New York, August 29, 2014 -- Moody's Investors Service, Inc. ("Moody's") has upgraded the short-term rating of the Variable Rate Demand Preferred (VRDP) Shares issued by the Nuveen Dividend Advantage Municipal Fund 2 (Ticker: NXZ) to P-1 based on the replacement of the fund's liquidity support provider. The Toronto-Dominion Bank (Aa1/P-1), acting through its New York Branch (TD Bank, Aa1), is the fund's Liquidity Provider as of the close of business on August 29, 2014. Moody's notes that the long-term rating assigned to these VRDP shares is not affected by this review.

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