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 distributions for the Muni-Term Preferred (MTP) shares of two Pennsylvania municipal closed-end funds related to a previously announced reorganization. The shareholders of 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 acquired fund MTP shares will be replaced one for one with newly issued shares of MTP from NQP, the acquiring fund, with substantially similar terms. Consequently, the acquired fund MTP series being replaced are declaring final distributions for the period February 1, 2014 through February 9, 2014, which will be payable March 3, 2014. The new MTP series of the acquiring fund will declare a distribution on the effective date of the merger for the period February 10, 2104 through February 28, 2014 which, when combined with the distributions listed below will be equal to the shareholders original pre-merger monthly distribution.

Record Date

        February 7, 2014 Ex-Dividend Date February 5, 2014 Payable Date March 3, 2014 Reinvest Date March 3, 2014 Ticker     MuniFund Term Preferred  

Tax-Free Distribution PerShare

NXM PrC     Nuveen Pennsylvania Dividend Advantage Municipal Fund MTP   .005250 NVY PrC     Nuveen Pennsylvania Dividend Advantage Municipal Fund 2 MTP   .005375      

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