Delaware Investments® Dividend and Income Fund, Inc. Announces Dividends

PHILADELPHIA–(BUSINESS WIRE)–Today, Delaware Investments Dividend and Income Fund, Inc. (the “Fund”),
a New York Stock Exchange–listed closed-end fund trading under the
symbol “DDF,” declares a monthly dividend of $0.0400 per share. This
dividend is payable Sept. 29, 2017, to shareholders of record at the
close of business on Sept. 15, 2017. The ex-dividend date will be Sept.
14, 2017.

The Fund is a diversified closed-end fund. The primary investment
objective is to seek high current income; capital appreciation is a
secondary objective. The Fund seeks to achieve its objectives by
investing, under normal circumstances, at least 65% of its total assets
in income-generating equity securities, including dividend-paying common
stocks, convertible securities, preferred stocks, and other
equity-related securities, which may include up to 25% in real estate
investment trusts (REITs) and real estate industry operating companies.
Up to 35% of the Fund’s total assets may be invested in nonconvertible
debt securities consisting primarily of high-yield, high-risk corporate
bonds. In addition, the Fund utilizes leveraging techniques in an
attempt to obtain a higher return for the Fund. There is no assurance
that the Fund will achieve its investment objectives.

The Fund has implemented a managed distribution policy. Under the
policy, the Fund is managed with a goal of generating as much of the
distribution as possible from net investment income and short-term
capital gains. The balance of the distribution will then come from
long-term capital gains to the extent permitted, and if necessary, a
return of capital. Even though the Fund may realize current year capital
gains, such gains may be offset, in whole or in part, by the Fund’s
capital loss carryovers from prior years. For federal income tax
purposes, the effect of such capital loss carryovers is to convert (to
the extent of such current year gains) what would otherwise be
nontaxable returns of capital into distributions taxable as ordinary
income. The use of such capital loss carryovers in this circumstance
will produce no tax benefit for shareholders, and the capital loss
carryovers available to offset future capital gains of the Fund will be
reduced. Under the Regulated Investment Company Modernization Act of
2010, this tax effect attributable to the Fund’s capital loss carryovers
(the conversion of nontaxable returns of capital into distributions
taxable as ordinary income) will no longer apply to net capital losses
of the Fund arising in Fund tax years beginning after Nov. 30, 2011. The
actual determination of the source of the Fund’s distributions can be
made only at year end. Shareholders should receive written notification
regarding the actual components and tax treatments of all Fund
distributions for the calendar year 2017 in early 2018.

About Macquarie Investment Management

Macquarie Investment Management, a member of Macquarie Group, includes
the former Delaware Investments and is a global asset manager with
offices throughout the United States, Europe, Asia, and Australia. As
active managers, we prioritize autonomy and accountability at the team
level in pursuit of opportunities that matter for clients. Macquarie
Investment Management is supported by the resources of Macquarie Group
(ASX: MQG; ADR: MQBKY), a global provider of asset management,
investment, banking, financial and advisory services.

Advisory services are provided by Macquarie Investment Management
Business Trust, a registered investment advisor. Macquarie Group refers
to Macquarie Group Limited and its subsidiaries and affiliates
worldwide. For more information about Delaware FundsSM by
Macquarie, visit or call 800 523-1918.

Other than Macquarie Bank Limited (MBL), none of the entities referred
to in this document are authorized deposit-taking institutions for the
purposes of the Banking Act 1959 (Commonwealth of Australia). The
obligations of these entities do not represent deposits or other
liabilities of MBL, a subsidiary of Macquarie Group Limited and an
affiliate of Macquarie Investment Management. MBL does not guarantee or
otherwise provide assurance in respect of the obligations of these
entities, unless noted otherwise.

© 2017 Macquarie Management Holdings, Inc.

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