Nuveen Dividend Advantage Municipal Income Fund Issues VRDP Shares

Nuveen Investments, a leading global provider of investment services to institutions as well as individual investors, today announced that the Nuveen Dividend Advantage Municipal Income Fund (NYSE MKT: NVG) has issued Variable Rate Demand Preferred (VRDP) shares through a private placement with a qualified institutional buyer, as defined pursuant to Rule 144A under the Securities Act of 1933. The proceeds of the issuance will be used to redeem all of the outstanding MuniFund Term Preferred (MTP) and Variable Rate MuniFund Term Preferred (VMTP) shares of the fund as previously announced.

VRDP issuance details are as follow:

The VRDP shares were issued with terms established for an initial special rate period through December 2016. During this period the VRDP shares will not be remarketed by a remarketing agent, be subject to optional or mandatory tender events, or supported by a liquidity provider. During this period, VRDP dividends will be set at a fixed spread to the Securities Industry and Financial Markets Association Municipal Swap Index (SIFMA).

At the end of the approximately three-year special rate period, the fund may seek to enter into another mutually agreeable special rate period with the then holders of the VRDP shares or alternatively seek to establish the new rate period as a different special rate period with a new holder or holders or to establish the new rate period and succeeding rate periods as minimum rate periods and, in connection therewith, appoint a liquidity provider and remarketing agent. VRDP shares are preferred securities of the fund and are senior, with priority in all respects, to the fund’s common shares in liquidation and as to payments of dividends.

The proceeds of the VRDP issuance were deposited in trust with an affiliate of Computershare, Inc., the Redemption and Paying Agent for the MTP and VMTP shares. This deposit will be held for the benefit of MTP and VMTP shareholders, as applicable. Both MTP and VMTP shares will be redeemed on December 23, 2013. Official notification of the redemption will be delivered to MTP and VMTP shareholders through The Depository Trust Company (DTC). Upon redemption of the MTP shares, the funds intend to deregister and delist the MTP shares from the NYSE MKT.

No VRDP shares have been registered under the Securities Act of 1933 (the Securities Act) or any state securities laws. Unless so registered, no VRDP shares may be offered or sold in the United States except pursuant to an exemption from the registration requirements of the Securities Act and applicable state securities laws. This press release is neither an offer to sell nor a solicitation of an offer to buy any of these securities.

Nuveen Investments provides high-quality investment services designed to help secure the long-term goals of institutional and individual investors as well as the consultants and financial advisors who serve them. Nuveen Investments markets a wide range of specialized investment solutions which provide investors access to capabilities of its high-quality boutique investment affiliates—Nuveen Asset Management, LLC, Symphony Asset Management LLC, NWQ Investment Management Company, LLC, Santa Barbara Asset Management, LLC, Tradewinds Global Investors, LLC, Winslow Capital Management, LLC and Gresham Investment Management LLC, all of which are registered investment advisers and subsidiaries of Nuveen Investments, Inc. Funds distributed by Nuveen Securities, LLC., a subsidiary of Nuveen Investments, Inc. In total, Nuveen Investments managed nearly $215 billion as of September 30, 2013. For more information, please visit the Nuveen Investments website at www.nuveen.com.

FORWARD LOOKING STATEMENTS

Certain statements made in this release may be forward-looking statements. Actual future results or occurrences may differ significantly from those anticipated in any forward-looking statements due to numerous factors. These include, but are not limited to:

• market developments;
• legal and regulatory developments; and
• other additional risks and uncertainties.

Nuveen and the closed-end funds managed by Nuveen and its affiliates undertake no responsibility to update publicly or revise any forward-looking statements.

The Annual and Semi-Annual Reports and other regulatory filings of the Nuveen closed-end funds with the Securities and Exchange Commission ("SEC") are accessible on the SEC's web site at www.sec.gov and on Nuveen's web site at www.nuveen.com and may discuss the above-mentioned or other factors that affect the Nuveen closed-end funds. The information contained on the SEC’s web site and our web site is not a part of this press release.

This notice is being provided pursuant to Regulation FD (Fair Disclosure) to ensure that the fund’s common and preferred shareholders have been informed of the fund’s issuance of VRDP.