NMA Nuveen Municipal Advantage Fund, Inc.

This Set of Funds Joins Previously Announced Shareholder-Approved Merger

Nuveen Investments, a leading global provider of investment services to institutions as well as individual investors, today announced that shareholders of four Nuveen national municipal closed-end funds approved a fund merger. As previously announced, the mergers are intended to create larger funds with lower operating expenses and increased trading volumes on the exchange for common shares.

In connection with the shareholder approval, the funds will be merged as follows:

                    Acquired Fund     Symbol     Acquiring Fund     Symbol Nuveen Premium Income Municipal Fund 4, Inc.     NPT    

Nuveen Dividend AdvantageMunicipal Fund 3, to be renamedNuveen Enhanced Municipal Credit Opportunities Fund

    NZF Nuveen Dividend Advantage Municipal Fund 2 NXZ Nuveen Municipal Advantage Fund, Inc.     NMA            

Additionally, as previously announced, shareholders of four other closed-end funds listed in the table below had previously approved a plan to merge as follows:

                          Acquired Fund       Symbol       Acquiring Fund       Symbol Nuveen Municipal Opportunity Fund, Inc.       NIO      

Nuveen Dividend AdvantageMunicipal Income Fund, to berenamed Nuveen Enhanced AMT-Free Municipal Credit Opportunities Fund

      NVG Nuveen Quality Municipal Fund, Inc. NQI Nuveen Quality Income Municipal Fund, Inc.       NQU                

Subject to the satisfaction of certain customary closing conditions, the reorganizations are expected to close prior to the opening of the New York Stock Exchange on April 11, 2016. A Nuveen Municipal Bond Closed-End Funds Q&A posted on Nuveen’s web site provides a summary of the proposed mergers. Detailed information on the proposals is contained in the proxy materials previously filed with the SEC.

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 independent investment subsidiaries of Nuveen Investments, Inc. Funds distributed by Nuveen Securities, LLC, a subsidiary of Nuveen Investments, Inc. Nuveen Investments operates as a separate subsidiary within TIAA-CREF, which is a leading provider of retirement and financial services in the academic, research, medical and cultural fields. In total, Nuveen Investments managed approximately $225 billion as of December 31, 2015. For more information, please visit the Nuveen Investments website at www.nuveen.com.

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Nuveen InvestmentsMedia Contact:Kristyna Munoz, (312) 917-8343kristyna.munoz@nuveen.com