Neuberger Berman Dividend Advantage Fund Inc. Announces Proposed Liquidation

Neuberger Berman Dividend Advantage Fund Inc. (AMEX: NDD) (“NDD” or the “Fund”) announced today that its Board of Directors (the “Board”) has approved a proposal to liquidate the Fund. The liquidation proposal must also be approved by Fund stockholders and will be considered at a special meeting of stockholders to be called for that purpose. If stockholders approve the liquidation, the Fund will sell its assets, unwind its leverage, discharge its liabilities (including liabilities in connection with unwinding its leverage), cease trading on the American Stock Exchange and distribute the net proceeds to its common stockholders.

As it previously announced, Neuberger Berman Management LLC (“Neuberger Berman”), the Fund’s investment manager, has been exploring certain courses of action that would result in increased liquidity options for the Fund’s stockholders. After considering a range of options, Neuberger Berman and the Board decided the best option was to submit a proposal to liquidate the Fund to a vote of the Fund’s stockholders. Factors considered in reaching this decision included, among others, the small asset size of the Fund, the level of asset depreciation the Fund has experienced during the on going economic downturn and the related increase in its expense ratio, challenges associated with its unique hybrid investment strategy and the common stockholders’ response to the Fund’s recent tender offer.

Additional information will be included in the proxy statement to be sent to stockholders in advance of the special meeting at which they will consider the proposed liquidation.

About Neuberger Berman

Neuberger Berman Group LLC is one of the world’s largest private, independent employee-controlled asset management companies. As of March 31, 2009, assets under management were approximately $155 billion. Established in 1939, Neuberger Berman is a leader in providing a broad range of global investment solutions – equity, fixed income, and alternatives – to institutions and individuals through 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 adviser 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.