funds' objectives, monthly distributions of the municipal funds and portfolios may be subject to the Federal Alternative Minimum Tax for some shareholders.*

All of Nuveen’s closed-end funds seek to pay stable distributions at rates that reflect each fund’s past results and projected future performance. During certain periods, each fund may pay distributions at a rate that may be more or less than the amount of net investment income actually earned by the fund during the period. If a fund cumulatively earned more than it has paid in distributions, it holds the excess in reserve as undistributed net investment income (UNII) as part of the fund’s net asset value (NAV). Conversely, if a fund has cumulatively paid distributions in excess of its earnings, the excess constitutes negative UNII that is likewise reflected in the fund’s NAV. Each fund will, over time, pay all of its net investment income as distributions to shareholders. The funds’ positive or negative UNII balances are disclosed from time to time in their periodic shareholder reports, and are also on www.nuveen.com/cef

In addition, distributions for certain funds investing in real estate investment trusts (REITs) may later be characterized as capital gains and/or a return of capital, depending on the character of the dividends reported to each fund after year-end by REIT securities held by each fund. The Nuveen preferred securities funds, JTP, JPS and JHP may invest in REITs; a list of funds that are likely to be affected by re-characterization is posted to www.nuveen.com each January, and updated tax characteristics are posted to the web site and mailed to shareholders via form 1099-DIV during the first quarter of the year.

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

Record Date   May 15, 2012     Ex-Dividend Date May 11, 2012 Payable Date June 1, 2012 Reinvest Date June 1, 2012 Monthly Tax-Free Distribution Per Share Change From Amount Previous Month Ticker Closed-End Portfolios

NXP

Select Portfolio

$.0595

-

NXQ

Select Portfolio 2 .0525 -

NXR

Select Portfolio 3 .0550 -

NXC

CA Select Portfolio .0570 -

NXN

NY Select Portfolio .0545 -   Closed-End Funds Non-Leveraged Funds

NUV

Municipal Value .0390 -

NUW

Municipal Value 2 .0670 -

NCA

CA Municipal Value .0390 -

NNY

NY Municipal Value .0345 -

NMI

Municipal Income .0475 -

NIM

Select Maturities .0315 -

NYV

NY Municipal Value 2 .0560 -

NCB

CA Municipal Value 2 .0665 -

NJV

NJ Municipal Value .0580 -

NPN

PA Municipal Value .0530 -   Leveraged Funds National NPI Premium Income .0765 - NPP Performance Plus .0800 - NMA Advantage .0790 - NMO Market Opportunity .0735 - NQM Investment Quality .0840 - NQI Quality Municipal .0750 - NQS Select Quality .0860 - NQU Quality Income .0790 - NIO Municipal Opportunity .0730 - NPF Premier .0785 - NIF Premier Municipal Opportunity .0755 - NPM Premium Income 2 .0795 - NPT Premium Income 4 .0710 - NPX Premium Income Municipal Opportunity .0620 - NAD Dividend Advantage .0760 - NXZ Dividend Advantage 2 .0800 - NZF Dividend Advantage 3 .0820 - NVG Dividend Advantage Municipal .0750 - NEA AMT-Free Municipal Income .0700 - NMZ High Income Opportunity Fund .0730 - NMD High Income Opportunity Fund 2 .0655 - NEV Enhanced Municipal Value Fund .0800 - Change From Amount Previous Month California NCP Performance Plus .0815 - NCO Market Opportunity .0800 - NQC Investment Quality .0830 - NVC Select Quality .0860 - NUC Quality Income .0875 - NCU Premium Income .0725 - NAC Dividend Advantage .0770 - NVX Dividend Advantage 2 .0800 - NZH Dividend Advantage 3 .0750 - New York NNP Performance Plus .0735 - NQN Investment Quality .0690 - NVN Select Quality .0725 - NUN Quality Income .0730 - NNF Premium Income Municipal .0695 - NAN Dividend Advantage .0655 - NXK Dividend Advantage 2 .0665 - NKO Dividend Advantage Income .0680 - NRK AMT-Free Municipal Income .0585 - Other State Funds NAZ AZ Premium Income .0640 - NFZ AZ Dividend Advantage .0645 - NKR AZ Dividend Advantage 2 .0670 - NXE AZ Dividend Advantage 3 .0630 - NTC CT Premium Income .0590 - NFC CT Dividend Advantage .0590 - NGK CT Dividend Advantage 2 .0610 - NGO CT Dividend Advantage 3 .0575 - NPG GA Premium Income .0565 - NZX GA Dividend Advantage .0610 - NKG GA Dividend Advantage 2 .0560 - NMY MD Premium Income .0645 - NFM MD Dividend Advantage .0620 - NZR MD Dividend Advantage 2 .0660 - NWI MD Dividend Advantage 3 .0630 - NMT MA Premium Income .0620 - NMB MA Dividend Advantage .0570 - NGX Insured MA Tax-Free Advantage .0545 - NUM MI Quality Income .0740 - NMP MI Premium Income .0730 - NZW MI Dividend Advantage .0670 - NOM MO Premium Income .0650 - NQJ NJ Investment Quality .0705 - NNJ NJ Premium Income .0725 - NXJ NJ Dividend Advantage .0695 - NUJ NJ Dividend Advantage 2 .0715 - NNC NC Premium Income .0570 - NRB NC Dividend Advantage .0630 - NNO NC Dividend Advantage 2 .0610 - NII NC Dividend Advantage 3 .0610 - Change From Amount Previous Month NUO OH Quality Income .0800 - NXI OH Dividend Advantage .0735 - NBJ OH Dividend Advantage 2 .0700 - NVJ OH Dividend Advantage 3 .0755 - NQP PA Investment Quality .0780 - NPY PA Premium Income 2 .0700 - NXM PA Dividend Advantage .0695 - NVY PA Dividend Advantage 2 .0745 - NTX TX Quality Income .0685 - NPV VA Premium Income .0670 - NGB VA Dividend Advantage .0605 - NNB VA Dividend Advantage 2 .0660 -   Monthly Taxable Distribution Per Share Closed-End Funds: Change From Ticker Taxable Funds Amount Previous Month Preferred Securities JTP Quality Preferred Income Fund .0500 - JPS Quality Preferred Income Fund 2 .0550 - JHP Quality Preferred Income Fund 3 .0520 - JPC Preferred Income Opportunities Fund .0633 - Floating Rate: Corporate Loans NSL Senior Income Fund .0430 - JFR Floating Rate Income Fund .0685 - JRO Floating Rate Income Opportunity Fund .0725 - JSD Short Duration Credit Opportunities Fund .1195 - JQC Credit Strategies Income Fund .0667 - Floating Rate: Tax Advantaged JFP Tax-Advantaged Floating Rate Fund .0100 - Mortgage-Backed Securities JLS Mortgage Opportunity Term Fund .1725 - JMT Mortgage Opportunity Term Fund 2 .1725 - Taxable Municipal NBB Build America Bond Fund .1085 - NBD Build America Bond Opportunity Fund .1065 -  

The following dates apply to today's distribution declarations for the following MTP Shares:

Record Date   May 15, 2012   Ex-Dividend Date May 11, 2012 Payable Date June 1, 2012 Ticker MuniFund Term Preferred Monthly Tax-Free Distribution Per Share   NVG PrC Nuveen Insured Dividend Advantage Municipal Fund MTP $.024583 NGB PrC Nuveen Virginia Dividend Advantage Municipal Fund MTP .023333 NNB PrC Nuveen Virginia Dividend Advantage Municipal Fund 2 MTP .023333 NAN PrC Nuveen New York Dividend Advantage Municipal Fund MTP .022500 NZH PrC Nuveen California Dividend Advantage Municipal Fund 3 MTP .024583 NEA PrC Nuveen Insured Tax-Free Advantage Municipal Fund MTP .023750 NKG PrC Nuveen Georgia Dividend Advantage Municipal Fund 2 MTP .022083 NMT PrC Nuveen Massachusetts Premium Income Municipal Fund MTP .022083 NMY PrC Nuveen Maryland Premium Income Municipal Fund MTP .022083 NNC PrC Nuveen North Carolina Premium Income Municipal Fund MTP .022083 NPV PrC Nuveen Virginia Premium Income Municipal Fund MTP .022083 NTC PrC Nuveen Connecticut Premium Income Municipal Fund MTP .022083 NII PrC Nuveen North Carolina Dividend Advantage Municipal Fund 3 MTP .022083 NGO PrC Nuveen Connecticut Dividend Advantage Municipal Fund 3 MTP .022083 NGX PrC Nuveen Insured Mass. Tax-Free Advantage Municipal Fund MTP .022083 NPG PrC Nuveen Georgia Premium Income Municipal Fund MTP .022083 NZX PrC Nuveen Georgia Dividend Advantage Municipal Fund MTP .022083 NWI PrC Nuveen Maryland Dividend Advantage Municipal Fund 3 MTP .022083 NAD PrC Nuveen Dividend Advantage Municipal Fund MTP .022500 NMB PrC Nuveen Massachusetts Dividend Advantage Municipal Fund MTP .021667 NRB PrC Nuveen North Carolina Dividend Advantage Municipal Fund MTP .021667 NNO PrC Nuveen North Carolina Dividend Advantage Municipal Fund 2 MTP .021667 NFC PrC Nuveen Connecticut Dividend Advantage Municipal Fund MTP .021667 NGK PrC Nuveen Connecticut Dividend Advantage Municipal Fund 2 MTP .021667 NXK PrC Nuveen New York Dividend Advantage Municipal Fund 2 MTP .021250 NRK PrC Nuveen Insured New York Tax Free Advantage Municipal Fund MTP .021250 NFM PrC Nuveen Maryland Dividend Advantage Municipal Fund MTP .021667 NZR PrC Nuveen Maryland Dividend Advantage Municipal Fund 2 MTP .021667 NCU PrC Nuveen California Premium Income Municipal Fund MTP .016667 NUJ PrC Nuveen New Jersey Dividend Advantage Municipal Fund 2 MTP .016667 NXM PrC Nuveen Pennsylvania Dividend Advantage Municipal Fund MTP .017500 NKR PrC Nuveen Arizona Dividend Advantage Municipal Fund 2 MTP .017083 NFZ PrC Nuveen Arizona Dividend Advantage Municipal Fund MTP .017083 NVX PrC Nuveen California Dividend Advantage Municipal Fund 2 MTP .017083 NVY PrC Nuveen Pennsylvania Dividend Advantage Municipal Fund 2 MTP .017917 NTX PrC Nuveen Texas Quality Income Municipal Fund MTP .019167 NOM PrC Nuveen Missouri Premium Income Municipal Fund MTP .017500 NZW PrC Nuveen Michigan Dividend Advantage Municipal Fund MTP .019167 NXI PrC Nuveen Ohio Dividend Advantage Municipal Fund MTP .019583 NAN PrD Nuveen New York Dividend Advantage Municipal Fund MTP .020833 NNC PrD Nuveen North Carolina Premium Income Municipal Fund MTP .021667 NTC PrD Nuveen Connecticut Premium Income Municipal Fund MTP .021250 NZF PrC Nuveen Dividend Advantage Municipal Fund 3 MTP .023333 NMT PrD Nuveen Massachusetts Premium Income Municipal Fund MTP .022917 NWI PrD Nuveen Maryland Dividend Advantage Municipal Fund 3 MTP .023750 NXE PrC Nuveen Arizona Dividend Advantage Municipal Fund 3 MTP .024167 NPV PrA Nuveen Virginia Premium Income Municipal Fund MTP .018750 NMY PrD Nuveen Maryland Premium Income Municipal Fund MTP .024167 NXI PrD Nuveen Ohio Dividend Advantage Municipal Fund MTP .024583 NXJ PrA Nuveen New Jersey Dividend Advantage Municipal Fund MTP .019167 NVX PrA Nuveen California Dividend Advantage Municipal Fund 2 MTP .019583 NBJ PrA Nuveen Ohio Dividend Advantage Municipal Fund 2 MTP .019583 NZH PrA Nuveen California Dividend Advantage Municipal Fund 3 MTP .019583 NVJ PrA Nuveen Ohio Dividend Advantage Municipal Fund 3 MTP .019583 NZH PrB Nuveen California Dividend Advantage Municipal Fund 3 MTP .018750

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 does not provide tax advice; consult a professional tax advisor regarding your specific tax situation.