NMD Nuveen Municipal High Income Opportunity Fund 2 Common Shares of Beneficial Interest

Nuveen Investments, a leading provider of diversified investment services, today announced an initial monthly distribution declaration for the Nuveen Municipal High Income Opportunity Fund 2 (NYSE: NMD) of $.0785 per share, or an 6.28% annualized distribution rate on its $15.00 IPO market price. The closed-end fund began trading on the New York Stock Exchange on November 16, 2007. The objective of the Nuveen Municipal High Income Opportunity Fund 2 is to provide attractive income exempt from regular federal income tax, and to provide additional total return for income-oriented investors. The fund seeks to achieve its investment objective by investing at least 50% of its managed assets in municipal securities that are investment grade quality at the time of investment. Up to 50% of the fund's managed assets may be invested in municipal securities that, at the time of investment, are rated below investment grade quality or that are unrated but judged to be of comparable quality. Information regarding Nuveen funds� distributions and total return performance over various time periods is posted regularly on www.nuveen.com/cef . The following dates apply to today�s distribution declaration: Record Date: January 15, 2008 Ex-Distribution Date: January 11, 2008 Payable Date: February 1, 2008 More information about the fund is available on www.nuveen.com/cef. Nuveen Investments provides high-quality investment services designed to help secure the long-term goals of institutions and high-net-worth investors as well as the consultants and financial advisors who serve them. Nuveen Investments markets its growing range of specialized investment solutions under the high-quality brands of NWQ, Santa Barbara, Tradewinds, Rittenhouse, Symphony and Nuveen, including the Nuveen HydePark Group. In total, the Company managed $170 billion in assets as of September 30, 2007. For more information, please visit the Nuveen Investments website at www.nuveen.com.