Neuberger Berman Dividend Advantage Fund Inc. Announces Date of Special Meeting of Stockholders

Neuberger Berman Dividend Advantage Fund Inc. (AMEX: NDD) (the “Fund”) announced today that its Board of Directors (the “Board”) has scheduled a Special Meeting of Stockholders (the “Meeting”) to be held on Tuesday, October 13, 2009 at 2:00 p.m. Eastern time at the offices of Neuberger Berman LLC, in New York City. The record date for stockholders to be eligible to vote at the Meeting is September 3, 2009. The Meeting is being called to vote on a proposal to liquidate and dissolve the Fund, as set forth in a Plan of Liquidation and Dissolution.

If stockholders approve the proposal, the Fund will commence an orderly liquidation of its assets, unwind its leverage, discharge its liabilities (including its liabilities in connection with unwinding its leverage), cease trading on the NYSE Amex (formerly, American Stock Exchange) and distribute its net proceeds to its common stockholders. Additional information will be included in the proxy statement to be sent to stockholders in advance of the Meeting.

About Neuberger Berman

Neuberger Berman Group LLC is one of the world’s largest private, independent, employee-controlled asset management companies. As of June 30, 2009, assets under management were approximately $158 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.