Nuveen Investments Announces Updated Estimates of Realized Long-Term Capital Gains Retained by Certain Closed-End Funds

Nuveen Investments, a leading provider of diversified investment services, today announced the Nuveen Real Estate Income Fund (AMEX: JRS), Nuveen Diversified Dividend and Income Fund (NYSE: JDD: 14.28, -0.02, -0.13%), Nuveen Tax-Advantaged Total Return Strategy Fund (NYSE: JTA: 21.89, +0.06, +0.27%), Nuveen Global Value Opportunities Fund (NYSE: JGV: 18.96, +0.50, +2.70%), and Nuveen Multi-Currency Short-Term Government Income Fund (NYSE: JGT: 17.68, +0.33, +1.90%) have each accrued estimated tax liabilities as of December 27, 2007, in connection with its retention of realized long-term capital gains at year-end, in the amounts provided below. As a result, the funds' NAVs were reduced on that day. These accruals reflect the Federal income taxes the funds are required to pay in early 2008 in order to retain a portion of their realized long-term capital gains for the tax year ending December 31, 2007, instead of paying them out in 2007 as capital gain distributions.

Retaining realized long-term gains enables a fund to better preserve and grow its capital base for long-term investors. This increases earnings potential over time, providing the opportunity for more stable, growing distributions and a higher share price.

Per share estimates of the funds' retained long-term capital gains and corresponding Federal corporate income taxes accrued are as follows:

Per Share JRS JDD JTA JGV JGT
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Long-Term Capital Gain Retained
(est.) $3.34 $0.79 $0.64 $0.81 $0.41
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Federal Income Taxes Accrued by
Fund (1.17) (0.28) (0.22) (0.28) (0.14)
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Net Long-Term Capital Gain Retained $2.17 $0.51 $0.42 $0.53 $0.27
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The estimates of the long-term gains to be retained are updated from those announced in a press release dated December 15, 2007.

Final amounts for the retained gains and taxes paid will be reported to shareholders on IRS Form 2439, which investors who hold shares in "street name" should receive from their brokerage firm by March 31, 2008. Investors who own shares directly through the funds' transfer agent will receive Form 2439 in mid-February. These gains will not be reported on Form 1099-DIV, which will only reflect realized capital gains actually distributed to shareholders and taxable in 2007. Shareholders who hold the affected funds in a taxable account should wait to file their tax returns until both Forms 2439 and 1099-DIV are received, and should not base their tax filing on the estimated amounts set forth in this announcement. Shareholders of the funds held in a qualified non-taxable account (for example, an IRA or 401(k) account) are entitled to a refund of the taxes paid by each fund; the account's custodian is responsible for facilitating this refund. More details about these funds, as well as additional information on retained capital gains and related tax information are available on www.nuveen.com/taxinfo.

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 $170 billion in assets as of September 30, 2007. For more information, please visit the Nuveen Investments website at www.nuveen.com.


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