Nuveen Investments 8-K Nuveen Investments, Inc. Index to Consolidated Financial Statements

Exhibit 99.2

	Media Contact:
FOR IMMEDIATE RELEASE	Kathleen Cardoza
ATTN: Business/Financial Editors	(312)917-7813
	kathleen.cardoza@nuveen.com
	IR Contact:
	Natalie Brown
	(312)917-8077
	natalie.brown@nuveen.com

Nuveen Investments Reports 1st Quarter 2008 Earnings
And Assets Under Management of $153 Billion

Chicago, IL, May 15, 2008— Nuveen Investments, Inc., a leading provider of diversified investment services, today reported first quarter adjusted EBITDA⁽¹⁾ of $106 million, down 9% from the prior year, and first quarter operating revenue of $197 million, which is consistent with the prior year.

First quarter gross sales were $4.3 billion, down 48% from the prior year. Gross sales in the period were comprised of $1.7 billion in retail managed accounts, $1.4 billion in mutual funds, and $1.2 billion in institutional separate accounts.

Net outflows for the quarter were $3.0 billion, largely due to $2.5 billion in outflows in retail managed accounts, which were primarily attributable to redemptions in previously closed strategies. Institutional net outflows were $0.6 billion in the quarter while mutual fund flows were positive $0.1 billion.

Total assets under management were $153.0 billion at March 31, 2008, compared to $166.1 billion a year ago and $164.3 billion at the end of the prior quarter. The 8% decrease in assets under management from the prior year was driven by $8.7 billion in market depreciation, $4.7 billion in net outflows, offset by $0.4 billion from the acquisition of HydePark Investment Strategies. From the prior quarter, assets under management decreased 7% due to $8.2 billion in market depreciation and $3.0 billion in net outflows.

Commenting on the Company’s results, John Amboian, Chief Executive Officer of Nuveen Investments said, “The challenging market environment in the first quarter led to a difficult first quarter for Nuveen, with a 5% decline in assets under management due to market depreciation, increased redemptions in our retail managed accounts, and dampened institutional and mutual fund sales. Despite these short-term challenges, we are pleased with the high quality performance that our investment teams delivered in the first quarter with most of our strategies beating benchmarks by meaningful margins.”

Nuveen Investments Reports 1st Quarter Earnings — Page 2

Operating revenue of $197 million in the first quarter was consistent with the prior year driven by a $3.0 million or 2% increase in advisory fees. This increase was the result of increased beginning of quarter assets under management, which determine the advisory fees for a significant portion of managed accounts, offset by a $2.9 million decline in performance fees and other revenue.

Operating revenue decreased 6% compared to the prior quarter as a result of an $8.7 million or 4% decrease in advisory fee revenue due to lower assets under management and a $3.7 million decrease in performance fees and other revenue. Adjusted EBITDA as a percentage of revenue was 54% in the quarter.

Adjusted EBITDA⁽¹⁾ was $106 million for the first quarter, down 9% compared to the prior year, primarily due to an 8% increase in compensation and benefits expense as a result of increased headcount and annual salary increases.

As of March 31, 2008, cash and cash equivalents were $91 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 first 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, Tradewinds, Symphony, Santa Barbara, Nuveen and Rittenhouse. In total, the Company managed $153 billion in assets as of March 31, 2008. 

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, issues arising as a result of the continuing failure of auctions for the approximately $15 billion of auction rate preferred stock issued by closed-end funds sponsored by the Company, 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)

	Q1 2008		Q1 2007			Q1 2008 LTM (3)
Operating Revenues
Advisory Fees	$	192,758	$	189,716		$	795,306
Underwriting & Distribution Revenue		1,231		1,422			6,605
Performance Fees / Other		2,825		5,689			23,134
Total Operating Revenue		196,814		196,827			825,045
Adjusted Operating Expenses (2)
Compensation & Benefits		65,775		60,948			273,376
Advertising & Promotion		3,593		3,391			16,539
Occupancy & Equipment		4,372		4,074			17,504
Travel & Entertainment		3,341		2,185			12,496
Outside & Professional Services		9,113		8,005			38,627
Other Operating Expenses		5,037		4,679			21,686
Minority Interest Expense		576		2,045			6,098
Proforma Savings		—		(1,750	)		(5,250	)
Total Operating Expenses		91,808		83,576			381,076
Adjusted Other Income/(Expense)		689		2,316			2,659
Adjusted EBITDA(1)	$	105,695	$	115,567		$	446,628

(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 and include adjustments consistent with our bank credit agreement and thus are non-GAAP financial measures.
(3)	LTM represents the last twelve month period including the second, third and fourth quarters of 2007 and the first quarter of 2008.

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

     This table presents adjustments reconciling income before taxes shown in the Company’s audited financial statements to Adjusted
EBITDA⁽¹⁾ calculated in accordance with the Company’s Credit Agreement.

	Q1 2008			Q1 2008 LTM (2)
Income before taxes		(48,811	)		17,285
Net interest expense		68,268			118,283
Amortization & depreciation		18,372			38,489
Adjustments per Credit Agreement:
Non-cash compensation		10,132			80,261
Deal related expenses		295			62,239
Retention, severance and recruiting expense		4,459			21,033
Structured products distribution expense		410			23,815
Non-recurring items		37			(4,642	)
Pro forma savings		—			5,250
Debt and investment related expenses		52,533			84,615
Adjusted EBITDA (1)		105,695			446,628

(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)

LTM represents the last twelve month period including the second, third and fourth quarters of 2007 and the first quarter of 2008.

NUVEEN INVESTMENTS
Sales, Net Flows, and Assets Under Management
For the Periods Ended December 31, 2007, and March 31, 2008
Unaudited

							2007														2008
	1st Qtr			2nd Qtr			3rd Qtr			4th Qtr			Total			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		$	1,354			—		—		—		1,354
Managed accounts—retail		2,759			2,260			1,764			1,809			8,592			1,701			—		—		—		1,701
Managed accounts—institutional		3,398			2,576			2,112			1,703			9,789			1,197			—		—		—		1,197
Closed-end funds		296			1,133			47			231			1,706			2			—		—		—		2
Total funds and accounts	$	8,134			7,827			5,135			5,057			26,153		$	4,254			—		—		—		4,254
NET FLOWS (in millions):
Mutual funds	$	1,015			621			(3	)		(32	)		1,601		$	61			—		—		—		61
Managed accounts—retail		(547	)		(1,253	)		(1,782	)		(2,125	)		(5,707	)		(2,523	)		—		—		—		(2,523	)
Managed accounts—institutional		2,249			1,390			337			(244	)		3,733			(584	)		—		—		—		(584	)
Closed-end funds		316			1,147			38			217			1,717			3			—		—		—		3
Total funds and accounts	$	3,033			1,906			(1,411	)		(2,184	)		1,344		$	(3,042	)		—		—		—		(3,042	)
MANAGED FUNDS AND ACCOUNTS (in millions):
Assets under management:
Beginning of period	$	161,609			166,095			171,602			170,394			161,609		$	164,307			—		—		—		164,307
Acquisition of HydePark accounts		—			363			—			—			363			—			—		—		—		—
Sales — funds and accounts		8,134			7,827			5,135			5,057			26,153			4,254			—		—		—		4,254
Dividend reinvestments		103			108			109			390			709			69			—		—		—		69
Redemptions and withdrawals		(5,204	)		(6,029	)		(6,655	)		(7,630	)		(25,518	)		(7,365	)				—		—		(7,365	)
Total net flows into funds and accounts		3,033			1,906			(1,411	)		(2,184	)		1,344			(3,042	)		—		—		—		(3,042	)
Appreciation / (depreciation) of managed assets		1,453			3,238			203			(3,903	)		991			(8,240	)				—		—		(8,240	)
End of period	$	166,095			171,602			170,394			164,307			164,307		$	153,026			—		—		—		153,026
RECAP BY PRODUCT TYPE:
Mutual funds	$	19,584			20,160			19,967			19,195					$	18,415			—		—		—
Closed-end funds		53,091			53,423			53,234			52,305						50,626			—		—		—
Managed accounts—retail		58,713			59,495			58,119			54,919						49,431			—		—		—
Managed accounts—institutional		34,707			38,524			39,074			37,888						34,553			—		—		—
Total assets under management	$	166,095			171,602			170,394			164,307					$	153,026			—		—		—
RECAP BY MANAGER:
Nuveen	$	79,430			78,565			77,489			76,282					$	74,914			—		—		—
NWQ		36,277			38,599			37,352			34,575						29,650			—		—		—
Rittenhouse		3,333			3,235			3,258			2,982						2,669			—		—		—
Santa Barbara		4,583			5,040			5,073			4,571						3,789			—		—		—
Symphony		8,953			10,293			10,427			10,822						9,838			—		—		—
Tradewinds		33,518			35,316			35,143			33,281						30,537			—		—		—
HydePark		—			553			1,653			1,794						1,629			—		—		—
Total assets under management	$	166,095			171,602			170,394			164,307					$	153,026			—		—		—
RECAP BY STYLE:
Equity-based	$	85,531			90,728			89,276			83,577					$	74,083			—		—		—
Municipals		64,519			64,014			64,156			64,121						63,073			—		—		—
Taxable income-oriented		16,045			16,859			16,962			16,609						15,870			—		—		—
Total assets under management	$	166,095			171,602			170,394			164,307					$	153,026			—		—		—