Closed-End Fund Announces Board Approval of a New Sub-Advisory Agreement

At a special meeting held on January 19, 2011, the Board of Directors ofTransamerica Income Shares, Inc., (NYSE: TAI), (the “Fund”) voted to approve a new sub-advisory agreement between the Fund’s investment adviser, Transamerica Asset Management, Inc. (“TAM”), and AEGON USA Investment Management, LLC (“AUIM”). This change is expected to occur on or about March 31, 2011, but may occur sooner.

AUIM, located at 4333 Edgewood Road, NE, Cedar Rapids, Iowa 52499, is an investment adviser registered with the Securities and Exchange Commission and an affiliate of TAM. AUIM currently provides sub-advisory services to other funds in the Transamerica fund complex.

The new sub-advisory agreement with AUIM must be approved by a majority of the outstanding voting securities of the Fund in accordance with the requirements of the Investment Company Act of 1940, and the Board has authorized seeking such approval. Proxy materials describing AUIM and the new sub-advisory agreement are expected to be mailed in the first quarter of 2011. The Fund will seek approval of the new sub-advisory agreement at an upcoming special meeting of the Fund’s shareholders, which will be announced separately.

Fund shares purchased on an exchange after the initial public offering are not sold pursuant to prospectus. Closed-end fund shares are subject to market risk as prices fluctuate. At liquidation, they could be worth more or less than their original price.

About Transamerica Asset Management Group

Transamerica Asset Management Group consists of Transamerica Funds, Transamerica Partners Funds, Transamerica Series Trust, Transamerica Income Shares, Inc., and Transamerica Asset Management, Inc. Transamerica Asset Management, Inc., a registered investment advisor, is an AEGON company. As of December 31, 2010, Transamerica Asset Management, Inc. had approximately $49 billion in assets under management.

About AEGON USA Investment Management, LLC

AEGON USA Investment Management, LLC is an institutional manager of diverse fixed income assets that has access to global resources and the ability to tap expertise across AEGON’S entire organization. As of September 30, 2010, AUIM had approximately 500 professionals collectively managing $114 billion in assets under management.

About AEGON N.V.

AEGON N.V., based in The Hague, The Netherlands, is an international life insurance, pension and investment company with businesses in over 20 markets in the Americas, Europe and Asia. AEGON companies employ approximately 28,000 people and have over 40 million customers across the globe. For more information about AEGON, visit www.aegon.com.

TAMGPRTIS-0111

Contacts:

Transamerica Asset Management, Inc.
John K. Carter, 727-299-1824
President & Chief Executive Officer
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