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DNP Select Income Fund Inc., Duff & Phelps Utility And Corporate Bond Trust Inc. And DTF Tax-Free Income Inc. Comment On Moody's Revised Rating Methodology And Downgrade Of Closed-End Fund Preferred Shares

In the news release, DNP Select Income Fund Inc., Duff & Phelps Utility and Corporate Bond Trust Inc. and DTF Tax-Free Income Inc. Comment on Moody's Revised Rating Methodology and Downgrade of Closed-End Fund Preferred Shares, issued 12-Jul-2012 by DNP Select Income Fund Inc. over PR Newswire, we are advised by the company that the third paragraph, fifth sentence, should read "Under the terms of the Funds' charters the rating changes will result in higher dividend rates on DNP's and DUC's preferred shares, as set forth in the applicable prospectuses, and no change in the dividend rate on DTF's preferred shares." rather than "Under the terms of the Funds' charters the rating changes will result in higher dividend rates on the preferred shares, as set forth in the applicable prospectuses." as originally issued inadvertently. The complete, corrected release follows:

DNP Select Income Fund Inc., Duff & Phelps Utility and Corporate Bond Trust Inc. and DTF Tax-Free Income Inc. Comment on Moody's Revised Rating Methodology and Downgrade of Closed-End Fund Preferred Shares

CHICAGO, July 12, 2012 /PRNewswire/ -- DNP Select Income Fund Inc. (NYSE: DNP), Duff & Phelps Utility and Corporate Bond Trust Inc. (NYSE: DUC) and DTF Tax-Free Income Inc. (NYSE: DTF), three registered closed-end diversified management investment companies advised by Duff & Phelps Investment Management Co. (the "Funds"), have commented on the downgrades resulting from Moody's Investors Service ("Moody's) revised methodology for rating closed-end fund ("CEF") preferred shares.

Moody's has downgraded the ratings of debt and preferred shares issued by all equity, municipal bond and taxable fixed income CEFs, including the Funds. The rating actions conclude reviews initiated in May 2012, when obligations of all CEFs were placed on review for downgrade following the publication of Moody's revised methodology for rating securities issued by CEFs. The revised rating methodology incorporates the market volatility experienced in the 2008 financial crisis on the different types of assets in which funds invest, as well as their leverage, portfolio diversity and other factors.

DNP's Auction Preferred Stock and Remarketed Preferred Stock (CUSIPs 23325P856, 23325P872, 23325P500 and 23325P609) are now rated A1. DUC's Auction Market Preferred Shares (CUSIP 26432K306) are now rated Aa2. DTF's Remarketed Preferred Stock (CUSIP 23334J206) is now rated Aa1. All of the Funds' preferred shares were formerly rated Aaa. Under the terms of the Funds' charters the rating changes will result in higher dividend rates on DNP's and DUC's preferred shares, as set forth in the applicable prospectuses, and no change in the dividend rate on DTF's preferred shares. However, there has been no change in the Funds' objectives or investment strategies, or ability to continue to meet their obligations to preferred shareholders.

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