<SEC-DOCUMENT>0001013594-19-000685.txt : 20191104
<SEC-HEADER>0001013594-19-000685.hdr.sgml : 20191104
<ACCEPTANCE-DATETIME>20191104160916
ACCESSION NUMBER:		0001013594-19-000685
CONFORMED SUBMISSION TYPE:	DEFC14A
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20191104
DATE AS OF CHANGE:		20191104
EFFECTIVENESS DATE:		20191104

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PIMCO MUNICIPAL INCOME FUND II
		CENTRAL INDEX KEY:			0001170299
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DEFC14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-21076
		FILM NUMBER:		191189857

	BUSINESS ADDRESS:	
		STREET 1:		1633 BROADWAY
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10019
		BUSINESS PHONE:		212-739-4000

	MAIL ADDRESS:	
		STREET 1:		1633 BROADWAY
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10019

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Dryden Capital Fund, LP
		CENTRAL INDEX KEY:			0001572780
		IRS NUMBER:				462136535
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DEFC14A

	BUSINESS ADDRESS:	
		STREET 1:		777 BRICKELL AVENUE
		STREET 2:		SUITE 500
		CITY:			MIAMI
		STATE:			FL
		ZIP:			33133
		BUSINESS PHONE:		(305) 788-2413

	MAIL ADDRESS:	
		STREET 1:		777 BRICKELL AVENUE
		STREET 2:		SUITE 500
		CITY:			MIAMI
		STATE:			FL
		ZIP:			33133
</SEC-HEADER>
<DOCUMENT>
<TYPE>DEFC14A
<SEQUENCE>1
<FILENAME>muniincomedefc14a-110419.htm
<DESCRIPTION>NOVEMBER 4, 2019
<TEXT>
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  <div style="text-align: center; line-height: 18.25pt; font-family: 'Times New Roman', serif; font-size: 16pt; font-weight: bold;">SCHEDULE 14A</div>
  <div style="text-align: center; line-height: 11.4pt; font-family: 'Times New Roman', serif; font-weight: bold;">(Rule 14a-101)</div>
  <div style="text-align: center; line-height: 11.4pt; font-family: 'Times New Roman', serif; font-weight: bold;">INFORMATION REQUIRED IN PROXY STATEMENT</div>
  <div style="text-align: center; line-height: 18.25pt; font-family: 'Times New Roman', serif; font-size: 16pt; font-weight: bold;">SCHEDULE 14A INFORMATION</div>
  <div style="text-align: center; line-height: 11.4pt; font-family: 'Times New Roman', serif; font-weight: bold;">PROXY STATEMENT PURSUANT TO SECTION 14(a) OF</div>
  <div style="text-align: center; line-height: 11.4pt; font-family: 'Times New Roman', serif; font-weight: bold;">THE SECURITIES EXCHANGE ACT OF 1934</div>
  <div style="line-height: 11.4pt;"><br style="line-height: 11.4pt;">
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  <div style="text-align: center; line-height: 11.4pt; font-family: 'Times New Roman', serif; font-weight: bold;">(Amendment No.&#160; )</div>
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  </div>
  <div style="line-height: 11.4pt; font-family: 'Times New Roman', serif; font-weight: bold;">Filed by the Registrant [&#160; ]</div>
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  </div>
  <div style="line-height: 11.4pt; font-family: 'Times New Roman', serif; font-weight: bold;">Filed by a Party Other than the Registrant [X]</div>
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  </div>
  <div style="line-height: 11.4pt; font-family: 'Times New Roman', serif; font-weight: bold;">Check the Appropriate Box:</div>
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  </div>
  <div style="margin-left: 19.2pt; line-height: 11.4pt; font-family: 'Times New Roman', serif;">[&#160; ] Preliminary Proxy Statement</div>
  <div style="text-indent: -14.4pt; margin-left: 33.6pt; line-height: 11.4pt; font-family: 'Times New Roman', serif;">[&#160; ] Confidential, for Use of the Commission Only (as permitted by<br>
    Rule 14a-6(e)(2))</div>
  <div style="margin-left: 19.2pt; line-height: 11.4pt; font-family: 'Times New Roman', serif;">[X] Definitive Proxy Statement</div>
  <div style="margin-left: 19.2pt; line-height: 11.4pt; font-family: 'Times New Roman', serif;">[&#160; ] Definitive Additional Materials</div>
  <div style="margin-left: 19.2pt; line-height: 11.4pt; font-family: 'Times New Roman', serif;">[&#160; ] Soliciting Material Pursuant to Rule 14a-11(c) or Rule 14a-12</div>
  <div style="line-height: 11.4pt;"><br style="line-height: 11.4pt;">
  </div>
  <div style="text-align: center; line-height: 18.25pt; font-family: 'Times New Roman', serif; font-size: 16pt; font-weight: bold;">PIMCO MUNICIPAL INCOME FUND</div>
  <div style="text-align: center; line-height: 18.25pt; font-family: 'Times New Roman', serif; font-size: 16pt; font-weight: bold;">PIMCO CALIFORNIA MUNICIPAL INCOME FUND</div>
  <div style="text-align: center; line-height: 18.25pt; font-family: 'Times New Roman', serif; font-size: 16pt; font-weight: bold;">PIMCO NEW YORK MUNICIPAL INCOME FUND</div>
  <div style="text-align: center; line-height: 18.25pt; font-family: 'Times New Roman', serif; font-size: 16pt; font-weight: bold;">PIMCO MUNICIPAL INCOME FUND II</div>
  <div style="text-align: center; line-height: 18.25pt; font-family: 'Times New Roman', serif; font-size: 16pt; font-weight: bold;">PIMCO CALIFORNIA MUNICIPAL INCOME FUND II</div>
  <div style="text-align: center; line-height: 18.25pt; font-family: 'Times New Roman', serif; font-size: 16pt; font-weight: bold;">PIMCO NEW YORK MUNICIPAL INCOME FUND II</div>
  <div style="text-align: center; line-height: 18.25pt; font-family: 'Times New Roman', serif; font-size: 16pt; font-weight: bold;">PIMCO MUNICIPAL INCOME FUND III</div>
  <div style="text-align: center; line-height: 18.25pt; font-family: 'Times New Roman', serif; font-size: 16pt; font-weight: bold;"><u>PIMCO CALIFORNIA MUNICIPAL INCOME FUND III</u></div>
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  </div>
  <div style="text-align: center; line-height: 11.4pt; font-family: 'Times New Roman', serif; font-weight: bold;">(Name of registrant as specified in its charter)</div>
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  </div>
  <div style="text-align: center; line-height: 13.7pt; font-family: 'Times New Roman', serif; font-size: 12pt; font-weight: bold;">DRYDEN CAPITAL FUND, LP</div>
  <div style="text-align: center; line-height: 13.7pt; font-family: 'Times New Roman', serif; font-size: 12pt; font-weight: bold;">DRYDEN CAPITAL, LLC</div>
  <div style="text-align: center; line-height: 13.7pt; font-family: 'Times New Roman', serif; font-size: 12pt; font-weight: bold;">DRYDEN CAPITAL GP, LLC</div>
  <div style="text-align: center; line-height: 13.7pt; font-family: 'Times New Roman', serif; font-size: 12pt; font-weight: bold;">T. MATTHEW BUFFINGTON</div>
  <div style="text-align: center; line-height: 13.7pt; font-family: 'Times New Roman', serif; font-size: 12pt; font-weight: bold;">MATTHEW C. LEAVITT</div>
  <div style="text-align: center; line-height: 13.7pt; font-family: 'Times New Roman', serif; font-size: 12pt; font-weight: bold;"><u>DERRICK A. CLARK</u></div>
  <div style="text-align: center; line-height: 11.4pt; margin-bottom: 6pt; font-family: 'Times New Roman', serif; font-weight: bold;">(Name of person(s) filing proxy statement, if other than the registrant)</div>
  <div style="text-align: center; line-height: 11.4pt; margin-bottom: 6pt; font-family: 'Times New Roman', serif; font-weight: bold;">Copies to:</div>
  <div style="text-align: center; line-height: 11.4pt; font-family: 'Times New Roman', serif; font-weight: bold;">Christopher P. Davis, Esq.</div>
  <div style="text-align: center; line-height: 11.4pt; font-family: 'Times New Roman', serif; font-weight: bold;">Kleinberg, Kaplan, Wolff &amp; Cohen, P.C.</div>
  <div style="text-align: center; line-height: 11.4pt; font-family: 'Times New Roman', serif; font-weight: bold;">551 Fifth Avenue, New York, New York 10176</div>
  <div style="text-align: center; line-height: 11.4pt; font-family: 'Times New Roman', serif; font-weight: bold;">(212) 986-6000</div>
  <div style="line-height: 11.4pt;"><br style="line-height: 11.4pt;">
  </div>
  <div style="text-align: justify; line-height: 11.4pt; font-family: 'Times New Roman', serif;">Payment of Filing Fee (Check the Appropriate Box):</div>
  <div style="line-height: 11.4pt;"><br style="line-height: 11.4pt;">
  </div>
  <div style="margin-left: 12pt; line-height: 11.4pt; font-family: 'Times New Roman', serif;">[X] No fee required.</div>
  <div style="text-align: justify; margin-left: 12pt; line-height: 11.4pt; font-family: 'Times New Roman', serif;">[&#160; ] Fee computed on table below per Exchange Act Rules 14a-6(i)(1) and 0-11.</div>
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  &#160;&#160;&#160;&#160;&#160;&#160;&#160; (1) Title of each class of securities to which transaction applies:
  <div style="text-align: justify; margin-left: 20pt; line-height: 11.4pt; font-family: 'Times New Roman', serif;">(2) Aggregate number of securities to which transaction applies:</div>
  <div style="text-indent: -15.6pt; margin-left: 35.65pt; line-height: 11.4pt; font-family: 'Times New Roman', serif;">(3) Per unit price or other underlying value of transaction computed pursuant to<br>
    Exchange Act Rule 0-11 (set forth the amount on which the filing fee is<br>
    calculated and state how it is determined):</div>
  <div style="text-align: justify; margin-left: 20pt; line-height: 11.4pt; font-family: 'Times New Roman', serif;">(4) Proposed maximum aggregate value of transaction:</div>
  <div style="text-align: justify; margin-left: 20pt; line-height: 11.4pt; font-family: 'Times New Roman', serif;">(5) Total fee paid:</div>
  <div style="line-height: 11.4pt;"><br style="line-height: 11.4pt;">
  </div>
  <div style="text-align: justify; margin-left: 12pt; line-height: 11.4pt; font-family: 'Times New Roman', serif;">[&#160; ] Fee paid previously with preliminary materials:</div>
  <div style="text-indent: -14.4pt; margin-left: 26.4pt; line-height: 11.4pt; font-family: 'Times New Roman', serif;">[&#160; ] Check box if any part of the fee is offset as provided by Exchange Act<br>
    Rule 0-11(a)(2) and identify the filing for which the offsetting fee was paid previously. Identify the previous filing by registration statement number, or the form or schedule and the date of its filing.</div>
  <div style="text-align: justify; margin-left: 20pt; line-height: 11.4pt; font-family: 'Times New Roman', serif;">(1) Amount Previously Paid:</div>
  <div style="text-align: justify; margin-left: 20pt; line-height: 11.4pt; font-family: 'Times New Roman', serif;">(2) Form, Schedule or Registration Statement no.:</div>
  <div style="text-align: justify; margin-left: 20pt; line-height: 11.4pt; font-family: 'Times New Roman', serif;">(3) Filing Party:</div>
  <div style="text-align: justify; margin-left: 20pt; line-height: 11.4pt; font-family: 'Times New Roman', serif;">(4) Date Filed:</div>
  <div style="text-align: justify; margin-left: 20pt; line-height: 11.4pt; font-family: 'Times New Roman', serif;"> <br>
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  <div style="text-align: center; line-height: 13.7pt; font-family: 'Times New Roman', serif; font-size: 12pt; font-weight: bold;">DRYDEN CAPITAL FUND, LP</div>
  <div style="line-height: 20.5pt;"><br style="line-height: 20.5pt;">
  </div>
  <div style="text-align: center; line-height: 20.5pt; font-family: 'Times New Roman', serif; font-size: 12pt;">November 4, 2019</div>
  <div style="line-height: 20.5pt; font-family: 'Times New Roman', serif; font-size: 12pt;">Dear Fellow Shareholder:</div>
  <div style="text-align: justify; text-indent: 36pt; line-height: 13.7pt; font-family: 'Times New Roman', serif; font-size: 12pt;"><font style="color: #000000;">Dryden Capital Fund, LP, together with
      the other participants in this solicitation (collectively, &#8220;Dryden&#8221; or &#8220;we&#8221;), is </font>a concerned shareholder<font style="color: #000000;"> of </font>PIMCO Municipal Income Fund (&#8220;PMF&#8221;);
    PIMCO Municipal Income Fund II (&#8220;PML&#8221;); PIMCO Municipal Income Fund III (&#8220;PMX&#8221;); PIMCO New York Municipal Income Fund (&#8220;PNF&#8221;); PIMCO New York Municipal Income Fund II (&#8220;PNI&#8221;); PIMCO California Municipal Income Fund (&#8220;PCQ&#8221;); PIMCO California Municipal
    Income Fund II (&#8220;PCK&#8221;); and PIMCO California Municipal Income Fund III (&#8220;PZC&#8221;) (each a &#8220;Fund&#8221; and, collectively, &#8220;PIMCO&#8221; or the &#8220;Funds&#8221;).&#160; Dryden b<font style="color: #000000;">eneficially owns a
      total of 147 shares of Auction Rate Preferred Stock, $25,000 liquidation preference per share in the aggregate across the Funds (&#8220;ARPS&#8221;), and is seeking your support for the election of </font><font style="font-weight: bold; color: #000000;">Derrick A. Clark</font><font style="color: #000000;"> as a trustee to the Board of Trustees for each of the Funds (each, a &#8220;Board&#8221;, and
      together, the &#8220;Boards&#8221;) at the 2019 joint annual meeting of stockholders of each Fund, currently scheduled to be held at 1633 Broadway, between West 50</font><sup style="color: #000000; vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup><font style="color: #000000;"> and West 51</font><sup style="color: #000000; vertical-align: text-top; line-height: 1; font-size: smaller;">st</sup><font style="color: #000000;"> Streets, 42nd Floor, New York, New York 10019 at 11:00 A.M., Eastern Time
      on December 17, 2019. The term &#8220;Annual Meeting&#8221; is used throughout this joint proxy statement to refer to the annual meeting of shareholders of each Fund, as dictated by the context </font>(including any adjournment or postponement thereof or any
    special meeting held in lieu thereof). </div>
  <div style="line-height: 13.7pt;"><br style="line-height: 13.7pt;">
  </div>
  <div style="text-align: justify; text-indent: 36pt; line-height: 13.7pt; font-family: 'Times New Roman', serif; font-size: 12pt;"><font style="color: #000000;">Holders of ARPS or Variable Rate
      Municipal Term Preferred Shares (&#8220;VMTPS&#8221; and together with ARPS, the &#8220;Preferred Shares&#8221;; and holders of either ARPS or VMTPS, &#8220;Preferred Shareholders&#8221;) are entitled, as a class and to the exclusion of the holder of all other securities and classes of
      capital stock of the Funds, to elect </font>two trustees to the Board of the Funds (the &#8220;Preferred Trustees&#8221;). Dryden has owned ARPS of the Funds continuously since 2016.<font style="font-weight: bold; font-style: italic;">&#160;</font>Dryden still believes that now is the time that the Funds&#8217; ARPS should be redeemed because (i) there are better financing alternatives available to the Funds and (ii) the Funds have not kept pace with
    the rest of the municipal closed-end fund industry in providing ARPS Shareholders with much needed liquidity.&#160; Over 90% of the outstanding ARPS across the municipal closed-end fund industry have been redeemed since 2008<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup> and PIMCO has lagged
    behind its peers in the municipal closed-end industry by failing to provide liquidity to holders of ARPS at a pace commensurate with those peers.</div>
  <div style="line-height: 13.7pt;"><br style="line-height: 13.7pt;">
  </div>
  <div style="text-align: justify; text-indent: 36pt; line-height: 13.7pt; font-family: 'Times New Roman', serif; font-size: 12pt;">Last year&#8217;s tender offer, announced on July 20, 2018 and completed on September 11, 2018, for the ARPS at 85% of their
    liquidation preference was, in our opinion, inadequate.&#160; Not only was the tender offer price below the level where the ARPS were trading in the secondary market, it was also significantly below the price where PIMCO&#8217;s peers have provided liquidity to
    their own ARPS Shareholders.&#160; Pursuing a tender offer at a low price is not a sufficient offer of liquidity to holders of ARPS.&#160; It appears our fellow holders of ARPS agreed as the vast majority of ARPS were not tendered.&#160; Preferred Shareholders also
    made their voice heard by successfully electing T. Matthew Buffington to one of the two Preferred Trustee positions at last year&#8217;s annual meeting. However, PIMCO responded to his election by increasing the size of the board by two and adding back the
    Preferred Trustee that the Preferred Shareholders voted to replace.<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">2</sup>&#160; This had the mathematical effect of diluting the voting impact of the Dyden nominee.&#160; Thus, we are asking our fellow Preferred Shareholders to counteract PIMCO&#8217;s dilution
    of our collective voice and elect an additional trustee to the Boards who will advocate for liquidity for the holders of the ARPS that is similar to the liquidity provided to PIMCO&#8217;s peers.</div>
  <div><br>
  </div>
  <br>
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  <div style="line-height: 10.25pt; margin-bottom: 6pt; font-family: 'Times New Roman', serif; font-size: 9pt;"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup> Source:&#160; Fitch Ratings presentation dated May 17, 2018 at the 17th Annual Capital Link Closed-End Funds and ETFs
    Forum.</div>
  <div style="line-height: 10.25pt; margin-bottom: 6pt; font-family: 'Times New Roman', serif; font-size: 9pt;"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">2</sup> In their Definitive Proxy Statement for their 2018 Annual General Meetings, each Fund stated that:</div>
  <div style="text-indent: 4.5pt; line-height: 10.25pt; margin-bottom: 6pt; font-family: 'Times New Roman', serif; font-size: 9pt;">&#8220;In the event that Messrs. Kertess and/or Rappaport are not re-elected by Preferred Shareholders of each
    Fund, as applicable, the Board of that Fund may increase its size to add one or more non-Preferred Shares Trustee positions, and may determine to appoint Messrs. Kertess and/or Rappaport to fill a vacancy.&#8221;</div>
  <div style="line-height: 10.25pt; margin-bottom: 6pt; font-family: 'Times New Roman', serif; font-size: 9pt;">The Board of each Fund responded as indicated after the applicable election.&#160; <font style="font-style: italic;">See, e.g., </font>PIMCO Municipal Income Fund&#8217;s Definitive Proxy Statement on Form DEF 14A, page 11, filed with the Securities Exchange Commission on November 2, 2018.</div>
  <div style="line-height: 10.25pt; margin-bottom: 6pt; font-family: 'Times New Roman', serif; font-size: 9pt;"> <br>
  </div>
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    <div style="text-align: justify; text-indent: 36pt; line-height: 13.7pt; font-size: 12pt;">Based solely on publicly available information, including that contained in the Definitive Proxy Statement on Schedule 14A
      filed by the Funds with the Securities and Exchange Commission (the &#8220;SEC&#8221;) on November 4<font style="color: #000000;">, 2019 </font>in connection with the Annual Meeting, the current Board of
      each Fund consists of ten trustees, divided into three classes, including two trustees that have been designated by the Board to serve as the two Preferred Trustees.&#160; Based on public disclosures by the Funds, we believe that the current Preferred
      Trustees for PMF, PML, PNI, PCQ, PCK, PNF, PMX, PZC, Messrs. T. Matthew Buffington and James A. Jacobson, are presently serving three-year terms that end in 2021 and 2019, respectively.&#160; Therefore, one of the two designated Preferred Trustees for
      each Fund is to be elected at the Annual Meeting. In addition, two trustees who are not Preferred Trustees are to be elected at the Annual Meetings by holders of the shares of common stock, par value $0.001, of the Funds (the &#8220;Common Stock&#8221;) and the
      holders of Preferred Shares, voting together as a single class.</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 13.7pt;"><font style="font-size: 12pt; color: #000000;"> </font><br style="line-height: 13.7pt;">
    </div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 13.7pt; font-size: 12pt;"><font style="color: #000000;">We are therefore seeking your </font>support
      to vote <font style="font-weight: bold;">FOR</font> the election of our nominee&#8212;<font style="font-weight: bold;">Derrick A. Clark&#8212;</font>as

      a trustee at the Annual Meeting.&#160; Our proxy solicitation gives shareholders a mechanism to express their views regarding the Funds and to inf<font style="color: #000000;">luence the Board with
        respect to any decisions regarding Board composition and accountability at the Funds. We believe you should have a </font>Preferred Trustee <font style="color: #000000;">who is an advocate
        for liquidity. </font><u>YOU</u> have an important opportunity as shareholders to have your voices heard at the upcoming Annual Meeting.</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 13.7pt;"><font style="font-size: 12pt; color: #000000;"> </font><br style="line-height: 13.7pt;">
    </div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 13.7pt; font-size: 12pt;"><font style="color: #000000;">We urge you to consider carefully
        the information contained in the attached proxy statement and then support our efforts by signing, dating and returning the enclosed </font><font style="font-weight: bold; color: #000000;">GOLD</font><font style="color: #000000;"> proxy card today. The attached proxy statement and the enclosed </font><font style="font-weight: bold; color: #000000;">GOLD</font><font style="color: #000000;"> proxy card are first being furnished to the shareholders on or about November </font>5<font style="color: #000000;">, 2019.</font></div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 13.7pt; margin-top: 12pt; font-size: 12pt;"><font style="color: #000000;">If you have
        already submitted a different color proxy card in relation to the Annual Meeting, you have every right to revoke or change the voting instructions set out therein by signing, dating and returning a later dated </font><font style="font-weight: bold; color: #000000;">GOLD</font><font style="color: #000000;"> proxy card or by voting in person at the Annual Meeting. The delivery
        of a subsequently dated proxy which is properly completed will constitute a revocation of any earlier proxy. The revocation may be delivered to us in care of </font>InvestorCom<font style="color: #000000;"> or to the Funds. Although a revocation is effective if delivered to the Funds, we request that either the original or photostatic copies of all revocations be mailed to us in care of </font>InvestorCom<font style="color: #000000;"> at 19 Old Kings Highway S. &#8211; Suite 210, Darien, CT 06820.&#160; If you have already submitted a difference color proxy card, we urge you to send a later dated </font><font style="font-weight: bold; color: #000000;">GOLD</font><font style="color: #000000;"> proxy card immediately, as there is little time before the Annual
        Meeting.&#160; Only your final proxy card will count.</font></div>
    <div style="text-indent: 36pt; line-height: 13.7pt; margin-top: 12pt; font-size: 12pt;">If you have any questions or require any assistance with your vote, please contact InvestorCom, which is
      assisting us, at its address and toll-free number listed on the following page.</div>
    <div style="text-indent: 36pt; line-height: 13.7pt; margin-top: 12pt; font-size: 12pt;">Thank you for your support.</div>
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    <div style="text-indent: 36pt; line-height: 13.7pt; color: #000000; font-size: 12pt;">Dryden Capital Fund, LP</div>
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  <div style="text-align: center; line-height: 13.7pt; font-family: 'Times New Roman', serif; font-size: 12pt; font-weight: bold;">Important Notice Regarding the Availability of Proxy Materials for the Annual Meeting</div>
  <div style="line-height: 13.7pt; font-family: 'Times New Roman', serif; font-size: 12pt;">&#160;</div>
  <div style="text-align: center; line-height: 13.7pt; font-family: 'Times New Roman', serif; font-size: 12pt;"><font style="font-weight: bold;">The attached Proxy Statement and GOLD</font><font style="color: #000000;">&#160;</font><font style="font-weight: bold;">proxy card are available at</font>:</div>
  <div style="line-height: 13.7pt; font-family: 'Times New Roman', serif; font-size: 12pt;">&#160;</div>
  <div style="text-align: center; line-height: 13.7pt; font-family: 'Times New Roman', serif; font-size: 12pt;"><u>www.icommaterials.com/dryden2019</u></div>
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  <div style="text-align: center; line-height: 13.7pt; font-family: 'Times New Roman', serif; font-size: 12pt;">19 Old Kings Highway S. &#8211; Suite 210</div>
  <div style="text-align: center; line-height: 13.7pt; font-family: 'Times New Roman', serif; font-size: 12pt;">Darien, CT&#160; 06820</div>
  <div style="text-align: center; line-height: 13.7pt; font-family: 'Times New Roman', serif; font-size: 12pt;">Toll Free (877) 972-0090</div>
  <div style="text-align: center; line-height: 13.7pt; font-family: 'Times New Roman', serif; font-size: 12pt;">Banks and Brokers call collect (203) 972-9300</div>
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    <div style="text-align: center; line-height: 13.7pt; margin-top: 12pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 12pt;">info@investor-com.com</div>
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  <div style="text-align: center; line-height: 20.5pt; font-family: 'Times New Roman', serif; font-size: 12pt; font-weight: bold;">---------------------------</div>
  <div style="text-align: center; line-height: 13.7pt; font-family: 'Times New Roman', serif; font-size: 12pt; font-weight: bold;">ANNUAL MEETING OF SHAREHOLDERS</div>
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  <div style="text-align: center; line-height: 20.5pt; font-family: 'Times New Roman', serif; font-size: 12pt; font-weight: bold;">OF</div>
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  <div style="text-align: center; line-height: 13.7pt; font-family: 'Times New Roman', serif; font-size: 12pt; font-weight: bold;">PIMCO MUNICIPAL INCOME FUND</div>
  <div style="text-align: center; line-height: 13.7pt; font-family: 'Times New Roman', serif; font-size: 12pt; font-weight: bold;">PIMCO CALIFORNIA MUNICIPAL INCOME FUND</div>
  <div style="text-align: center; line-height: 13.7pt; font-family: 'Times New Roman', serif; font-size: 12pt; font-weight: bold;">PIMCO NEW YORK MUNICIPAL INCOME FUND</div>
  <div style="text-align: center; line-height: 13.7pt; font-family: 'Times New Roman', serif; font-size: 12pt; font-weight: bold;">PIMCO MUNICIPAL INCOME FUND II</div>
  <div style="text-align: center; line-height: 13.7pt; font-family: 'Times New Roman', serif; font-size: 12pt; font-weight: bold;">PIMCO CALIFORNIA MUNICIPAL INCOME FUND II</div>
  <div style="text-align: center; line-height: 13.7pt; font-family: 'Times New Roman', serif; font-size: 12pt; font-weight: bold;">PIMCO NEW YORK MUNICIPAL INCOME FUND II</div>
  <div style="text-align: center; line-height: 13.7pt; font-family: 'Times New Roman', serif; font-size: 12pt; font-weight: bold;">PIMCO MUNICIPAL INCOME FUND III</div>
  <div style="text-align: center; line-height: 13.7pt; font-family: 'Times New Roman', serif; font-size: 12pt; font-weight: bold;">PIMCO CALIFORNIA MUNICIPAL INCOME FUND III</div>
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  <div style="text-align: center; line-height: 20.5pt; font-family: 'Times New Roman', serif; font-size: 12pt; font-weight: bold;">PROXY STATEMENT</div>
  <div style="text-align: center; line-height: 20.5pt; font-family: 'Times New Roman', serif; font-size: 12pt; font-weight: bold;">OF</div>
  <div style="text-align: center; line-height: 13.7pt; font-family: 'Times New Roman', serif; font-size: 12pt; font-weight: bold;">DRYDEN CAPITAL FUND, LP</div>
  <div style="text-align: center; line-height: 20.5pt; font-family: 'Times New Roman', serif; font-size: 12pt; font-weight: bold;">---------------------------</div>
  <div style="text-align: center; line-height: 20.5pt; font-family: 'Times New Roman', serif; font-size: 12pt;"><font style="font-weight: bold;">PLEASE SIGN, DATE AND MAIL THE ENCLOSED </font><font style="font-weight: bold; color: #000000;">GOLD</font><font style="color: #000000;">&#160;</font><font style="font-weight: bold;">PROXY CARD TODAY</font></div>
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  <div style="text-align: justify; text-indent: 36pt; line-height: 13.7pt; font-family: 'Times New Roman', serif; font-size: 12pt;"><font style="font-style: italic; color: #00B050;">&#160;</font><font style="color: #000000;">Dryden Capital Fund, LP together with the other participants in this solicitation (collectively, &#8220;Dryden&#8221; or &#8220;we&#8221;), is a concerned shareholder of </font>PIMCO Municipal
    Income Fund (&#8220;PMF&#8221;); PIMCO Municipal Income Fund II (&#8220;PML&#8221;); PIMCO Municipal Income Fund III (&#8220;PMX&#8221;); PIMCO New York Municipal Income Fund (&#8220;PNF&#8221;); PIMCO New York Municipal Income Fund II (&#8220;PNI&#8221;);; PIMCO California Municipal Income Fund (&#8220;PCQ&#8221;); PIMCO
    California Municipal Income Fund II (&#8220;PCK&#8221;); and PIMCO California Municipal Income Fund III (&#8220;PZC&#8221;) (each a &#8220;Fund&#8221; and, collectively, &#8220;PIMCO&#8221; or the &#8220;Funds&#8221;). Dryden b<font style="color: #000000;">eneficially
      owns a total of 147 shares of Auction Rate Preferred Stock, $25,000 liquidation preference per share in the aggregate across the Funds (&#8220;ARPS&#8221;). </font>Dryden has owned ARPS of the Funds continuously since 2016.</div>
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  <div style="text-align: justify; text-indent: 36pt; line-height: 13.7pt; font-family: 'Times New Roman', serif; font-size: 12pt;"><font style="color: #000000;">We are writing to you today because we
      believe that a new trustee and another advocate for the holders of ARPS is needed to spearhead meaningful changes at PIMCO to address the Funds&#8217; refusal to provide liquidity to holders of ARPS at a price commensurate with those offered by industry
      peers.</font><a name="P260024121"></a><font style="color: #000000;"> Over the last 10 years, the only action taken has been last year&#8217;s below-market tender offer, in spite of industry trends
      towards liquidity and repeated good faith arguments from Dryden in 2018 and 2019 for liquidity.&#160; We have nominated a highly-qualified, capable and committed individual who has the relevant skill set we believe is key to best position the Funds to
      maximize value for all stakeholders in the coming years while also addressing the liquidity concerns of holders of ARPS. We are seeking your support and your vote at the 2019 joint annual meeting of stockholders of each Fund, currently scheduled to
      be held at 1633 Broadway, between West 50</font><sup style="color: #000000; vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup><font style="color: #000000;"> and West 51</font><sup style="color: #000000; vertical-align: text-top; line-height: 1; font-size: smaller;">st</sup><font style="color: #000000;"> Streets, 42nd Floor, New York, New York 10019 at 11:00 A.M., Eastern Time on December 17, 2019 (the term &#8220;Annual Meeting&#8221; is used throughout this joint proxy statement
      to refer to the annual meeting of shareholders of each Fund, as dictated by the context, </font>including any adjournment or postponement thereof or any special meeting held in lieu thereof)<font style="color: #000000;"> for the following:</font></div>
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            <div style="margin-left: 54pt; line-height: 13.7pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">1.</div>
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            <div style="text-align: justify; line-height: 13.7pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">to elect <font style="font-weight: bold;">Derrick A. Clark</font>
              (the &#8220;Nominee&#8221;), as trustee for each of the Funds; and</div>
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            <div style="margin-left: 54pt; line-height: 13.7pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">2.</div>
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            <div style="text-align: justify; line-height: 13.7pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">to transact such other business as may properly come before the meeting or any adjournments thereof.</div>
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  <div style="text-align: justify; text-indent: 36pt; line-height: 13.7pt; font-family: 'Times New Roman', serif; font-size: 12pt;"><font style="color: #000000;">Dryden is composed of </font>(i)
    Dryden Capital Fund, LP, a Delaware limited partnership (&#8220;Dryden Capital Fund&#8221;); (ii) Dryden Capital, LLC, a Delaware limited liability company (&#8220;Dryden Capital&#8221;); (iii) Dryden Capital GP, LLC, a Delaware limited liability company and general partner
    of Dryden Capital Fund (&#8220;Dryden Capital GP&#8221;); (iv) T. Matthew Buffington and Matthew C. Leavitt, each a managing member of Dryden Capital and Dryden Capital GP and each a United States citizen (&#8220;Mr. Buffington&#8221; and &#8220;Mr. Leavitt&#8221;, respectively, and
    together with Dryden Capital Fund, Dryden Capital and Dryden Capital GP, the &#8220;Dryden Parties&#8221;) and (v) the Nominee (the entities and individuals listed in this paragraph, each a &#8220;Participant&#8221; and, collectively, the &#8220;Participants&#8221;).</div>
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  <div style="text-align: justify; text-indent: 36pt; line-height: 13.7pt; font-family: 'Times New Roman', serif; font-size: 12pt;">This Proxy Statement and the enclosed <font style="font-weight: bold; color: #000000;">GOLD</font><font style="color: #000000;">&#160;</font>proxy card are first being furnished to shareholders on or about November 5, 2019.</div>
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  <div style="text-align: justify; text-indent: 36pt; line-height: 13.7pt; font-family: 'Times New Roman', serif; font-size: 12pt;">As of the date hereof, Dryden collectively owns an aggregate of <font style="color: #000000;">147</font> shares of ARPS<font style="color: #000000;">. In addition, the Funds have issued Variable Rate Municipal Term Preferred Shares (&#8220;VMTPS&#8221; and together
      with ARPS, the &#8220;Preferred Shares&#8221;) and </font>shares of common stock, par value $0.001, of the Funds (the &#8220;Common Stock&#8221; and together with the Preferred Shares, the &#8220;Stock&#8221;). We intend to vote such shares of ARPS, and all proxies delivered to
    Dryden, as follows:</div>
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            <div style="margin-left: 36pt; line-height: 13.7pt; margin-bottom: 12pt; font-size: 12pt; font-weight: bold;">&#8226;</div>
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            <div style="text-align: justify; line-height: 13.7pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 12pt;"><font style="font-weight: bold;">FOR</font> the election
              of <font style="font-weight: bold; color: #000000;">Mr.</font><font style="color: #000000;">&#160;</font><font style="font-weight: bold; color: #000000;">Clark.</font></div>
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  <div style="text-align: justify; text-indent: 36pt; line-height: 13.7pt; font-family: 'Times New Roman', serif; font-size: 12pt;">The Board has fixed October 18, 2019 as the record date for determining holders of Stock who are entitled to vote at the
    Annual Meeting (the &#8220;Record Date&#8221;). According to PIMCO, as of the Record Date each Fund had outstanding the following shares of Common Stock and Preferred Shares entitled to be voted:</div>
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        <td style="width: 25%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;" rowspan="2">
          <div style="text-align: center; line-height: 13.7pt; font-family: 'Times New Roman', serif; font-size: 12pt; font-weight: bold;">Fund</div>
        </td>
        <td style="width: 25%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;" rowspan="2">
          <div style="text-align: center; line-height: 13.7pt; font-family: 'Times New Roman', serif; font-size: 12pt; font-weight: bold;">Outstanding Common Shares</div>
        </td>
        <td style="width: 50%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;" colspan="2">
          <div style="text-align: center; line-height: 13.7pt; font-family: 'Times New Roman', serif; font-size: 12pt; font-weight: bold;">Outstanding Preferred Shares</div>
        </td>
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        <td style="width: 25%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: center; line-height: 13.7pt; font-family: 'Times New Roman', serif; font-size: 12pt; font-weight: bold;">ARPS</div>
        </td>
        <td style="width: 25%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: center; line-height: 13.7pt; font-family: 'Times New Roman', serif; font-size: 12pt; font-weight: bold;">VMTPS</div>
        </td>
      </tr>
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        <td style="width: 25%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: justify; line-height: 13.7pt; font-family: 'Times New Roman', serif; font-size: 12pt;">PMF</div>
        </td>
        <td style="width: 25%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: center; line-height: 13.7pt; font-family: 'Times New Roman', serif; font-size: 12pt;">25,826,205</div>
        </td>
        <td style="width: 25%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: center; line-height: 13.7pt; font-family: 'Times New Roman', serif; font-size: 12pt;">6,668</div>
        </td>
        <td style="width: 25%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: center; line-height: 13.7pt; font-family: 'Times New Roman', serif; font-size: 12pt;">233</div>
        </td>
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        <td style="width: 25%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: justify; line-height: 13.7pt; font-family: 'Times New Roman', serif; font-size: 12pt;">PCQ</div>
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        <td style="width: 25%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: center; line-height: 13.7pt; font-family: 'Times New Roman', serif; font-size: 12pt;">18,822,660</div>
        </td>
        <td style="width: 25%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: center; line-height: 13.7pt; font-family: 'Times New Roman', serif; font-size: 12pt;">4,825</div>
        </td>
        <td style="width: 25%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: center; line-height: 13.7pt; font-family: 'Times New Roman', serif; font-size: 12pt;">293</div>
        </td>
      </tr>
      <tr>
        <td style="width: 25%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: justify; line-height: 13.7pt; font-family: 'Times New Roman', serif; font-size: 12pt;">PNF</div>
        </td>
        <td style="width: 25%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: center; line-height: 13.7pt; font-family: 'Times New Roman', serif; font-size: 12pt;">7,813,318</div>
        </td>
        <td style="width: 25%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: center; line-height: 13.7pt; font-family: 'Times New Roman', serif; font-size: 12pt;">1,641</div>
        </td>
        <td style="width: 25%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: center; line-height: 13.7pt; font-family: 'Times New Roman', serif; font-size: 12pt;">None</div>
        </td>
      </tr>
      <tr>
        <td style="width: 25%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: justify; line-height: 13.7pt; font-family: 'Times New Roman', serif; font-size: 12pt;">PML</div>
        </td>
        <td style="width: 25%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: center; line-height: 13.7pt; font-family: 'Times New Roman', serif; font-size: 12pt;">62,570,541</div>
        </td>
        <td style="width: 25%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: center; line-height: 13.7pt; font-family: 'Times New Roman', serif; font-size: 12pt;">11,931</div>
        </td>
        <td style="width: 25%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: center; line-height: 13.7pt; font-family: 'Times New Roman', serif; font-size: 12pt;">687</div>
        </td>
      </tr>
      <tr>
        <td style="width: 25%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: justify; line-height: 13.7pt; font-family: 'Times New Roman', serif; font-size: 12pt;">PCK</div>
        </td>
        <td style="width: 25%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: center; line-height: 13.7pt; font-family: 'Times New Roman', serif; font-size: 12pt;">32,046,985</div>
        </td>
        <td style="width: 25%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: center; line-height: 13.7pt; font-family: 'Times New Roman', serif; font-size: 12pt;">5,147</div>
        </td>
        <td style="width: 25%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: center; line-height: 13.7pt; font-family: 'Times New Roman', serif; font-size: 12pt;">343</div>
        </td>
      </tr>
      <tr>
        <td style="width: 25%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: justify; line-height: 13.7pt; font-family: 'Times New Roman', serif; font-size: 12pt;">PNI</div>
        </td>
        <td style="width: 25%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: center; line-height: 13.7pt; font-family: 'Times New Roman', serif; font-size: 12pt;">11,180,403</div>
        </td>
        <td style="width: 25%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: center; line-height: 13.7pt; font-family: 'Times New Roman', serif; font-size: 12pt;">2,320</div>
        </td>
        <td style="width: 25%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: center; line-height: 13.7pt; font-family: 'Times New Roman', serif; font-size: 12pt;">210</div>
        </td>
      </tr>
      <tr>
        <td style="width: 25%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: justify; line-height: 13.7pt; font-family: 'Times New Roman', serif; font-size: 12pt;">PMX</div>
        </td>
        <td style="width: 25%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: center; line-height: 13.7pt; font-family: 'Times New Roman', serif; font-size: 12pt;">33,033,249</div>
        </td>
        <td style="width: 25%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: center; line-height: 13.7pt; font-family: 'Times New Roman', serif; font-size: 12pt;">6,188</div>
        </td>
        <td style="width: 25%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: center; line-height: 13.7pt; font-family: 'Times New Roman', serif; font-size: 12pt;">343</div>
        </td>
      </tr>
      <tr>
        <td style="width: 25%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: justify; line-height: 13.7pt; font-family: 'Times New Roman', serif; font-size: 12pt;">PZC</div>
        </td>
        <td style="width: 25%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: center; line-height: 13.7pt; font-family: 'Times New Roman', serif; font-size: 12pt;">22,331,525</div>
        </td>
        <td style="width: 25%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: center; line-height: 13.7pt; font-family: 'Times New Roman', serif; font-size: 12pt;">3,915</div>
        </td>
        <td style="width: 25%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: center; line-height: 13.7pt; font-family: 'Times New Roman', serif; font-size: 12pt;">271</div>
        </td>
      </tr>

  </table>
  <div style="line-height: 13.7pt;"><br style="line-height: 13.7pt;">
  </div>
  <div style="text-align: justify; text-indent: 36pt; line-height: 13.7pt; font-family: 'Times New Roman', serif; font-size: 12pt;">According to the Funds&#8217; definitive proxy statement, at the Annual Meeting, the election of one Trustee (the &#8220;Preferred
    Trustee&#8221;) of each Fund will be voted on exclusively by the Preferred Shareholders (including holders of ARPS and, for each Fund other than PNF, holders of VMTPS, voting together as a single class) of that Fund. Holders of ARPS and VMTPS will be
    entitled to one vote per share, regardless of the relative liquidation preference of the Preferred Shares. According to the Funds&#8217; definitive proxy statement, on each other proposal to be brought before the Annual Meeting (including the election of the
    nominees other than the Preferred Trustee by all Shareholders), the Preferred Shareholders, if any, will have equal voting rights (i.e., one vote per Share) with the applicable Fund&#8217;s holders of Common Stock (the &#8220;Common Shareholders&#8221;) and will vote
    together with Common Shareholders as a single class. The mailing address of the principal executive offices of each of the Funds is <font style="color: #000000;">1633 Broadway, New York, New York
      10019</font>. Shareholders of record at the close of business on the Record Date will be entitled to vote at the Annual Meeting.</div>
  <div style="text-align: justify; text-indent: 36pt; line-height: 13.7pt; font-family: 'Times New Roman', serif; font-size: 12pt;"> <br>
  </div>
  <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
    <div style="page-break-after: always;" id="DSPFPageBreak">
      <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
  </div>
  <div style="text-align: justify; text-indent: 36pt; line-height: 13.7pt; font-family: 'Times New Roman', serif; font-size: 12pt;">THIS SOLICITATION IS BEING MADE BY DRYDEN AND NOT ON BEHALF OF THE BOARD OF TRUSTEES OR MANAGEMENT OF THE FUNDS. WE ARE NOT
    AWARE OF ANY OTHER MATTERS TO BE BROUGHT BEFORE THE ANNUAL MEETING OTHER THAN AS SET FORTH IN THIS PROXY STATEMENT. SHOULD OTHER MATTERS, WHICH WE ARE NOT AWARE OF A REASONABLE TIME BEFORE THIS SOLICITATION, BE BROUGHT BEFORE THE ANNUAL MEETING, THE
    PERSONS NAMED AS PROXIES IN THE ENCLOSED <font style="font-weight: bold; color: #000000;">GOLD</font><font style="color: #000000;">&#160;</font>PROXY
    CARD WILL VOTE ON SUCH MATTERS IN THEIR DISCRETION.</div>
  <div style="line-height: 13.7pt;"><br style="line-height: 13.7pt;">
  </div>
  <div style="text-indent: 36pt; line-height: 13.7pt; font-family: 'Times New Roman', serif; font-size: 12pt;">DRYDEN URGES YOU TO SIGN, DATE AND RETURN THE <font style="font-weight: bold; color: #000000;">GOLD</font><font style="color: #000000;">&#160;</font>PROXY CARD <font style="font-weight: bold;">TODAY</font>
    TO VOTE <font style="font-weight: bold;">FOR</font> THE ELECTION OF <font style="color: #000000;">OUR NOMINEE.</font></div>
  <div style="line-height: 13.7pt;"><br style="line-height: 13.7pt;">
  </div>
  <div style="text-align: justify; text-indent: 36pt; line-height: 13.7pt; font-family: 'Times New Roman', serif; font-size: 12pt;">IF YOU HAVE ALREADY SENT A PROXY CARD FURNISHED BY THE FUNDS&#8217; MANAGEMENT OR THE BOARD, YOU MAY REVOKE THAT PROXY AND VOTE ON
    EACH OF THE PROPOSALS DESCRIBED IN THIS PROXY STATEMENT BY SIGNING, DATING AND RETURNING THE ENCLOSED <font style="font-weight: bold; color: #000000;">GOLD </font>PROXY CARD. WE STRONGLY URGE
    YOU TO DO SO WITHOUT DELAY BECAUSE THERE IS LITTLE TIME BEFORE THE ANNUAL MEETING. THE LATEST DATED PROXY IS THE ONLY ONE THAT COUNTS. ANY PROXY MAY BE REVOKED AT ANY TIME PRIOR TO THE ANNUAL MEETING BY DELIVERING A WRITTEN NOTICE OF REVOCATION OR A
    LATER DATED PROXY FOR THE ANNUAL MEETING OR BY VOTING IN PERSON AT THE ANNUAL MEETING.</div>
  <div style="line-height: 13.7pt;"><br style="line-height: 13.7pt;">
  </div>
  <div style="line-height: 13.7pt;"><br style="line-height: 13.7pt;">
  </div>
  <div style="line-height: 13.7pt;"><br style="line-height: 13.7pt;">
  </div>
  <div style="text-align: center; line-height: 13.7pt; font-family: 'Times New Roman', serif; font-size: 12pt; font-weight: bold;">Important Notice Regarding the Availability of Proxy Materials for the Annual Meeting</div>
  <div style="line-height: 13.7pt;"><br style="line-height: 13.7pt;">
  </div>
  <div style="text-align: center; line-height: 13.7pt; font-family: 'Times New Roman', serif; font-size: 12pt; font-weight: bold;">This Proxy Statement and our proxy card are available at:</div>
  <div style="line-height: 13.7pt;"><br style="line-height: 13.7pt;">
  </div>
  <div style="text-align: center; line-height: 13.7pt; font-family: 'Times New Roman', serif; font-size: 12pt;"><u>www.icommaterials.com/dryden2019</u></div>
  <div style="line-height: 13.7pt;"><br style="line-height: 13.7pt;">
  </div>
  <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
    <div id="DSPFPageBreak" style="page-break-after:always;">
      <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
  </div>
  <div style="background-color: #FFFFFF; line-height: 14.4pt;">
    <div style="text-align: center; line-height: 13.7pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt; font-weight: bold;">IMPORTANT</div>
  </div>
  <div style="background-color: #FFFFFF; line-height: 14.4pt;">
    <div style="line-height: 13.7pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">&#160;</div>
  </div>
  <div style="background-color: #FFFFFF; line-height: 14.4pt;">
    <div style="text-indent: 36pt; line-height: 13.7pt; font-family: 'Times New Roman', serif; font-size: 12pt;"><font style="font-weight: bold; color: #000000;">Your vote is
        important, no matter how many or how few shares of Stock you own. Your vote matters. Dryden urges you to sign, date, and return the enclosed GOLD proxy card TODAY&#160;to vote FOR the election of Mr. Clark</font>&#160;<font style="font-weight: bold; color: #000000;">to the Board</font><font style="font-weight: bold;">.</font></div>
  </div>
  <div style="background-color: #FFFFFF; line-height: 14.4pt;">
    <div style="line-height: 13.7pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">&#160;</div>
  </div>
  <table cellspacing="0" cellpadding="0" id="zf182fcd219de4276b45783f55749a282" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

      <tr>
        <td style="width: 6.67%; vertical-align: top;">
          <div style="line-height: 13.7pt; font-family: 'Times New Roman', serif; font-size: 12pt;">&#9679;</div>
        </td>
        <td style="width: 93.33%; vertical-align: top;">
          <div style="line-height: 13.7pt; font-family: 'Times New Roman', serif; font-size: 12pt;">If you are a &#8220;registered shareholder&#8221;, please sign and date the enclosed <font style="font-weight: bold; color: #000000;">GOLD</font><font style="color: #000000;">&#160;</font>proxy card and return it to Dryden, c/o InvestorCom, in the enclosed postage-paid envelope
            today.</div>
        </td>
      </tr>

  </table>
  <div style="background-color: #FFFFFF; line-height: 14.4pt;">
    <div style="line-height: 13.7pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">&#160;</div>
  </div>
  <table cellspacing="0" cellpadding="0" id="z57080f98ed6b4f909bb7936cc3beda5b" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

      <tr>
        <td style="width: 6.67%; vertical-align: top;">
          <div style="line-height: 13.7pt; font-family: 'Times New Roman', serif; font-size: 12pt;">&#9679;</div>
        </td>
        <td style="width: 93.33%; vertical-align: top;">
          <div style="line-height: 13.7pt; font-family: 'Times New Roman', serif; font-size: 12pt;">If you own shares in a brokerage account or through a bank, you are considered a &#8220;beneficial shareholder&#8221;, and the Dryden proxy materials,
            together with a voting instruction form (VIF), are being forwarded to you by your broker or bank. As a &#8220;beneficial owner&#8221;, you must instruct your broker, trustee or other representative on how to vote your shares. Your broker cannot vote your
            shares on your behalf without receiving instructions from you.</div>
        </td>
      </tr>

  </table>
  <div style="background-color: #FFFFFF; line-height: 14.4pt;">
    <div style="line-height: 13.7pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">&#160;</div>
  </div>
  <table cellspacing="0" cellpadding="0" id="zc0acf027692d4fb4afe60619102cde97" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

      <tr>
        <td style="width: 6.67%; vertical-align: top;">
          <div style="line-height: 13.7pt; font-family: 'Times New Roman', serif; font-size: 12pt;">&#9679;</div>
        </td>
        <td style="width: 93.33%; vertical-align: top;">
          <div style="line-height: 13.7pt; font-family: 'Times New Roman', serif; font-size: 12pt;">Depending upon your broker or custodian&#8217;s voting policy, you may be able to vote either by toll-free telephone or by using the Internet.
            Please refer to the enclosed voting form for instructions on how to vote electronically. You may also vote by signing, dating and returning the enclosed voting form in the pre-paid envelope provided to you.</div>
        </td>
      </tr>

  </table>
  <div style="background-color: #FFFFFF; line-height: 14.4pt;">
    <div style="line-height: 13.7pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">&#160;</div>
  </div>
  <table cellspacing="0" cellpadding="0" id="z5cf4dde622514877b166bc397d810573" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

      <tr>
        <td style="width: 6.67%; vertical-align: top;">
          <div style="line-height: 13.7pt; font-family: 'Times New Roman', serif; font-size: 12pt;">&#9679;</div>
        </td>
        <td style="width: 93.33%; vertical-align: top;">
          <div style="line-height: 13.7pt; font-family: 'Times New Roman', serif; font-size: 12pt;">Please <font style="font-weight: bold;">DO NOT</font> sign or return any <font style="font-weight: bold;">WHITE</font> proxy card you may receive from the Funds. If you have already submitted a <font style="font-weight: bold;">WHITE </font>proxy card, you have every right to change your vote &#8212; please use the <font style="font-weight: bold; color: #000000;">GOLD</font><font style="color: #000000;">&#160;</font>proxy card to vote by Internet or telephone or simply sign, date and return the <font style="font-weight: bold; color: #000000;">GOLD</font><font style="color: #000000;">&#160;</font>proxy card. Only your latest dated proxy will be counted.</div>
        </td>
      </tr>

  </table>
  <div style="line-height: 13.7pt;"><br style="line-height: 13.7pt;">
  </div>
  <div style="line-height: 13.7pt;"><br style="line-height: 13.7pt;">
  </div>
  <div style="line-height: 13.7pt;"><br style="line-height: 13.7pt;">
  </div>
  <div style="text-align: center; line-height: 13.7pt;"><img src="image0.jpg"></div>
  <div style="line-height: 13.7pt;"><br style="line-height: 13.7pt;">
  </div>
  <div style="text-align: center; line-height: 13.7pt; font-family: 'Times New Roman', serif; font-size: 12pt;">19 Old Kings Highway S. &#8211; Suite 210</div>
  <div style="text-align: center; line-height: 13.7pt; font-family: 'Times New Roman', serif; font-size: 12pt;">Darien, CT&#160; 06820</div>
  <div style="text-align: center; line-height: 13.7pt; font-family: 'Times New Roman', serif; font-size: 12pt;">Toll Free (877) 972-0090</div>
  <div style="text-align: center; line-height: 13.7pt; font-family: 'Times New Roman', serif; font-size: 12pt;">Banks and Brokers call collect (203) 972-9300</div>
  <div style="background-color: #FFFFFF; line-height: 14.4pt;">
    <div style="line-height: 0pt;"><br style="line-height: 0pt;">
    </div>
    <div style="text-align: center; line-height: 13.7pt; margin-top: 12pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 12pt;">info@investor-com.com</div>
    <div style="line-height: 0pt;"><br style="line-height: 0pt;">
    </div>
  </div>
  <div style="text-align: center; line-height: 13.7pt;"><font style="font-family: 'Times New Roman', serif; font-size: 12pt; font-weight: bold;"> </font><br style="line-height: 13.7pt;">
  </div>
  <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
    <div id="DSPFPageBreak" style="page-break-after:always;">
      <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
  </div>
  <div style="text-align: center; line-height: 13.7pt; font-family: 'Times New Roman', serif; font-size: 12pt; font-weight: bold;">BACKGROUND TO THE SOLICITATION</div>
  <div style="line-height: 13.7pt;"><br style="line-height: 13.7pt;">
  </div>
  <div style="text-align: justify; line-height: 13.7pt; font-family: 'Times New Roman', serif; font-size: 12pt;">A chronology of our interactions with the Funds as it pertains to the Annual Meeting is as follows:</div>
  <div style="line-height: 13.7pt;"><br style="line-height: 13.7pt;">
  </div>
  <div>
    <table cellspacing="0" cellpadding="0" id="z1cea1f4add884e5f85e1088f154ac8a5" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-bottom: 12pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 72pt; vertical-align: top; align: right;">
            <div style="margin-left: 36pt; line-height: 13.7pt; margin-bottom: 12pt; font-size: 12pt;">&#8226;</div>
          </td>
          <td style="width: auto; vertical-align: top;">
            <div style="text-align: justify; line-height: 13.7pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 12pt;">Dryden began purchasing the Funds&#8217; ARPS in 2016.</div>
          </td>
        </tr>

    </table>
  </div>
  <div>
    <table cellspacing="0" cellpadding="0" id="z26ab323f4be74b31b7618d6723e0926d" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-bottom: 12pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 72pt; vertical-align: top; align: right;">
            <div style="margin-left: 36pt; line-height: 13.7pt; margin-bottom: 12pt; font-size: 12pt;">&#8226;</div>
          </td>
          <td style="width: auto; vertical-align: top;">
            <div style="text-align: justify; line-height: 13.7pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 12pt;">On April 17, 2018, Dryden began expressing its concerns about the ARPS to representatives of PIMCO who are not
              members of the Board (&#8220;Management&#8221;).</div>
          </td>
        </tr>

    </table>
  </div>
  <div>
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            <div style="margin-left: 36pt; line-height: 13.7pt; margin-bottom: 12pt; font-size: 12pt;">&#8226;</div>
          </td>
          <td style="width: auto; vertical-align: top;">
            <div style="text-align: justify; line-height: 13.7pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 12pt;">On April 27, 2018, Dryden sent Management a presentation that specifically laid out our concerns in more detail.</div>
          </td>
        </tr>

    </table>
  </div>
  <div>
    <table cellspacing="0" cellpadding="0" id="z2b6e915f85e0480eafc9cb2b53e5e542" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-bottom: 12pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 72pt; vertical-align: top; align: right;">
            <div style="margin-left: 36pt; line-height: 13.7pt; margin-bottom: 12pt; font-size: 12pt;">&#8226;</div>
          </td>
          <td style="width: auto; vertical-align: top;">
            <div style="text-align: justify; line-height: 13.7pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 12pt;">On May 7, 2018, Dryden and Management held a conference call to discuss the materials Dryden had sent.&#160; Again,
              Management refused substantive engagement.&#160; Given the lack of progress, Dryden alerted Management that Dryden planned to raise its concerns to the Board level and the Preferred Trustees.</div>
          </td>
        </tr>

    </table>
  </div>
  <div>
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        <tr>
          <td style="width: 72pt; vertical-align: top; align: right;">
            <div style="margin-left: 36pt; line-height: 13.7pt; margin-bottom: 12pt; font-size: 12pt;">&#8226;</div>
          </td>
          <td style="width: auto; vertical-align: top;">
            <div style="text-align: justify; line-height: 13.7pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 12pt;">On May 18, 2018, Dryden e-mailed Management and members of the Boards, informally declaring an intent to
              nominate T. Matthew Buffington as a Preferred Trustee at the Annual Meeting while also suggesting a meeting to search for a more cooperative solution.</div>
          </td>
        </tr>

    </table>
  </div>
  <div>
    <table cellspacing="0" cellpadding="0" id="z964f5f379d764115b321a5faa9125142" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-bottom: 12pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 72pt; vertical-align: top; align: right;">
            <div style="margin-left: 36pt; line-height: 13.7pt; margin-bottom: 12pt; font-size: 12pt;">&#8226;</div>
          </td>
          <td style="width: auto; vertical-align: top;">
            <div style="text-align: justify; line-height: 13.7pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 12pt;">On June 20, 2018, Dryden e-mailed Management and the Preferred Trustees to follow up on scheduling the meeting
              to search for a more cooperative solution, but Dryden did not receive a response.</div>
          </td>
        </tr>

    </table>
  </div>
  <div>
    <table cellspacing="0" cellpadding="0" id="z7a26ce9147ad4899af8c0fae436f37b3" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-bottom: 12pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 72pt; vertical-align: top; align: right;">
            <div style="margin-left: 36pt; line-height: 13.7pt; margin-bottom: 12pt; font-size: 12pt;">&#8226;</div>
          </td>
          <td style="width: auto; vertical-align: top;">
            <div style="text-align: justify; line-height: 13.7pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 12pt;">On July 9, 2018, Dryden e-mailed Management and the Preferred Trustees to again follow up on scheduling the
              meeting, but Dryden, again, did not receive a response.</div>
          </td>
        </tr>

    </table>
  </div>
  <div>
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        <tr>
          <td style="width: 72pt; vertical-align: top; align: right;">
            <div style="margin-left: 36pt; line-height: 13.7pt; margin-bottom: 12pt; font-size: 12pt;">&#8226;</div>
          </td>
          <td style="width: auto; vertical-align: top;">
            <div style="text-align: justify; line-height: 13.7pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 12pt;">On July 20, 2018 PIMCO announced the tender offer at 85% of Par and on July 23, 2018, PIMCO subsequently
              e-mailed Dryden offering a phone call with members of Management (but denied Dryden&#8217;s request to involve the Preferred Trustees).</div>
          </td>
        </tr>

    </table>
  </div>
  <div>
    <table cellspacing="0" cellpadding="0" id="z0efaf3381b0c4e2c98c1a2e5129b7849" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-bottom: 12pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 72pt; vertical-align: top; align: right;">
            <div style="margin-left: 36pt; line-height: 13.7pt; margin-bottom: 12pt; font-size: 12pt;">&#8226;</div>
          </td>
          <td style="width: auto; vertical-align: top;">
            <div style="text-align: justify; line-height: 13.7pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 12pt;">On July 25, 2018, Dryden held a call with Management, discussed the tender offer dated July 20, 2018, and
              expressed Dryden&#8217;s displeasure with the price; the tender offer price was below then recent prices seen in the secondary market and it represented a meaningful discount to where PIMCO&#8217;s peers had tendered.&#160; In the absence of a cooperative
              solution from Management, Dryden alerted Management that it intended to formally nominate its own trustee candidate to the Boards.</div>
          </td>
        </tr>

    </table>
  </div>
  <div>
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        <tr>
          <td style="width: 72pt; vertical-align: top; align: right;">
            <div style="margin-left: 36pt; line-height: 13.7pt; margin-bottom: 12pt; font-size: 12pt;">&#8226;</div>
          </td>
          <td style="width: auto; vertical-align: top;">
            <div style="text-align: justify; line-height: 13.7pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 12pt;">On August 21, 2018, after<font style="font-weight: bold;">&#160;</font>not responding to all our previous attempts to engage, the Funds&#8217; Preferred Trustees finally requested to meet with Dryden.&#160; Dryden accepted that same day.</div>
          </td>
        </tr>

    </table>
  </div>
  <div>
    <table cellspacing="0" cellpadding="0" id="z69eda69ff8b040d7b7cc6b57397b1cb8" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-bottom: 12pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 72pt; vertical-align: top; align: right;">
            <div style="margin-left: 36pt; line-height: 13.7pt; margin-bottom: 12pt; font-size: 12pt;">&#8226;</div>
          </td>
          <td style="width: auto; vertical-align: top;">
            <div style="text-align: justify; line-height: 13.7pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 12pt;">The meeting occurred August 30, 2018 and Dryden, again, did not receive responses to simple questions about the
              ARPS.</div>
          </td>
        </tr>

    </table>
  </div>
  <div>
    <table cellspacing="0" cellpadding="0" id="z079417aa743242db81e4b214dabaecb0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-bottom: 12pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 72pt; vertical-align: top; align: right;">
            <div style="margin-left: 36pt; line-height: 13.7pt; margin-bottom: 12pt; font-size: 12pt;">&#8226;</div>
          </td>
          <td style="width: auto; vertical-align: top;">
            <div style="text-align: justify; line-height: 13.7pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 12pt;">On September 11, 2018, Dryden sent its formal notice nominating T. Matthew Buffington for election.</div>
          </td>
        </tr>

    </table>
  </div>
  <div>
    <table cellspacing="0" cellpadding="0" id="z2eafb92b85f648498fb5b60bd104cdc5" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-bottom: 12pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 72pt; vertical-align: top; align: right;">
            <div style="margin-left: 36pt; line-height: 13.7pt; margin-bottom: 12pt; font-size: 12pt;">&#8226;</div>
          </td>
          <td style="width: auto; vertical-align: top;">
            <div style="text-align: justify; line-height: 13.7pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 12pt;">On September 12, 2018, PIMCO announced the results of its tender offer.&#160; The majority of ARPS Shareholders did
              not participate in the tender offer.&#160; Participation was dominated by a single holder of ARPS (Wells Fargo, which also happened to be the firm providing the new VMTPS financing for any tendered ARPS).</div>
          </td>
        </tr>

    </table>
  </div>
  <div>
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        <tr>
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          </td>
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          </td>
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    </table>
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    <div>
      <table cellspacing="0" cellpadding="0" id="zf14ad65f50fe4252ae1faf43da10f79b" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-bottom: 12pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 72pt; vertical-align: top; align: right;">
              <div style="margin-left: 36pt; line-height: 13.7pt; margin-bottom: 12pt; font-size: 12pt;">&#8226;</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify; line-height: 13.7pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 12pt;">On September 27, 2018, PIMCO notified Dryden it would not be nominating Dryden&#8217;s proposed candidate for
                election.</div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" id="zff793ce44a834e9aa4a579ef7efdb967" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-bottom: 12pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 72pt; vertical-align: top; align: right;">
              <div style="margin-left: 36pt; line-height: 13.7pt; margin-bottom: 12pt; font-size: 12pt;">&#8226;</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify; line-height: 13.7pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 12pt;">On November 5, 2018, Dryden filed a definitive proxy statement with respect to the Funds&#8217; 2018 Joint Annual
                General Meeting, soliciting support for its nominee, T. Matthew Buffington.</div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" id="zb2d6cd3a6e7e4c4d989adde85efeaa6b" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-bottom: 12pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 72pt; vertical-align: top; align: right;">
              <div style="margin-left: 36pt; line-height: 13.7pt; margin-bottom: 12pt; font-size: 12pt;">&#8226;</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify; line-height: 13.7pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 12pt;">At the Joint Annual Meeting held December 19, 2018, Preferred Shareholders elected T. Matthew Buffington to
                one of the two Preferred Trustee positions on each of the Boards, replacing Hans W. Kertess for PMF, PML, PNI, PCQ, PCK, PNF and Alan Rappaport for PMX and PZC.</div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" id="z4dea74383fbd47c6a54c997f9fa79da4" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-bottom: 12pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 72pt; vertical-align: top; align: right;">
              <div style="margin-left: 36pt; line-height: 13.7pt; margin-bottom: 12pt; font-size: 12pt;">&#8226;</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify; line-height: 13.7pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 12pt;">On December 20, 2018, PIMCO responded to Mr. Buffington&#8217;s election by increasing the size of the Boards of
                each Fund by two seats and reappointing Mr. Kertess or Mr. Rappaport (as relevant) as a Trustee to each of the Boards along with newly appointed Sarah Cogan (effective January 1, 2019).</div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" id="z529a9c1138d84602963799c5b9f92b01" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-bottom: 12pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 72pt; vertical-align: top; align: right;">
              <div style="margin-left: 36pt; line-height: 13.7pt; margin-bottom: 12pt; font-size: 12pt;">&#8226;</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify; line-height: 13.7pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 12pt;">On June 18, 2019, Dryden verbally notified the Funds&#8217; Boards that it was exploring the possibility of
                nominating another candidate for the Preferred Trustee position for election at the upcoming joint annual meeting.</div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" id="za1eea3d877af4a0ea8c437d09b933976" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-bottom: 12pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 72pt; vertical-align: top; align: right;">
              <div style="margin-left: 36pt; line-height: 13.7pt; margin-bottom: 12pt; font-size: 12pt;">&#8226;</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify; line-height: 13.7pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 12pt;">On September 10, 2019, Dryden sent its formal notice nominating Derrick A. Clark for election.</div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" id="z312c95a7169140289a314b650e23d08c" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-bottom: 12pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 72pt; vertical-align: top; align: right;">
              <div style="margin-left: 36pt; line-height: 13.7pt; margin-bottom: 12pt; font-size: 12pt;">&#8226;</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify; line-height: 13.7pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 12pt;">On September 19, 2019, PIMCO notified Dryden it would not be nominating Dryden&#8217;s proposed candidate for
                election.</div>
            </td>
          </tr>

      </table>
    </div>
  </div>
  <div style="text-align: center; line-height: 13.7pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt; font-weight: bold;"> <br>
  </div>
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  </div>
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  </div>
  <div style="text-align: center; line-height: 13.7pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt; font-weight: bold;">REASONS FOR THE SOLICITATION</div>
  <div style="background-color: #FFFFFF; line-height: 14.4pt;">
    <div style="line-height: 13.7pt;"><br style="line-height: 13.7pt;">
    </div>
  </div>
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    <div style="text-align: justify; text-indent: 36pt; line-height: 13.7pt; font-family: 'Times New Roman', serif; font-size: 12pt;"><font style="color: #000000;">Dryden is a long-term and concerned
        investor in the Funds, having made its initial investment in the Funds in 2016. Dryden has owned ARPS of the Funds continuously since </font>2016<font style="color: #000000;">.&#160; In our
        opinion, our ownership aligns us well with the interests of the holders of ARPS because we share their economic risks and would share in their economic upside if the Funds prosper from our strategic vision for liquidity. Dryden has been an involved
        shareholder of the Funds for an extended period of time and T. Matthew Buffington, a managing member of Dryden Capital and Dryden Capital GP, currently serves as one of the Preferred Trustees on the Boards.&#160; Dryden and Mr. Buffington have
        repeatedly attempted to engage in a constructive dialogue with the other members of the Boards and Management on the future composition of the Boards and liquidity.</font></div>
    <div style="line-height: 13.7pt;"><br style="line-height: 13.7pt;">
    </div>
  </div>
  <div style="text-align: justify; text-indent: 36pt; line-height: 13.7pt; font-family: 'Times New Roman', serif; font-size: 12pt;"><font style="color: #000000;">&#160;</font>Dryden believes now is the
    time that the Funds&#8217; ARPS should be redeemed.&#160; Now is the time that the Funds&#8217; ARPS should be redeemed because (i) there are better financing alternatives available to the Funds and (ii) the Funds have not kept pace with the rest of the municipal
    closed-end fund industry in providing Preferred Shareholders with much needed liquidity.</div>
  <div style="line-height: 13.7pt;"><br style="line-height: 13.7pt;">
  </div>
  <div style="text-align: justify; text-indent: 36pt; line-height: 13.7pt; font-family: 'Times New Roman', serif; font-size: 12pt;">Last year&#8217;s tender offer, announced on July 20, 2018 and completed on September 11, 2018, for the ARPS at 85% of their
    liquidation preference was, in our opinion, inadequate.&#160; Not only was the tender offer price below the level where the ARPS were trading in the secondary market, it was also significantly below the price where PIMCO&#8217;s peers have provided liquidity to
    their own ARPS Shareholders.&#160; Pursuing a tender offer at a low price is not a sufficient offer of liquidity to holders of ARPS.&#160; It appears our fellow holders of ARPS agreed as the vast majority of ARPS were not tendered.&#160; Preferred Shareholders also
    made their voice heard by successfully electing T. Matthew Buffington to one of the two Preferred Trustee positions at last year&#8217;s annual meeting.&#160; However, PIMCO responded to his election by increasing the size of the board by two and adding back the
    Preferred Trustee that the Preferred Shareholders voted to replace.&#160; This had the mathematical effect of diluting the voting impact of the Dyden nominee.&#160; Thus, we are asking our fellow Preferred Shareholders to counteract PIMCO&#8217;s dilution of our
    collective voice and elect an additional trustee to the Boards who will advocate for liquidity for the holders of the ARPS that is similar to the liquidity provided to PIMCO&#8217;s peers.</div>
  <div style="line-height: 13.7pt;"><br style="line-height: 13.7pt;">
  </div>
  <div style="background-color: #FFFFFF; line-height: 14.4pt;">
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    </div>
  </div>
  <div style="text-align: center; text-indent: 36pt; line-height: 13.7pt; margin-bottom: 12pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt; font-weight: bold;">TIME IS OF THE ESSENCE. WE BELIEVE THAT SIGNIFICANT IMPROVEMENT TO
    THE BOARDS IS NEEDED <u>NOW</u>!</div>
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  </div>
  <div style="text-align: center; line-height: 13.7pt; font-family: 'Times New Roman', serif; font-size: 12pt; font-weight: bold;">PROPOSAL NO.1</div>
  <div style="line-height: 13.7pt;"><br style="line-height: 13.7pt;">
  </div>
  <div style="text-align: center; line-height: 13.7pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 12pt; font-weight: bold;">ELECTION OF TRUSTEE</div>
  <div style="line-height: 13.7pt;"><br style="line-height: 13.7pt;">
  </div>
  <div style="background-color: #FFFFFF; line-height: 14.4pt;">
    <div style="text-align: justify; text-indent: 36pt; line-height: 13.7pt; font-family: 'Times New Roman', serif; font-size: 12pt;">According to the Funds&#8217; definitive proxy statement, the current Board of each Fund consists of ten trustees, divided into
      three classes, including two trustees that have been designated by the Board to serve as the two Preferred Trustees.&#160; Based on public disclosures by the Funds, we believe that the current Preferred Trustees for PMF, PML, PNI, PCQ, PCK, PNF, PMX, PZC,
      Messrs. T. Matthew Buffington and James A. Jacobson, are presently serving three-year terms that end in 2021 and 2019, respectively.&#160; Therefore, one of the two designated Preferred Trustees for each Fund is to be elected at the Annual Meeting. In
      addition, two trustees who are not Preferred Trustees are to be elected at the Annual Meetings by holders of the shares of Common Stock and the holders of Preferred Shares, voting together as a single class.</div>
    <div style="line-height: 13.7pt;"><br style="line-height: 13.7pt;">
    </div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 13.7pt; font-family: 'Times New Roman', serif; font-size: 12pt;"><font style="color: #000000;">According to the Funds&#8217; </font>definitive
      <font style="color: #000000;">proxy statement, the election of Mr. Clark to the Boards of each of the Funds will require the affirmative vote of a plurality of the votes of the Preferred
        Shareholders (voting as a separate class) of the relevant Fund cast in the election of Trustees at the Annual Meeting, in person or by proxy. The re-election of the trustees other than the Preferred Trustees to the Boards of each of the Funds will
        require the affirmative vote of a plurality of the votes of the Common Shareholders and Preferred Shareholders (voting together as a single class) of the relevant Fund cast in the election of Trustees at the Meeting, in person or by proxy.</font></div>
  </div>
  <div style="background-color: #FFFFFF; line-height: 14.4pt;">
    <div style="line-height: 13.7pt;"><br style="line-height: 13.7pt;">
    </div>
    <div style="text-align: justify; line-height: 13.7pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt; font-weight: bold;">Our Nominee:</div>
    <div style="line-height: 13.7pt;"><br style="line-height: 13.7pt;">
    </div>
  </div>
  <table cellspacing="0" cellpadding="0" id="z4f12a359a08249398bb065cad1ffcf22" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

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          <div style="text-align: center; line-height: 11.4pt; font-family: 'Times New Roman', serif;">(1)</div>
        </td>
        <td style="width: 11.89%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: center; line-height: 13.7pt; font-family: 'Times New Roman', serif; font-size: 12pt;">(2)</div>
        </td>
        <td style="width: 12.94%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: center; line-height: 13.7pt; font-family: 'Times New Roman', serif; font-size: 12pt;">(3)</div>
        </td>
        <td style="width: 29.98%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: center; line-height: 13.7pt; font-family: 'Times New Roman', serif; font-size: 12pt;">(4)</div>
        </td>
        <td style="width: 17.48%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: center; line-height: 13.7pt; font-family: 'Times New Roman', serif; font-size: 12pt;">(5)</div>
        </td>
        <td style="width: 17.07%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: center; line-height: 13.7pt; font-family: 'Times New Roman', serif; font-size: 12pt;">(6)</div>
        </td>
      </tr>
      <tr>
        <td style="width: 10.63%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="line-height: 11.4pt; font-family: 'Times New Roman', serif;">Name, Address, and Age</div>
        </td>
        <td style="width: 11.89%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="line-height: 11.4pt; font-family: 'Times New Roman', serif;">Position(s) Held with Fund(s)</div>
        </td>
        <td style="width: 12.94%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="line-height: 11.4pt; font-family: 'Times New Roman', serif;">Term of Office and Length of Time Served with Fund(s)</div>
        </td>
        <td style="width: 29.98%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="line-height: 11.4pt; font-family: 'Times New Roman', serif;">Principal Occupation(s) During Past 5 Years</div>
        </td>
        <td style="width: 17.48%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="line-height: 11.4pt; font-family: 'Times New Roman', serif;">Number of Portfolios in Fund Complex Overseen by Director or Nominee for Director</div>
        </td>
        <td style="width: 17.07%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="line-height: 11.4pt; font-family: 'Times New Roman', serif;">Other Directorships Held by Director or Nominee for Director</div>
        </td>
      </tr>
      <tr>
        <td style="width: 10.63%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="line-height: 11.4pt; font-family: 'Times New Roman', serif;">Derrick A. Clark</div>
          <div style="line-height: 11.4pt; font-family: 'Times New Roman', serif;">Business Address:</div>
          <div style="line-height: 11.4pt; font-family: 'Times New Roman', serif;">Junto Capital</div>
          <div style="line-height: 11.4pt; font-family: 'Times New Roman', serif;">450 Park Avenue, Suite 25</div>
          <div style="line-height: 11.4pt; font-family: 'Times New Roman', serif;">New York, New York 10022</div>
        </td>
        <td style="width: 11.89%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="line-height: 11.4pt; font-family: 'Times New Roman', serif;">None</div>
        </td>
        <td style="width: 12.94%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="line-height: 11.4pt; font-family: 'Times New Roman', serif;">N/A</div>
        </td>
        <td style="width: 29.98%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="line-height: 11.4pt; font-family: 'Times New Roman', serif;">Analyst and Portfolio Manager at Junto Capital since July 2013.</div>
          <div style="line-height: 11.4pt; font-family: 'Times New Roman', serif;">The principal business of Junto Capital is to provide investment advisory, portfolio and wealth management, consulting, financial
            planning, and investment supervisory services.</div>
        </td>
        <td style="width: 17.48%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="line-height: 11.4pt; font-family: 'Times New Roman', serif;">None</div>
        </td>
        <td style="width: 17.07%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="line-height: 11.4pt; font-family: 'Times New Roman', serif;">None</div>
        </td>
      </tr>

  </table>
  <div style="background-color: #FFFFFF; line-height: 14.4pt;">
    <div style="line-height: 13.7pt;"><br style="line-height: 13.7pt;">
    </div>
  </div>
  <div style="background-color: #FFFFFF; line-height: 14.4pt;">
    <div style="text-align: justify; text-indent: 36pt; line-height: 13.7pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;"><font style="font-weight: bold;">Derrick A. Clark</font>,
      age 35, has served as an Analyst and a Portfolio Manager at Junto Capital Management LP since July 2013.&#160; &#160; Previously, Mr. Clark was a Senior Analyst at Glenview Capital Management, where he was responsible for identifying investment opportunities
      within the Industrials sector. Prior to joining Glenview, Mr. Clark was an Associate at the private equity fund Clayton, Dubilier &amp; Rice, and an Investment Banking Analyst at Goldman Sachs. Mr. Clark earned his BS in Business Administration and
      graduated with high distinction from Indiana University&#8217;s Kelley School of Business, where he concentrated in Finance and Economics.</div>
  </div>
  <div style="background-color: #FFFFFF; line-height: 14.4pt;">
    <div style="line-height: 13.7pt;"><br style="line-height: 13.7pt;">
    </div>
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    </div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 13.7pt; font-family: 'Times New Roman', serif; font-size: 12pt;"><font style="color: #000000;">The principal business address of
        Mr. Clark is Junto Capital, 450 Park Avenue, Suite 25, New York, New York 10022.</font> Mr. Clark has not held any positions, including as an officer, employee, director, or general partner, with any affiliated persons or principal underwriters of
      the Funds. The Nominee has not held any (i) positions, including as an officer, employee, director, or general partner or (ii) directorships, during the past five year that would require disclosure under paragraph (b)(4) of Item 22 of Rule 14a-101
      (Schedule 14A) under the Securities Act of 1933 (&#8220;Rule 14a-101&#8221;).</div>
    <div style="line-height: 13.7pt;"><br style="line-height: 13.7pt;">
    </div>
    <div style="line-height: 13.7pt;"><br style="line-height: 13.7pt;">
    </div>
  </div>
  <table cellspacing="0" cellpadding="0" id="z40c58347c35b4127b8dbeae5bd4f23d0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

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        <td style="width: 33.33%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: center; line-height: 11.4pt; font-family: 'Times New Roman', serif;">(1)</div>
        </td>
        <td style="width: 33.33%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: center; line-height: 11.4pt; font-family: 'Times New Roman', serif;">(2)</div>
        </td>
        <td style="width: 33.33%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: center; line-height: 11.4pt; font-family: 'Times New Roman', serif;">(3)</div>
        </td>
      </tr>
      <tr>
        <td style="width: 33.33%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: justify; line-height: 11.4pt; font-family: 'Times New Roman', serif;">Name of Director or Nominee</div>
        </td>
        <td style="width: 33.33%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: justify; line-height: 11.4pt; font-family: 'Times New Roman', serif;">Dollar Range of Equity Securities in the Funds</div>
        </td>
        <td style="width: 33.33%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: justify; line-height: 11.4pt; font-family: 'Times New Roman', serif;">Aggregate Dollar Range of Equity Securities in All Funds Overseen or to be Overseen by Director or Nominee in Family of Investment
            Companies</div>
        </td>
      </tr>
      <tr>
        <td style="width: 33.33%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: justify; line-height: 11.4pt; font-family: 'Times New Roman', serif;">Derrick A. Clark</div>
        </td>
        <td style="width: 33.33%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: justify; line-height: 11.4pt; font-family: 'Times New Roman', serif;">None</div>
        </td>
        <td style="width: 33.33%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: justify; line-height: 11.4pt; font-family: 'Times New Roman', serif;">None</div>
        </td>
      </tr>

  </table>
  <div style="background-color: #FFFFFF; line-height: 14.4pt;">
    <div style="text-align: justify; line-height: 13.7pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">&#160;<a name="P261454353"></a></div>
  </div>
  <div style="text-align: justify; text-indent: 36pt; line-height: 13.7pt; font-family: 'Times New Roman', serif; font-size: 12pt;">Mr. Clark does not beneficially own any securities of (i) an investment adviser, principal underwriter, or Sponsoring
    Insurance Company of the Funds; or (ii) a person (other than a registered investment company) directly or indirectly controlling, controlled by, or under common control with an investment adviser, principal underwriter, or Sponsoring Insurance Company
    of the Funds.</div>
  <div style="line-height: 13.7pt;"><br style="line-height: 13.7pt;">
  </div>
  <div style="text-align: justify; text-indent: 36pt; line-height: 13.7pt; font-family: 'Times New Roman', serif; font-size: 12pt;">The Nominee will not receive any compensation from Dryden Capital for his services as a Nominee or Trustee of the Funds if
    elected.&#160; If elected, the Nominee will be entitled to such compensation from the Funds as is consistent with the Funds&#8217; practices for services of non-employee Trustees, but has agreed to forfeit such compensation to Dryden Capital Fund.</div>
  <div style="line-height: 13.7pt;"><br style="line-height: 13.7pt;">
  </div>
  <div style="text-align: justify; text-indent: 36pt; line-height: 13.7pt; font-family: 'Times New Roman', serif; font-size: 12pt;">Other than as identified herein, there are no arrangements or understandings between members of Dryden or any other person
    or persons pursuant to which the nomination of the Nominee described herein is to be made, other than the consent by the Nominee to be named in this Proxy Statement and to serve as a trustee of the Funds if elected as such at the Annual Meeting. The
    Nominee is not a party adverse to the Funds or any of its subsidiaries or has a material interest adverse to the Funds or any of its subsidiaries in any material pending legal proceedings.</div>
  <div style="line-height: 13.7pt;"><br style="line-height: 13.7pt;">
  </div>
  <div style="text-align: justify; text-indent: 36pt; line-height: 13.7pt; font-family: 'Times New Roman', serif; font-size: 12pt;">Dryden believes that the Nominee presently is, and if elected as a trustee of the Funds the Nominee (a) would be, an
    &#8220;independent trustee&#8221; within the meaning of (i) the NYSE Listed Company Manual and (ii) paragraph (a)(1) of Item 407 of Regulation S-K under the Securities Act of 1933, as amended (&#8220;Regulation S&#8209;K&#8221;) and (b) would not be considered an &#8220;interested
    person&#8221; of the Funds as defined in Section 2(a)(19) of the Investment Company Act of 1940, as amended.</div>
  <div style="line-height: 13.7pt;"><br style="line-height: 13.7pt;">
  </div>
  <div style="text-align: justify; text-indent: 36pt; line-height: 13.7pt; font-family: 'Times New Roman', serif; font-size: 12pt;">Neither the Nominee nor any of his Immediate Family Members (i) has any direct or indirect interest, the value of which
    exceeds $120,000 during the past five years in (x) an investment adviser, principal underwriter, or Sponsoring Insurance Company of the Funds; or (y) a person (other than a registered investment company) directly or indirectly controlling, controlled
    by, or under common control with an investment adviser, principal underwriter, or Sponsoring Insurance Company of the Funds; (ii) has any material interest, direct or indirect, in any transaction, or series or similar transactions, since January 1,
    2016 or in any currently proposed transaction, or series of similar transaction requiring disclosure under paragraph (b)(8) of Item 22 of Rule 14a-101; (iii) has had since January 1, 2016 or is currently proposed to have, any direct or indirect
    relationship requiring disclosure under paragraph (b)(9) of Item 22 of Rule 14a-101; (iv) since January 1, 2016, has served on the board of directors where an Officer of an investment adviser, principal underwriter, or Sponsoring Insurance Company of
    the Funds, or an Officer of a person directly or indirectly controlling, controlled by, or under common control with an investment adviser, principal underwriter, or Sponsoring Insurance Company of the Funds, serves, or has served.</div>
  <div style="text-align: justify; text-indent: 36pt; line-height: 13.7pt; font-family: 'Times New Roman', serif; font-size: 12pt;"> <br>
  </div>
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  </div>
  <div style="text-align: justify; text-indent: 36pt; line-height: 13.7pt; font-family: 'Times New Roman', serif; font-size: 12pt;">There are no events required to be disclosed under Item 401(f) of Regulation S-K that have occurred during the past ten
    years or are material to an evaluation of the ability or integrity of the Nominee and (ii) there were no transactions since January 1, 2018, nor are there any currently proposed, involving any Participant or any of its or his associates in which the
    Funds was or is to be a participant and in which such Participant, any of its or his associates, or any of their respective immediate family members or any persons sharing their respective households, have or will have a direct or indirect material
    interest that would require disclosure under Item 404(a) of Regulation S-K.</div>
  <div style="line-height: 13.7pt;"><br style="line-height: 13.7pt;">
  </div>
  <div style="text-align: justify; text-indent: 36pt; line-height: 13.7pt; font-family: 'Times New Roman', serif; font-size: 12pt;">We do not expect that the Nominee will be unable to stand for election, but, in the event that the Nominee is unable to
    serve or for good cause will not serve, the shares of Stock represented by the enclosed <font style="font-weight: bold;">GOLD</font> proxy card will be voted for a substitute nominee, to the
    extent (i) this is not expressly prohibited under the Funds&#8217; bylaws and applicable law and (ii) notice of the substitute nominee has been made in accordance with the Funds&#8217; bylaws and applicable law. In addition, we reserve the right to nominate
    substitute person(s) if the Funds make or announce any changes to their bylaws or take or announce any other action that has, or if consummated would have, the effect of disqualifying the Nominee, to the extent this is not prohibited under the Funds&#8217;
    bylaws and applicable law. In any such case, we would identify and properly nominate such substitute nominee(s) in accordance with the Funds&#8217; bylaws and shares of Stock represented by the enclosed <font style="font-weight: bold;">GOLD </font>proxy card will be voted for such substitute nominee(s). We reserve the right to nominate additional person(s), to the extent this is not prohibited under the Funds&#8217; bylaws and applicable law, if the
    Funds increase the size of any Board above its existing size or increases the number of trustees whose terms expire at the Annual Meeting or reconstitute or reconfigure the classes on which the current trustees serve. Additional nominations made
    pursuant to the preceding sentence are without prejudice to the position of Dryden that any attempt to increase the size of the current Boards or to reconfigure the classes of the Boards other than as currently proposed constitutes an unlawful
    manipulation of the Funds&#8217; corporate machinery. To the extent Dryden nominates any substitute nominee under the above provisions and pursuant to the Funds&#8217; bylaws, Dryden confirms that it will file an amended proxy statement that (i) identifies such
    substitute nominee, (ii) discloses whether the substitute nominee has consented (x) to being named as a nominee in the proxy materials and (y) to serving as a Trustee, if elected, and (iii) provides the disclosure of the information required under
    Items 5(b) and 7 of Rule 14a-101.</div>
  <div style="line-height: 13.7pt;"><br style="line-height: 13.7pt;">
  </div>
  <div style="text-align: center; line-height: 13.7pt; font-family: 'Times New Roman', serif; font-size: 12pt; font-weight: bold;">WE URGE YOU TO VOTE FOR THE ELECTION OF THE NOMINEE ON THE ENCLOSED GOLD PROXY CARD.</div>
  <div style="line-height: 13.7pt;"><br style="line-height: 13.7pt;">
  </div>
  <div style="text-align: center; line-height: 13.7pt; font-family: 'Times New Roman', serif; font-size: 12pt; font-weight: bold;">WE INTEND TO VOTE OUR SHARES FOR THE ELECTION OF THE NOMINEE.</div>
  <div style="line-height: 13.7pt;"><br style="line-height: 13.7pt;">
  </div>
  <div style="text-align: center; line-height: 13.7pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt; font-weight: bold;">SHARES OF STOCK REPRESENTED BY PROPERLY EXECUTED GOLD PROXY CARDS WILL BE VOTED AT THE ANNUAL MEETING AS
    MARKED AND, IN THE ABSENCE OF SPECIFIC INSTRUCTIONS, &#8220;FOR&#8221; THE NOMINEE.</div>
  <div style="background-color: #FFFFFF; line-height: 14.4pt;">
    <div style="line-height: 13.7pt;"><br style="line-height: 13.7pt;">
    </div>
  </div>
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    <div style="line-height: 13.7pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">&#160;</div>
  </div>
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  <div style="background-color: #FFFFFF; line-height: 14.4pt;">
    <div style="text-align: center; line-height: 13.7pt; font-family: 'Times New Roman', serif; font-size: 12pt; font-weight: bold;">VOTING AND PROXY PROCEDURES</div>
  </div>
  <div style="line-height: 13.7pt;"><br style="line-height: 13.7pt;">
  </div>
  <div style="text-align: justify; text-indent: 36pt; line-height: 13.7pt; font-family: 'Times New Roman', serif; font-size: 12pt;">Only shareholders of record on the Record Date will be entitled to notice of and to vote at the Annual Meeting. Shareholders
    who sell their shares of Stock before the Record Date (or acquire them without voting rights after the Record Date) may not vote such shares. Shareholders of record on the Record Date will retain their voting rights in connection with the Annual
    Meeting even if they sell such shares of Common Stock after the Record Date. Based on publicly available information, Dryden believes that the only outstanding classes of securities of the Funds entitled to vote at the Annual Meeting are the Common
    Stock, ARPS and VMTPS.</div>
  <div style="line-height: 13.7pt;"><br style="line-height: 13.7pt;">
  </div>
  <div style="text-align: justify; text-indent: 36pt; line-height: 13.7pt; font-family: 'Times New Roman', serif; font-size: 12pt;">Shares of Stock represented by properly executed <font style="font-weight: bold;">GOLD</font><font style="color: #000000;">&#160;</font>proxy cards will be voted at the Annual Meeting as marked and, in the absence of specific instructions, will be voted as
    follows: FOR the election of Mr. Clark to the Boards of each Fund<font style="color: #000000;">&#160;</font>and in the discretion of the persons named as proxies on all other matters as may properly
    come before the Annual Meeting, as described herein and for the election of trustees as set forth below.</div>
  <div style="line-height: 13.7pt;"><br style="line-height: 13.7pt;">
  </div>
  <div style="text-align: justify; text-indent: 36pt; line-height: 13.7pt; font-family: 'Times New Roman', serif; font-size: 12pt;">According to the Funds&#8217; definitive proxy statement, the current Boards of each of the Funds consist of ten trustees, divided
    into three classes, including two trustees that have been designated by the Board to serve as the two Preferred Trustees.&#160; Based on prior public disclosures by the Funds, we believe that the current Preferred Trustees for PMF, PML, PNI, PCQ, PCK, PNF,
    PMX, PZC, Messrs. T. Matthew Buffington and James A. Jacobson, are presently serving three-year terms that end in 2021 and 2019, respectively.&#160; Therefore, one of the two designated Preferred Trustees for each Fund is to be elected at the Annual
    Meeting. In addition, two trustees who are not Preferred Trustees are to be elected at the Annual Meetings by holders of the shares of Common Stock of the Funds and the holders of Preferred Shares, voting together as a single class.&#160; We are not seeking
    control of the Boards. If our Nominee is elected we could not control the Boards absent the resignation of the other members of the Board, and any claim to the contrary would be entirely false and misleading.</div>
  <div style="line-height: 13.7pt;"><br style="line-height: 13.7pt;">
  </div>
  <div style="text-align: justify; line-height: 13.7pt; font-family: 'Times New Roman', serif; font-size: 12pt; font-weight: bold;">Quorum; Broker Non-Votes;</div>
  <div style="background-color: #FFFFFF; line-height: 14.4pt;">
    <div style="line-height: 13.7pt;"><br style="line-height: 13.7pt;">
    </div>
  </div>
  <div style="background-color: #FFFFFF; line-height: 14.4pt;">
    <div style="text-align: justify; text-indent: 24.5pt; line-height: 13.7pt; font-family: 'Times New Roman', serif; font-size: 12pt;">According to the Funds&#8217; definitive proxy statement, a<font style="color: #000000;"> quorum for each Fund at the Annual Meeting will consist of the presence in person or by proxy of thirty percent (30%) of the total Shares of the Fund entitled to vote at such Meeting, except that, where the Preferred Shares
        or Common Shares will vote as separate classes, then thirty percent (30%) of the shares of each class entitled to vote will be necessary to constitute a quorum for the transaction of business by that class. By way of clarification, in the case of
        Preferred Shares voting as a separate class, thirty percent (30%) of the total number of ARPS and VMTPS entitled to vote (regardless of the relative liquidation preference of the shares) will be necessary to constitute a quorum.</font></div>
  </div>
  <div style="background-color: #FFFFFF; line-height: 14.4pt;">
    <div style="line-height: 0pt;"><br style="line-height: 0pt;">
    </div>
    <div style="text-align: justify; text-indent: 24.5pt; line-height: 13.7pt; margin-top: 12pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 12pt;"><font style="color: #000000;">According to the Funds&#8217; </font>definitive <font style="color: #000000;">proxy statement, votes cast by proxy or in person at the Annual Meeting will be counted by persons appointed
        by the Funds as tellers (the &#8220;Tellers&#8221;) for the Annual Meeting. For purposes of determining the presence of a quorum for each Fund, the Tellers will include the total number of Shares present at the Annual Meeting in person or by proxy, including
        Shares represented by proxies that reflect abstentions and &#8220;broker non-votes&#8221; (</font><font style="font-style: italic; color: #000000;">i.e.</font><font style="color: #000000;">, shares held by brokers or nominees as to which instructions have not been received from the beneficial owners or the persons entitled to vote and the broker or nominee does not have the discretionary
        voting power on a particular matter). </font>For a proposal requiring approval of a plurality of the votes cast, such as the election of Trustees, abstention and broker non-votes will not be counted towards the achievement of a plurality of votes
      cast for a nominee.&#160; In the case of a contested election, abstentions and non-votes may require a nominee to receive a higher percentage of the votes cast in order to achieve a plurality of the votes cast, but will not be counted as votes against
      such nominee&#8217;s election.</div>
    <div style="line-height: 0pt;"><br style="line-height: 0pt;">
    </div>
  </div>
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  </div>
  <div style="line-height: 13.7pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 12pt; font-weight: bold;">Votes Required for Approval</div>
  <div style="text-align: justify; text-indent: 36pt; line-height: 13.7pt; font-family: 'Times New Roman', serif; font-size: 12pt;"><font style="color: #000000;">Each share of Stock entitles the
      holder thereof to one vote on the election of each of the nominees for trustee other than the </font>Preferred Trustees<font style="color: #000000;"> and on any other matter that may properly
      come before the Annual Meeting. Each share of Preferred Stock entitles the holder thereof to one vote on the election of each of the nominees for the </font>Preferred Trustees<font style="color: #000000;">. Shareholders are not entitled to cumulative voting in the election of Trustees.</font></div>
  <div style="line-height: 13.7pt;"><br style="line-height: 13.7pt;">
  </div>
  <div style="text-align: justify; text-indent: 36pt; line-height: 13.7pt; font-family: 'Times New Roman', serif; font-size: 12pt;"><font style="font-style: italic; color: #000000;">Election of
      Trustees</font><font style="color: #000000;"> &#9472; Each Funds&#8217;&#160;Bylaws provide that the&#160;</font>Preferred Trustees<font style="color: #000000;">
      will be elected by the affirmative vote of a plurality of the votes of the Preferred Shareholders (voting as a separate class) of the relevant Fund cast in the election of Trustees at the Meeting, in person or by proxy. Each Funds&#8217; Bylaws provide
      that the remaining trustees will be elected by the affirmative vote of a plurality of the votes of the Common Shareholders and Preferred Shareholders (voting together as a single class) of the relevant Fund cast in the election of Trustees at the
      Meeting, in person or by proxy.</font></div>
  <div style="text-align: justify; text-indent: 36pt; line-height: 13.7pt;"><font style="font-family: 'Times New Roman', serif; font-size: 12pt; color: #000000;"> </font><br style="line-height: 13.7pt;">
  </div>
  <div style="text-align: justify; text-indent: 36pt; line-height: 13.7pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">To vote, please complete, sign, date and return the enclosed <font style="font-weight: bold;">GOLD</font> proxy card or, to appoint a proxy over the Internet or by telephone, follow the instructions provided herein. If you attend the Annual Meeting and wish to vote in person, you may withdraw your
    proxy and vote in person. If your shares of Stock are held in the name of your broker, bank or other nominee, as it appears from public information that most shares of Stock are, you must obtain a proxy, executed in your favor, from the holder of
    record to be able to vote at the Annual Meeting. Dryden&#8217;s proxy solicitors at InvestorCom can help answer your voting and proxy questions.</div>
  <div style="line-height: 13.7pt;"><br style="line-height: 13.7pt;">
  </div>
  <div style="text-align: justify; line-height: 13.7pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 12pt; font-weight: bold;">Revocation of Proxies</div>
  <div style="text-align: justify; text-indent: 36pt; line-height: 13.7pt; font-family: 'Times New Roman', serif; font-size: 12pt;"><font style="color: #000000;">Shareholders of the Funds may revoke
      their proxies at any time prior to exercise by attending the Annual Meeting and voting in person (although attendance at the Annual Meeting will not in and of itself constitute revocation of a proxy) or by delivering a written notice of revocation.
      The delivery of a subsequently dated proxy which is properly completed will constitute a revocation of any earlier proxy. The revocation may be delivered either to us in care of </font>InvestorCom<font style="color: #000000;"> at 19 Old Kings Highway S. &#8211; Suite 210, Darien, CT 06820 or to PIMCO at 1633 Broadway, New York, New York 10019, or any other address provided by the Funds. Although a revocation is effective if delivered to the
      Funds, we request that either the original or photostatic copies of all revocations be mailed to us in care of </font>InvestorCom<font style="color: #000000;"> at 19 Old Kings Highway S. &#8211;
      Suite 210, Darien, CT 06820. </font><font style="font-weight: bold; color: #000000;">IF YOU WISH TO VOTE FOR THE ELECTION OF OUR NOMINEES TO THE BOARD, PLEASE SIGN, DATE AND RETURN PROMPTLY THE
      ENCLOSED GOLD PROXY CARD IN THE POSTAGE-PAID ENVELOPE PROVIDED.</font></div>
  <div style="line-height: 13.7pt;"><br style="line-height: 13.7pt;">
  </div>
  <div style="text-align: justify; text-indent: 36pt; line-height: 13.7pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt; font-weight: bold;">To ensure that your shares are voted in accordance with your wishes, you should also
    contact the person responsible for your account and give instructions for a GOLD proxy card to be issued representing your shares of Stock.</div>
  <div style="line-height: 13.7pt;"><br style="line-height: 13.7pt;">
  </div>
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  </div>
  <div style="text-align: center; line-height: 13.7pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt; font-weight: bold;">SOLICITATION OF PROXIES</div>
  <div style="line-height: 13.7pt;"><br style="line-height: 13.7pt;">
  </div>
  <div style="background-color: #FFFFFF; line-height: 14.4pt;">
    <div style="text-align: justify; text-indent: 36pt; line-height: 13.7pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">The solicitation of proxies pursuant to this Proxy Statement is being made by Dryden. Proxies may be
      solicited by mail, facsimile, telephone, telegraph, Internet, in person and by advertisements.</div>
  </div>
  <div style="background-color: #FFFFFF; line-height: 14.4pt;">
    <div style="text-align: justify; line-height: 13.7pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">&#160;</div>
  </div>
  <div style="background-color: #FFFFFF; line-height: 14.4pt;">
    <div style="text-align: justify; text-indent: 36pt; line-height: 13.7pt; font-family: 'Times New Roman', serif; font-size: 12pt;"><font style="color: #000000;">We have entered into an agreement
        with </font>InvestorCom<font style="color: #000000;"> for solicitation and advisory services in connection with this solicitation, for which </font>InvestorCom<font style="color: #000000;"> will receive a fee not to exceed $7,500, together with reimbursement for its reasonable out-of-pocket expenses. </font>InvestorCom<font style="color: #000000;"> will solicit proxies from individuals, brokers, banks, bank nominees and other institutional holders. We have requested banks, brokerage houses and other custodians, nominees and fiduciaries to forward all
        solicitation materials to the beneficial owners of the shares of Stock they hold of record. We will reimburse these record holders for their reasonable out-of-pocket expenses in so doing. It is anticipated that </font>InvestorCom<font style="color: #000000;"> will employ approximately 25 persons to solicit shareholders for the Annual Meeting.</font></div>
  </div>
  <div style="background-color: #FFFFFF; line-height: 14.4pt;">
    <div style="text-align: justify; line-height: 13.7pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">&#160;</div>
  </div>
  <div style="background-color: #FFFFFF; line-height: 14.4pt;">
    <div style="text-align: justify; text-indent: 36pt; line-height: 13.7pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">The entire expense of soliciting proxies is being borne by us. Costs of this solicitation of proxies are
      currently estimated to be approximately $40,000. We estimate that through the date hereof, the expenses incurred in connection with this solicitation are approximately $22,500.</div>
  </div>
  <div style="background-color: #FFFFFF; line-height: 14.4pt;">
    <div style="text-align: justify; line-height: 13.7pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">&#160;</div>
  </div>
  <div style="background-color: #FFFFFF; line-height: 14.4pt;">
    <div style="text-align: justify; text-indent: 36pt; line-height: 13.7pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">Dryden will initially pay all costs associated with the solicitation of proxies, but we will seek
      reimbursement of such costs from the Funds and will not submit such reimbursement to a vote of shareholders.</div>
  </div>
  <div style="line-height: 13.7pt;"><br style="line-height: 13.7pt;">
  </div>
  <div style="background-color: #FFFFFF; line-height: 14.4pt;">
    <div style="text-align: center; line-height: 13.7pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt; font-weight: bold;">ADDITIONAL PARTICIPANT INFORMATION</div>
  </div>
  <div style="background-color: #FFFFFF; line-height: 14.4pt;">
    <div style="line-height: 13.7pt;"><br style="line-height: 13.7pt;">
    </div>
  </div>
  <div style="background-color: #FFFFFF; line-height: 14.4pt;">
    <div style="text-align: justify; text-indent: 36pt; line-height: 13.7pt; font-family: 'Times New Roman', serif; font-size: 12pt;">The participants in this solicitation are: (i) Dryden Capital Fund, LP, a Delaware limited partnership (&#8220;Dryden Capital
      Fund&#8221;); (ii) Dryden Capital, LLC, a Delaware limited liability company (&#8220;Dryden Capital&#8221;); (iii) Dryden Capital GP, LLC, a Delaware limited liability company and general partner of Dryden Capital Fund (&#8220;Dryden Capital GP&#8221;); (iv) T. Matthew Buffington
      and Matthew C. Leavitt, each a managing member of Dryden Capital and Dryden Capital GP and each a United States citizen (&#8220;Mr. Buffington&#8221; and &#8220;Mr. Leavitt&#8221;, respectively, and together with Dryden Capital Fund, Dryden Capital and Dryden Capital GP,
      the &#8220;Dryden Parties&#8221;) and (v) the Nominee (the entities and individuals listed in this paragraph, each a &#8220;Participant&#8221; and, collectively, the &#8220;Participants&#8221;).</div>
    <div style="line-height: 13.7pt;"><br style="line-height: 13.7pt;">
    </div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 13.7pt; font-family: 'Times New Roman', serif; font-size: 12pt;">The principal business address of each of the Dryden Parties is 777 Brickell Avenue, Suite 500, Miami, Florida 33131.&#160; The
      Dryden Parties also maintain a secondary business address at 641 Lexington Avenue, 13th Floor, New York, New York 10022.&#160; The principal business address of the Nominee is Junto Capital, 450 Park Avenue, Suite 25, New York, New York 10022.</div>
    <div style="line-height: 13.7pt;"><br style="line-height: 13.7pt;">
    </div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 13.7pt; font-family: 'Times New Roman', serif; font-size: 12pt;">The principal business of: (i) Dryden Capital Fund is investing in securities; (ii) Dryden Capital is investing for funds
      and accounts under its management; (iii) Dryden Capital GP is serving as the general partner of Dryden Capital Fund; (iv) each of Mr. Buffington and Mr. Leavitt is serving as the managing members of Dryden Capital and Dryden Capital GP and (v) the
      Nominee is serving as an analyst at Junto Capital.</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 13.7pt;"><font style="font-family: 'Times New Roman', serif; font-size: 12pt; color: #000000;"> </font><br style="line-height: 13.7pt;">
    </div>
  </div>
  <div style="text-align: justify; text-indent: 36pt; line-height: 13.7pt; font-family: 'Times New Roman', serif; font-size: 12pt;"><font style="color: #000000;">As of the date hereof, the
      Participants may be deemed to beneficially own (within the meaning of Rule 13d-3 under the Exchange Act), in the aggregate, </font>147 <font style="color: #000000;">ARPS.&#160; </font>Of the 147
    ARPS beneficially owned in the aggregate by the Dryden Parties, such Preferred Shares may be deemed to be beneficially owned as follows:</div>
  <div style="line-height: 13.7pt;"><br style="line-height: 13.7pt;">
  </div>
  <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; line-height: 13.7pt; font-family: 'Times New Roman', serif; font-size: 12pt;">(a) 147 <font style="color: #000000;">ARPS</font>
    may be deemed to be beneficially owned by Dryden Capital, by virtue of it being the investment advisor to certain investment funds, including Dryden Capital Fund;</div>
  <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
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      <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
  </div>
  <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; line-height: 13.7pt; font-family: 'Times New Roman', serif; font-size: 12pt;">(b) 147 <font style="color: #000000;">ARPS</font>
    may be deemed to be beneficially owned by Dryden Capital GP, by virtue of it being the general partner of Dryden Capital Fund; and</div>
  <div style="line-height: 13.7pt;"><br style="line-height: 13.7pt;">
  </div>
  <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; line-height: 13.7pt; font-family: 'Times New Roman', serif; font-size: 12pt;">(c) 147 <font style="color: #000000;">ARPS</font>
    may be deemed to be beneficially owned by each of Mr. Buffington and Mr. Leavitt by virtue of each being the managing members of Dryden Capital and Dryden Capital GP.</div>
  <div style="line-height: 13.7pt;"><br style="line-height: 13.7pt;">
  </div>
  <div style="text-align: justify; text-indent: 36pt; margin-right: 36pt; line-height: 13.7pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 12pt;">The 147 PIMCO ARPS beneficially owned by Dryden Capital are held in each Fund as
    follows:</div>
  <table cellspacing="0" cellpadding="0" id="ze5acef3960f0462c82c6fb98ac0718d5" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

      <tr>
        <td style="width: 50%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: center; margin-right: 36pt; line-height: 13.1pt; font-family: 'Times New Roman', serif; font-size: 11.5pt; font-weight: bold;"><u>Fund</u></div>
        </td>
        <td style="width: 50%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: center; margin-right: 36pt; line-height: 13.1pt; font-family: 'Times New Roman', serif; font-size: 11.5pt; font-weight: bold;"><u>Number of ARPS</u></div>
        </td>
      </tr>
      <tr>
        <td style="width: 50%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: center; margin-right: 36pt; line-height: 13.1pt; font-family: 'Times New Roman', serif; font-size: 11.5pt;">PMF</div>
        </td>
        <td style="width: 50%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: center; margin-right: 36pt; line-height: 13.1pt; font-family: 'Times New Roman', serif; font-size: 11.5pt;">41</div>
        </td>
      </tr>
      <tr>
        <td style="width: 50%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: center; margin-right: 36pt; line-height: 13.1pt; font-family: 'Times New Roman', serif; font-size: 11.5pt;">PML</div>
        </td>
        <td style="width: 50%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: center; margin-right: 36pt; line-height: 13.1pt; font-family: 'Times New Roman', serif; font-size: 11.5pt;">42</div>
        </td>
      </tr>
      <tr>
        <td style="width: 50%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: center; margin-right: 36pt; line-height: 13.1pt; font-family: 'Times New Roman', serif; font-size: 11.5pt;">PMX</div>
        </td>
        <td style="width: 50%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: center; margin-right: 36pt; line-height: 13.1pt; font-family: 'Times New Roman', serif; font-size: 11.5pt;">25</div>
        </td>
      </tr>
      <tr>
        <td style="width: 50%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: center; margin-right: 36pt; line-height: 13.1pt; font-family: 'Times New Roman', serif; font-size: 11.5pt;">PCK</div>
        </td>
        <td style="width: 50%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: center; margin-right: 36pt; line-height: 13.1pt; font-family: 'Times New Roman', serif; font-size: 11.5pt;">2</div>
        </td>
      </tr>
      <tr>
        <td style="width: 50%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: center; margin-right: 36pt; line-height: 13.1pt; font-family: 'Times New Roman', serif; font-size: 11.5pt;">PCQ</div>
        </td>
        <td style="width: 50%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: center; margin-right: 36pt; line-height: 13.1pt; font-family: 'Times New Roman', serif; font-size: 11.5pt;">5</div>
        </td>
      </tr>
      <tr>
        <td style="width: 50%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: center; margin-right: 36pt; line-height: 13.1pt; font-family: 'Times New Roman', serif; font-size: 11.5pt;">PZC</div>
        </td>
        <td style="width: 50%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: center; margin-right: 36pt; line-height: 13.1pt; font-family: 'Times New Roman', serif; font-size: 11.5pt;">14</div>
        </td>
      </tr>
      <tr>
        <td style="width: 50%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: center; margin-right: 36pt; line-height: 13.1pt; font-family: 'Times New Roman', serif; font-size: 11.5pt;">PNF</div>
        </td>
        <td style="width: 50%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: center; margin-right: 36pt; line-height: 13.1pt; font-family: 'Times New Roman', serif; font-size: 11.5pt;">10</div>
        </td>
      </tr>
      <tr>
        <td style="width: 50%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: center; margin-right: 36pt; line-height: 13.1pt; font-family: 'Times New Roman', serif; font-size: 11.5pt;">PNI</div>
        </td>
        <td style="width: 50%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
          <div style="text-align: center; margin-right: 36pt; line-height: 13.1pt; font-family: 'Times New Roman', serif; font-size: 11.5pt;">8</div>
        </td>
      </tr>

  </table>
  <div style="line-height: 13.7pt;"><br style="line-height: 13.7pt;">
  </div>
  <div style="background-color: #FFFFFF; line-height: 14.4pt;">
    <div style="line-height: 13.7pt;"><br style="line-height: 13.7pt;">
    </div>
  </div>
  <div style="background-color: #FFFFFF; line-height: 14.4pt;">
    <div style="text-align: justify; text-indent: 36pt; line-height: 13.7pt; font-family: 'Times New Roman', serif; font-size: 12pt;">Based on publicly available information from the Funds, the 147 ARPS beneficially owned in the aggregate by the Dryden
      Parties,<font style="color: #000000;"> constitute less than 1% of the Preferred Shares outstanding in each of the Funds, as applicable and as further described on </font><font style="color: #000000;"><u>Schedule II</u></font><font style="color: #000000;">, attached hereto.</font></div>
  </div>
  <div style="background-color: #FFFFFF; line-height: 14.4pt;">
    <div style="line-height: 13.7pt;"><br style="line-height: 13.7pt;">
    </div>
  </div>
  <div style="background-color: #FFFFFF; line-height: 14.4pt;">
    <div style="text-align: justify; text-indent: 36pt; line-height: 13.7pt; font-family: 'Times New Roman', serif; font-size: 12pt;"><font style="color: #000000;">The shares of ARPS beneficially
        owned by the Participants </font>were funded by <font style="color: #000000;">Dryden&#8217;s or its affiliates&#8217; cash on hand</font>. <font style="color: #000000;">As of the date hereof, none of the shares of Common Stock held in margin accounts were pledged as collateral security.</font><font style="color: #1F497D;">&#160;</font><font style="color: #000000;">For information regarding purchases and sales of securities of the Funds during the past two years by the Participants in this solicitation, see </font><font style="color: #000000;"><u>Schedule I</u></font><font style="color: #000000;">.</font></div>
  </div>
  <div style="background-color: #FFFFFF; line-height: 14.4pt;">
    <div style="line-height: 13.7pt;"><br style="line-height: 13.7pt;">
    </div>
  </div>
  <div style="background-color: #FFFFFF; line-height: 14.4pt;">
    <div style="text-align: justify; text-indent: 36pt; line-height: 13.7pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">Except as set forth in this Proxy Statement (including the Schedules hereto), (i) during the past 10
      years, no Participant in this solicitation has been convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors); (ii) no Participant in this solicitation directly or indirectly beneficially owns any securities of the
      Funds; (iii) no Participant in this solicitation owns any securities of the Funds which are owned of record but not beneficially; (iv) no Participant in this solicitation has purchased or sold any securities of the Funds during the past two years;
      (v) no part of the purchase price or market value of the securities of the Funds owned by any Participant in this solicitation is represented by funds borrowed or otherwise obtained for the purpose of acquiring or holding such securities; (vi) no
      Participant in this solicitation is, or within the past year was, a party to any contract, arrangements or understandings with any person with respect to any securities of the Funds, including, but not limited to, joint ventures, loan or option
      arrangements, puts or calls, guarantees against loss or guarantees of profit, division of losses or profits, or the giving or withholding of proxies; (vii) no associate of any Participant in this solicitation owns beneficially, directly or
      indirectly, any securities of the Funds; (viii) no Participant in this solicitation owns beneficially, directly or indirectly, any securities of any parent or subsidiary of the Funds; (ix) no Participant in this solicitation or any of his or its
      associates was a party to any transaction, or series of similar transactions, since the beginning of the Funds&#8217; last fiscal year, or is a party to any currently proposed transaction, or series of similar transactions, to which the Funds or any of
      their subsidiaries was or is to be a party, in which the amount involved exceeds $120,000; (x) no Participant in this solicitation or any of his or its associates has any arrangement or understanding with any person with respect to any future
      employment by the Funds or their affiliates, or with respect to any future transactions to which the Funds or any of their affiliates will or may be a party; and (xi) no Participant in this solicitation has a substantial interest, direct or indirect,
      by securities holdings or otherwise, in any matter to be acted on at the Annual Meeting.</div>
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    </div>
  </div>
  <div style="background-color: #FFFFFF; line-height: 14.4pt;">
    <div style="text-align: justify; text-indent: 36pt; line-height: 13.7pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">There are no material proceedings to which any Participant in this solicitation or any of his or its
      associates is a party adverse to the Funds or any of their subsidiaries or has a material interest adverse to the Funds or any of their subsidiaries. With respect to each of the Nominees, none of the events enumerated in Item 401(f)(1)-(8) of
      Regulation S-K of the Exchange Act occurred during the past 10 years.</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 13.7pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;"> <br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 13.7pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;"> <br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 13.7pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;"> <br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 13.7pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;"> <br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 13.7pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;"> <br>
    </div>
  </div>
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    <div style="line-height: 13.7pt;"><br style="line-height: 13.7pt;">
    </div>
  </div>
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  </div>
  <div style="background-color: #FFFFFF; line-height: 14.4pt;">
    <div style="text-align: center; line-height: 13.7pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt; font-weight: bold;">OTHER MATTERS AND ADDITIONAL INFORMATION</div>
  </div>
  <div style="background-color: #FFFFFF; line-height: 14.4pt;">
    <div style="line-height: 13.7pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">&#160;</div>
  </div>
  <div style="background-color: #FFFFFF; line-height: 14.4pt;">
    <div style="text-align: justify; text-indent: 36pt; line-height: 13.7pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">We are unaware of any other matters to be considered at the Annual Meeting other than as set forth in this
      Proxy Statement. However, should other matters, which we are not aware of a reasonable time before this solicitation, be brought before the Annual Meeting, the persons named as proxies on the enclosed <font style="font-weight: bold;">GOLD</font> proxy card will vote on such matters in their discretion.</div>
  </div>
  <div style="background-color: #FFFFFF; line-height: 14.4pt;">
    <div style="line-height: 13.7pt;"><br style="line-height: 13.7pt;">
    </div>
  </div>
  <div style="background-color: #FFFFFF; line-height: 14.4pt;">
    <div style="text-align: center; line-height: 13.7pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt; font-weight: bold;">SHAREHOLDER PROPOSALS</div>
  </div>
  <div style="background-color: #FFFFFF; line-height: 14.4pt;">
    <div style="line-height: 13.7pt;"><br style="line-height: 13.7pt;">
    </div>
  </div>
  <div style="background-color: #FFFFFF; line-height: 14.4pt;">
    <div style="text-align: justify; text-indent: 36pt; line-height: 13.7pt; margin-bottom: 6pt; font-family: 'Times New Roman', serif; font-size: 12pt;"><font style="color: #000000;">According to the
        Funds&#8217; proxy statement,</font> shareholders may nominate trustee candidates and make proposals to be considered at the Annual Meeting of Shareholders to be held in 2020 (the &#8220;2020 Annual Meeting&#8221;). It is currently anticipated that the 2020 Annual
      Meeting will be held in December 2020. Proposals of Shareholders intended to be presented at that annual meeting of each Fund must be received by each Fund no later than July 15, 2020 for inclusion in each Fund&#8217;s proxy statement and proxy cards
      relating to that meeting. The submission by a Shareholder of a proposal for inclusion in the proxy materials does not guarantee that it will be included. Shareholder proposals are subject to certain requirements under the federal securities laws and
      must be submitted in accordance with the applicable Fund&#8217;s Bylaws.</div>
    <div style="line-height: 0pt;"><br style="line-height: 0pt;">
    </div>
  </div>
  <div style="background-color: #FFFFFF; line-height: 14.4pt;">
    <div style="line-height: 0pt;"><br style="line-height: 0pt;">
    </div>
    <div style="text-align: justify; text-indent: 24.5pt; line-height: 13.7pt; margin-top: 12pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">Shareholders submitting any other proposals (including proposals to elect Trustee
      nominees) for each Fund intended to be presented at the annual meeting held during the 2020 fiscal year (<font style="font-style: italic;">i.e.</font>, other than those to be included in the
      Funds&#8217; proxy materials) must ensure that such proposals are received by each Fund, in good order and complying with all applicable legal requirements and requirements set forth in each Fund&#8217;s Bylaws. Each Fund&#8217;s Bylaws provide that any such proposal,
      among other requirements, must be received in writing by each Fund not less than 45 days nor more than 60 days prior to the first anniversary date of the date on which each Fund first mailed its proxy materials for the prior year&#8217;s shareholder
      meeting; <font style="font-style: italic;">provided </font>that, if, in accordance with applicable law, the upcoming shareholder meeting is set for a date that is not within 30 days from the
      anniversary of each Fund&#8217;s prior shareholder meeting, such proposal must be received by the later of the close of business on (i) the date 45 days prior to such upcoming shareholder meeting date or (ii) the 10th business day following the date such
      upcoming shareholder meeting date is first publicly announced or disclosed. Assuming the next annual meeting is ultimately scheduled to be within 30 days of the one-year anniversary of this year&#8217;s December 17<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">th</sup> meeting, such proposals must
      be received no earlier than September&#160;13, 2020 and no later than September 28, 2020 for each Fund. If a Shareholder who wishes to present a proposal fails to notify the Fund within these dates described above, the proxies solicited for the meeting
      will be voted on the Shareholder&#8217;s proposal, if it is properly brought before the meeting, in accordance with the judgment of the persons named in the enclosed proxy card(s). If a Shareholder makes a timely notification, the proxies may still
      exercise discretionary voting authority under circumstances consistent with the SEC&#8217;s proxy rules. Shareholder proposals should be addressed to the attention of the Secretary of the applicable Fund, at the address of the principal executive offices
      of the Fund, with a copy to David C. Sullivan, Ropes &amp; Gray LLP, Prudential Tower, 800 Boylston Street, Boston, Massachusetts 02199-3600.</div>
    <div style="text-align: justify; text-indent: 24.5pt; line-height: 13.7pt; margin-top: 12pt; font-family: 'Times New Roman', serif; font-size: 12pt;">A shareholder who proposes to nominate an individual for election to the Board at the 2020 Annual
      Meeting must also follow the &#8220;Procedures for Shareholders to Submit Nominee Candidates for the PIMCO Sponsored Closed-End Funds,&#8221; which are set forth as <u>Appendix B</u>
      to the Funds&#8217; Nominating Committee Charter, which is attached as <u>Exhibit B </u>to the Fund&#8217;s definitive proxy statement. Any recommendation must include certain
      biographical and other information regarding the candidate and the recommending shareholder, and must include a written and signed consent of the candidate to be named as a nominee and to serve as a trustee if elected. The foregoing description of
      the requirements is only a summary. Please refer to <u>Appendix B</u> to the Nominating Committee Charter for each Fund, which is attached to the Funds&#8217; Proxy Statement as
      <u>Exhibit B</u> for details.</div>
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    </div>
    <div style="text-align: justify; text-indent: 24.5pt; line-height: 13.7pt; margin-top: 12pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">The information set forth above regarding the procedures for submitting shareholder
      proposals for consideration at the 2020 Annual Meeting of shareholders is based on information contained in the Funds&#8217; proxy statement and organizational documents. The incorporation of this information in this Proxy Statement should not be construed
      as an admission by Dryden that such procedures are legal, valid or binding</div>
  </div>
  <div style="background-color: #FFFFFF; line-height: 14.4pt;">
    <div style="line-height: 13.7pt;"><br style="line-height: 13.7pt;">
    </div>
  </div>
  <div style="background-color: #FFFFFF; line-height: 14.4pt;">
    <div style="text-align: center; line-height: 13.7pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt; font-weight: bold;">ADDITIONAL INFORMATION</div>
  </div>
  <div style="background-color: #FFFFFF; line-height: 14.4pt;">
    <div style="line-height: 13.7pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">&#160;</div>
  </div>
  <div style="background-color: #FFFFFF; line-height: 14.4pt;">
    <div style="text-align: justify; text-indent: 36pt; line-height: 13.7pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">WE HAVE OMITTED FROM THIS PROXY STATEMENT CERTAIN DISCLOSURE REQUIRED BY APPLICABLE LAW THAT IS EXPECTED
      TO BE INCLUDED IN THE FUNDS&#8217; PROXY STATEMENT RELATING TO THE ANNUAL MEETING. THIS DISCLOSURE IS EXPECTED TO INCLUDE, AMONG OTHER THINGS, CURRENT BIOGRAPHICAL INFORMATION ON THE FUNDS&#8217; TRUSTEES, INFORMATION CONCERNING EXECUTIVE COMPENSATION AND OTHER
      IMPORTANT INFORMATION. SEE <u>SCHEDULE II</u> FOR INFORMATION REGARDING PERSONS WHO BENEFICIALLY OWN MORE THAN 5% OF A CLASS OF SHARES OF A FUND AND THE STOCK OWNERSHIP OF
      THE TRUSTEES AND MANAGEMENT OF THE FUNDS.</div>
  </div>
  <div style="background-color: #FFFFFF; line-height: 14.4pt;">
    <div style="line-height: 13.7pt;"><br style="line-height: 13.7pt;">
    </div>
  </div>
  <div style="background-color: #FFFFFF; line-height: 14.4pt;">
    <div style="text-align: justify; text-indent: 36pt; line-height: 13.7pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">The information concerning the Funds contained in this Proxy Statement and the Schedules attached hereto
      has been taken from, or is based upon, publicly available information.</div>
  </div>
  <div style="background-color: #FFFFFF; line-height: 14.4pt;">
    <div style="line-height: 13.7pt;"><br style="line-height: 13.7pt;">
    </div>
  </div>
  <div style="line-height: 13.7pt;"><br style="line-height: 13.7pt;">
  </div>
  <div style="line-height: 13.7pt;"><br style="line-height: 13.7pt;">
  </div>
  <div style="line-height: 13.7pt;"><br style="line-height: 13.7pt;">
  </div>
  <div style="text-align: justify; line-height: 13.7pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">Dryden Capital Fund, LP</div>
  <div style="line-height: 13.7pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">November 4, 2019</div>
  <div style="line-height: 13.7pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;"> <br>
  </div>
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    <div style="page-break-after: always;" id="DSPFPageBreak">
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  </div>
  <div>
    <div style="text-align: right; line-height: 13.7pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt; font-weight: bold;">SCHEDULE I</div>
    <div style="line-height: 13.7pt;"><br style="line-height: 13.7pt;">
    </div>
    <div style="text-align: center; line-height: 13.7pt; margin-bottom: 12pt; font-family: 'Times New Roman', serif; font-size: 12pt; font-weight: bold;">TRANSACTIONS IN SECURITIES OF THE FUNDS<br>
      DURING THE PAST TWO YEARS</div>
    <div style="text-align: center; line-height: 13.7pt; font-family: 'Times New Roman', serif; font-size: 12pt; font-weight: bold;"><u>Two year transaction history of each Participant in the Funds&#8217; Securities</u></div>
    <div style="line-height: 13.7pt;"><br style="line-height: 13.7pt;">
    </div>
    <div style="text-align: justify; line-height: 13.7pt; font-family: 'Times New Roman', serif; font-size: 12pt;">The following transaction history shows those trades of each Participant in securities of the Funds during the past two years.&#160; All
      transactions were effected in the open market.</div>
    <div style="line-height: 13.7pt;"><br style="line-height: 13.7pt;">
    </div>
    <div style="text-align: center; line-height: 13.7pt; font-family: 'Times New Roman', serif; font-size: 12pt; font-weight: bold;"><u>ARPS Shares</u></div>
    <div style="line-height: 13.7pt;"><br style="line-height: 13.7pt;">
    </div>
    <div style="text-align: center; line-height: 13.7pt; font-family: 'Times New Roman', serif; font-size: 12pt; font-weight: bold;">Dryden Capital Fund, LP</div>
    <div style="line-height: 13.7pt; margin-bottom: 12pt;"><br style="line-height: 13.7pt;">
    </div>
    <div style="line-height: 13.7pt; margin-bottom: 12pt;">
      <table cellspacing="0" cellpadding="0" id="za319f352c0f2472d979c0ff64480dd18" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

          <tr>
            <td style="width: 25%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;">
              <div style="text-align: center; line-height: 13.7pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt; font-weight: bold;">Fund</div>
            </td>
            <td style="width: 25%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;">
              <div style="text-align: center; line-height: 13.7pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt; font-weight: bold;">&#160;Series</div>
            </td>
            <td style="width: 25%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;">
              <div style="text-align: center; line-height: 13.7pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt; font-weight: bold;">Trade Date</div>
            </td>
            <td style="width: 25%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;">
              <div style="text-align: center; line-height: 13.7pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt; font-weight: bold;">Securities Purchased</div>
            </td>
          </tr>
          <tr>
            <td style="width: 25%; vertical-align: bottom; background-color: #FFFFFF; border-top: #000000 2px solid;">
              <div style="text-align: center; line-height: 13.7pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">PMF</div>
            </td>
            <td style="width: 25%; vertical-align: bottom; background-color: #FFFFFF; border-top: #000000 2px solid;">
              <div style="text-align: center; line-height: 13.7pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">D</div>
            </td>
            <td style="width: 25%; vertical-align: bottom; background-color: #FFFFFF; border-top: #000000 2px solid;">
              <div style="text-align: center; line-height: 13.7pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">1/23/2018</div>
            </td>
            <td style="width: 25%; vertical-align: bottom; background-color: #FFFFFF; border-top: #000000 2px solid;">
              <div style="text-align: center; line-height: 13.7pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">3</div>
            </td>
          </tr>
          <tr>
            <td style="width: 25%; vertical-align: bottom; background-color: #FFFFFF;">
              <div style="text-align: center; line-height: 13.7pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">PMF</div>
            </td>
            <td style="width: 25%; vertical-align: bottom; background-color: #FFFFFF;">
              <div style="text-align: center; line-height: 13.7pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">E</div>
            </td>
            <td style="width: 25%; vertical-align: bottom; background-color: #FFFFFF;">
              <div style="text-align: center; line-height: 13.7pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">1/23/2018</div>
            </td>
            <td style="width: 25%; vertical-align: bottom; background-color: #FFFFFF;">
              <div style="text-align: center; line-height: 13.7pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">6</div>
            </td>
          </tr>
          <tr>
            <td style="width: 25%; vertical-align: bottom; background-color: #FFFFFF;">
              <div style="text-align: center; line-height: 13.7pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">PML</div>
            </td>
            <td style="width: 25%; vertical-align: bottom; background-color: #FFFFFF;">
              <div style="text-align: center; line-height: 13.7pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">A</div>
            </td>
            <td style="width: 25%; vertical-align: bottom; background-color: #FFFFFF;">
              <div style="text-align: center; line-height: 13.7pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">10/24/2017</div>
            </td>
            <td style="width: 25%; vertical-align: bottom; background-color: #FFFFFF;">
              <div style="text-align: center; line-height: 13.7pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">2</div>
            </td>
          </tr>
          <tr>
            <td style="width: 25%; vertical-align: bottom; background-color: #FFFFFF;">
              <div style="text-align: center; line-height: 13.7pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">PML</div>
            </td>
            <td style="width: 25%; vertical-align: bottom; background-color: #FFFFFF;">
              <div style="text-align: center; line-height: 13.7pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">A</div>
            </td>
            <td style="width: 25%; vertical-align: bottom; background-color: #FFFFFF;">
              <div style="text-align: center; line-height: 13.7pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">10/26/2017</div>
            </td>
            <td style="width: 25%; vertical-align: bottom; background-color: #FFFFFF;">
              <div style="text-align: center; line-height: 13.7pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">1</div>
            </td>
          </tr>
          <tr>
            <td style="width: 25%; vertical-align: bottom; background-color: #FFFFFF;">
              <div style="text-align: center; line-height: 13.7pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">PML</div>
            </td>
            <td style="width: 25%; vertical-align: bottom; background-color: #FFFFFF;">
              <div style="text-align: center; line-height: 13.7pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">A</div>
            </td>
            <td style="width: 25%; vertical-align: bottom; background-color: #FFFFFF;">
              <div style="text-align: center; line-height: 13.7pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">6/13/2018</div>
            </td>
            <td style="width: 25%; vertical-align: bottom; background-color: #FFFFFF;">
              <div style="text-align: center; line-height: 13.7pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">1</div>
            </td>
          </tr>
          <tr>
            <td style="width: 25%; vertical-align: bottom; background-color: #FFFFFF;">
              <div style="text-align: center; line-height: 13.7pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">PML</div>
            </td>
            <td style="width: 25%; vertical-align: bottom; background-color: #FFFFFF;">
              <div style="text-align: center; line-height: 13.7pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">C</div>
            </td>
            <td style="width: 25%; vertical-align: bottom; background-color: #FFFFFF;">
              <div style="text-align: center; line-height: 13.7pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">6/13/2018</div>
            </td>
            <td style="width: 25%; vertical-align: bottom; background-color: #FFFFFF;">
              <div style="text-align: center; line-height: 13.7pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">1</div>
            </td>
          </tr>
          <tr>
            <td style="width: 25%; vertical-align: bottom; background-color: #FFFFFF;">
              <div style="text-align: center; line-height: 13.7pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">PML</div>
            </td>
            <td style="width: 25%; vertical-align: bottom; background-color: #FFFFFF;">
              <div style="text-align: center; line-height: 13.7pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">D</div>
            </td>
            <td style="width: 25%; vertical-align: bottom; background-color: #FFFFFF;">
              <div style="text-align: center; line-height: 13.7pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">2/8/2018</div>
            </td>
            <td style="width: 25%; vertical-align: bottom; background-color: #FFFFFF;">
              <div style="text-align: center; line-height: 13.7pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">3</div>
            </td>
          </tr>
          <tr>
            <td style="width: 25%; vertical-align: bottom; background-color: #FFFFFF;">
              <div style="text-align: center; line-height: 13.7pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">PML</div>
            </td>
            <td style="width: 25%; vertical-align: bottom; background-color: #FFFFFF;">
              <div style="text-align: center; line-height: 13.7pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">E</div>
            </td>
            <td style="width: 25%; vertical-align: bottom; background-color: #FFFFFF;">
              <div style="text-align: center; line-height: 13.7pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">2/7/2018</div>
            </td>
            <td style="width: 25%; vertical-align: bottom; background-color: #FFFFFF;">
              <div style="text-align: center; line-height: 13.7pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">9</div>
            </td>
          </tr>
          <tr>
            <td style="width: 25%; vertical-align: bottom; background-color: #FFFFFF;">
              <div style="text-align: center; line-height: 13.7pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">PZC</div>
            </td>
            <td style="width: 25%; vertical-align: bottom; background-color: #FFFFFF;">
              <div style="text-align: center; line-height: 13.7pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">A</div>
            </td>
            <td style="width: 25%; vertical-align: bottom; background-color: #FFFFFF;">
              <div style="text-align: center; line-height: 13.7pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">1/3/2018</div>
            </td>
            <td style="width: 25%; vertical-align: bottom; background-color: #FFFFFF;">
              <div style="text-align: center; line-height: 13.7pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">4</div>
            </td>
          </tr>
          <tr>
            <td style="width: 25%; vertical-align: bottom; background-color: #FFFFFF;">
              <div style="text-align: center; line-height: 13.7pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">PZC</div>
            </td>
            <td style="width: 25%; vertical-align: bottom; background-color: #FFFFFF;">
              <div style="text-align: center; line-height: 13.7pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">A</div>
            </td>
            <td style="width: 25%; vertical-align: bottom; background-color: #FFFFFF;">
              <div style="text-align: center; line-height: 13.7pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">3/5/2018</div>
            </td>
            <td style="width: 25%; vertical-align: bottom; background-color: #FFFFFF;">
              <div style="text-align: center; line-height: 13.7pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">2</div>
            </td>
          </tr>
          <tr>
            <td style="width: 25%; vertical-align: bottom; background-color: #FFFFFF;">
              <div style="text-align: center; line-height: 13.7pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">PZC</div>
            </td>
            <td style="width: 25%; vertical-align: bottom; background-color: #FFFFFF;">
              <div style="text-align: center; line-height: 13.7pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">B</div>
            </td>
            <td style="width: 25%; vertical-align: bottom; background-color: #FFFFFF;">
              <div style="text-align: center; line-height: 13.7pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">12/28/2017</div>
            </td>
            <td style="width: 25%; vertical-align: bottom; background-color: #FFFFFF;">
              <div style="text-align: center; line-height: 13.7pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">2</div>
            </td>
          </tr>
          <tr>
            <td style="width: 25%; vertical-align: bottom; background-color: #FFFFFF;">
              <div style="text-align: center; line-height: 13.7pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">PZC</div>
            </td>
            <td style="width: 25%; vertical-align: bottom; background-color: #FFFFFF;">
              <div style="text-align: center; line-height: 13.7pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">B</div>
            </td>
            <td style="width: 25%; vertical-align: bottom; background-color: #FFFFFF;">
              <div style="text-align: center; line-height: 13.7pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">1/3/2018</div>
            </td>
            <td style="width: 25%; vertical-align: bottom; background-color: #FFFFFF;">
              <div style="text-align: center; line-height: 13.7pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">2</div>
            </td>
          </tr>
          <tr>
            <td style="width: 25%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;">
              <div style="text-align: center; line-height: 13.7pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">PNI</div>
            </td>
            <td style="width: 25%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;">
              <div style="text-align: center; line-height: 13.7pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">B</div>
            </td>
            <td style="width: 25%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;">
              <div style="text-align: center; line-height: 13.7pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">3/13/2018</div>
            </td>
            <td style="width: 25%; vertical-align: bottom; background-color: #FFFFFF; border-bottom: #000000 2px solid;">
              <div style="text-align: center; line-height: 13.7pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">1</div>
            </td>
          </tr>

      </table>
    </div>
    <div style="margin: 0px 0px 5px; line-height: 13.7pt;">
      <div style="text-align: right; line-height: 13.7pt; font-family: 'Times New Roman', serif; font-size: 12pt; font-weight: bold;"> <br>
      </div>
      <div style="text-align: right; line-height: 13.7pt; font-family: 'Times New Roman', serif; font-size: 12pt; font-weight: bold;"> <br>
      </div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div style="page-break-after: always;" id="DSPFPageBreak">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <div style="text-align: right; line-height: 13.7pt; font-family: 'Times New Roman', serif; font-size: 12pt; font-weight: bold;">SCHEDULE II</div>
      <div style="line-height: 13.7pt;"><br style="line-height: 13.7pt;">
      </div>
      <div style="text-align: center; line-height: 13.7pt; font-family: 'Times New Roman', serif; font-size: 12pt; font-weight: bold;"><a name="du12601_section_16_a__benefici__"></a><a name="toc_du12601_4"></a>The following table is reprinted from the
        definitive proxy statement filed by the Funds with the Securities and Exchange Commission on November 4, 2019.</div>
      <div style="text-align: center; line-height: 13.7pt; font-family: 'Times New Roman', serif; font-size: 12pt; font-weight: bold;"> <br>
      </div>
      <br>
      <table cellspacing="0" cellpadding="0" id="z70431ac066b34c9498eb264e9cbda293" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

          <tr>
            <td style="width: 33.33%; vertical-align: top; background-color: #D9D9D9; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center; line-height: 13.7pt; font-family: 'Times New Roman', serif; font-size: 12pt; font-weight: bold;"><u>Beneficial Owner</u></div>
            </td>
            <td style="width: 33.33%; vertical-align: top; background-color: #D9D9D9; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center; line-height: 13.7pt; font-family: 'Times New Roman', serif; font-size: 12pt; font-weight: bold;"><u>Fund</u></div>
            </td>
            <td style="width: 33.33%; vertical-align: top; background-color: #D9D9D9; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center; line-height: 13.7pt; font-family: 'Times New Roman', serif; font-size: 12pt; font-weight: bold;"><u>Percentage of Ownership of Class</u></div>
            </td>
          </tr>
          <tr>
            <td style="width: 33.33%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: justify; line-height: 13.7pt; font-family: 'Times New Roman', serif; font-size: 12pt;">UBS AG</div>
              <div style="text-align: justify; line-height: 13.7pt; font-family: 'Times New Roman', serif; font-size: 12pt;">Bahnhofstrasse 45, PO Box CH-8021</div>
              <div style="text-align: justify; line-height: 13.7pt; font-family: 'Times New Roman', serif; font-size: 12pt;">Zurich, Switzerland</div>
            </td>
            <td style="width: 33.33%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center; line-height: 13.7pt; font-family: 'Times New Roman', serif; font-size: 12pt;">PMF</div>
            </td>
            <td style="width: 33.33%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: justify; line-height: 13.7pt; font-family: 'Times New Roman', serif; font-size: 12pt;">80.99% of Preferred Shares</div>
            </td>
          </tr>
          <tr>
            <td style="width: 33.33%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: justify; line-height: 13.7pt; font-family: 'Times New Roman', serif; font-size: 12pt;">UBS AG</div>
              <div style="text-align: justify; line-height: 13.7pt; font-family: 'Times New Roman', serif; font-size: 12pt;">Bahnhofstrasse 45, PO Box CH-8021</div>
              <div style="text-align: justify; line-height: 13.7pt; font-family: 'Times New Roman', serif; font-size: 12pt;">Zurich, Switzerland</div>
            </td>
            <td style="width: 33.33%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center; line-height: 13.7pt; font-family: 'Times New Roman', serif; font-size: 12pt;">PCQ</div>
            </td>
            <td style="width: 33.33%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: justify; line-height: 13.7pt; font-family: 'Times New Roman', serif; font-size: 12pt;">85.37% of Preferred Shares</div>
            </td>
          </tr>
          <tr>
            <td style="width: 33.33%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: justify; line-height: 13.7pt; font-family: 'Times New Roman', serif; font-size: 12pt;">Wells Fargo &amp; Company</div>
              <div style="text-align: justify; line-height: 13.7pt; font-family: 'Times New Roman', serif; font-size: 12pt;">420 Montgomery Street</div>
              <div style="text-align: justify; line-height: 13.7pt; font-family: 'Times New Roman', serif; font-size: 12pt;">San Francisco, CA 94104</div>
            </td>
            <td style="width: 33.33%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center; line-height: 13.7pt; font-family: 'Times New Roman', serif; font-size: 12pt;">PCQ</div>
            </td>
            <td style="width: 33.33%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: justify; line-height: 13.7pt; font-family: 'Times New Roman', serif; font-size: 12pt;">5.72% of Preferred Shares</div>
            </td>
          </tr>
          <tr>
            <td style="width: 33.33%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: justify; line-height: 13.7pt; font-family: 'Times New Roman', serif; font-size: 12pt;">UBS AG</div>
              <div style="text-align: justify; line-height: 13.7pt; font-family: 'Times New Roman', serif; font-size: 12pt;">Bahnhofstrasse 45, PO Box CH-8021</div>
              <div style="text-align: justify; line-height: 13.7pt; font-family: 'Times New Roman', serif; font-size: 12pt;">Zurich, Switzerland</div>
            </td>
            <td style="width: 33.33%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center; line-height: 13.7pt; font-family: 'Times New Roman', serif; font-size: 12pt;">PNF</div>
            </td>
            <td style="width: 33.33%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: justify; line-height: 13.7pt; font-family: 'Times New Roman', serif; font-size: 12pt;">78.37% of Preferred Shares</div>
            </td>
          </tr>
          <tr>
            <td style="width: 33.33%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: justify; line-height: 13.7pt; font-family: 'Times New Roman', serif; font-size: 12pt;">Bank of America Corporation</div>
              <div style="text-align: justify; line-height: 13.7pt; font-family: 'Times New Roman', serif; font-size: 12pt;">100 North Tryon Street,</div>
              <div style="text-align: justify; line-height: 13.7pt; font-family: 'Times New Roman', serif; font-size: 12pt;">Charlotte, North Carolina 28255</div>
            </td>
            <td style="width: 33.33%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center; line-height: 13.7pt; font-family: 'Times New Roman', serif; font-size: 12pt;">PNF</div>
            </td>
            <td style="width: 33.33%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: justify; line-height: 13.7pt; font-family: 'Times New Roman', serif; font-size: 12pt;">15.30% of Preferred Shares</div>
            </td>
          </tr>
          <tr>
            <td style="width: 33.33%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: justify; line-height: 13.7pt; font-family: 'Times New Roman', serif; font-size: 12pt;">First Trust Portfolios L.P.</div>
              <div style="text-align: justify; line-height: 13.7pt; font-family: 'Times New Roman', serif; font-size: 12pt;">120 East Liberty Drive, Suite 400</div>
              <div style="text-align: justify; line-height: 13.7pt; font-family: 'Times New Roman', serif; font-size: 12pt;">Wheaton, Illinois 60187</div>
            </td>
            <td style="width: 33.33%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center; line-height: 13.7pt; font-family: 'Times New Roman', serif; font-size: 12pt;">PNF</div>
            </td>
            <td style="width: 33.33%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: justify; line-height: 13.7pt; font-family: 'Times New Roman', serif; font-size: 12pt;">5.88% of Common Shares</div>
            </td>
          </tr>
          <tr>
            <td style="width: 33.33%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: justify; line-height: 13.7pt; font-family: 'Times New Roman', serif; font-size: 12pt;">UBS AG</div>
              <div style="text-align: justify; line-height: 13.7pt; font-family: 'Times New Roman', serif; font-size: 12pt;">Bahnhofstrasse 45, PO Box CH-8021</div>
              <div style="text-align: justify; line-height: 13.7pt; font-family: 'Times New Roman', serif; font-size: 12pt;">Zurich, Switzerland</div>
            </td>
            <td style="width: 33.33%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center; line-height: 13.7pt; font-family: 'Times New Roman', serif; font-size: 12pt;">PML</div>
            </td>
            <td style="width: 33.33%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: justify; line-height: 13.7pt; font-family: 'Times New Roman', serif; font-size: 12pt;">73.61% of Preferred Shares</div>
            </td>
          </tr>
          <tr>
            <td style="width: 33.33%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: justify; line-height: 13.7pt; font-family: 'Times New Roman', serif; font-size: 12pt;">Wells Fargo &amp; Company</div>
              <div style="text-align: justify; line-height: 13.7pt; font-family: 'Times New Roman', serif; font-size: 12pt;">420 Montgomery Street</div>
              <div style="text-align: justify; line-height: 13.7pt; font-family: 'Times New Roman', serif; font-size: 12pt;">San Francisco, CA 94104</div>
            </td>
            <td style="width: 33.33%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center; line-height: 13.7pt; font-family: 'Times New Roman', serif; font-size: 12pt;">PML</div>
            </td>
            <td style="width: 33.33%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: justify; line-height: 13.7pt; font-family: 'Times New Roman', serif; font-size: 12pt;">5.44% of Preferred Shares</div>
            </td>
          </tr>
          <tr>
            <td style="width: 33.33%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: justify; line-height: 13.7pt; font-family: 'Times New Roman', serif; font-size: 12pt;">UBS AG</div>
              <div style="text-align: justify; line-height: 13.7pt; font-family: 'Times New Roman', serif; font-size: 12pt;">Bahnhofstrasse 45, PO Box CH-8021</div>
              <div style="text-align: justify; line-height: 13.7pt; font-family: 'Times New Roman', serif; font-size: 12pt;">Zurich, Switzerland</div>
            </td>
            <td style="width: 33.33%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center; line-height: 13.7pt; font-family: 'Times New Roman', serif; font-size: 12pt;">PCK</div>
            </td>
            <td style="width: 33.33%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: justify; line-height: 13.7pt; font-family: 'Times New Roman', serif; font-size: 12pt;">68.01% of Preferred Shares</div>
            </td>
          </tr>
          <tr>
            <td style="width: 33.33%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: justify; line-height: 13.7pt; font-family: 'Times New Roman', serif; font-size: 12pt;">Bank of America Corporation</div>
              <div style="text-align: justify; line-height: 13.7pt; font-family: 'Times New Roman', serif; font-size: 12pt;">100 North Tryon Street,</div>
              <div style="text-align: justify; line-height: 13.7pt; font-family: 'Times New Roman', serif; font-size: 12pt;">Charlotte, North Carolina 28255</div>
            </td>
            <td style="width: 33.33%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center; line-height: 13.7pt; font-family: 'Times New Roman', serif; font-size: 12pt;">PCK</div>
            </td>
            <td style="width: 33.33%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: justify; line-height: 13.7pt; font-family: 'Times New Roman', serif; font-size: 12pt;">8.60% of Preferred Shares</div>
            </td>
          </tr>
          <tr>
            <td style="width: 33.33%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: justify; line-height: 13.7pt; font-family: 'Times New Roman', serif; font-size: 12pt;">RiverNorth Capital Management, LLC</div>
              <div style="text-align: justify; line-height: 13.7pt; font-family: 'Times New Roman', serif; font-size: 12pt;">325 N. LaSalle Street, Suite 645</div>
              <div style="text-align: justify; line-height: 13.7pt; font-family: 'Times New Roman', serif; font-size: 12pt;">Chicago, IL 60654-7030</div>
            </td>
            <td style="width: 33.33%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center; line-height: 13.7pt; font-family: 'Times New Roman', serif; font-size: 12pt;">PCK</div>
            </td>
            <td style="width: 33.33%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: justify; line-height: 13.7pt; font-family: 'Times New Roman', serif; font-size: 12pt;">10.97% of Preferred Shares</div>
            </td>
          </tr>
          <tr>
            <td style="width: 33.33%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: justify; line-height: 13.7pt; font-family: 'Times New Roman', serif; font-size: 12pt;">Wells Fargo &amp; Company</div>
              <div style="text-align: justify; line-height: 13.7pt; font-family: 'Times New Roman', serif; font-size: 12pt;">420 Montgomery Street</div>
              <div style="text-align: justify; line-height: 13.7pt; font-family: 'Times New Roman', serif; font-size: 12pt;">San Francisco, CA 94104</div>
            </td>
            <td style="width: 33.33%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: center; line-height: 13.7pt; font-family: 'Times New Roman', serif; font-size: 12pt;">PCK</div>
            </td>
            <td style="width: 33.33%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
              <div style="text-align: justify; line-height: 13.7pt; font-family: 'Times New Roman', serif; font-size: 12pt;">6.25% of Preferred Shares</div>
            </td>
          </tr>

      </table>
      <div><br>
      </div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div style="page-break-after: always;" id="DSPFPageBreak">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <div><br>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" id="z290d2f1fb6434e3795681a158e41ea57" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

            <tr>
              <td style="width: 33.33%; vertical-align: top; background-color: #D9D9D9; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
                <div style="text-align: center; line-height: 13.7pt; font-family: 'Times New Roman', serif; font-size: 12pt; font-weight: bold;"><u>Beneficial Owner</u></div>
              </td>
              <td style="width: 33.33%; vertical-align: top; background-color: #D9D9D9; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
                <div style="text-align: center; line-height: 13.7pt; font-family: 'Times New Roman', serif; font-size: 12pt; font-weight: bold;"><u>Fund</u></div>
              </td>
              <td style="width: 33.33%; vertical-align: top; background-color: #D9D9D9; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
                <div style="text-align: center; line-height: 13.7pt; font-family: 'Times New Roman', serif; font-size: 12pt; font-weight: bold;"><u>Percentage of Ownership of Class</u></div>
              </td>
            </tr>

        </table>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" id="z8fc2c0ff992d4bd18ba797d241939769" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

            <tr>
              <td style="width: 33.33%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
                <div style="text-align: justify; line-height: 13.7pt; font-family: 'Times New Roman', serif; font-size: 12pt;">UBS AG</div>
                <div style="text-align: justify; line-height: 13.7pt; font-family: 'Times New Roman', serif; font-size: 12pt;">Bahnhofstrasse 45, PO Box CH-8021</div>
                <div style="text-align: justify; line-height: 13.7pt; font-family: 'Times New Roman', serif; font-size: 12pt;">Zurich, Switzerland</div>
              </td>
              <td style="width: 33.33%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
                <div style="text-align: center; line-height: 13.7pt; font-family: 'Times New Roman', serif; font-size: 12pt;">PNI</div>
              </td>
              <td style="width: 33.33%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
                <div style="text-align: justify; line-height: 13.7pt; font-family: 'Times New Roman', serif; font-size: 12pt;">78.10% of Preferred Shares</div>
              </td>
            </tr>
            <tr>
              <td style="width: 33.33%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
                <div style="text-align: justify; line-height: 13.7pt; font-family: 'Times New Roman', serif; font-size: 12pt;">Bank of America Corporation</div>
                <div style="text-align: justify; line-height: 13.7pt; font-family: 'Times New Roman', serif; font-size: 12pt;">100 North Tryon Street,</div>
                <div style="text-align: justify; line-height: 13.7pt; font-family: 'Times New Roman', serif; font-size: 12pt;">Charlotte, North Carolina 28255</div>
              </td>
              <td style="width: 33.33%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
                <div style="text-align: center; line-height: 13.7pt; font-family: 'Times New Roman', serif; font-size: 12pt;">PNI</div>
              </td>
              <td style="width: 33.33%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
                <div style="text-align: justify; line-height: 13.7pt; font-family: 'Times New Roman', serif; font-size: 12pt;">9.33% of Preferred Shares</div>
              </td>
            </tr>
            <tr>
              <td style="width: 33.33%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
                <div style="text-align: justify; line-height: 13.7pt; font-family: 'Times New Roman', serif; font-size: 12pt;">First Trust Portfolios L.P.</div>
                <div style="text-align: justify; line-height: 13.7pt; font-family: 'Times New Roman', serif; font-size: 12pt;">120 East Liberty Drive, Suite 400</div>
                <div style="text-align: justify; line-height: 13.7pt; font-family: 'Times New Roman', serif; font-size: 12pt;">Wheaton, Illinois 60187</div>
              </td>
              <td style="width: 33.33%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
                <div style="text-align: center; line-height: 13.7pt; font-family: 'Times New Roman', serif; font-size: 12pt;">PNI</div>
              </td>
              <td style="width: 33.33%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
                <div style="text-align: justify; line-height: 13.7pt; font-family: 'Times New Roman', serif; font-size: 12pt;">6.29% of Common Shares</div>
              </td>
            </tr>
            <tr>
              <td style="width: 33.33%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
                <div style="text-align: justify; line-height: 13.7pt; font-family: 'Times New Roman', serif; font-size: 12pt;">Wells Fargo &amp; Company</div>
                <div style="text-align: justify; line-height: 13.7pt; font-family: 'Times New Roman', serif; font-size: 12pt;">420 Montgomery Street</div>
                <div style="text-align: justify; line-height: 13.7pt; font-family: 'Times New Roman', serif; font-size: 12pt;">San Francisco, CA 94104</div>
              </td>
              <td style="width: 33.33%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
                <div style="text-align: center; line-height: 13.7pt; font-family: 'Times New Roman', serif; font-size: 12pt;">PNI</div>
              </td>
              <td style="width: 33.33%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
                <div style="text-align: justify; line-height: 13.7pt; font-family: 'Times New Roman', serif; font-size: 12pt;">8.30% of Preferred Shares</div>
              </td>
            </tr>
            <tr>
              <td style="width: 33.33%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
                <div style="text-align: justify; line-height: 13.7pt; font-family: 'Times New Roman', serif; font-size: 12pt;">UBS AG</div>
                <div style="text-align: justify; line-height: 13.7pt; font-family: 'Times New Roman', serif; font-size: 12pt;">Bahnhofstrasse 45, PO Box CH-8021</div>
                <div style="text-align: justify; line-height: 13.7pt; font-family: 'Times New Roman', serif; font-size: 12pt;">Zurich, Switzerland</div>
              </td>
              <td style="width: 33.33%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
                <div style="text-align: center; line-height: 13.7pt; font-family: 'Times New Roman', serif; font-size: 12pt;">PMX</div>
              </td>
              <td style="width: 33.33%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
                <div style="text-align: justify; line-height: 13.7pt; font-family: 'Times New Roman', serif; font-size: 12pt;">78.44% of Preferred Shares</div>
              </td>
            </tr>
            <tr>
              <td style="width: 33.33%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
                <div style="text-align: justify; line-height: 13.7pt; font-family: 'Times New Roman', serif; font-size: 12pt;">Wells Fargo &amp; Company</div>
                <div style="text-align: justify; line-height: 13.7pt; font-family: 'Times New Roman', serif; font-size: 12pt;">420 Montgomery Street</div>
                <div style="text-align: justify; line-height: 13.7pt; font-family: 'Times New Roman', serif; font-size: 12pt;">San Francisco, CA 94104</div>
              </td>
              <td style="width: 33.33%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
                <div style="text-align: center; line-height: 13.7pt; font-family: 'Times New Roman', serif; font-size: 12pt;">PMX</div>
              </td>
              <td style="width: 33.33%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
                <div style="text-align: justify; line-height: 13.7pt; font-family: 'Times New Roman', serif; font-size: 12pt;">5.25% of Preferred Shares</div>
              </td>
            </tr>
            <tr>
              <td style="width: 33.33%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
                <div style="text-align: justify; line-height: 13.7pt; font-family: 'Times New Roman', serif; font-size: 12pt;">First Trust Portfolios L.P.</div>
                <div style="text-align: justify; line-height: 13.7pt; font-family: 'Times New Roman', serif; font-size: 12pt;">120 East Liberty Drive, Suite 400</div>
                <div style="text-align: justify; line-height: 13.7pt; font-family: 'Times New Roman', serif; font-size: 12pt;">Wheaton, Illinois 60187</div>
              </td>
              <td style="width: 33.33%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
                <div style="text-align: center; line-height: 13.7pt; font-family: 'Times New Roman', serif; font-size: 12pt;">PMX</div>
              </td>
              <td style="width: 33.33%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
                <div style="text-align: justify; line-height: 13.7pt; font-family: 'Times New Roman', serif; font-size: 12pt;">5.79% of Common Shares</div>
              </td>
            </tr>
            <tr>
              <td style="width: 33.33%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
                <div style="text-align: justify; line-height: 13.7pt; font-family: 'Times New Roman', serif; font-size: 12pt;">UBS AG</div>
                <div style="text-align: justify; line-height: 13.7pt; font-family: 'Times New Roman', serif; font-size: 12pt;">Bahnhofstrasse 45, PO Box CH-8021</div>
                <div style="text-align: justify; line-height: 13.7pt; font-family: 'Times New Roman', serif; font-size: 12pt;">Zurich, Switzerland</div>
              </td>
              <td style="width: 33.33%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
                <div style="text-align: center; line-height: 13.7pt; font-family: 'Times New Roman', serif; font-size: 12pt;">PZC</div>
              </td>
              <td style="width: 33.33%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
                <div style="text-align: justify; line-height: 13.7pt; font-family: 'Times New Roman', serif; font-size: 12pt;">80.00% of Preferred Shares</div>
              </td>
            </tr>
            <tr>
              <td style="width: 33.33%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
                <div style="text-align: justify; line-height: 13.7pt; font-family: 'Times New Roman', serif; font-size: 12pt;">Wells Fargo &amp; Company</div>
                <div style="text-align: justify; line-height: 13.7pt; font-family: 'Times New Roman', serif; font-size: 12pt;">420 Montgomery Street</div>
                <div style="text-align: justify; line-height: 13.7pt; font-family: 'Times New Roman', serif; font-size: 12pt;">San Francisco, CA 94104</div>
              </td>
              <td style="width: 33.33%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
                <div style="text-align: center; line-height: 13.7pt; font-family: 'Times New Roman', serif; font-size: 12pt;">PZC</div>
              </td>
              <td style="width: 33.33%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
                <div style="text-align: justify; line-height: 13.7pt; font-family: 'Times New Roman', serif; font-size: 12pt;">6.47% of Preferred Shares</div>
              </td>
            </tr>

        </table>
      </div>
      <br>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageBreak" style="page-break-after:always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div style="text-align: center; line-height: 13.7pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt; font-weight: bold;"><u>IMPORTANT</u></div>
      <div style="text-align: center; line-height: 13.7pt;"><font style="font-family: 'Times New Roman', serif; font-size: 12pt; font-weight: bold; color: #000000;"> </font><br style="line-height: 13.7pt;">
      </div>
      <div style="background-color: #FFFFFF; line-height: 14.4pt;">
        <div style="text-align: justify; text-indent: 36pt; line-height: 13.7pt; font-family: 'Times New Roman', serif; font-size: 12pt;"><font style="color: #000000;">Tell the Board what you think!
            Your vote is important. No matter how many shares of Stock you own, please give Dryden your proxy </font><font style="font-weight: bold; color: #000000;">FOR</font><font style="color: #000000;"> the election of </font><font style="font-weight: bold; color: #000000;">Mr. Clark</font>, by:</div>
      </div>
      <div style="background-color: #FFFFFF; line-height: 14.4pt;">
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          <tr>
            <td style="width: 6.67%; vertical-align: top;">
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            </td>
            <td style="width: 6.67%; vertical-align: top;">
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            </td>
            <td style="width: 86.67%; vertical-align: top;">
              <div style="text-align: justify; line-height: 13.7pt; font-family: 'Times New Roman', serif; font-size: 12pt;"><font style="font-weight: bold;">SIGNING</font>&#160;the enclosed <font style="font-weight: bold; color: #000000;">GOLD</font><font style="font-weight: bold;">&#160;</font>proxy card,</div>
            </td>
          </tr>

      </table>
      <div style="background-color: #FFFFFF; line-height: 14.4pt;">
        <div style="text-align: justify; line-height: 13.7pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">&#160;</div>
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            <td style="width: 86.67%; vertical-align: top;">
              <div style="text-align: justify; line-height: 13.7pt; font-family: 'Times New Roman', serif; font-size: 12pt;"><font style="font-weight: bold;">DATING</font>&#160;the enclosed <font style="font-weight: bold; color: #000000;">GOLD</font> proxy card, and</div>
            </td>
          </tr>

      </table>
      <div style="background-color: #FFFFFF; line-height: 14.4pt;">
        <div style="text-align: justify; line-height: 13.7pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">&#160;</div>
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              <div style="text-align: justify; line-height: 13.7pt; font-family: 'Times New Roman', serif; font-size: 12pt;">&#9679;</div>
            </td>
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              <div style="text-align: justify; line-height: 13.7pt; font-family: 'Times New Roman', serif; font-size: 12pt;"><font style="font-weight: bold;">MAILING</font>&#160;the enclosed <font style="font-weight: bold; color: #000000;">GOLD</font> proxy card&#160;<font style="font-weight: bold;">TODAY</font>&#160;in the
                envelope provided (no postage is required if mailed in the United States).</div>
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        <div style="text-align: justify; text-indent: 36pt; line-height: 13.7pt; font-family: 'Times New Roman', serif; font-size: 12pt;"><font style="font-weight: bold; color: #000000;">If any of
            your shares of Stock are held in the name of a brokerage firm, bank, bank nominee or other institution, only it can vote such shares and only upon receipt of your specific instructions.</font><font style="color: #000000;"> Accordingly, please contact the person responsible for your account and instruct that person to execute the proxy card representing your shares of Stock. Dryden urges you to confirm in writing your
            instructions to Dryden in care of </font>InvestorCom <font style="color: #000000;">at the address provided below so that Dryden will be aware of all instructions given and can attempt to
            ensure that such instructions are followed.</font></div>
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        <div style="text-align: justify; text-indent: 36pt; line-height: 13.7pt; font-family: 'Times New Roman', serif; font-size: 12pt;"><font style="color: #000000;">If you have any questions or
            require any additional information concerning this Proxy Statement, please contact </font>InvestorCom<font style="color: #000000;"> at the address set forth below.</font></div>
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      <div style="text-align: center; line-height: 13.7pt; font-family: 'Times New Roman', serif; font-size: 12pt;">19 Old Kings Highway S. &#8211; Suite 210</div>
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          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
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      <div style="line-height: 13.7pt;">
        <div style="line-height: 13.7pt; font-family: 'Times New Roman', serif; font-size: 12pt;"><font style="font-weight: bold;">GOLD </font>PROXY</div>
      </div>
      <div style="text-align: center; line-height: 13.7pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt; font-weight: bold;"> <br>
      </div>
      <div style="text-align: center; line-height: 13.7pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt; font-weight: bold;">GOLD PROXY CARD</div>
      <div style="line-height: 13.7pt;"><br style="line-height: 13.7pt;">
      </div>
      <div style="text-align: center; line-height: 13.7pt; font-family: 'Times New Roman', serif; font-size: 12pt; font-weight: bold;">ANNUAL MEETING OF SHAREHOLDERS</div>
      <div style="text-align: center; text-indent: 36pt; line-height: 13.7pt; font-family: 'Times New Roman', serif; font-size: 12pt; font-weight: bold;">PIMCO MUNICIPAL INCOME FUND</div>
      <div style="text-align: center; line-height: 13.7pt; font-family: 'Times New Roman', serif; font-size: 12pt; font-weight: bold;">PIMCO CALIFORNIA MUNICIPAL INCOME FUND</div>
      <div style="text-align: center; line-height: 13.7pt; font-family: 'Times New Roman', serif; font-size: 12pt; font-weight: bold;">PIMCO NEW YORK MUNICIPAL INCOME FUND</div>
      <div style="text-align: center; line-height: 13.7pt; font-family: 'Times New Roman', serif; font-size: 12pt; font-weight: bold;">PIMCO MUNICIPAL INCOME FUND II</div>
      <div style="text-align: center; line-height: 13.7pt; font-family: 'Times New Roman', serif; font-size: 12pt; font-weight: bold;">PIMCO CALIFORNIA MUNICIPAL INCOME FUND II</div>
      <div style="text-align: center; line-height: 13.7pt; font-family: 'Times New Roman', serif; font-size: 12pt; font-weight: bold;">PIMCO NEW YORK MUNICIPAL INCOME FUND II</div>
      <div style="text-align: center; line-height: 13.7pt; font-family: 'Times New Roman', serif; font-size: 12pt; font-weight: bold;">PIMCO MUNICIPAL INCOME FUND III</div>
      <div style="text-align: center; line-height: 13.7pt; font-family: 'Times New Roman', serif; font-size: 12pt; font-weight: bold;">PIMCO CALIFORNIA MUNICIPAL INCOME FUND III</div>
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      </div>
      <div style="text-align: center; line-height: 13.7pt; font-family: 'Times New Roman', serif; font-size: 12pt; font-weight: bold;">ANNUAL MEETING OF SHAREHOLDERS</div>
      <div style="line-height: 13.7pt;"><br style="line-height: 13.7pt;">
      </div>
      <div style="text-align: center; line-height: 20.5pt; font-family: 'Times New Roman', serif; font-size: 12pt; font-weight: bold;">THIS PROXY IS SOLICITED ON BEHALF OF</div>
      <div style="text-align: center; line-height: 13.7pt; font-family: 'Times New Roman', serif; font-size: 12pt; font-weight: bold;">DRYDEN CAPITAL FUND, LP</div>
      <div style="line-height: 13.7pt;"><br style="line-height: 13.7pt;">
      </div>
      <div style="line-height: 13.7pt;"><br style="line-height: 13.7pt;">
      </div>
      <div style="text-align: center; line-height: 13.7pt; font-family: 'Times New Roman', serif; font-size: 12pt; font-weight: bold;">THE BOARD OF TRUSTEES OF EACH OF THE FUNDS<br>
        IS NOT SOLICITING THIS PROXY</div>
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      </div>
      <div style="text-align: center; line-height: 13.7pt; font-family: 'Times New Roman', serif; font-size: 12pt; font-weight: bold;">P&#160;&#160; R&#160;&#160; O&#160;&#160; X&#160;&#160; Y</div>
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        <div style="text-align: justify; line-height: 13.7pt; font-family: 'Times New Roman', serif; font-size: 12pt;"><font style="color: #000000;">The undersigned appoints Matt Leavitt and John
            Grau, and each of them, its proxy, attorney and agent (the &#8220;Proxies&#8221;) with full power of substitution to vote all shares </font>of Auction Rate Preferred Stock, $25,000 liquidation preference per share of each of the Funds (the &#8220;ARPS&#8221;), <font style="color: #000000;">Variable Rate Municipal Term Preferred Shares (&#8220;VMTPS&#8221; and together with ARPS, the &#8220;Preferred Shares&#8221;), </font>and shares of common stock, par value $0.001, of the
          Funds (the &#8220;Common Stock&#8221;; together with the Preferred Shares, the &#8220;Stock&#8221;)<font style="color: #000000;"> of </font>PIMCO Municipal Income Fund (&#8220;PMF&#8221;); PIMCO Municipal Income Fund II
          (&#8220;PML&#8221;); PIMCO Municipal Income Fund III (&#8220;PMX&#8221;); PIMCO New York Municipal Income Fund (&#8220;PNF&#8221;); PIMCO New York Municipal Income Fund II (&#8220;PNI&#8221;);; PIMCO California Municipal Income Fund (&#8220;PCQ&#8221;); PIMCO California Municipal Income Fund II (&#8220;PCK&#8221;);
          and PIMCO California Municipal Income Fund III (&#8220;PZC&#8221;) (each a &#8220;Fund&#8221; and, collectively, the &#8220;Funds&#8221;)<font style="color: #000000;">, which the undersigned would be entitled to vote if
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            December 17, 2019.&#160; The term &#8220;Annual Meeting&#8221; is used throughout this joint proxy to refer to the annual meeting of shareholders of each Fund, as dictated by the context </font>(including any adjournment or postponement thereof or any special
          meeting held in lieu thereof). </div>
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      <div style="background-color: #FFFFFF; line-height: 14.4pt;">
        <div style="line-height: 13.7pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">&#160;</div>
        <div style="line-height: 13.7pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;"> <br>
        </div>
        <div style="line-height: 13.7pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;"> <br>
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        <div style="line-height: 13.7pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;"> <br>
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          <div style="text-align: justify; line-height: 13.7pt; color: rgb(0, 0, 0); font-family: 'Times New Roman',serif; font-weight: normal;">The undersigned hereby revokes any other proxy or proxies heretofore given to vote
            or act with respect to the shares of Stock held by the undersigned, and hereby ratifies and confirms all action the Proxies, their substitutes, or any of them may lawfully take by virtue hereof. If properly executed, this Proxy will be voted as
            directed on the reverse and in their discretion with respect to any other matters as may properly come before the Annual Meeting that are unknown to Dryden Capital Fund, LP (&#8220;Dryden Capital Fund&#8221;) a reasonable time before this solicitation.</div>
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        <div style="line-height: 13.7pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt; font-weight: bold;"> <br>
        </div>
        <div style="line-height: 13.7pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt; font-weight: bold;"> <br>
        </div>
        <div style="line-height: 13.7pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt; font-weight: bold;">IF NO DIRECTION IS INDICATED WITH RESPECT TO THE PROPOSALS ON THE REVERSE, THIS PROXY WILL BE VOTED &#8220;FOR&#8221;
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        <div style="line-height: 13.7pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">&#160;</div>
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        <div style="text-align: justify; line-height: 13.7pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">This Proxy will be valid until the sooner of one year from the date indicated on the reverse side and the completion of
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        <div style="line-height: 13.7pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">&#160;</div>
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        <div style="text-align: center; line-height: 13.7pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt; font-weight: bold;">IMPORTANT: PLEASE SIGN, DATE AND MAIL THIS PROXY CARD PROMPTLY!</div>
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        <div style="line-height: 13.7pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">&#160;</div>
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        <div style="text-align: center; line-height: 13.7pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt; font-weight: bold;">CONTINUED AND TO BE SIGNED ON REVERSE SIDE</div>
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      <div style="line-height: 13.7pt;"><br style="line-height: 13.7pt;">
      </div>
      <div style="line-height: 13.7pt;"><br style="line-height: 13.7pt;">
      </div>
      <div style="line-height: 13.7pt;"><br style="line-height: 13.7pt;">
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        <div style="line-height: 13.7pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;"><font style="font-weight: bold;">[X]</font>&#160;<font style="font-weight: bold;">Please mark vote as in this example.</font></div>
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        </div>
        <div style="line-height: 13.7pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt; font-weight: bold;">DRYDEN CAPITAL FUND STRONGLY RECOMMENDS THAT SHAREHOLDERS VOTE FOR THE ELECTION OF DERRICK A. CLARK.</div>
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        </div>
        <div style="line-height: 13.7pt;"><br style="line-height: 13.7pt;">
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              <div style="line-height: 13.7pt; font-family: 'Times New Roman', serif; font-size: 12pt;">1.</div>
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            <td style="width: 93.33%; vertical-align: top;">
              <div style="line-height: 13.7pt; font-family: 'Times New Roman', serif; font-size: 12pt;">Election of Derrick A. Clark<font style="color: #000000;">:</font></div>
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        <div style="line-height: 13.7pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">&#160;</div>
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          <tr>
            <td style="width: 17.96%; vertical-align: top;">&#160;</td>
            <td style="width: 48.72%; vertical-align: top;">&#160;</td>
            <td style="width: 8.16%; vertical-align: top;">
              <div style="text-align: center; line-height: 13.7pt; font-family: 'Times New Roman', serif; font-size: 12pt; font-weight: bold;"><a name="P260187116"></a>FOR</div>
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          <tr>
            <td style="width: 17.96%; vertical-align: top;">
              <div style="line-height: 13.7pt; font-family: 'Times New Roman', serif; font-size: 12pt;">Nominee:</div>
            </td>
            <td style="width: 48.72%; vertical-align: top;">
              <div style="line-height: 13.7pt; font-family: 'Times New Roman', serif; font-size: 12pt;">Derrick A. Clark</div>
              <div style="line-height: 13.7pt;"><font style="line-height: 13.7pt;">&#160;</font></div>
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              <div style="text-align: center; line-height: 13.7pt; font-family: 'Times New Roman', serif; font-size: 12pt;">[&#160;&#160;&#160;&#160;&#160;]</div>
              <div style="line-height: 13.7pt;"><font style="line-height: 13.7pt;">&#160;</font></div>
              <div style="line-height: 13.7pt;"><font style="line-height: 13.7pt;">&#160;</font></div>
              <div style="line-height: 13.7pt;"><font style="line-height: 13.7pt;">&#160;</font></div>
            </td>
            <td style="width: 25.16%; vertical-align: top;">
              <div style="text-align: center; line-height: 13.7pt; font-family: 'Times New Roman', serif; font-size: 12pt;">[&#160;&#160;&#160;&#160;&#160;]</div>
              <div style="line-height: 13.7pt;"><font style="line-height: 13.7pt;">&#160;</font></div>
            </td>
          </tr>

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      <div style="background-color: #FFFFFF; line-height: 14.4pt;">
        <div style="line-height: 13.7pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;">&#160;</div>
        <div style="line-height: 13.7pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;"> <br>
        </div>
        <div style="line-height: 13.7pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;"> <br>
        </div>
        <div style="line-height: 13.7pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;"> <br>
        </div>
        <div style="line-height: 13.7pt;"><br style="line-height: 13.7pt;">
        </div>
        <div style="line-height: 13.7pt;"><br style="line-height: 13.7pt;">
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        <div style="line-height: 13.7pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt; font-weight: bold;">IN THEIR DISCRETION, THE PROXIES ARE AUTHORIZED TO VOTE UPON SUCH OTHER MATTERS AS MAY PROPERLY COME
          BEFORE THE ANNUAL MEETING.</div>
        <div style="line-height: 13.7pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt; font-weight: bold;"> <br>
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        <font style="font-size: 11.5pt;">DATED:&#160;&#160;____________________________</font>
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              <td valign="top" style="width: 12%; padding-bottom: 2px;">&#160;</td>
              <td valign="top" style="width: 6%; padding-bottom: 2px;">&#160;</td>
              <td valign="top" align="left" style="width: 35%; padding-bottom: 2px;">
                <div align="left" style="margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;"><br>
                </div>
              </td>
              <td valign="top" style="width: 12%; padding-bottom: 2px;">&#160;</td>
            </tr>
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              <td valign="top" align="left" style="width: 35%; font-size: 12pt; font-family: 'Times New Roman';">
                <div align="left" style="margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;">(Signature)</div>
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              <td valign="top" style="width: 12%;">&#160;</td>
              <td valign="top" style="width: 6%;">&#160;</td>
              <td valign="top" align="left" style="width: 35%;"><br>
              </td>
              <td valign="top" style="width: 12%;">&#160;</td>
            </tr>
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              <td valign="top" align="justify" style="width: 35%;">
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              <td valign="top" style="width: 12%;">&#160;</td>
              <td valign="top" style="width: 6%;">&#160;</td>
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              </td>
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          <div style="line-height: 13.7pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt;"> <br>
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          <br>
          <table cellspacing="0" cellpadding="0" style="width: 100%; font-family: 'Times New Roman', Times, serif; font-size: 10pt;">

              <tr>
                <td valign="top" align="left" style="width: 35%; border-bottom: 2px solid rgb(0, 0, 0);">
                  <div align="left" style="margin-left: 0pt; text-indent: 0pt; margin-right: 0pt;"><br>
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                <td valign="top" style="width: 12%; padding-bottom: 2px;">&#160;</td>
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                        <div style="text-align: left; line-height: 13.7pt; color: rgb(0, 0, 0);">(Title)</div>
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        <div style="line-height: 13.7pt; color: #000000; font-family: 'Times New Roman', serif; font-size: 12pt; font-weight: bold;">WHEN SHARES ARE HELD JOINTLY, JOINT OWNERS SHOULD EACH SIGN. EXECUTORS, ADMINISTRATORS, TRUSTEES, ETC.,
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