Nuveen Multi-Strategy Income and Growth Fund 2 Issues Second At-Par Redemption Notices for Auction-Rate Securities

Business Wire, May 22, 2008

CHICAGO -- Nuveen Multi-Strategy Income and Growth Fund 2 (NYSE:JQC) today announced that it has called for redemption at par outstanding shares of its auction-rate preferred shares (ARPS). The fund's Board of Trustees has approved the redemption, which is part of a refinancing expected to lower the relative costs of leverage for the fund over time while also providing liquidity at par for the holders of at least some of Nuveen Multi-Strategy Income and Growth Fund 2's ARPS.

JQC is redeeming $240 million of its $565 million currently outstanding ARPS. As previously announced, this represents the second of two planned stages approximately a month apart which together total $640 million. The table below lists the total number of shares, par amounts and scheduled redemption dates for the second stage of redemptions:

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The ARPS in the Nuveen Multi-Strategy Income and Growth Fund 2 being redeemed will be replaced with new borrowings. With respect to the partial redemption for JQC, The Depository Trust Company (DTC), the securities' holder of record, determines how a partial series redemption will be allocated among each participant broker-dealer account. Each participant broker-dealer, as nominee for underlying beneficial owners (street name shareholders), in turn determines how redeemed shares are allocated among its underlying beneficial owners. The procedures used by different broker-dealers to allocate redeemed shares among beneficial owners may differ from each other as well as from the procedures used by DTC.

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 $153 billion in assets as of March 31, 2008.

FORWARD LOOKING STATEMENTS

Certain statements made in this release are forward-looking statements. Actual future results or occurrences may differ significantly from those anticipated in any forward-looking statements due to numerous factors. These include, but are not limited to: changes in securities or financial markets or general economic conditions, including changes in interest rates for borrowings, and other risks discussed from time to time in the fund's filings with the Securities and Exchange Commission. Nuveen Investments and the closed-end funds managed by Nuveen Investments and its affiliates undertake no responsibility to update publicly or revise any forward-looking statements.