Nuveen Dividend Advantage Municipal Income Fund Announces Intention to Redeem Preferred Shares

Nuveen Investments, a leading global provider of investment services to institutions as well as individual investors, today announced that the Board of Trustees of Nuveen Dividend Advantage Municipal Income Fund (NVG) has approved the fund’s plan to redeem a portion of its preferred shares. The fund has filed with the Securities and Exchange Commission a notice of intention to redeem a portion of its outstanding Variable Rate Demand Preferred (VRDP) shares.

VRDP shares will be redeemed at their $100,000 liquidation preference per share, plus an optional redemption premium and an additional amount representing the final accumulated dividend amounts owed. The fund intends to finance its preferred share redemption with cash on hand and from the proceeds of sales of securities in its investment portfolio. The redemption is contingent upon the completion of the fund’s previously announced common share tender offer, which may be delayed or extended as determined by the Board. Formal notice of the redemption will be delivered to preferred shareholders at a later date through The Depository Trust Company (DTC).

The fund intends to redeem a portion of its preferred shares are as follows:

The anticipated redemption date is October 21, 2014.

The address of the VRDP shares tender and paying agent, The Bank of New York Mellon, is 101 Barclay Street, New York, New York 10286.

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 $231 billion as of June 30, 2014. For more information, please visit the Nuveen Investments website at www.nuveen.com.

FORWARD LOOKING STATEMENTS

Certain statements made in this release are 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:

• the consummation of the fund’s common share tender offer for a portion of its outstanding common shares;
• having the cash on hand or generating enough proceeds from the sale of portfolio securities sufficient for the fund to redeem a portion of its VRDP shares;
• other 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 statement.

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.

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