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Delaware Investments Municipal Income Funds Announce Dividends PHILADELPHIA, Dec. 1 /PRNewswire/ -- Six Delaware Investments Municipal Income Funds, all closed-end management investment companies, today declare income dividends. Delaware Investments Minnesota Municipal Income Fund, Inc., Delaware Investments Minnesota Municipal Income Fund II, Inc., Delaware Investments Minnesota Municipal Income Fund III, Inc., Delaware Investments Arizona Municipal Income Fund, Inc., Delaware Investments Florida Insured Municipal Income Fund and Delaware Investments Colorado Insured Municipal Income Fund, Inc. declare their regular monthly dividends(1). In addition, Delaware Investments Arizona Municipal Income Fund, Inc., Delaware Investments Colorado Insured Municipal Income Fund, Inc., Delaware Investments Florida Insured Municipal Income Fund, and Delaware Investments Minnesota Municipal Income Fund, Inc. today declare capital gains distributions. The dividends and capital gains distributions are as follows: FUND Declaration Record Payable Dividend Date Ex-Date Date Date per Share Delaware Investments Minnesota Municipal Income Fund, Inc. (AMEX:VMN)(2) 12/1/2003 12/10/2003 12/12/2003 12/26/2003 $0.080000 Delaware Investments Minnesota Municipal Income Fund, Inc. (AMEX:VMN) (Capital Gains - Long Term - 15%)(6) 12/1/2003 12/10/2003 12/12/2003 12/26/2003 $0.110000 Delaware Investments Minnesota Municipal Income Fund, Inc. (AMEX:VMN) (Capital Gains - Long Term - 20%)(6) 12/1/2003 12/10/2003 12/12/2003 12/26/2003 $0.189000 Delaware Investments Minnesota Municipal Income Fund, Inc. (AMEX:VMN) (Capital Gains - Short Term)(6) 12/1/2003 12/10/2003 12/12/2003 12/26/2003 $0.013000 Delaware Investments Minnesota Municipal Income Fund II, Inc. (AMEX:VMM)(2) 12/1/2003 12/10/2003 12/12/2003 12/26/2003 $0.085000 Delaware Investments Minnesota Municipal Income Fund III, Inc. (AMEX:VYM)(2) 12/1/2003 12/10/2003 12/12/2003 12/26/2003 $0.075000 Delaware Investments Arizona Municipal Income Fund, Inc. (AMEX:VAZ)(3) 12/1/2003 12/10/2003 12/12/2003 12/26/2003 $0.080000 Delaware Investments Arizona Municipal Income Fund, Inc. (AMEX:VAZ) (Capital Gains - Long Term -15%)(6) 12/1/2003 12/10/2003 12/12/2003 12/26/2003 $0.055000 Delaware Investments Arizona Municipal Income Fund, Inc. (AMEX:VAZ) (Capital Gains - Long Term - 20%)(6) 12/1/2003 12/10/2003 12/12/2003 12/26/2003 $0.006000 Delaware Investments Florida Insured Municipal Income Fund (AMEX:VFL)(4) 12/1/2003 12/10/2003 12/12/2003 12/26/2003 $0.085000 Delaware Investments Florida Insured Municipal Income Fund (AMEX:VFL) (Capital Gains - Long Term - 15%)(6) 12/1/2003 12/10/2003 12/12/2003 12/26/2003 $0.020000 Delaware Investments Colorado Insured Municipal Income Fund, Inc. (AMEX:VCF)(5) 12/1/2003 12/10/2003 12/12/2003 12/26/2003 $0.080000 Delaware Investments Colorado Insured Municipal Income Fund, Inc. (AMEX:VCF) (Capital Gains - Long Term - 15%)(6) 12/1/2003 12/10/2003 12/12/2003 12/26/2003 $0.022000 Delaware Investments Colorado Insured Municipal Income Fund, Inc. (AMEX:VCF) (Capital Gains - Long Term - 20%)(6) 12/1/2003 12/10/2003 12/12/2003 12/26/2003 $0.003000 Delaware Investments Colorado Insured Municipal Income Fund, Inc. (AMEX:VCF) (Capital Gains - Short Term)(6) 12/1/2003 12/10/2003 12/12/2003 12/26/2003 $0.002000 (1) The dividends are exempt from Federal income tax. (2) The dividend is exempt from Minnesota state personal income tax. (3) The dividend is exempt from Arizona state personal income tax. (4) The dividend is exempt from the Florida intangible personal property tax. (5) The dividend is exempt from Colorado state personal income tax. (6) The capital gain is subject to Federal and state income tax. Delaware Investments is a diversified asset management organization. As of September 30, 2003, Delaware Investments had more than $95 billion in assets under management. Delaware Investments provides investment products and services to individual investors through a broad line of mutual funds, retirement plan services, college savings plans and other investment products, and to institutional investors, primarily private and public pension funds, foundations, endowment funds, banks and insurance companies. Delaware Investments is the marketing name for Delaware Management Holdings, Inc. and its subsidiaries. DATASOURCE: Delaware Investments CONTACT: Thomas Gariepy, Corporate Communications, Delaware Investments, +1-215-255-1495, or Investor Relations: Priscilla Brown, Lincoln Financial Group, +1-215-448-1422 Web site: http://www.delawareinvestments.com/

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