Fitch Affirms Nuveen Real Estate Income Fund's Preferred Shares 'AAA'

Business Wire, May 20, 2008

NEW YORK -- Fitch affirms 'AAA' rating assigned to the taxable auction preferred shares series M, T, W, TH and F issued by Nuveen Real Estate Income Fund in the total amount of $72,000,000. The rating affirmation follows proportional redemption of preferred shares of the above mentioned fund in the total amount of $150,000,000. The 'AAA' rating denotes expectations of very low credit risk.

The redemptions have commenced and are expected to be completed by Thursday, May 29, 2008.

Nuveen Real Estate Income Fund is a non-diversified, closed-end management investment company, whose common shares are traded at the American Stock Exchange under the symbol 'JRS.' The fund's inception date is Nov. 15, 2001. As of March 31, 2008 the fund had approximately $777 million in assets under management.

The fund's investment objective is high current income and capital appreciation. The fund invests at least 90% of its total assets in income producing common stocks, preferred stocks, convertible preferred stocks and debt securities issued by real estate companies; at least 80% of its total assets in income producing equity securities issued by REITs; and will not invest more than 25% of its total assets in non-investment grade preferred stocks, convertible preferred stocks and debt securities.

The rating affirmation is based on the strength of the fund's underlying portfolio that provides preferred stock liquidation coverage as well as the quality and experience of the fund's investment advisor. At the time of the rating, the fund's pro forma coverage ratios that take the above named redemption into effect, calculated in accordance with the requirements of the 1940 Act as amended and the Fitch rating criteria satisfied regulatory requirements mandating an asset coverage ratio of at least 200% as well as Fitch's minimum coverage ratio requirements of at least 100%.

Nuveen Asset Management ('NAM') is the fund's investment adviser and Security Capital Research & Management Incorporated is the Fund's sub-adviser. NAM is a wholly owned subsidiary of Nuveen Investments, Inc. Nuveen Investments provides investment services to retail and institutional investors. Nuveen Investments markets its investment solutions under brands of NWQ, Santa Barbara, Tradewinds, Rittenhouse, Symphony and Nuveen, including the Nuveen HydePark Group. In total, Nuveen Investments managed $164 billion in assets as of Dec. 31, 2007.

Fitch's rating definitions and the terms of use of such ratings are available on the agency's public site, www.fitchratings.com. Published ratings, criteria and methodologies are available from this site, at all times. Fitch's code of conduct, confidentiality, conflicts of interest, affiliate firewall, compliance and other relevant policies and procedures are also available from the 'Code of Conduct' section of this site.