CHICAGO, May 26 /PRNewswire-FirstCall/ -- DNP Select Income Fund Inc. (NYSE:DNP), a closed-end registered investment company advised by Duff & Phelps Investment Management Co., announced today that the Fund will redeem a series of its preferred securities as part of its stated intent to retire all its preferred stock. The Fund will redeem all 4,000 outstanding shares of its Auction Preferred Stock, Series W, liquidation preference $25,000 per share (CUSIP: 23325P880). The shares will be redeemed on May 28, 2009. Redemption of the shares, which was approved by the Fund's board, has been financed by the previously announced credit facility that is intended to ultimately finance redemptions of up to $900 million of DNP preferred shares. Management anticipates that the Fund will retire additional shares of preferred stock during the second quarter of 2009, although there is no assurance as to the amount or timing of additional redemptions. The Fund is currently constrained in its ability to refinance all of its outstanding preferred stock with debt by the asset coverage requirements of the Investment Company Act of 1940. Therefore, the Fund has applied to the U.S. Securities and Exchange Commission for an exemptive order enabling the Fund, for a transitional period, to maintain 200% asset coverage with respect to debt leverage that is used to redeem preferred stock, rather than the 300% required by the Act. There is no assurance that such an exemptive order will be granted. The Fund will announce any subsequent redemptions through press releases and postings to its website, http:/www.dnpselectincome.com. Moody's Investors Service, Inc. and Standard & Poor's recently reaffirmed their respective "Aaa" and "AAA" credit ratings assigned to all series of the Fund's preferred shares in connection with the Fund's establishment of the credit facility. DNP Select Income Fund Inc. is a closed-end diversified investment management company whose primary investment objectives are current income and long-term growth of income. The fund seeks to achieve these objectives by investing primarily in a diversified portfolio of equity and fixed income securities of companies in the public utilities industries. For more information, visit http://www.dnpselectincome.com/ or call (800) 864-0629. Duff & Phelps Investment Management Co. has more than 28 years of experience managing investment portfolios, including institutional separate accounts and open- and closed-end funds investing in utilities, infrastructure and real estate investment trusts (REITs). For more information, visit http://www.dpimc.com/. Duff & Phelps is a subsidiary of Virtus Investment Partners (NASDAQ: VRTS), an asset management company with $20.8 billion under management (as of March 31, 2009). Virtus provides investment management products and services to individuals and institutions through a multi-manager asset management business, comprising a number of individual affiliated managers, each with a distinct investment style, autonomous investment process and individual brand. Additional information can be found at http://www.virtus.com/. DATASOURCE: DNP Select Income Fund Inc. CONTACT: Joseph C. Curry, Jr., Dianna P. Wengler, or Timothy P. Riordan, +1-888-878-7845, all for DNP Select Income Fund Inc. Web Site: http://www.dnpselectincome.com/

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