CHICAGO, April 8, 2008 /PRNewswire-FirstCall/ -- A special meeting of the combined Boards of Directors of the Duff & Phelps Investment Management Co. advised closed-end mutual funds was held on Tuesday, April 8, 2008. The purpose of the meeting was to receive an update from the Funds' management and legal counsel on developments relating to the Funds' remarketed preferred stock and auction preferred stock that have occurred since the Boards' last discussion of the issue at their February 2008 meetings. Management reported to the Boards that the auction and remarketing failures that began in February 2008 continue to be related to general quality and liquidity concerns in the credit markets, not to any problems with the creditworthiness of the Funds or their preferred shares. The Boards expressed concern about the frustration preferred shareholders are experiencing because they are currently unable to obtain liquidity for their shares through the auction and remarketing process. For this reason, the Boards directed Fund management to continue its efforts to develop and evaluate potential solutions that will be in the best interests of all of the Funds' shareholders. It is likely that auction and remarketing failures will continue for some period and the Funds cannot determine at what point a resolution to the liquidity crisis will occur. Given the short-term interest rate environment, leverage remains beneficial to the Funds' common shareholders, and therefore will likely be maintained in some form. The Funds have honored and intend to continue to honor their obligations to preferred shareholders by paying them the dividends to which they are entitled under the terms of their securities. At the same time, the Funds, like other market participants, will continue to seek solutions to the current liquidity crisis, working closely with investment industry regulators and associations, commercial banks, and investment banks. The Funds and their Boards of Directors are committed to fulfilling their obligations to both common and preferred shareholders. DNP Select Income Fund Inc. is a closed-end diversified investment management company. The Fund's 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 industry. For more information, visit the Fund's website at http://www.dnpselectincome.com/ or call the Fund at (800) 864-0629. DATASOURCE: DNP Select Income Fund Inc. CONTACT: Joseph C. Curry, Jr., +1-502-588-8602, or Dianna P. Wengler, +1-502-588-8603, or Timothy P. Riordan, +1-502-588-1786, all of DNP Select Income Fund Inc. Web site: http://www.dnpselectincome.com/

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