Dividend and Income Fund Announces Rights Offering Details

Dividend and Income Fund, Inc. DNI announced today that the Fund has issued 7,099,952 shares of common stock pursuant to its recently completed non-transferable rights offering. Because sufficient primary subscription shares were not available to honor all over-subscription requests, the Fund, pursuant to the Prospectus and at the discretion of its Board of Directors, increased the number of shares subject to subscription by an additional 1,419,952 new shares, to cover such over-subscription requests. The available shares were allocated pro rata among those who over-subscribed based on the number of shares owned by them on the record date, November 14, 2011. Confirmation statements are being mailed today and refunds for overpayments will be mailed shortly.