NVY Nuveen Pennsylvania 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 common share distributions for four Pennsylvania municipal closed-end funds. The shareholders of these funds, Nuveen Pennsylvania Premium Income Municipal Fund 2 (NYSE: NPY), Nuveen Pennsylvania Dividend Advantage Municipal Fund (NYSE MKT: NXM), Nuveen Pennsylvania Dividend Advantage Municipal Fund 2 (NYSE MKT: NVY) and Nuveen Pennsylvania Investment Quality Municipal Fund (NYSE: NQP), have each approved the reorganization of their fund into a single, larger fund. The reorganization is expected to take place after the close of business on Friday, February 7, 2014, effective Monday, February 10, 2014, with NQP acquiring substantially all of the assets of NPY, NXM and NVY. The goal of this reorganization is to create a single, larger municipal bond fund, with lower operating expenses and increased share trading volume.

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

Regulations require that the acquired funds fully distribute any accumulated undistributed net investment income (UNII) prior to effecting the reorganization. Consequently, NQP is declaring distributions which will comply with these regulations, payable March 3, 2014 to fund shareholders of record on February 7, 2014. The distribution information is detailed in the table above. Following the merger, NQP is expected to declare an additional distribution, payable February 3, 2014. The total dollar amount of the combined pre- and post-merger distributions received February 3, 2014 will be equal to or greater than the shareholder’s prior monthly tax-exempt dividend.

For more information about UNII, each fund, and the shareholder-approved reorganization, please visit http://www.nuveen.com/CEF.

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 nearly $215 billion as of September 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:

- 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 statements.

Nuveen InvestmentsMedia Contact:Kristyna Munoz, (312) 917-8343kristyna.munoz@nuveen.com

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