Media Contact:
FOR IMMEDIATE RELEASE	Chris Allen
ATTN: Business/Financial Editors	(312)917-8331
	christopher.allen@nuveen.com
	IR Contact:
	Natalie Brown
	(312)917-8077
	natalie.brown@nuveen.com

Nuveen Investments Reports 4^th Quarter and Full Year 2007 Earnings
And Assets Under Management of $164 Billion

Chicago, IL, February 28, 2008 — Nuveen Investments, Inc., a leading provider of diversified investment services, today reported fourth quarter adjusted EBITDA⁽¹⁾ of $109 million, up 4% from the prior year, and fourth quarter operating revenue of $210 million, an increase of 7%. Full year 2007 adjusted EBITDA⁽¹⁾ was $457 million, up 11% from the prior year, and full year operating revenue was $825 million, up 16%.

Fourth quarter gross sales were $5.1 billion, consistent with the 3^rd quarter, but down 17% from the prior year. Gross sales in the period were comprised of $1.7 billion in institutional separate accounts, $1.8 billion in retail managed accounts, $1.3 billion in mutual funds, and $0.2 billion in closed-end funds. Full year gross sales were $26.2 billion, down 19% from the prior year. Gross sales for the year were comprised of $9.8 billion in institutional separate accounts, $8.6 billion in retail managed accounts, $6.1 billion in mutual funds, and $1.7 billion in closed-end funds.

Net outflows for the quarter were $2.2 billion, primarily driven by $2.1 billion in retail managed account outflows. Institutional net outflows were $0.2 billion in the quarter while mutual fund flows were flat. The challenging market environment in the second half of the year drove increased redemptions in mutual funds, retail managed accounts, and institutional accounts with dampened sales across all equity products.

Net flows for 2007 were $1.3 billion, a significant decline from last year’s level of $15.3 billion, primarily due to $5.7 billion in net outflows in retail managed accounts, compared to $5.5 billion in net inflows in the prior year. Institutional net flows were $3.7 billion for the year, and mutual fund net flows were $1.6 billion.

Total assets under management were $164.3 billion at December 31, 2007, compared to $161.6 billion at December 31, 2006 and $170.4 billion at the end of the prior quarter. The 2% increase in assets under management over the prior year was driven by $1.3 billion in net flows, $1.0 billion in market appreciation and $0.4 billion from the acquisition of HydePark Investment Strategies. From the prior quarter, assets under management decreased 4% due to $3.9 billion in market depreciation and $2.2 billion in net outflows.

Nuveen Investments Reports 4th Quarter and Full Year Earnings — Page 2

Operating revenue of $210 million in the fourth quarter increased 7% from the prior year driven by a 10% increase in advisory fees due to increased assets under management offset by a $4.3 million decline in performance fees and other revenue. Operating revenue decreased 2% compared to the prior quarter as a result of a $1.7 million or 1% decrease in advisory fee revenue due to slightly lower assets under management and a $3.1 million decrease in performance fees and other revenue.

Operating revenue was $825 million for the full year, an increase of 16% from the prior year driven by a 16% increase in advisory fees due to increased average assets under management and a $6.8 million increase in performance fees and other revenue.

Adjusted EBITDA⁽¹⁾ was $457 million for 2007, up 11% compared to 2006, and $109 million for the fourth quarter, an increase of 4% compared to 2006. This increase is primarily due to increased operating revenues for both periods.

As of December 31, 2007, cash and cash equivalents were $189 million and gross debt was $3.65 billion. These balances exclude the impact of consolidated investment vehicles in which Nuveen has no economic interest.

As previously announced, Nuveen Investments will host a conference call to discuss its second quarter results today at 10:00 am central time. To access this call live or listen to an audio replay, visit the investor relations section of the Company’s website at www.nuveen.com.

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 $164 billion in assets as of December 31, 2007.

FORWARD-LOOKING STATEMENTS
Certain statements made by the Company in this release are forward-looking statements. The Company’s actual future results may differ significantly from those anticipated in any forward-looking statements due to numerous factors. These include, but are not limited to, the effects of the substantial competition in the investment management business, including competition for access to brokerage firms’ retail distribution systems, the Company’s reliance on revenues from investment management contracts which renew annually, regulatory developments, accounting pronouncements, and other additional risks and uncertainties. The Company undertakes no responsibility to update publicly or revise any forward-looking statements.

Financial Tables Follow

Nuveen Investments
Adjusted EBITDA ⁽¹⁾
Unaudited
(in thousands)

	2007		2006		Q4 2007		Q4 2006
	Adjusted		Adjusted		Adjusted		Adjusted
	EBITDA		EBITDA		EBITDA		EBITDA
Operating Revenues (2)
Advisory Fees		792,264		685,847		201,413		183,725
Underwriting & Distribution Revenue		6,796		4,745		1,800		1,077
Performance Fees/Other		25,999		19,236		6,519		10,798
Total Operating Revenue		825,059		709,828		209,732		195,600
Adjusted Operating Expenses (3)
Compensation and Benefits		268,548		217,946		72,028		66,810
Advertising & Product Promotion		16,336		13,500		4,082		4,427
Occupancy & Equipment		17,206		14,759		4,346		3,845
Travel & Entertainment		11,341		10,158		3,454		3,082
Outside & Professional Services		37,520		30,811		10,781		8,713
Other Operating Expenses		14,328		14,043		4,243		3,616
Minority Interest		7,566		6,153		1,818		1,708
Total Operating Expenses		372,845		307,370		100,751		92,201
Adjusted Other Income/(Expense) (3)		4,286		7,871		508		1,974
Adjusted EBITDA (1)		456,500		410,329		109,488		105,374

(1)	Earnings before interest, taxes, depreciation and amortization (EBITDA) is presented on an adjusted basis consistent with the definitions included in our Bank Credit Agreement. Adjusted EBITDA is a non-GAAP financial measure and has been included because it is a basis upon which our management assesses and will assess our operating performance. Adjusted EBITDA is not a measure of our liquidity or financial performance under GAAP. Our measure of adjusted EBITDA is not necessarily comparable to other similarly titled captions of other companies due to potential inconsistencies in the methods of calculation.
(2)	Balances exclude the impact of consolidated investment vehicles in which Nuveen has no economic interest, but are calculated in accordance with GAAP.
(3)	Balances exclude the impact of consolidated investment vehicles in which Nuveen has no economic interest and include adjustments consistent with our bank credit agreement and thus are non-GAAP financial measures.

NUVEEN INVESTMENTS
Sales, Net Flows, and Assets Under Management
For the Years Ended December 31, 2006 and December 31, 2007
Unaudited

	2006
	1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			Total
GROSS SALES (in millions):
Mutual funds	$	1,347			1,505			1,374			1,416			5,642
Managed accounts—retail		7,230			4,875			2,500			2,517			17,122
Managed accounts —institutional		1,532			2,581			2,450			2,183			8,747
Closed-end funds		—			226			369			—			595
Total funds and accounts	$	10,109			9,187			6,694			6,116			32,106
NET FLOWS (in millions):
Mutual funds	$	864			856			886			1,015			3,622
Managed accounts—retail		4,114			2,178			(454	)		(350	)		5,488
Managed accounts —institutional		932			1,811			1,590			1,275			5,607
Closed-end funds		(6	)		228			380			15			616
Total funds and accounts	$	5,903			5,072			2,402			1,955			15,332
MANAGED FUNDS AND ACCOUNTS (in millions):
ASSETS UNDER MANAGEMENT:
Beginning of period	$	136,117			145,017			148,994			154,167			136,117
Acquisition of HydePark accounts		—			—			—			—			—
Sales — funds and accounts		10,109			9,187			6,694			6,116			32,106
Dividend reinvestments		64			86			102			247			498
Redemptions and withdrawals		(4,269	)		(4,200	)		(4,394	)		(4,409	)		(17,272	)
Total net flows into funds and accounts		5,903			5,072			2,402			1,955			15,332
Appreciation/ (depreciation)of managed assets		2,997			(1,096	)		2,771			5,487			10,160
End of period	$	145,017			148,994			154,167			161,609			161,609
RECAP BY PRODUCT TYPE (in millions):
Mutual funds	$	15,398			16,133			17,407			18,532
Closed-end funds		51,813			51,388			52,791			52,958
Managed accounts—retail		53,651			55,277			55,633			58,556
Managed accounts — institutional		24,154			26,195			28,335			31,563
Total assets under management	$	145,017			148,994			154,167			161,609

	2006
	1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			Total
RECAP BY MANAGER (in millions):
Nuveen	$	75,001			75,067			77,190			78,324
NWQ		31,806			32,145			33,066			35,564
Rittenhouse		5,072			4,159			3,687			3,519
Santa Barbara		4,037			4,169			4,429			4,576
Symphony		6,251			6,874			7,172			7,656
Tradewinds		22,850			26,579			28,623			31,970
HydePark		—			—			—			—
Total assets under management	$	145,017			148,994			154,167			161,609
RECAP BY STYLE (in millions):
Equity—based	$	70,019			73,759			76,811			82,819
Municipals		60,585			60,643			62,765			63,751
Taxable income—oriented		14,414			14,591			14,591			15,039
Total assets under management	$	145,017			148,994			154,167			161,609
	2007
	1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			Total
GROSS SALES (in millions):
Mutual funds	$	1,682			1,859			1,212			1,314			6,066
Managed accounts—retail		2,759			2,260			1,764			1,809			8,592
Managed accounts —institutional		3,398			2,576			2,112			1,703			9,789
Closed—end funds		296			1,133			47			231			1,706
Total funds and accounts	$	8,134			7,827			5,135			5,057			26,153
NET FLOWS (in millions):
Mutual funds	$	1,015			621			(3	)		(32	)		1,601
Managed accounts—retail		(547	)		(1,253	)		(1,782	)		(2,125	)		(5,707	)
Managed accounts —institutional		2,249			1,390			337			(244	)		3,733
Closed—end funds		316			1,147			38			217			1,717
Total funds and accounts	$	3,033			1,906			(1,411	)		(2,184	)		1,344
MANAGED FUNDS AND ACCOUNTS (in millions):
ASSETS UNDER MANAGEMENT:
Beginning of period	$	161,609			166,095			171,602			170,394			161,609
Acquisition of HydePark accounts		—			363			—			—			363
Sales — funds and accounts		8,134			7,827			5,135			5,057			26,153
Dividend reinvestments		103			108			109			390			709
Redemptions and withdrawals		(5,204	)		(6,029	)		(6,655	)		(7,630	)		(25,518	)
Total net flows into funds and accounts		3,033			1,906			(1,411	)		(2,184	)		1,344
Appreciation/(depreciation)of managed assets		1,453			3,238			203			(3,903	)		991
End of period	$	166,095			171,602			170,394			164,307			164,307
RECAP BY PRODUCT TYPE (in millions):
Mutual funds	$	19,584			20,160			19,967			19,195
Closed—end funds		53,091			53,423			53,234			52,305
Managed accounts—retail		58,713			59,495			58,119			54,919
Managed accounts — institutional		34,707			38,524			39,074			37,888
Total assets under management	$	166,095			171,602			170,394			164,307

	2007
	1st Qtr		2nd Qtr		3rd Qtr		4th Qtr		Total
RECAP BY MANAGER (in millions):
Nuveen	$	79,430		78,564		77,488		76,281
NWQ		36,277		38,599		37,352		34,575
Rittenhouse		3,333		3,235		3,258		2,982
Santa Barbara		4,583		5,040		5,073		4,571
Symphony		8,953		10,294		10,428		10,823
Tradewinds		33,518		35,316		35,143		33,281
HydePark		—		553		1,653		1,794
Total assets under management	$	166,095		171,602		170,394		164,307
RECAP BY STYLE (in millions):
Equity-based	$	85,531		90,728		89,276		83,577
Municipals		64,519		64,014		64,156		64,121
Taxable income—oriented		16,045		16,859		16,962		16,609
Total assets under management	$	166,095		171,602		170,394		164,307