ARC: How to release static variable?

Will dealloc (below) release the NSString pointed to by the static variable exampleString?

// ExampleClass.h

@interface ExampleClass : NSObject

@end

// ExampleClass.m

static NSString *exampleString;

@implementation ExampleClass

- (void)dealloc {
    exampleString = nil;
}

- (id)init {
    self = [super init];
    if (self) {
        exampleString = [NSString stringWithFormat:@"example %@", @"format"];
    }
    return self;
}

@end