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 that the merger of Nuveen’s Pennsylvania state municipal bond closed-end funds will now close prior to the opening of the New York Stock Exchange on February 10, 2014. As previously announced the merger is intended to create a single Pennsylvania state fund with lower operating expenses and increased trading volume on the exchange for common shares.

The funds will be merged as follows:

• Nuveen Pennsylvania PremiumIncome Municipal Fund 2

NPY

• Nuveen Pennsylvania DividendAdvantage Municipal Fund

NXM

Nuveen PennsylvaniaInvestment QualityMunicipal Fund

NQP

• Nuveen Pennsylvania DividendAdvantage Municipal Fund 2

NVY

As noted above, subject to the satisfaction of certain customary closing conditions, the reorganizations are expected to close prior to the opening of the New York Stock Exchange on February 10, 2014. More information on these and other Nuveen closed-end funds is posted on Nuveen’s web site at 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.

The Annual and Semi-Annual Reports and other regulatory filings of the Nuveen closed-end funds with the Securities and Exchange Commission ("SEC") are accessible on the SEC's web site at www.sec.gov and on Nuveen's web site at www.nuveen.com and may discuss the above-mentioned or other factors that affect the Nuveen closed-end funds. The information contained on our web site is not a part of this press release.

Nothing contained in this press release shall constitute an offer for sale of any securities. A joint Proxy Statement/Prospectus relating to the proposed reorganization will be filed with the SEC in the coming weeks and will contain important information relating to the reorganization. Shareholders are urged to read each such joint Proxy Statement/Prospectus carefully. After they are filed, free copies of the Proxy Statement/Prospectuses will be available on the SEC's web site at www.sec.gov.

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

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