NXK Nuveen New York Dividend Advantage Municipal Fund 2 Share of Beneficial Interest (delisted)

Nuveen Investments, a leading global provider of investment services to institutions as well as individual investors, today announced that two municipal bond closed-end funds have filed with the Securities and Exchange Commission notices of intention to redeem all of their respective outstanding MuniFund Term Preferred (MTP) shares. The MTP redemption price will be the $10 liquidation preference per share, plus an additional amount representing the final accumulated distribution amounts owed. Each fund expects to finance the MTP share redemptions with the proceeds of newly issued preferred shares. The redemptions are subject to Board approval of the final terms of the new preferred shares and are contingent upon the completion of all aspects of such preferred share placements by each fund, which may not occur as planned. Official notification of the redemptions will be delivered to MTP shareholders of each fund at a later date through The Depository Trust Company (DTC). The anticipated date of each redemption is June 13, 2014.

The funds filing the notices and a description of their outstanding MTP shares are as follows:

      Fund & Common Share Symbol   MTP Share Symbols / CUSIPs

Nuveen New York Dividend Advantage Municipal Fund (NAN)

  NAN PRC / 67066X 305     NAN PRD / 67066X 404 Nuveen New York Dividend Advantage Municipal Fund 2 (NXK)   NXK PRC / 67070A 309  

The address of the redemption and paying agent, Computershare Inc., is as follows: 250 Royall Street, Canton, Massachusetts 02021.

The funds intend to offer new preferred shares to qualified institutional buyers (as defined in Rule 144A of the Securities Act of 1933 (the Securities Act)) in private offerings exempt from registration under the Securities Act.

No new preferred shares have been registered under the Securities Act or any state securities laws. Unless so registered, no new preferred shares may be offered or sold in the United States except pursuant to an exemption from the registration requirements of the Securities Act and applicable state securities laws. This press release is neither an offer to sell nor a solicitation of an offer to buy any securities.

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 approximately $225 billion as of March 31, 2014. 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:

• the acceptance by qualified institutional buyers of, and demand for, new preferred shares in amounts sufficient for each fund to refinance its MTP shares as applicable;
• the need to obtain the agreement of all parties to the final terms of the offerings of new preferred shares;
• other 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 statement.

Nuveen InvestmentsMedia Contact:Kathleen Cardoza(312) 917-7813KATHLEEN.CARDOZA@NUVEEN.COM