NKO Nuveen New York Dividend Advantage Municipal Income Fund Common Shares of Beneficial Interest Par Value $.01

Four Nuveen closed-end funds today each announced the renewal of liquidity facilities established in connection with Variable Rate Demand Preferred (VRDP) shares issued by the funds in August 2008. The liquidity facilities will continue to be provided by Deutsche Bank, AG and will terminate in September 2011 unless renewed. Concurrent with the renewal of the funds’ liquidity facilities, the funds also completed a private exchange offer, in which the VRDP shares previously issued by the funds were exchanged for new VRDP shares with terms substantially similar to the terms for VRDP shares issued by six Nuveen closed-end funds earlier this year. The principal difference in terms between the funds’ old and new VRDP shares is the requirement that the funds redeem VRDP shares owned by the liquidity provider if the shares have been owned by the liquidity provider through six months of unsuccessful remarketing.

The four funds that successfully completed the VRDP exchange offers are as follows:

Nuveen Insured Premium Income Municipal Fund 2 (NYSE: NPX)Nuveen Dividend Advantage Municipal Fund 2 (AMEX: NXZ)Nuveen Insured New York Dividend Advantage Municipal Fund (AMEX: NKO)Nuveen Insured California Tax Free Advantage Municipal Fund (AMEX: NKX)

As defined pursuant to Rule 144A under the Securities Act of 1933, VRDP shares are available to qualified institutional buyers, such as money market funds.

Investors interested in learning more about the role of VRDP shares and the use of leverage in general can visit the Understanding Leverage section in Nuveen’s closed-end fund website at the following address: http://www.nuveen.com/CEF/Learn/Leverage/StructuralLeverage.aspx

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 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 $150 billion as of March 31, 2010. For more information, please visit the Nuveen Investments website at www.nuveen.com.

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