CORRECTING and REPLACING Municipal Advantage Fund Inc. Announces Decrease in Monthly Dividend Rate & Change to Daily Net Asset Value Reporting.

Business Editors

CORRECTION...by Municipal Advantage Fund Inc.

NEW YORK--(BUSINESS WIRE)--Feb. 24, 2004

In BW5942 issued Feb. 24, 2004: Third graph, first sentence of release should read: other information is available at www.pimcoadvisors.com or by calling 1-800-426-5523.(sted other information is available at www.pimcoadvisors.com or by calling 1-800-331-1710.)

The corrected Release Reads:

MUNICIPAL ADVANTAGE FUND INC. ANNOUNCES DECREASE IN MONTHLY DIVIDEND RATE & CHANGE TO DAILY NET ASSET VALUE REPORTING

The Board of Directors of Municipal Advantage Fund Inc. (the "Fund") (NYSE: MAF), a closed-end management investment company which seeks a high level of current income exempt from regular federal income taxes, today announced its intention to decrease the Fund's monthly per share common dividend from 7.50 cents per common share to 7.0 cents per common share. In addition, the Board announced that commencing Monday, March 1, 2004, the Fund will calculate and report its net asset value ("NAV") daily. Currently, the Fund calculates and reports its NAV weekly.

PIMCO Advisors Fund Management LLC, an indirect, majority-owned subsidiary of Allianz Dresdner Asset Management of America L.P., serves as the Fund's investment manager and is a member of Munich-based Allianz Group (NYSE-AZ). OpCap Advisors LLC, a PIMCO Advisors Fund Management affiliate, serves as investment adviser. Allianz is a leading global financial services company.

The Fund's daily New York Stock Exchange closing price, weekly net asset value per share as well as other information is available at www.pimcoadvisors.com or by calling 1-800-426-5523.