DNP SELECT INCOME FUND ANNOUNCES PAYOUTS AND PAYOUT SOURCES

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CHICAGO, June 9, 2022 /PRNewswire/ — The board of directors of DNP Select Income Fund Inc. (NYSE: DNP), a closed-end fund advised by Duff & Phelps Investment Management Co., today approved the payment of dividends on its common stock as follows:

cents per share

Ex-dividend date

recording date

payday

6.5

July 28, 2022

July 29, 2022

August 10, 2022

6.5

August 30, 2022

August 31, 2022

09/12/2022

6.5

September 29, 2022

09/30/2022

October 11, 2022

The Fund implemented a managed distribution plan (the “Plan”) in 2007 to maintain its current position 6.5 cents Payout ratio per share. Under the plan, the Fund will distribute all available investment income to its shareholders in accordance with the Fund’s primary objective. If sufficient investment income is not available monthly, the Fund will distribute long-term capital gains and/or capital returns to its shareholders to cover the 6.5 cents Payout level per share.

The following table shows the estimated amounts of the Fund’s current monthly distribution payable June 10, 2022, together with the cumulative distributions paid this financial year to date from the following sources. The fiscal year is from November 1, 2021 to October 31st2022. All amounts are expressed per common share based on US generally accepted accounting principles, which may differ from federal income tax rules.

Distribution Source Notification
Distribution period: May 2022
Distribution amount per common share: $0.065

distribution estimates

May 2022

Fiscal year YTD

amount per share

% of current distribution

amount per share

% of Cumulative Distributions

net investment income

$0.019

29%

$0.146

32%

Net realized short-term capital gains

Realized long-term net capital gains

0.017

27%

0.300

66%

Return of capital (or other source of capital)

0.029

44%

0.009

2%

In total

(per common share)

$0.065

100%

$0.455

100%

April 30, 2022

Average annual total return* of NAV for the past 5 years

9.09%

Annualized current payout rate as a percentage of NAV

7.85%

Cumulative total return on NAV for fiscal year YTD

9.42%

Accumulated fiscal year distributions as a percentage of NAV

3.92%

* Simple arithmetic average of the last five years returns.

You should not necessarily draw any conclusions about the investment performance of the fund from the level of these distributions or the terms of the fund plan.

The amounts and sources of distributions disclosed in this release are estimates only and are not provided for tax reporting purposes. The actual amounts and sources of amounts for tax reporting purposes depend on the Fund’s investment experience during the remainder of the financial year and are subject to change due to tax regulations. The fund or your agent will send you a 1099-DIV for the calendar year detailing how to report those distributions for federal income tax purposes.

The Fund will issue a separate 19(a) statement at the time of each monthly distribution using the most recent financial information available.

About the fund

DNP Select Income Fund Inc. is a closed-end diversified investment manager whose primary investment objectives are current income and long-term income growth. The Fund seeks to achieve these objectives by investing primarily in a diversified portfolio of equity and fixed income securities of public utility companies. For more information, visit www.dpimc.com/dnp or call (800) 864-0629.

About the Investment Advisor

Duff & Phelps Investment Management Co. has over 40 years of experience managing investment portfolios, including institutional individual accounts and open-end and closed-end funds, that invest in utilities, infrastructure and real estate investment trusts (REITs). Visit www.dpimc.com for more information.

Duff & Phelps Investment Management Co. is a subsidiary of Virtus Investment Partners (NASDAQ: VRTS) (“Virtus”), a distinctive partnership of boutique investment managers with $183.3 billion under administration March 31, 2022. Virtus offers investment management products and services to individuals and institutions through affiliated managers and select Sub-Advisers, each with their own investment style, autonomous investment process and individual brand. Visit www.virtus.com for more information.

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SOURCE DNP Select Income Fund Inc.

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