X0203 3 2008-11-30 0 0001161069 NUVEEN ARIZONA DIVIDEND ADVANTAGE MUNICIPAL FUND 2 NKR 0000019617 J P MORGAN CHASE & CO 270 PARK AVENUE NEW YORK NY 10017 0 0 1 0 Municipal Auction Rate Cumulative Preferred Shares Series W 96 I See Footnote Beneficial ownership of this position was acquired by J.P. Morgan Securities Inc., a wholly-owned subsidiary of the reporting person. The reporting person undertakes to provide upon request by the Securities and Exchange Commission staff, the issuer or a security holder of the issuer complete information regarding the number of shares purchased and sold at each different price and date for the period between the date on which beneficial ownership exceeded 10% and November 30, 2008. Anthony J. Horan 2008-12-09