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Dividend and Income Fund Declares Quarterly Dividend

Dividend and Income Fund Declares Quarterly Dividend 
NEW YORK, NY -- (Marketwire) -- 06/01/12 --   A quarterly dividend
distribution of $0.102 per share was declared today by Dividend and
Income Fund (NYSE: DNI) (NAV: XDNIX), payable June 29, 2012 to
shareholders of record as of June 15, 2012. 
The $0.102 per share quarterly dividend distribution reflects the
current managed distribution policy to provide shareholders with a
relatively stable cash flow and to attempt to reduce or eliminate the
Fund's market price discount to its net asset value per share. The
amount of the distribution may vary depending on the net asset value
per share at the time of declaration, the distribution required for
the Fund to continue to qualify as a regulated investment company
under the Internal Revenue Code, or a combination of both. The policy
may be changed or discontinued without notice. The distributions are
paid primarily from ordinary income and any net capital gains, with
the balance representing return of capital.  
This notice discloses information on the sources of the distribution
as required by SEC Rule 19(a) of the Investment Company Act of 1940.
As of the date of this press release and based on the Fund's results
and estimates for the current quarter, the current distribution of
$0.102 per share would include approximately 28%, 0%, and 72% from
net investment income, capital gains, and return of capital,
respectively. The Fund's fixed distributions are not tied to its
investment income and realized capital gains and do not represent
yield or investment return.  
The amounts and sources of distributions reported in this press
release are only estimates and are not being provided for tax
reporting purposes. The actual amounts and sources of the amounts for
tax reporting purposes will depend upon the Fund's investment
experience during the entirety of its fiscal year and may be subject
to changes based on tax regulations. In early 2013, the Fund will
send a Form 1099-DIV for the calendar year concerning the tax
treatment of the dividend distributions that were paid to
shareholders of record during the 12 months ended December 31, 2012. 
About the Fund 
The Fund is a closed end fund with the primary investment objective
of providing its shareholders a high level of income. Capital
appreciation is a secondary objective. The Fund seeks to achieve its
objectives by investing, under normal circumstances, at least 50% of
its total assets in income generating equity securities. Recently,
the Fund's net asset value per share was $3.83 and closing market
price was $3.39. While investment return and value will vary and
shares of the Fund may subsequently be worth more or less than their
original cost, this represents an opportunity for investors to
purchase the Fund's shares at a discount to their underlying value.  
Bexil Advisers LLC is the Fund's investment manager. Bexil Advisers
LLC is a wholly owned subsidiary of Bexil Corporation (BXLC), a
holding company. To learn more about Bexil Corporation, including
Rule 15c2-11 information, please visit www.bexil.com. For Fund
stockholder related questions, please call 212-785-0400. Certain
affiliates of Bexil are engaged in stock market and gold investing
through investment management of equity and gold mutual funds and
closed end funds. 
Safe Harbor Note
 This release contains certain "forward looking
statements" made pursuant to the "safe harbor" provisions of the
Private Securities Litigation Reform Act of 1995. These statements
involve known and unknown risks, uncertainties and other factors,
many of which are beyond the control of the Fund, which may cause the
Fund's actual results to be materially different from those expressed
or implied by such statements. The forward looking statements made
herein are only made as of the date of this release, and the Fund
undertakes no obligation to publicly update such forward looking
statements to reflect subsequent events or circumstances. 
Contact: 
Thomas O'Malley
Chief Financial Officer
1-212-785-0400, ext. 267
tomalley@DividendandIncomeFund.com
www.DividendandIncomeFund.com