NPY Nuveen Pennsylvania Premium Income Municipal Fund Ii

Declaration Ensures Shareholders Receive Full Tax-Exempt Distribution Amount

Nuveen Investments, a leading global provider of investment services to institutions as well as individual investors, today announced that the Nuveen Pennsylvania Investment Quality Municipal Fund (NYSE: NQP) has declared additional, post-merger distributions. These distributions follow the recently announced merger, which was successfully completed before the market open on February 10, 2014.

First, NQP today declared an additional distribution on its common shares. The following dates apply to today’s NQP common share distribution:

Record Date       February 20, 2014       Ex-Dividend Date February 18, 2014 Payable Date March 3, 2014 Reinvest Date March 3, 2014 Distribution Per Share Tax Exempt Amount

Ticker

Closed-End Portfolios

NQP Nuveen Pennsylvania Investment Quality Municipal Fund .0482  

The purpose of this additional distribution is to ensure that shareholders will not experience a reduced monthly tax-exempt distribution amount. When combined with pre-merger distributions, declared January 27, 2014 payable March 3, 2014, all shareholders from funds participating in the merger will receive a total dollar amount equal to or greater than the tax-exempt income declared by their original fund in the previous month. To view the pre-merger dividend declaration, please click here.

In addition, the Muni-Term Preferred (MTP) shares of the acquired funds, Nuveen Pennsylvania Premium Income Municipal Fund 2 (NYSE: NPY), Nuveen Pennsylvania Dividend Advantage Municipal Fund (NYSE: NXM) and Nuveen Pennsylvania Dividend Advantage Municipal Fund 2 (NYSE: NVY), were replaced by newly issued shares of MTP from the acquiring fund with substantially similar terms. The initial distribution for these new MTP shares is prorated for the period February 10, 2014 to February 28, 2014.

The following dates apply to today's distribution declarations for the following MTP Shares issued by NQP:

Record Date       February 20, 2014       Ex-Dividend Date February 18, 2014 Payable Date March 3, 2014

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MuniFund Term Preferred

Tax-FreeDistribution PerShare

NQP PrC Nuveen Pennsylvania Investment Quality Municipal Fund MTP .012250 NQP PrD Nuveen Pennsylvania Investment Quality Municipal Fund MTP .012542  

Monthly distributions from Nuveen's municipal closed-end funds and portfolios are generally exempt from regular Federal income taxes, and monthly distributions of single-state municipal funds and portfolios are also exempt from state and, in some cases, local income taxes for in-state residents. Unless otherwise stated in the funds' objectives, monthly distributions of the municipal funds and portfolios may be subject to the Federal Alternative Minimum Tax for some shareholders.*

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.

*Nuveen does not provide tax advice; consult a professional tax advisor regarding your specific tax situation.

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