Neuberger Berman Dividend Advantage Fund Announces Important Dates in Connection with Its Liquidation

Neuberger Berman Dividend Advantage Fund Inc. (NYSEAmex: NDD) (the “Fund”) has announced important dates in connection with the liquidation which was approved by the Fund’s stockholders. Specifically, the Fund will close its stock transfer books as of the close of business on October 26, 2009, and shares of the Fund’s common stock will then cease to be traded on the NYSE Amex (formerly, American Stock Exchange). On that date, each of the Fund’s common stockholder’s proportionate interest in the assets of the Fund will be fixed and the common stock becomes nontransferable. Under the terms of the Fund’s plan of liquidation and dissolution, these stockholders will be entitled to receive liquidating distributions.

The Fund expects to pay a liquidating distribution on or about October 29, 2009. Should additional liquidating distributions be necessary, the Fund will separately announce the expected dates of any such distributions. The Fund’s net asset value per share will continue to be posted daily on the website of the Fund’s investment manager, at www.nb.com.

About Neuberger Berman

Neuberger Berman Group LLC is one of the world’s leading, independent, employee-controlled asset management companies. As of September 30, 2009, assets under management were approximately $168 billion. Established in 1939, Neuberger Berman is a leader in a broad range of global investment solutions – equity, fixed income, and alternatives – to institutions and individuals though customized separately managed accounts, mutual funds and alternative investment products. For more information please visit our website at www.nb.com.

Statements made in this release that look forward in time involve risks and uncertainties and are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such risks and uncertainties include, without limitation, the adverse effect from a decline in the securities markets or a decline in the Fund’s performance, a general downturn in the economy, competition from other closed-end investment companies, changes in government policy or regulation, inability of the Fund’s investment manager to attract or retain key employees, inability of the Fund to implement its investment strategy, inability of the Fund to manage rapid expansion and unforeseen costs and other effects related to legal proceedings or investigations of governmental and self-regulatory organizations.