NGB Nuveen Virginia Dividend Advantage Municipal Fund Common Shares of Beneficial Interest

Nuveen Investments, a leading global provider of investment services to institutions and high-net-worth investors today announced the first distribution declarations for the MuniFund Term Preferred shares (MTP) of both the Nuveen Virginia Dividend Advantage Municipal Fund 2 (NNB PrC) and the Nuveen Virginia Dividend Advantage Municipal Fund (NGB PrC). These distributions cover the time period of 57 days between the shares’ settlement on November 4, 2009 and the payable date of December 31, 2009 for NNB PrC and 43 days between the shares’ settlement on November 18, 2009 and the payable date of December 31, 2009 for NGB PrC. Based on the par amount of $10 per share, this distribution reflects an annualized distribution rate of 2.800 percent for both NNB PrC and NGB PrC.

MuniFund Term Preferred Shares are a new form of preferred share issued by Nuveen municipal bond closed-end funds for the purposes of locking in leverage costs at an attractive fixed tax-exempt cost and to hedge against the risk of rising short-term rates. This hedging effort is designed to improve future common share net earnings and distributions, and to simultaneously provide the opportunity for partial or full liquidity at par for that fund’s outstanding auction-rate preferred shares (ARPS).

The following dates apply to today’s dividend declaration:

Tax-Free*Distribution Per Share

NNBPrC

Nuveen Virginia Dividend Advantage MunicipalFund 2 MuniFund Term Preferred Shares

NGBPrC

Nuveen Virginia Dividend Advantage MunicipalFund MuniFund Term Preferred Shares

*Income may be subject to state and local taxes as well as the Federal Alternative Minimum Tax.

Nuveen Investments provides high quality investment services designed to help secure the long-term goals of institutions and high net worth investors as well as the consultants and financial advisors who serve them. Nuveen Investments markets its growing range of specialized investment solutions under the high-quality brands of HydePark, NWQ, Nuveen, Santa Barbara, Symphony, Tradewinds and Winslow Capital. In total, the Company managed $141 billion of assets on September 30, 2009. For more information, please visit the Nuveen Investments website at www.nuveen.com.

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