Fitch Affirms Nuveen Multi-Strategy Income & Growth Fund's Preferred Shares at 'AAA'

Business Wire, May 21, 2008

NEW YORK -- Fitch affirms 'AAA' rating assigned to the FundPreferred Shares series M, T, W, TH, F and F2 issued by Nuveen Multi-Strategy Income and Growth Fund in the total amount of $258,000,000. The rating affirmation follows proportional redemption of FundPreferred Shares of the above mentioned fund in the total amount of $450,000,000. The 'AAA' rating denotes expectations of very low credit risk.

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

Nuveen Multi-Strategy Income and Growth Fund (NYSE:JPC) is a diversified, closed-end management investment company. The fund's inception date is March 26, 2003. As of March 31, 2008 the fund had approximately $1,861 million in assets under management.

The fund's primary investment objective is high current income; and its secondary objective is total return. The fund invests in preferred securities (both tax-advantaged and taxable), common stocks, convertible securities and related instruments, and debt instruments, including high yield debt and senior loans.

The rating affirmation is based on the strength of the fund's underlying portfolio that provides FundPreferred Shares 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, the fund's investment adviser, has engaged Symphony Asset Management, LLC as a sub-adviser. Symphony Asset Management LLC is an institutional market leader in alternative and traditional investment strategies. The advisor is a wholly-owned subsidiary of Nuveen Investments, Inc. Nuveen Investments provides investment services to retail and institutional investors 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.