Nuveen Arizona Dividend Advantage Municipal Fund 2 (NKR)

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Ticker: NKR

• Purchase • Sale • Planned purchase • Planned sale Net purchase Net sale Activity signal Earnings

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J P MORGAN CHASE & CO

1 sale — total 1,584,000 USD

Sale 14 Jan 2009

Value US$132,672.76 | Price 221.43 | Shares 21,568

NUVEEN ADVISORY CORP

Investment Adviser

1 sale — total 15,456 USD

Sale 8 Oct 2004

Value US$4,610,797.56 | Price 394.78 | Shares 48,378

NUVEEN ADVISORY CORP

Investment Adviser

1 sale — total 92,531 USD

Sale 6 Oct 2004

Value US$92,531.40 | Price 15.42 | Shares 6,000

Abbreviations B: Buy, S: Sell, PP: Planned purchase, PlS: Planned sale, PrS: Proposed sale, O: Option / Other

Notification date	Transaction date	B/S Transaction type	Insider and/or position	Nb. shares Price Value	Number of shares	Price	Value
2009-01-15	2009-01-14	S Sale	J P MORGAN CHASE & CO Large shareholder	21,568 -15.8% 221.43 US$132,673	21,568 -15.8%	221.43	US$132,673
2004-10-25	2004-10-08	S Sale	NUVEEN ADVISORY CORP Investment Adviser	48,378 +23.6% 394.78 US$4,610,798	48,378 +23.6%	394.78	US$4,610,798
2004-10-25	2004-10-06	S Sale	NUVEEN ADVISORY CORP Investment Adviser	46,125 -47.8% 219.80 US$132,481	46,125 -47.8%	219.80	US$132,481

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