Neuberger Berman Dividend Advantage Fund Announces Amount of Liquidating Distribution

Neuberger Berman Dividend Advantage Fund Inc. (NYSEAmex: NDD) (the “Fund”) has announced that $10.1945 per share of common stock is the amount of the liquidating distribution to be paid to common stockholders of record as of October 26, 2009. As previously communicated, shares of the Fund’s common stock ceased trading on the NYSE Amex as of the close of business on October 26, 2009. At that time, the Fund’s share register books were closed and common stockholder interests in the Fund’s assets were fixed and became nontransferable.

If you receive a liquidating distribution, it will be reflected on your Form 1099-DIV for 2009. Please consult your tax and/or financial adviser if you have questions concerning the tax treatment or the timing of your receipt of the liquidating distribution.

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 $169 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.