<SEC-DOCUMENT>0001206774-18-000707.txt : 20180306
<SEC-HEADER>0001206774-18-000707.hdr.sgml : 20180306
<ACCEPTANCE-DATETIME>20180306155614
ACCESSION NUMBER:		0001206774-18-000707
CONFORMED SUBMISSION TYPE:	DEF 14A
PUBLIC DOCUMENT COUNT:		5
CONFORMED PERIOD OF REPORT:	20180418
FILED AS OF DATE:		20180306
DATE AS OF CHANGE:		20180306
EFFECTIVENESS DATE:		20180306

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			FLAHERTY & CRUMRINE TOTAL RETURN FUND INC
		CENTRAL INDEX KEY:			0001245648
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1130

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-21380
		FILM NUMBER:		18669816

	BUSINESS ADDRESS:	
		STREET 1:		301 E COLORADO BLVD STE 720
		STREET 2:		C/O FLAHERTY & CRUMRINE INC
		CITY:			PASADENA
		STATE:			CA
		ZIP:			91101
		BUSINESS PHONE:		(626) 795-7300

	MAIL ADDRESS:	
		STREET 1:		301 E COLORADO BLVD STE 720
		STREET 2:		C/O FLAHERTY & CRUMRINE INC
		CITY:			PASADENA
		STATE:			CA
		ZIP:			91101

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	FLAHERTY & CRUMRINE/CLAYMORE TOTAL RETURN FUND INC
		DATE OF NAME CHANGE:	20030623
</SEC-HEADER>
<DOCUMENT>
<TYPE>DEF 14A
<SEQUENCE>1
<FILENAME>fandcflc3387613-def14a.htm
<DESCRIPTION>DEFINITIVE PROXY STATEMENT
<TEXT>

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<P align=center><FONT face="Times New Roman" size=2>SCHEDULE 14A<BR>PROXY
STATEMENT<BR></FONT><FONT face="Times New Roman" size=2>PURSUANT TO SECTION
14(A) OF THE SECURITIES EXCHANGE ACT OF 1934 </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2>Filed by Registrant
[X]<BR></FONT><FONT face="Times New Roman" size=2>Filed by Party other than the
Registrant</FONT></P>
<DIV align=justify><FONT face="Times New Roman" size=2>Check the appropriate
box:</FONT></DIV>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"><FONT face="Times New Roman" size=2>[ &nbsp; ]&nbsp;&nbsp;</FONT></TD>
    <TD vAlign=top noWrap align=left width="99%"><FONT face="Times New Roman" size=2>Preliminary Proxy Statement</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"><FONT face="Times New Roman" size=2>[&nbsp; &nbsp;]&nbsp;&nbsp;</FONT></TD>
    <TD vAlign=top noWrap align=left width="99%"><FONT face="Times New Roman" size=2>Confidential for Use of the Commission Only as permitted by Rule
      14a-6(e)(2)</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"><FONT face="Times New Roman" size=2>[X] </FONT></TD>
    <TD vAlign=top noWrap align=left width="99%"><FONT face="Times New Roman" size=2>Definitive Proxy Statement</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"><FONT face="Times New Roman" size=2>[&nbsp; &nbsp;]&nbsp;&nbsp;</FONT></TD>
    <TD vAlign=top noWrap align=left width="99%"><FONT face="Times New Roman" size=2>Definitive Additional Materials</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"><FONT face="Times New Roman" size=2>[&nbsp;&nbsp; ]&nbsp;&nbsp;</FONT></TD>
    <TD vAlign=top noWrap align=left width="99%"><FONT face="Times New Roman" size=2>Soliciting Material Pursuant to Rule 14a-11c or Rule
    14a-12</FONT></TD></TR></TABLE><BR>
<DIV align=center>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="20%" border=0>

  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="100%"><FONT face="Times New Roman" size=2>Flaherty &amp; Crumrine Total Return Fund Incorporated</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-ALIGN: center" noWrap width="100%"><FONT face="Times New Roman" size=2>(Name of Registrant as Specified in Its
      Charter)</FONT></TD></TR></TABLE></DIV><BR>
<DIV align=center>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="20%" border=0>

  <TR>
    <TD style="TEXT-ALIGN: center" width="100%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-TOP: #000000 1pt solid" noWrap align=center width="100%"><FONT face="Times New Roman" size=2>(Name of Person(s) Filing
      Proxy Statement)</FONT></TD></TR></TABLE></DIV><BR>
<P align=justify><FONT face="Times New Roman" size=2>Payment of Filing Fee
(Check the appropriate box):</FONT></P>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"><FONT face="Times New Roman" size=2>[X] </FONT></TD>
    <TD vAlign=top noWrap align=left width="98%"><FONT face="Times New Roman" size=2>No fee required</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"><FONT face="Times New Roman" size=2>[&nbsp;&nbsp; ] &nbsp;</FONT></TD>
    <TD vAlign=top noWrap align=left width="98%"><FONT face="Times New Roman" size=2>Fee computed on table below per Exchange Act Rules 14a-6(i)(1) and
      0-11</FONT></TD></TR></TABLE><BR>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"><FONT face="Times New Roman" size=2>(1)&nbsp; </FONT></TD>
    <TD vAlign=top noWrap align=left width="25%"><FONT face="Times New Roman" size=2>Title of each class of securities to which transaction
      applies:&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top noWrap align=left width="73%">&nbsp;</TD></TR></TABLE>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"><FONT face="Times New Roman" size=2>(2)&nbsp; </FONT></TD>
    <TD vAlign=top noWrap align=left width="25%"><FONT face="Times New Roman" size=2>Aggregate number of securities to which transaction applies:&nbsp;
      </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top noWrap align=left width="73%">&nbsp;</TD></TR></TABLE>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"><FONT face="Times New Roman" size=2>(3)&nbsp; </FONT></TD>
    <TD vAlign=top align=left width="99%" colSpan=2><FONT face="Times New Roman" size=2>Per unit price or other underlying value of
      transaction computed pursuant to Exchange Act Rule 0-11. (Set forth the
      amount on</FONT></TD></TR>
  <TR>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=left width="5%"><FONT face="Times New Roman" size=2>which the filing fee is calculated and state how it was
      determined):</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top noWrap align=left width="94%"></TD></TR></TABLE>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"><FONT face="Times New Roman" size=2>(4)&nbsp; </FONT></TD>
    <TD vAlign=top noWrap align=left width="15%"><FONT face="Times New Roman" size=2>Proposed maximum aggregate value of transaction:&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top noWrap align=left width="83%">&nbsp;</TD></TR></TABLE>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"><FONT face="Times New Roman" size=2>(5)&nbsp; </FONT></TD>
    <TD vAlign=top noWrap align=left width="5%"><FONT face="Times New Roman" size=2>Total fee paid:&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top noWrap align=left width="93%">&nbsp;</TD></TR></TABLE><BR>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"><FONT face="Times New Roman" size=2>[&nbsp;&nbsp; ] </FONT></TD>
    <TD vAlign=top noWrap align=left width="98%"><FONT face="Times New Roman" size=2>Fee paid previously with preliminary materials.</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"><FONT face="Times New Roman" size=2></FONT></TD>
    <TD vAlign=top noWrap align=left width="98%"><FONT face="Times New Roman" size=2>&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"><FONT face="Times New Roman" size=2>[&nbsp;&nbsp; ] &nbsp;</FONT></TD>
    <TD vAlign=top align=left width="98%"><FONT face="Times New Roman" size=2>Check box if any part of the fee is offset as provided by Exchange
      Act 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.</FONT></TD></TR></TABLE><BR>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"><FONT face="Times New Roman" size=2>(1)&nbsp; </FONT></TD>
    <TD vAlign=top noWrap align=left width="5%"><FONT face="Times New Roman" size=2>Amount previously paid:&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top noWrap align=left width="93%">&nbsp;</TD></TR></TABLE>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"><FONT face="Times New Roman" size=2>(2)&nbsp; </FONT></TD>
    <TD vAlign=top noWrap align=left width="5%"><FONT face="Times New Roman" size=2>Form, Schedule or Registration Statement No.:&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top noWrap align=left width="93%">&nbsp;</TD></TR></TABLE>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"><FONT face="Times New Roman" size=2>(3)&nbsp; </FONT></TD>
    <TD vAlign=top noWrap align=left width="5%"><FONT face="Times New Roman" size=2>Filing Party:&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top noWrap align=left width="93%">&nbsp;</TD></TR></TABLE>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"><FONT face="Times New Roman" size=2>(4)&nbsp; </FONT></TD>
    <TD vAlign=top noWrap align=left width="5%"><FONT face="Times New Roman" size=2>Date Filed:&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" vAlign=top noWrap align=left width="93%">&nbsp;</TD></TR></TABLE><BR>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV>

<P style="TEXT-ALIGN: center"><B><FONT size=2 face="Times New Roman">FLAHERTY &amp; CRUMRINE PREFERRED INCOME FUND INCORPORATED (NYSE: PFD)<BR>FLAHERTY &amp; CRUMRINE PREFERRED INCOME OPPORTUNITY FUND INCORPORATED (NYSE: PFO)<BR>FLAHERTY &amp; CRUMRINE
PREFERRED SECURITIES INCOME FUND INCORPORATED (NYSE: FFC)<BR>FLAHERTY &amp; CRUMRINE TOTAL RETURN FUND INCORPORATED (NYSE: FLC)<BR>FLAHERTY &amp; CRUMRINE DYNAMIC PREFERRED AND INCOME FUND INCORPORATED (NYSE: DFP)</FONT></B></P>
<P style="TEXT-ALIGN: center"><FONT size=2 face="Times New Roman">301 E. Colorado Boulevard, Suite 720<BR>Pasadena, California 91101</FONT></P>
<P style="TEXT-ALIGN: center"><B><FONT size=2 face="Times New Roman">NOTICE OF ANNUAL MEETINGS OF SHAREHOLDERS<BR></FONT></B><FONT size=2 face="Times New Roman">To Be Held on April 18, 2018</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face="Times New Roman">To the Shareholders:</FONT></P>
<P STYLE="text-align: left; text-indent: 15pt"><FONT size=2 face="Times New Roman">Notice is hereby given that the Annual Meetings of Shareholders of Flaherty &amp; Crumrine Preferred Income Fund Incorporated, Flaherty &amp; Crumrine Preferred Income Opportunity Fund
Incorporated, Flaherty &amp; Crumrine Preferred Securities Income Fund Incorporated, Flaherty &amp; Crumrine Total Return Fund Incorporated and Flaherty &amp; Crumrine Dynamic Preferred and Income Fund Incorporated (each, a &#8220;Fund&#8221; and
collectively, the &#8220;Funds&#8221;), each a Maryland corporation, will be held at the offices of Flaherty &amp; Crumrine Incorporated, 301 E. Colorado Boulevard, Suite 720, Pasadena, California 91101 at 8:00 a.m. PT, on April 18, 2018, for the
following purposes:</FONT></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face="Times New Roman">Each Fund:</FONT></P>
<TABLE STYLE="LINE-HEIGHT: normal; BORDER-COLLAPSE: COLLAPSE" CELLSPACING=0 CELLPADDING=0 WIDTH="100%" BORDER=0>
<TR>
   <TD vAlign=top width="1%" noWrap><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD vAlign=top width="1%" noWrap><FONT size=2 face="Times New Roman">1.</FONT> </TD>
   <TD width="98%">
   <P align=left><FONT size=2 face="Times New Roman">To elect Directors of each Fund (Proposal 1).</FONT></P></TD></TR>
<TR>
   <TD vAlign=top width="1%" noWrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
   <TD vAlign=top width="1%" noWrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
   <TD width="98%">
   <P align=left><FONT size=2 face="Times New Roman"></FONT></P></TD></TR>
<TR>
   <TD vAlign=top width="1%" noWrap><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD vAlign=top width="1%" noWrap><FONT size=2 face="Times New Roman">2.</FONT> </TD>
   <TD width="98%">
   <P align=left><FONT size=2 face="Times New Roman">To transact such other business as may properly come before the Annual Meetings or any adjournments or postponements thereof.</FONT></P></TD></TR></TABLE>
<P style="TEXT-ALIGN: left"><B><FONT size=2 face="Times New Roman">Your vote is important!</FONT></B></P>
<P STYLE="text-align: left; text-indent: 15pt"><FONT size=2 face="Times New Roman">The Board of Directors of each Fund has fixed the close of business on January 19, 2018 as the record date for the determination of shareholders of each Fund entitled to notice of and to
vote at the Annual Meetings and any adjournments or postponements thereof.</FONT></P>
<TABLE STYLE="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: COLLAPSE" CELLSPACING=0 CELLPADDING=0 WIDTH="100%" BORDER=0>
<TR vAlign=bottom>
   <TD width="50%" noWrap align=left></TD>
   <TD width="50%" noWrap align=left><FONT size=2 face="Times New Roman">By Order of the Boards of Directors,</FONT></TD></TR>
<TR>
   <TD width="100%" colSpan=2>&nbsp;</TD></TR>
<TR vAlign=bottom>
   <TD width="50%" noWrap align=left><FONT size=2 face="Times New Roman">March 6, 2018</FONT></TD>
   <TD width="50%" noWrap align=left><FONT size=2 face="Times New Roman">Chad C. Conwell</FONT></TD></TR>
<TR vAlign=bottom>
   <TD width="50%" noWrap align=left></TD>
   <TD width="50%" noWrap align=left><I><FONT size=2 face="Times New Roman">Secretary</FONT></I></TD></TR></TABLE><BR>
<TABLE STYLE="LINE-HEIGHT: NORMAL; BORDER-COLLAPSE: COLLAPSE" CELLSPACING=0 CELLPADDING=0 WIDTH="100%" BORDER=0>
<TR>
   <TD STYLE="border: #000000 1pt solid; padding: 6pt; width: 100%">
   <P style="TEXT-ALIGN: center"><B><FONT size=2 face="Times New Roman">Important Notice Regarding the Availability of Proxy Materials for the Annual Meetings to Be<BR>Held on April 18, 2018</FONT></B></P>
   <P style="TEXT-ALIGN: left"><B><FONT size=2 face="Times New Roman">The notice of Annual Meetings, joint proxy statement, proxy cards and each Fund&#8217;s annual report, including audited financial statements for the fiscal year ended November 30,
2017, are available to you on the Funds&#8217; website - www.preferredincome.com or upon request, without charge, by writing to BNY Mellon c/o Computershare, P.O. Box 30170, College Station, Texas 77842-3170, or by calling 1-866-351-7446. You are
encouraged to review all of the information contained in the proxy materials before voting.</FONT></B></P>
   <P style="TEXT-ALIGN: left"><B><FONT size=2 face="Times New Roman">To obtain directions to attend the Annual Meetings and vote in person, please call 1-626-795-7300.</FONT></B></P>
   <P style="TEXT-ALIGN: left"><B><FONT size=2 face="Times New Roman">SEPARATE PROXY CARDS ARE ENCLOSED FOR EACH FUND IN WHICH YOU OWN SHARES. </FONT></B><B><FONT size=2 face="Times New Roman">YOUR VOTE IS IMPORTANT REGARDLESS OF THE SIZE OF YOUR
HOLDINGS IN THE FUND. WHETHER OR NOT YOU PLAN TO ATTEND THE MEETING, WE ASK THAT YOU PLEASE VOTE PROMPTLY. INSTRUCTIONS FOR THE PROPER VOTING AND/OR EXECUTION OF PROXIES ARE </FONT></B><B><FONT size=2 face="Times New Roman">SET FORTH ON THE INSIDE COVER.
SHAREHOLDERS MAY SUBMIT VOTING INSTRUCTIONS BY SIGNING AND DATING THE PROXY CARD OR VOTING INSTRUCTION FORM AND RETURNING IT IN THE ACCOMPANYING POSTAGE-PAID ENVELOPE.</FONT></B></P></TD></TR></TABLE><BR>
<HR align=center SIZE=2 width="100%" noShade>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>

<P style="TEXT-ALIGN: center"><B><FONT size=2 face="Times New Roman">INSTRUCTIONS FOR SIGNING PROXY CARDS</FONT></B></P>
<P STYLE="text-align: left; text-indent: 15pt"><FONT size=2 face="Times New Roman">The following general rules for signing proxy cards may be of assistance to you and may minimize the time and expense to the Fund(s) involved in validating your vote if you fail to sign your
proxy card(s) properly.</FONT></P>
<TABLE STYLE="LINE-HEIGHT: normal; BORDER-COLLAPSE: COLLAPSE" CELLSPACING=0 CELLPADDING=0 WIDTH="100%" BORDER=0>
<TR>
   <TD vAlign=top width="1%" noWrap><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD vAlign=top width="1%" noWrap><FONT size=2 face="Times New Roman">1.</FONT> </TD>
   <TD width="98%">
   <P align=left><I><FONT size=2 face="Times New Roman">Individual Accounts: </FONT></I><FONT size=2 face="Times New Roman">Sign your name exactly as it appears in the registration on the proxy card(s).</FONT></P></TD></TR>
<TR>
   <TD vAlign=top width="1%" noWrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
   <TD vAlign=top width="1%" noWrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
   <TD width="98%">
   </TD></TR>
<TR>
   <TD vAlign=top width="1%" noWrap><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD vAlign=top width="1%" noWrap><FONT size=2 face="Times New Roman">2.</FONT> </TD>
   <TD width="98%">
   <P align=left><I><FONT size=2 face="Times New Roman">Joint Accounts: </FONT></I><FONT size=2 face="Times New Roman">Either party may sign, but the name of the party signing should conform exactly to a name shown in the
registration.</FONT></P></TD></TR>
<TR>
   <TD vAlign=top width="1%" noWrap><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD vAlign=top width="1%" noWrap><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD width="98%">
   <P align=left>&nbsp;</P></TD></TR>
<TR>
   <TD vAlign=top width="1%" noWrap><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD vAlign=top width="1%" noWrap><FONT size=2 face="Times New Roman">3.</FONT> </TD>
   <TD width="98%">
   <P align=left><I><FONT size=2 face="Times New Roman">All Other Accounts: </FONT></I><FONT size=2 face="Times New Roman">The capacity of the individual signing the proxy card should be indicated unless it is reflected in the form registration. For
example:</FONT></P></TD></TR></TABLE><BR>
<TABLE STYLE="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: COLLAPSE" CELLSPACING=0 CELLPADDING=0 WIDTH="100%" BORDER=0>
<TR vAlign=bottom>
   <TD width="1%" noWrap align=left><U><FONT size=2 face="Times New Roman"></FONT></U></TD>
   <TD width="58%" colSpan=3 noWrap align=left><U><FONT size=2 face="Times New Roman">Registration</FONT></U></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="40%" noWrap align=left><U><FONT size=2 face="Times New Roman">Valid Signature</FONT></U></TD></TR>
<TR>
   <TD width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
   <TD width="99%" colSpan=5>&nbsp;</TD></TR>
<TR vAlign=bottom>
   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD width="58%" colSpan=3 noWrap align=left><FONT size=2 face="Times New Roman">Corporate Accounts</FONT></TD>
   <TD width="1%" noWrap align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
   <TD width="40%" noWrap align=left></TD></TR>
<TR>
   <TD width="1%"></TD>
   <TD width="99%" colSpan=5>&nbsp;</TD></TR>
<TR vAlign=bottom>
   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman">(1)</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
   <TD width="56%" noWrap align=left><FONT size=2 face="Times New Roman">ABC Corp.</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD width="40%" noWrap align=left><FONT size=2 face="Times New Roman">ABC Corp.</FONT></TD></TR>
<TR vAlign=bottom>
   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman">(2)</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD width="56%" noWrap align=left><FONT size=2 face="Times New Roman">ABC Corp.</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD width="40%" noWrap align=left><FONT size=2 face="Times New Roman">John Doe, Treasurer</FONT></TD></TR>
<TR vAlign=bottom>
   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman">(3)</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD width="56%" noWrap align=left><FONT size=2 face="Times New Roman">ABC Corp. c/o John Doe, Treasurer</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD width="40%" noWrap align=left><FONT size=2 face="Times New Roman">John Doe</FONT></TD></TR>
<TR vAlign=bottom>
   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman">(4)</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD width="56%" noWrap align=left><FONT size=2 face="Times New Roman">ABC Corp. Profit Sharing Plan</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD width="40%" noWrap align=left><FONT size=2 face="Times New Roman">John Doe, Trustee</FONT></TD></TR>
<TR>
   <TD width="1%"></TD>
   <TD width="99%" colSpan=5>&nbsp;</TD></TR>
<TR vAlign=bottom>
   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD width="58%" colSpan=3 noWrap align=left><FONT size=2 face="Times New Roman">Trust Accounts</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD width="40%" noWrap align=left></TD></TR>
<TR>
   <TD width="1%"></TD>
   <TD width="99%" colSpan=5>&nbsp;</TD></TR>
<TR vAlign=bottom>
   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman">(1)</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD width="56%" noWrap align=left><FONT size=2 face="Times New Roman">ABC Trust</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD width="40%" noWrap align=left><FONT size=2 face="Times New Roman">Jane B. Doe, Trustee</FONT></TD></TR>
<TR vAlign=bottom>
   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman">(2)</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD width="56%" noWrap align=left><FONT size=2 face="Times New Roman">Jane B. Doe, Trustee</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD width="40%" noWrap align=left><FONT size=2 face="Times New Roman">Jane B. Doe</FONT></TD></TR>
<TR vAlign=bottom>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="56%" noWrap align=left><FONT size=2 face="Times New Roman">u/t/d 12/28/78</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD width="40%" noWrap align=left></TD></TR>
<TR>
   <TD width="1%"></TD>
   <TD width="99%" colSpan=5>&nbsp;</TD></TR>
<TR vAlign=bottom>
   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD width="58%" colSpan=3 noWrap align=left><FONT size=2 face="Times New Roman">Custodian or Estate Accounts</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD width="40%" noWrap align=left></TD></TR>
<TR>
   <TD width="1%"></TD>
   <TD width="99%" colSpan=5>&nbsp;</TD></TR>
<TR vAlign=bottom>
   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman">(1)</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD width="56%" noWrap align=left><FONT size=2 face="Times New Roman">John B. Smith, Cust.,</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD width="40%" noWrap align=left><FONT size=2 face="Times New Roman">John B. Smith</FONT></TD></TR>
<TR vAlign=bottom>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="56%" noWrap align=left><FONT size=2 face="Times New Roman">f/b/o John B. Smith, Jr. UGMA</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD width="40%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman">(2)</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD width="56%" noWrap align=left><FONT size=2 face="Times New Roman">John B. Smith, Executor,</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD width="40%" noWrap align=left><FONT size=2 face="Times New Roman">John B. Smith, Executor</FONT></TD></TR>
<TR vAlign=bottom>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="56%" noWrap align=left><FONT size=2 face="Times New Roman">Estate of Jane Smith</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD width="40%" noWrap align=left></TD></TR></TABLE><BR>
<HR align=center SIZE=2 width="100%" noShade>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>

<P style="TEXT-ALIGN: center"><B><FONT size=2 face="Times New Roman">ANNUAL MEETINGS OF SHAREHOLDERS<BR>April 18, 2018<BR>JOINT PROXY STATEMENT</FONT></B></P>
<P style="TEXT-ALIGN: left; TEXT-INDENT: 15pt"><FONT size=2 face="Times New Roman">This document is a joint proxy statement (&#8220;Joint Proxy Statement&#8221;) for Flaherty &amp; Crumrine Preferred Income Fund Incorporated (&#8220;Preferred Income
Fund&#8221; or &#8220;PFD&#8221;), Flaherty &amp; Crumrine Preferred Income Opportunity Fund Incorporated (&#8220;Preferred Income Opportunity Fund&#8221; or &#8220;PFO&#8221;), Flaherty &amp; Crumrine Preferred Securities Income Fund Incorporated
(&#8220;Preferred Securities Income Fund&#8221; or &#8220;FFC&#8221;), Flaherty &amp; Crumrine Total Return Fund Incorporated (&#8220;Total Return Fund&#8221; or &#8220;FLC&#8221;) and Flaherty &amp; Crumrine Dynamic Preferred and Income Fund
Incorporated (&#8220;Dynamic Preferred Income Fund&#8221; or &#8220;DFP&#8221;) (each, a &#8220;Fund&#8221; and collectively, the &#8220;Funds&#8221;). This Joint Proxy Statement is furnished in connection with the solicitation of proxies by each
Fund&#8217;s Board of Directors (each, a &#8220;Board&#8221; and collectively, the &#8220;Boards&#8221;) to be voted at the Annual Meetings of Shareholders for each Fund to be held at 8:00 a.m. on April 18, 2018, at the offices of Flaherty &amp; Crumrine
Incorporated, 301 E. Colorado Boulevard, Suite 720, Pasadena, California 91101 and at any adjournments or postponements thereof (each, an &#8220;Annual Meeting&#8221; and collectively, the &#8220;Annual Meetings&#8221;).</FONT></P>
<P style="TEXT-ALIGN: left; TEXT-INDENT: 15pt"><FONT size=2 face="Times New Roman">This Joint Proxy Statement and the accompanying Notice of Annual Meetings and proxy card for each Fund in which you own shares were mailed on or about March 6, 2018 to
shareholders of record as of the close of business on January 19, 2018. Proxy solicitations will be made, beginning on or about March 6, 2018, primarily by mail, but proxy solicitations may also be made by telephone, facsimile, e-mail, or personal
interviews conducted by officers of each Fund, Flaherty &amp; Crumrine Incorporated (&#8220;Flaherty &amp; Crumrine&#8221;), the investment adviser of each Fund, BNY Mellon Investment Servicing (US) Inc. (&#8220;BNY Mellon&#8221;), the transfer agent of
each Fund, and The Bank of New York Mellon (&#8220;BNYM&#8221;), the administrator of each Fund. With respect to FFC, FLC and DFP, proxy solicitations may also be made by Destra Capital Investments LLC, the servicing agent for FFC, FLC and DFP. No proxy
solicitation firm will be used in connection with the Joint Proxy Statement. The Funds will evenly split the expenses incurred in connection with the preparation of this Joint Proxy Statement. Each Fund will pay for its respective expenses incurred in
connection with printing and mailing of the Joint Proxy Statement and its enclosures to shareholders. Each Fund also will reimburse brokerage firms and others for their expenses in forwarding solicitation material to the beneficial owners of its
shares.</FONT></P>
<P style="TEXT-ALIGN: left; TEXT-INDENT: 15pt"><B><FONT size=2 face="Times New Roman">THE ANNUAL REPORT OF EACH FUND, INCLUDING AUDITED FINANCIAL STATEMENTS FOR THE FISCAL YEAR ENDED NOVEMBER 30, 2017, IS AVAILABLE UPON REQUEST, WITHOUT CHARGE, BY
WRITING TO BNY MELLON C/O COMPUTERSHARE, P.O. BOX 30170, COLLEGE STATION, TEXAS 77842-3170, OR BY CALLING 1-866-351-7446. EACH FUND&#8217;S ANNUAL REPORT IS ALSO AVAILABLE ON THE FUNDS&#8217; WEBSITE (WWW.PREFERREDINCOME.COM), THE SECURITIES AND EXCHANGE
COMMISSION&#8217;S (&#8220;SEC&#8221;) WEBSITE (WWW.SEC.GOV) OR, FOR FFC, FLC AND DFP ONLY, BY CALLING DESTRA CAPITAL INVESTMENTS LLC AT 1-877-855-3434.</FONT></B></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face="Times New Roman">References to the websites above or herein do not incorporate their content into this Joint Proxy Statement.</FONT></P>
<TABLE STYLE="LINE-HEIGHT: NORMAL; BORDER-COLLAPSE: COLLAPSE" CELLSPACING=0 CELLPADDING=0 WIDTH="100%" BORDER=0>
<TR>
   <TD STYLE="border: #000000 1pt solid; padding: 6pt; width: 100%">
   <P style="TEXT-ALIGN: center; margin:0pt"><B><FONT size=2 face="Times New Roman">Important Notice Regarding the Availability of Proxy Materials for the Annual Meetings to Be<BR>Held on April 18, 2018</FONT></B></P>
   <P style="TEXT-ALIGN: center; margin:0pt"><B><FONT size=2 face="Times New Roman">The notice of Annual Meetings, Joint Proxy Statement, proxy cards and each Fund&#8217;s annual report, including audited financial statements for the fiscal year ended November 30,
2017, are available to you on the Funds&#8217; website - www.preferredincome.com. You are encouraged to review all of the information contained in the proxy materials before voting. To obtain directions to attend the Annual Meetings, and vote in person,
please call 1-626-795-7300.</FONT></B></P>
   <P style="TEXT-ALIGN: center; margin:0pt"><B><FONT size=2 face="Times New Roman">SEPARATE PROXY CARDS ARE ENCLOSED FOR EACH FUND IN WHICH YOU OWN SHARES. YOUR VOTE IS IMPORTANT REGARDLESS OF THE SIZE OF YOUR HOLDINGS IN THE FUND. WHETHER OR NOT YOU PLAN TO ATTEND
THE MEETING, WE ASK THAT YOU PLEASE VOTE PROMPTLY. INSTRUCTIONS FOR THE PROPER VOTING AND/OR EXECUTION OF PROXIES ARE SET FORTH ON THE INSIDE COVER. SHAREHOLDERS MAY SUBMIT VOTING INSTRUCTIONS BY SIGNING AND DATING THE PROXY CARD OR VOTING INSTRUCTION
FORM AND RETURNING IT IN THE ACCOMPANYING POSTAGE-PAID ENVELOPE.</FONT></B></P></TD></TR></TABLE><BR>
<HR align=center SIZE=2 width="100%" noShade>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>

<P style="TEXT-ALIGN: left; TEXT-INDENT: 15pt"><FONT size=2 face="Times New Roman">If the enclosed proxy card(s) are properly executed and returned in time to be voted at the relevant Annual Meeting(s), the Shares (as defined below) represented thereby
will be voted in accordance with the instructions marked thereon. Unless instructions to the contrary are marked thereon, a proxy will be voted &#8220;FOR&#8221; Proposal 1 at the relevant Annual Meeting. Any shareholder who has given a proxy has the
right to revoke it at any time prior to its exercise either by attending the relevant Annual Meeting and voting his or her Shares in person or by submitting a letter of revocation or a later-dated proxy to the appropriate Fund delivered at the above
address prior to the date of the Annual Meetings.</FONT></P>
<P style="TEXT-ALIGN: left; TEXT-INDENT: 15pt"><FONT size=2 face="Times New Roman">Under the bylaws of each Fund, the presence in person or by proxy of the holders of a majority of the outstanding shares of the Fund entitled to vote shall be necessary
and sufficient to constitute a quorum for the transaction of business (a &#8220;Quorum&#8221;) at that Fund&#8217;s Annual Meeting. In the event that a Quorum is not present at the relevant Annual Meeting, or in the event that a Quorum is present but
sufficient votes to approve any of the proposals are not received, the Chair of the Annual Meeting may adjourn the meeting without assigning a specific date or from time to time to a date not more than 120 days after the original record date without
notice other than announcement at the Annual Meeting. At such adjourned meeting at which a Quorum shall be present, any business may be transacted which might have been transacted at the meeting as originally notified. A shareholder vote may be taken on
a proposal in the Joint Proxy Statement relating to the applicable Annual Meeting prior to any such adjournment if sufficient votes have been received for approval of that proposal. Once a Quorum has been established at the relevant Annual Meeting,
shareholders may continue to transact business, notwithstanding the withdrawal of shareholders and the loss of a Quorum.</FONT></P>
<P style="TEXT-ALIGN: left; TEXT-INDENT: 15pt"><FONT size=2 face="Times New Roman">Each Fund has one class of capital stock outstanding: common stock, par value $0.01 per share (the &#8220;Common Stock&#8221; or the &#8220;Shares&#8221;). Each Share is
entitled to one vote at the relevant Annual Meeting with respect to matters to be voted on, with pro rata voting rights for any fractional Shares. On the record date, January 19, 2018, the following number of Shares of each Fund were issued and
outstanding:</FONT></P>
<TABLE STYLE="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: COLLAPSE" CELLSPACING=0 CELLPADDING=0 WIDTH="100%" BORDER=0>
<TR vAlign=bottom>
   <TD width="2%" noWrap align=left></TD>
   <TD width="96%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD WIDTH="1%" NOWRAP ALIGN="RIGHT" STYLE="text-align: left"><FONT size=2 face="Times New Roman">Shares</FONT></TD></TR>
<TR vAlign=bottom>
   <TD width="2%" noWrap align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
   <TD width="96%" noWrap align=left><FONT size=2 face="Times New Roman" style="border-bottom: 1pt solid #000000; padding-bottom: 1.5pt">Name of Fund</FONT></TD>
   <TD width="1%" noWrap align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
   <TD NOWRAP STYLE="width: 1%; text-align: left; border-bottom: Black 1pt solid"><FONT size=2 face="Times New Roman">Outstanding</FONT></TD></TR>
<TR vAlign=bottom>
   <TD width="2%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="96%" noWrap align=left><FONT size=2 face="Times New Roman">Flaherty &amp; Crumrine Preferred Income Fund Incorporated (PFD)</FONT></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=right><FONT size=2 face="Times New Roman">11,182,896</FONT></TD></TR>
<TR vAlign=bottom>
   <TD width="2%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="96%" noWrap align=left>&nbsp;</TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=right><FONT size=2 face="Times New Roman"></FONT></TD></TR>
<TR vAlign=bottom>
   <TD width="2%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD width="96%" noWrap align=left><FONT size=2 face="Times New Roman">Flaherty &amp; Crumrine Preferred Income Opportunity Fund Incorporated (PFO)</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face="Times New Roman">12,518,382</FONT></TD></TR>
<TR vAlign=bottom>
   <TD width="2%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD width="96%" noWrap align=left>&nbsp;</TD>
   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face="Times New Roman"></FONT></TD></TR>
<TR vAlign=bottom>
   <TD width="2%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="96%" noWrap align=left><FONT size=2 face="Times New Roman">Flaherty &amp; Crumrine Preferred Securities Income Fund Incorporated (FFC)</FONT></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=right><FONT size=2 face="Times New Roman">44,252,635</FONT></TD></TR>
<TR vAlign=bottom>
   <TD width="2%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="96%" noWrap align=left>&nbsp;</TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=right><FONT size=2 face="Times New Roman"></FONT></TD></TR>
<TR vAlign=bottom>
   <TD width="2%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD width="96%" noWrap align=left><FONT size=2 face="Times New Roman">Flaherty &amp; Crumrine Total Return Fund Incorporated (FLC)</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face="Times New Roman">9,958,104</FONT></TD></TR>
<TR vAlign=bottom>
   <TD width="2%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD width="96%" noWrap align=left>&nbsp;</TD>
   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD width="1%" noWrap align=right><FONT size=2 face="Times New Roman"></FONT></TD></TR>
<TR vAlign=bottom>
   <TD width="2%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="96%" noWrap align=left><FONT size=2 face="Times New Roman">Flaherty &amp; Crumrine Dynamic Preferred and Income Fund Incorporated (DFP)</FONT></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=right><FONT size=2 face="Times New Roman">19,161,549</FONT></TD></TR></TABLE>
<P style="TEXT-ALIGN: left"><FONT size=2 face="Times New Roman">To the knowledge of each Fund and its Board, the following shareholder(s), or &#8220;group&#8221; as that term is defined in Section 13(d) of the Securities Exchange Act of 1934, as amended
(the &#8220;1934 Act&#8221;), is the beneficial owner or owner of record of more than 5% of the relevant Fund&#8217;s outstanding Shares as of January 19, 2018*:</FONT></P>
<TABLE STYLE="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: COLLAPSE" CELLSPACING=0 CELLPADDING=0 WIDTH="100%" BORDER=0>
<TR vAlign=bottom>
   <TD width="94%" noWrap align=left><B><FONT size=2 face="Times New Roman">Name and Address of</FONT></B></TD>
   <TD width="1%" noWrap align=left><B><FONT size=2 face="Times New Roman"></FONT></B></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left><B><FONT size=2 face="Times New Roman"></FONT></B></TD>
   <TD width="1%" noWrap align=left><B><FONT size=2 face="Times New Roman">Amount and Nature</FONT></B></TD>
   <TD width="1%" noWrap align=left><B><FONT size=2 face="Times New Roman"></FONT></B></TD>
   <TD width="1%" noWrap align=right><B><FONT size=2 face="Times New Roman">Percent of</FONT></B></TD></TR>
<TR vAlign=bottom>
   <TD width="94%" noWrap align=left><B><FONT size=2 face="Times New Roman" style="border-bottom: 1pt solid #000000; padding-bottom: 1.5pt">Beneficial/Record Owner</FONT></B></TD>
   <TD width="1%" noWrap align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=left><B><FONT size=2 face="Times New Roman">Title of Class</FONT></B></TD>
   <TD width="1%" noWrap align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=left><B><FONT size=2 face="Times New Roman">of Ownership</FONT></B></TD>
   <TD width="1%" noWrap align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=left><B><FONT size=2 face="Times New Roman">Class</FONT></B></TD></TR>
<TR vAlign=bottom>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="94%" noWrap align=left><FONT size=2 face="Times New Roman">Cede &amp; Co.</FONT><FONT size=2 face="Times New Roman">**</FONT></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left><FONT size=2 face="Times New Roman">Common Stock</FONT></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left><FONT size=2 face="Times New Roman">PFD &#8211; (record)</FONT></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=right><FONT size=2 face="Times New Roman">97.92%</FONT></TD></TR>
<TR vAlign=bottom>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="94%" noWrap align=left><FONT size=2 face="Times New Roman">Depository Trust Company</FONT></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left><FONT size=2 face="Times New Roman">PFO &#8211; (record)</FONT></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=right><FONT size=2 face="Times New Roman">98.11%</FONT></TD></TR>
<TR vAlign=bottom>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="94%" noWrap align=left><FONT size=2 face="Times New Roman">55 Water Street, 25<SUP>th</SUP> Floor</FONT></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left><FONT size=2 face="Times New Roman">FFC &#8211; (record)</FONT></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=right><FONT size=2 face="Times New Roman">99.85%</FONT></TD></TR>
<TR vAlign=bottom>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="94%" noWrap align=left><FONT size=2 face="Times New Roman">New York, New York 10041</FONT></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left><FONT size=2 face="Times New Roman">FLC &#8211; (record)</FONT></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=right><FONT size=2 face="Times New Roman">99.86%</FONT></TD></TR>
<TR vAlign=bottom>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="94%" noWrap align=left></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left><FONT size=2 face="Times New Roman">DFP &#8211; (record)</FONT></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=right><FONT size=2 face="Times New Roman">99.96%</FONT></TD></TR>
   <TR>
   <TD WIDTH="94%" NOWRAP ALIGN="LEFT"><FONT size=2 face="Times New Roman">Bank of America Corporation</FONT></TD>
   <TD WIDTH="1%" NOWRAP ALIGN="LEFT"><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD WIDTH="1%" NOWRAP ALIGN="LEFT"><FONT size=2 face="Times New Roman">Common Stock</FONT></TD>
   <TD WIDTH="1%" NOWRAP ALIGN="LEFT"><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD WIDTH="1%" NOWRAP ALIGN="LEFT"><FONT size=2 face="Times New Roman">FLC &#8211; (beneficial)</FONT><SUP><FONT size=2 face="Times New Roman">1</FONT></SUP></TD>
   <TD WIDTH="1%" NOWRAP ALIGN="LEFT"><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD WIDTH="1%" NOWRAP ALIGN="LEFT" STYLE="text-align: right"><FONT size=2 face="Times New Roman">6.27%</FONT></TD></TR></TABLE>
   <DIV>____________________</DIV><BR>
<TABLE STYLE="LINE-HEIGHT: normal; BORDER-COLLAPSE: COLLAPSE" CELLSPACING=0 CELLPADDING=0 WIDTH="100%" BORDER=0>
<TR>
   <TD vAlign=top width="1%" noWrap><FONT size=2 face="Times New Roman">*</FONT> </TD>
   <TD width="99%">
   <P align=left><FONT size=2 face="Times New Roman">As of January 19, 2018, the Directors and officers, as a group, owned less than 1% of the Shares of each Fund.</FONT></P></TD></TR>
<TR>
   <TD vAlign=top width="1%" noWrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
   <TD width="99%">
   <P align=left><FONT size=2 face="Times New Roman"></FONT></P></TD></TR>
<TR>
   <TD vAlign=top width="1%" noWrap><FONT size=2 face="Times New Roman">**</FONT> </TD>
   <TD width="99%">
   <P align=left><FONT size=2 face="Times New Roman">A nominee partnership of The Depository Trust Company.</FONT></P></TD></TR>
<TR>
   <TD vAlign=top width="1%" noWrap><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD width="99%">
   <P align=left>&nbsp;</P></TD></TR>
<TR>
   <TD vAlign=top width="1%" noWrap><FONT size=2 face="Times New Roman"><SUP>1</SUP></FONT></TD>
   <TD width="99%">
   <P align=left><FONT size=2 face="Times New Roman">Information obtained from a Schedule 13G filed by Bank of America Corporation, on behalf of itself and its wholly owned subsidiary, Merrill Lynch, Pierce, Fenner &amp; Smith Inc. (&#8220;BofA&#8221;)
with the SEC reporting share ownership as of December 29, 2017. Based on that filing, BofA does not have sole or shared voting power, but has shared power to dispose or to direct the disposition of 620,953 Shares.</FONT></P></TD></TR></TABLE>
<P style="TEXT-ALIGN: center"><FONT size=2 face="Times New Roman">2</FONT></P>
<HR align=center SIZE=2 width="100%" noShade>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>

<P STYLE="text-align: left; text-indent: 15pt"><FONT size=2 face="Times New Roman">This Joint Proxy Statement is being used in order to reduce the preparation, printing, handling and postage expenses that would result from the use of a separate proxy statement for each
Fund. At each Fund&#8217;s Annual Meeting, shareholders of the Fund will vote as a single class. Shareholders of each Fund will vote separately for each of PFD, PFO, FFC, FLC and DFP on the proposal(s) on which shareholders of that Fund are entitled to
vote at the relevant Annual Meeting. A separate proxy card is enclosed for each Fund in which a shareholder owns Shares. Thus, if the proposal at the relevant Annual Meeting is approved by shareholders of one or more Funds and not approved by
shareholders of one or more other Funds, the proposal will be implemented for the Fund or Funds that approved the proposal and will not be implemented for any Fund that did not approve the proposal. It is therefore essential that shareholders complete,
date and sign each enclosed proxy card. Shareholders of each Fund are entitled to vote on the proposal(s) pertaining to that Fund.</FONT></P>
<P style="TEXT-ALIGN: center"><B><FONT size=2 face="Times New Roman">PROPOSAL 1: ELECTION OF DIRECTORS</FONT></B></P>
<P STYLE="text-align: left; text-indent: 15pt"><FONT size=2 face="Times New Roman">At the Annual Meetings, shareholders are being asked to consider the election of Directors of each Fund. The Board of each Fund is divided into three classes, each class having a term of
three years. Each year the term of office of one class expires and the successor or successors elected to such class serve for a term of three years and until their successors are duly elected and qualify.</FONT></P>
<P style="TEXT-ALIGN: left"><B><FONT size=2 face="Times New Roman">Nominees for the Boards of Directors</FONT></B></P>
<P STYLE="text-align: left; text-indent: 15pt"><FONT size=2 face="Times New Roman">Each Nominee named below is currently a Director of each Fund and has consented to serve as a Director for the Fund(s) for which he/she is nominated if elected at the relevant Annual
Meeting. If a designated Nominee declines or otherwise becomes unavailable for election, however, the proxy confers discretionary power on the persons named therein to vote in favor of a substitute nominee or nominees. Each Nominee has been nominated for
a term of three years to expire at each Fund&#8217;s 2021 Annual Meeting of Shareholders and until his/her successor is duly elected and qualifies. Shareholders of each Fund&#8217;s Common Stock are entitled to elect the Nominees for election to the
Board of the relevant Fund.</FONT></P>
<TABLE STYLE="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: COLLAPSE" CELLSPACING=0 CELLPADDING=0 WIDTH="100%" BORDER=0>
<TR vAlign=bottom>
   <TD NOWRAP STYLE="border: Black 1pt solid; width: 50%; text-align: left; padding-right: 6pt; padding-left: 6pt"><B><FONT size=2 face="Times New Roman">Fund</FONT></B></TD>
   <TD NOWRAP STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 50%; text-align: left; padding-right: 6pt; padding-left: 6pt"><B><FONT size=2 face="Times New Roman">Nominees For Election</FONT></B></TD></TR>
<TR vAlign=bottom>
   <TD NOWRAP STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid; width: 50%; text-align: left; border-right: Black 1pt solid; padding-right: 6pt; padding-left: 6pt"><FONT size=2 face="Times New Roman">PFD</FONT></TD>
   <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 50%; text-align: left; padding-right: 6pt; padding-left: 6pt"><FONT size=2 face="Times New Roman">Karen H. Hogan</FONT></TD></TR>
<TR vAlign=bottom>
   <TD NOWRAP STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid; width: 50%; text-align: left; border-right: Black 1pt solid; padding-right: 6pt; padding-left: 6pt"><FONT size=2 face="Times New Roman">PFO</FONT></TD>
   <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 50%; text-align: left; padding-right: 6pt; padding-left: 6pt"><FONT size=2 face="Times New Roman">David Gale</FONT></TD></TR>
<TR vAlign=bottom>
   <TD NOWRAP STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid; width: 50%; text-align: left; border-right: Black 1pt solid; padding-right: 6pt; padding-left: 6pt"><FONT size=2 face="Times New Roman">FFC</FONT></TD>
   <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 50%; text-align: left; padding-right: 6pt; padding-left: 6pt"><FONT size=2 face="Times New Roman">Morgan Gust</FONT></TD></TR>
<TR vAlign=bottom>
   <TD NOWRAP STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid; width: 50%; text-align: left; border-right: Black 1pt solid; padding-right: 6pt; padding-left: 6pt"><FONT size=2 face="Times New Roman">FLC</FONT></TD>
   <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 50%; text-align: left; padding-right: 6pt; padding-left: 6pt"><FONT size=2 face="Times New Roman">Morgan Gust</FONT></TD></TR>
<TR vAlign=bottom>
   <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; width: 50%; text-align: left; padding-right: 6pt; padding-left: 6pt"><FONT size=2 face="Times New Roman">DFP</FONT></TD>
   <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 50%; text-align: left; padding-right: 6pt; padding-left: 6pt"><FONT size=2 face="Times New Roman">David Gale</FONT></TD></TR></TABLE>

<P style="TEXT-ALIGN: center"><FONT size=2 face="Times New Roman">3</FONT></P>
<HR align=center SIZE=2 width="100%" noShade>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>
<P style="TEXT-ALIGN: left"><B><FONT size=2 face="Times New Roman">Information About Each Director's or Nominee for Election as Director's Experience, Qualifications, Attributes or Skills</FONT></B></P>
<P STYLE="text-align: left; text-indent: 15pt"><FONT size=2 face="Times New Roman">Directors or Nominees for Election as Directors of the Funds, together with information as to their positions with the Funds, principal occupations and other board memberships for the past
five years, are shown below.</FONT></P>
<TABLE STYLE="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: COLLAPSE" CELLSPACING=0 CELLPADDING=0 WIDTH="100%" BORDER=0>
<TR vAlign=bottom>
   <TD width="16%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="16%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="16%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="16%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD width="15%" noWrap align=center><FONT size=2 face="Times New Roman">Number</FONT></TD>
   <TD width="1%" noWrap align=center><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD width="16%" noWrap align=center></TD></TR>
<TR vAlign=bottom>
   <TD width="16%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="16%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="16%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="16%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD width="15%" noWrap align=center><FONT size=2 face="Times New Roman">of Funds</FONT></TD>
   <TD width="1%" noWrap align=center><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD width="16%" noWrap align=center></TD></TR>
<TR vAlign=bottom>
   <TD width="16%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="16%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="16%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="16%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD width="15%" noWrap align=center><FONT size=2 face="Times New Roman">in Fund</FONT></TD>
   <TD width="1%" noWrap align=center><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD width="16%" noWrap align=center><FONT size=2 face="Times New Roman">Other Public</FONT></TD></TR>
<TR vAlign=bottom>
   <TD width="16%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="16%" noWrap align=center><FONT size=2 face="Times New Roman">Current</FONT></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="16%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="16%" noWrap align=center><FONT size=2 face="Times New Roman">Principal</FONT></TD>
   <TD width="1%" noWrap align=center><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD width="15%" noWrap align=center><FONT size=2 face="Times New Roman">Complex</FONT></TD>
   <TD width="1%" noWrap align=center><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD width="16%" noWrap align=center><FONT size=2 face="Times New Roman">Company Board</FONT></TD></TR>
<TR vAlign=bottom>
   <TD width="16%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="16%" noWrap align=center><FONT size=2 face="Times New Roman">Position(s)</FONT></TD>
   <TD width="1%" noWrap align=center><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD width="16%" noWrap align=center><FONT size=2 face="Times New Roman">Term of Office</FONT></TD>
   <TD width="1%" noWrap align=center><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD width="16%" noWrap align=center><FONT size=2 face="Times New Roman">Occupation</FONT></TD>
   <TD width="1%" noWrap align=center><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD width="15%" noWrap align=center><FONT size=2 face="Times New Roman">Overseen</FONT></TD>
   <TD width="1%" noWrap align=center><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD width="16%" noWrap align=center><FONT size=2 face="Times New Roman">Memberships</FONT></TD></TR>
<TR vAlign=bottom>
   <TD width="16%" noWrap align=center><FONT size=2 face="Times New Roman">Name, Address and</FONT></TD>
   <TD width="1%" noWrap align=center><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD width="16%" noWrap align=center><FONT size=2 face="Times New Roman">Held with</FONT></TD>
   <TD width="1%" noWrap align=center><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD width="16%" noWrap align=center><FONT size=2 face="Times New Roman">and Length of</FONT></TD>
   <TD width="1%" noWrap align=center><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD width="16%" noWrap align=center><FONT size=2 face="Times New Roman">During Past</FONT></TD>
   <TD width="1%" noWrap align=center><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD width="15%" noWrap align=center><FONT size=2 face="Times New Roman">by</FONT></TD>
   <TD width="1%" noWrap align=center><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD width="16%" noWrap align=center><FONT size=2 face="Times New Roman">During Past</FONT></TD></TR>
<TR vAlign=bottom>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="16%" noWrap align=center><FONT size=2 face="Times New Roman">Age</FONT></TD>
   <TD width="1%" noWrap align=center>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="16%" noWrap align=center><FONT size=2 face="Times New Roman">Funds</FONT></TD>
   <TD width="1%" noWrap align=center>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="16%" noWrap align=center><FONT size=2 face="Times New Roman">Time Served*</FONT></TD>
   <TD width="1%" noWrap align=center>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="16%" noWrap align=center><FONT size=2 face="Times New Roman">Five Years</FONT></TD>
   <TD width="1%" noWrap align=center>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="15%" noWrap align=center><FONT size=2 face="Times New Roman">Director**</FONT></TD>
   <TD width="1%" noWrap align=center>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="16%" noWrap align=center><FONT size=2 face="Times New Roman">Five Years</FONT></TD></TR>
<TR vAlign=bottom>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="16%" noWrap align=left><B><U><FONT size=2 face="Times New Roman">Non-Interested</FONT></U></B></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left><B><U><FONT size=2 face="Times New Roman"></FONT></U></B></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="16%" noWrap align=left></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="16%" noWrap align=left></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="16%" noWrap align=left></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="15%" noWrap align=left></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="16%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="16%" noWrap align=left><B><U><FONT size=2 face="Times New Roman">Directors/Nominees:</FONT></U></B></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left><B><U><FONT size=2 face="Times New Roman"></FONT></U></B></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="16%" noWrap align=left></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="16%" noWrap align=left></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="16%" noWrap align=left></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="15%" noWrap align=left></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="16%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD width="16%" noWrap align=left><B><FONT size=2 face="Times New Roman">Morgan Gust</FONT></B></TD>
   <TD width="1%" noWrap align=left><B><FONT size=2 face="Times New Roman"></FONT></B></TD>
   <TD width="16%" noWrap align=left><FONT size=2 face="Times New Roman">Lead</FONT></TD>
   <TD width="1%" noWrap align=left><B><FONT size=2 face="Times New Roman"></FONT></B></TD>
   <TD width="16%" noWrap align=left><B><FONT size=2 face="Times New Roman">Class II Director</FONT></B></TD>
   <TD width="1%" noWrap align=left><B><FONT size=2 face="Times New Roman"></FONT></B></TD>
   <TD width="16%" noWrap align=left><FONT size=2 face="Times New Roman">Owner and</FONT></TD>
   <TD width="1%" noWrap align=center><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD width="15%" noWrap align=center><FONT size=2 face="Times New Roman">5</FONT></TD>
   <TD width="1%" noWrap align=center><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD width="16%" noWrap align=left><FONT size=2 face="Times New Roman">CoBiz Financial,</FONT></TD></TR>
<TR vAlign=bottom>
   <TD width="16%" noWrap align=left><FONT size=2 face="Times New Roman">301 E. Colorado</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD width="16%" noWrap align=left><FONT size=2 face="Times New Roman">Independent</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD width="16%" noWrap align=left><FONT size=2 face="Times New Roman">FFC &#8212; since</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD width="16%" noWrap align=left><FONT size=2 face="Times New Roman">operator of</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="15%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="16%" noWrap align=left><FONT size=2 face="Times New Roman">Inc. (financial</FONT></TD></TR>
<TR vAlign=bottom>
   <TD width="16%" noWrap align=left><FONT size=2 face="Times New Roman">Boulevard</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD width="16%" noWrap align=left><FONT size=2 face="Times New Roman">Director</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD width="16%" noWrap align=left><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;inception</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD width="16%" noWrap align=left><FONT size=2 face="Times New Roman">various</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="15%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="16%" noWrap align=left><FONT size=2 face="Times New Roman">services)</FONT></TD></TR>
<TR vAlign=bottom>
   <TD width="16%" noWrap align=left><FONT size=2 face="Times New Roman">Suite 720</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD width="16%" noWrap align=left><FONT size=2 face="Times New Roman">and</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD width="16%" noWrap align=left><FONT size=2 face="Times New Roman">FLC &#8212; since</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD width="16%" noWrap align=left><FONT size=2 face="Times New Roman">entities</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="15%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="16%" noWrap align=left><FONT size=2 face="Times New Roman">through</FONT></TD></TR>
<TR vAlign=bottom>
   <TD width="16%" noWrap align=left><FONT size=2 face="Times New Roman">Pasadena, CA 91101</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD width="16%" noWrap align=left><FONT size=2 face="Times New Roman">Nominating</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD width="16%" noWrap align=left><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;inception</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD width="16%" noWrap align=left><FONT size=2 face="Times New Roman">engaged in</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="15%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="16%" noWrap align=left><FONT size=2 face="Times New Roman">September 2015.</FONT></TD></TR>
<TR vAlign=bottom>
   <TD width="16%" noWrap align=left><FONT size=2 face="Times New Roman">Age: 70</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD width="16%" noWrap align=left><FONT size=2 face="Times New Roman">Committee</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="16%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="16%" noWrap align=left><FONT size=2 face="Times New Roman">agriculture</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="15%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="16%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD width="16%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="16%" noWrap align=left><FONT size=2 face="Times New Roman">Chair</FONT></TD>
   <TD width="1%" noWrap align=left><B><FONT size=2 face="Times New Roman"></FONT></B></TD>
   <TD width="16%" noWrap align=left><B><FONT size=2 face="Times New Roman">Class III Director</FONT></B></TD>
   <TD width="1%" noWrap align=left><B><FONT size=2 face="Times New Roman"></FONT></B></TD>
   <TD width="16%" noWrap align=left><FONT size=2 face="Times New Roman">and real estate</FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="15%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="16%" noWrap align=left></TD></TR>

<TR vAlign=bottom>
   <TD width="16%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="16%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD width="16%" noWrap align=left><FONT size=2 face="Times New Roman">PFD &#8212; since</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD width="16%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="15%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="16%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD width="16%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="16%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD width="16%" noWrap align=left><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;inception</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD width="16%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="15%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="16%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD width="16%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="16%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD width="16%" noWrap align=left><FONT size=2 face="Times New Roman">PFO &#8212; since</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD width="16%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="15%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="16%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD width="16%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="16%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD width="16%" noWrap align=left><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;inception</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD width="16%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="15%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="16%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD width="16%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="16%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD width="16%" noWrap align=left><FONT size=2 face="Times New Roman">DFP &#8212; since</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD width="16%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="15%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="16%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD width="16%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="16%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD width="16%" noWrap align=left><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;inception</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD width="16%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="15%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="16%" noWrap align=left></TD></TR>
<TR>
   <TD width="100%" colSpan=11>&nbsp;</TD></TR>
<TR vAlign=bottom>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="16%" noWrap align=left><B><FONT size=2 face="Times New Roman">David Gale</FONT></B></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left><B><FONT size=2 face="Times New Roman"></FONT></B></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="16%" noWrap align=left><FONT size=2 face="Times New Roman">Director</FONT></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left><B><FONT size=2 face="Times New Roman"></FONT></B></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="16%" noWrap align=left><B><FONT size=2 face="Times New Roman">Class I Director</FONT></B></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left><B><FONT size=2 face="Times New Roman"></FONT></B></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="16%" noWrap align=left><FONT size=2 face="Times New Roman">President of</FONT></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=center><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="15%" noWrap align=center><FONT size=2 face="Times New Roman">5</FONT></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=center><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="16%" noWrap align=left><FONT size=2 face="Times New Roman">None</FONT></TD></TR>
<TR vAlign=bottom>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="16%" noWrap align=left><FONT size=2 face="Times New Roman">301 E. Colorado</FONT></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="16%" noWrap align=left></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="16%" noWrap align=left><FONT size=2 face="Times New Roman">PFD &#8212; since</FONT></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="16%" noWrap align=left><FONT size=2 face="Times New Roman">Delta</FONT></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="15%" noWrap align=left></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="16%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="16%" noWrap align=left><FONT size=2 face="Times New Roman">Boulevard</FONT></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="16%" noWrap align=left></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="16%" noWrap align=left><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1997</FONT></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="16%" noWrap align=left><FONT size=2 face="Times New Roman">Dividend</FONT></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="15%" noWrap align=left></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="16%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="16%" noWrap align=left><FONT size=2 face="Times New Roman">Suite 720</FONT></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="16%" noWrap align=left></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="16%" noWrap align=left><FONT size=2 face="Times New Roman">PFO &#8212; since</FONT></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="16%" noWrap align=left><FONT size=2 face="Times New Roman">Group, Inc.</FONT></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="15%" noWrap align=left></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="16%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="16%" noWrap align=left><FONT size=2 face="Times New Roman">Pasadena, CA 91101</FONT></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="16%" noWrap align=left></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="16%" noWrap align=left><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1997</FONT></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="16%" noWrap align=left><FONT size=2 face="Times New Roman">(investments)</FONT></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="15%" noWrap align=left></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="16%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="16%" noWrap align=left><FONT size=2 face="Times New Roman">Age: 69</FONT></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="16%" noWrap align=left></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="16%" noWrap align=left><FONT size=2 face="Times New Roman">FFC &#8212; since</FONT></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="16%" noWrap align=left></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="15%" noWrap align=left></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="16%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="16%" noWrap align=left></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="16%" noWrap align=left></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="16%" noWrap align=left><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;inception</FONT></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="16%" noWrap align=left></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="15%" noWrap align=left></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="16%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="16%" noWrap align=left></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="16%" noWrap align=left></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="16%" noWrap align=left><FONT size=2 face="Times New Roman">FLC &#8212; since</FONT></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="16%" noWrap align=left></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="15%" noWrap align=left></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="16%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="16%" noWrap align=left></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="16%" noWrap align=left></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="16%" noWrap align=left><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;inception</FONT></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="16%" noWrap align=left></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="15%" noWrap align=left></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="16%" noWrap align=left></TD></TR>
<TR>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="100%" colSpan=11>&nbsp;</TD></TR>
<TR vAlign=bottom>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="16%" noWrap align=left></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="16%" noWrap align=left></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left><B><FONT size=2 face="Times New Roman"></FONT></B></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="16%" noWrap align=left><B><FONT size=2 face="Times New Roman">Class II Director</FONT></B></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left><B><FONT size=2 face="Times New Roman"></FONT></B></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="16%" noWrap align=left></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="15%" noWrap align=left></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="16%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="16%" noWrap align=left></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="16%" noWrap align=left></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="16%" noWrap align=left><FONT size=2 face="Times New Roman">DFP &#8212; since</FONT></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="16%" noWrap align=left></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="15%" noWrap align=left></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="16%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="16%" noWrap align=left></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="16%" noWrap align=left></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="16%" noWrap align=left><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;inception</FONT></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="16%" noWrap align=left></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="15%" noWrap align=left></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="16%" noWrap align=left></TD></TR></TABLE>
<P style="TEXT-ALIGN: center"><FONT size=2 face="Times New Roman">4</FONT></P>
<HR align=center SIZE=2 width="100%" noShade>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>

<TABLE STYLE="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: COLLAPSE" CELLSPACING=0 CELLPADDING=0 WIDTH="100%" BORDER=0>
<TR vAlign=bottom>
   <TD width="16%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="16%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="16%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="16%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD width="15%" noWrap align=center><FONT size=2 face="Times New Roman">Number</FONT></TD>
   <TD width="1%" noWrap align=center><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD width="16%" noWrap align=center></TD></TR>
<TR vAlign=bottom>
   <TD width="16%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="16%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="16%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="16%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD width="15%" noWrap align=center><FONT size=2 face="Times New Roman">of Funds</FONT></TD>
   <TD width="1%" noWrap align=center><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD width="16%" noWrap align=center></TD></TR>
<TR vAlign=bottom>
   <TD width="16%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="16%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="16%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="16%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD width="15%" noWrap align=center><FONT size=2 face="Times New Roman">in Fund</FONT></TD>
   <TD width="1%" noWrap align=center><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD width="16%" noWrap align=center><FONT size=2 face="Times New Roman">Other Public</FONT></TD></TR>
<TR vAlign=bottom>
   <TD width="16%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="16%" noWrap align=center><FONT size=2 face="Times New Roman">Current</FONT></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="16%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="16%" noWrap align=center><FONT size=2 face="Times New Roman">Principal</FONT></TD>
   <TD width="1%" noWrap align=center><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD width="15%" noWrap align=center><FONT size=2 face="Times New Roman">Complex</FONT></TD>
   <TD width="1%" noWrap align=center><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD width="16%" noWrap align=center><FONT size=2 face="Times New Roman">Company Board</FONT></TD></TR>
<TR vAlign=bottom>
   <TD width="16%" noWrap align=center></TD>
   <TD width="1%" noWrap align=center></TD>
   <TD width="16%" noWrap align=center><FONT size=2 face="Times New Roman">Position(s)</FONT></TD>
   <TD width="1%" noWrap align=center><B><FONT size=2 face="Times New Roman"></FONT></B></TD>
   <TD width="16%" noWrap align=center><FONT size=2 face="Times New Roman">Term of Office</FONT></TD>
   <TD width="1%" noWrap align=center><B><FONT size=2 face="Times New Roman"></FONT></B></TD>
   <TD width="16%" noWrap align=center><FONT size=2 face="Times New Roman">Occupation</FONT></TD>
   <TD width="1%" noWrap align=center><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD width="15%" noWrap align=center><FONT size=2 face="Times New Roman">Overseen</FONT></TD>
   <TD width="1%" noWrap align=center><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD width="16%" noWrap align=center><FONT size=2 face="Times New Roman">Memberships</FONT></TD></TR>
<TR vAlign=bottom>
   <TD width="16%" noWrap align=center><FONT size=2 face="Times New Roman">Name, Address and</FONT></TD>
   <TD width="1%" noWrap align=center><B><FONT size=2 face="Times New Roman"></FONT></B></TD>
   <TD width="16%" noWrap align=center><FONT size=2 face="Times New Roman">Held with</FONT></TD>
   <TD width="1%" noWrap align=center><B><FONT size=2 face="Times New Roman"></FONT></B></TD>
   <TD width="16%" noWrap align=center><FONT size=2 face="Times New Roman">and Length of</FONT></TD>
   <TD width="1%" noWrap align=center><B><FONT size=2 face="Times New Roman"></FONT></B></TD>
   <TD width="16%" noWrap align=center><FONT size=2 face="Times New Roman">During Past</FONT></TD>
   <TD width="1%" noWrap align=center><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD width="15%" noWrap align=center><FONT size=2 face="Times New Roman">by</FONT></TD>
   <TD width="1%" noWrap align=center><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD width="16%" noWrap align=center><FONT size=2 face="Times New Roman">During Past</FONT></TD></TR>
<TR vAlign=bottom>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="16%" noWrap align=center><FONT size=2 face="Times New Roman">Age</FONT></TD>
   <TD width="1%" noWrap align=center><B><FONT size=2 face="Times New Roman"></FONT></B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="16%" noWrap align=center><FONT size=2 face="Times New Roman">Funds</FONT></TD>
   <TD width="1%" noWrap align=center>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="16%" noWrap align=center><FONT size=2 face="Times New Roman">Time Served*</FONT></TD>
   <TD width="1%" noWrap align=center>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="16%" noWrap align=center><FONT size=2 face="Times New Roman">Five Years</FONT></TD>
   <TD width="1%" noWrap align=center>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="15%" noWrap align=center><FONT size=2 face="Times New Roman">Director**</FONT></TD>
   <TD width="1%" noWrap align=center>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="16%" noWrap align=center><FONT size=2 face="Times New Roman">Five Years</FONT></TD></TR>
<TR vAlign=bottom>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="16%" noWrap align=left><B><FONT size=2 face="Times New Roman">Karen H. Hogan</FONT></B></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left><B><FONT size=2 face="Times New Roman"></FONT></B></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="16%" noWrap align=left><FONT size=2 face="Times New Roman">Director</FONT></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left><B><FONT size=2 face="Times New Roman"></FONT></B></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="16%" noWrap align=left><B><FONT size=2 face="Times New Roman">Class I Director</FONT></B><FONT size=2 face="Times New Roman"><SUP>&#8224;</SUP></FONT></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left><B><FONT size=2 face="Times New Roman"></FONT></B></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="16%" noWrap align=left><FONT size=2 face="Times New Roman">Board</FONT></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=center><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="15%" noWrap align=center><FONT size=2 face="Times New Roman">5</FONT></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=center><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="16%" noWrap align=left><FONT size=2 face="Times New Roman">None</FONT></TD></TR>
<TR vAlign=bottom>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="16%" noWrap align=left><FONT size=2 face="Times New Roman">301 E. Colorado</FONT></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="16%" noWrap align=left><FONT size=2 face="Times New Roman">and Audit</FONT></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="16%" noWrap align=left><FONT size=2 face="Times New Roman">DFP &#8212; since</FONT></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="16%" noWrap align=left><FONT size=2 face="Times New Roman">Member,</FONT></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="15%" noWrap align=left></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="16%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="16%" noWrap align=left><FONT size=2 face="Times New Roman">Boulevard</FONT></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="16%" noWrap align=left><FONT size=2 face="Times New Roman">Committee</FONT></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="16%" noWrap align=left><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;October 2016</FONT></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="16%" noWrap align=left><FONT size=2 face="Times New Roman">IKAR, a non-</FONT></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="15%" noWrap align=left></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="16%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="16%" noWrap align=left><FONT size=2 face="Times New Roman">Suite 720</FONT></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="16%" noWrap align=left><FONT size=2 face="Times New Roman">Chair</FONT></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="16%" noWrap align=left></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="16%" noWrap align=left><FONT size=2 face="Times New Roman">profit</FONT></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="15%" noWrap align=left></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="16%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="16%" noWrap align=left><FONT size=2 face="Times New Roman">Pasadena, CA 91101</FONT></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="16%" noWrap align=left></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left><B><FONT size=2 face="Times New Roman"></FONT></B></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="16%" noWrap align=left><B><FONT size=2 face="Times New Roman">Class II Director</FONT></B><FONT size=2 face="Times New Roman"><SUP>&#8224;</SUP></FONT></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left><B><FONT size=2 face="Times New Roman"></FONT></B></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="16%" noWrap align=left><FONT size=2 face="Times New Roman">organization;</FONT></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="15%" noWrap align=left></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="16%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="16%" noWrap align=left><FONT size=2 face="Times New Roman">Age: 56</FONT></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="16%" noWrap align=left></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="16%" noWrap align=left><FONT size=2 face="Times New Roman">PFD &#8212; since</FONT></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="16%" noWrap align=left><FONT size=2 face="Times New Roman">active</FONT></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="15%" noWrap align=left></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="16%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="16%" noWrap align=left></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="16%" noWrap align=left></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="16%" noWrap align=left><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;October 2016</FONT></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="16%" noWrap align=left><FONT size=2 face="Times New Roman">committee</FONT></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="15%" noWrap align=left></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="16%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="16%" noWrap align=left></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="16%" noWrap align=left></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="16%" noWrap align=left><FONT size=2 face="Times New Roman">PFO &#8212; since</FONT></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="16%" noWrap align=left><FONT size=2 face="Times New Roman">member and</FONT></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="15%" noWrap align=left></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="16%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="16%" noWrap align=left></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="16%" noWrap align=left></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="16%" noWrap align=left><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;October 2016</FONT></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="16%" noWrap align=left><FONT size=2 face="Times New Roman">volunteer to</FONT></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="15%" noWrap align=left></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="16%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="16%" noWrap align=left></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="16%" noWrap align=left></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="16%" noWrap align=left></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="16%" noWrap align=left><FONT size=2 face="Times New Roman">several non-</FONT></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="15%" noWrap align=left></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="16%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="16%" noWrap align=left></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="16%" noWrap align=left></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="16%" noWrap align=left></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="16%" noWrap align=left><FONT size=2 face="Times New Roman">profit</FONT></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="15%" noWrap align=left></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="16%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="16%" noWrap align=left></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="16%" noWrap align=left></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left><B><FONT size=2 face="Times New Roman"></FONT></B></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="16%" noWrap align=left><B><FONT size=2 face="Times New Roman">Class III Director</FONT></B><FONT size=2 face="Times New Roman"><SUP>&#8224;</SUP></FONT></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left><B><FONT size=2 face="Times New Roman"></FONT></B></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="16%" noWrap align=left><FONT size=2 face="Times New Roman">organizations</FONT></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="15%" noWrap align=left></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="16%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="16%" noWrap align=left></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="16%" noWrap align=left></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="16%" noWrap align=left><FONT size=2 face="Times New Roman">FFC &#8212; since</FONT></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="16%" noWrap align=left></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="15%" noWrap align=left></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="16%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="16%" noWrap align=left></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="16%" noWrap align=left></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="16%" noWrap align=left><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;October 2016</FONT></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="16%" noWrap align=left></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="15%" noWrap align=left></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="16%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="16%" noWrap align=left></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="16%" noWrap align=left></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="16%" noWrap align=left><FONT size=2 face="Times New Roman">FLC &#8212; since</FONT></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="16%" noWrap align=left></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="15%" noWrap align=left></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="16%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="16%" noWrap align=left></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="16%" noWrap align=left></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="16%" noWrap align=left><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;October 2016</FONT></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="16%" noWrap align=left></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="15%" noWrap align=left></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="16%" noWrap align=left></TD></TR>
<TR>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="100%" colSpan=11>&nbsp;</TD></TR>
<TR vAlign=bottom>
   <TD width="16%" noWrap align=left><B><U><FONT size=2 face="Times New Roman">Interested Director:</FONT></U></B></TD>
   <TD width="1%" noWrap align=left><B><U><FONT size=2 face="Times New Roman"></FONT></U></B></TD>
   <TD width="16%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="16%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="16%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="15%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="16%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="16%" noWrap align=left><B><FONT size=2 face="Times New Roman">R. Eric Chadwick </FONT></B><SUP><FONT size=2 face="Times New Roman">(1)</FONT></SUP></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left><B><FONT size=2 face="Times New Roman"></FONT></B></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="16%" noWrap align=left><FONT size=2 face="Times New Roman">Director,</FONT></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left><B><FONT size=2 face="Times New Roman"></FONT></B></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="16%" noWrap align=left><B><FONT size=2 face="Times New Roman">Class II Director</FONT></B></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left><B><FONT size=2 face="Times New Roman"></FONT></B></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="16%" noWrap align=left><FONT size=2 face="Times New Roman">Portfolio</FONT></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=center><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="15%" noWrap align=center><FONT size=2 face="Times New Roman">5</FONT></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=center><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="16%" noWrap align=left><FONT size=2 face="Times New Roman">None</FONT></TD></TR>
<TR vAlign=bottom>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="16%" noWrap align=left><FONT size=2 face="Times New Roman">301 E. Colorado</FONT></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="16%" noWrap align=left><FONT size=2 face="Times New Roman">Chair of</FONT></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="16%" noWrap align=left><FONT size=2 face="Times New Roman">PFO &#8212; since 2016</FONT></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="16%" noWrap align=left><FONT size=2 face="Times New Roman">Manager of</FONT></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="15%" noWrap align=left></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="16%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="16%" noWrap align=left><FONT size=2 face="Times New Roman">Boulevard</FONT></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="16%" noWrap align=left><FONT size=2 face="Times New Roman">the Board,</FONT></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="16%" noWrap align=left></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="16%" noWrap align=left><FONT size=2 face="Times New Roman">Flaherty &amp;</FONT></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="15%" noWrap align=left></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="16%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="16%" noWrap align=left><FONT size=2 face="Times New Roman">Suite 720</FONT></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="16%" noWrap align=left><FONT size=2 face="Times New Roman">Chief</FONT></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="16%" noWrap align=left></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="16%" noWrap align=left><FONT size=2 face="Times New Roman">Crumrine;</FONT></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="15%" noWrap align=left></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="16%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="16%" noWrap align=left><FONT size=2 face="Times New Roman">Pasadena, CA 91101</FONT></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="16%" noWrap align=left><FONT size=2 face="Times New Roman">Executive</FONT></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="16%" noWrap align=left></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="16%" noWrap align=left><FONT size=2 face="Times New Roman">President of</FONT></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="15%" noWrap align=left></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="16%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="16%" noWrap align=left><FONT size=2 face="Times New Roman">Age: 43</FONT></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="16%" noWrap align=left><FONT size=2 face="Times New Roman">Officer and</FONT></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left><B><FONT size=2 face="Times New Roman"></FONT></B></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="16%" noWrap align=left><B><FONT size=2 face="Times New Roman">Class III Director</FONT></B></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left><B><FONT size=2 face="Times New Roman"></FONT></B></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="16%" noWrap align=left><FONT size=2 face="Times New Roman">Flaherty &amp;</FONT></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="15%" noWrap align=left></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="16%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="16%" noWrap align=left></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="16%" noWrap align=left><FONT size=2 face="Times New Roman">President</FONT></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="16%" noWrap align=left><FONT size=2 face="Times New Roman">PFD &#8212; since 2016</FONT></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="16%" noWrap align=left><FONT size=2 face="Times New Roman">Crumrine</FONT></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="15%" noWrap align=left></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="16%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="16%" noWrap align=left></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="16%" noWrap align=left></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="16%" noWrap align=left></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="16%" noWrap align=left><FONT size=2 face="Times New Roman">since 2014;</FONT></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="15%" noWrap align=left></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="16%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="16%" noWrap align=left></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="16%" noWrap align=left></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="16%" noWrap align=left><FONT size=2 face="Times New Roman">FLC &#8212; since 2016</FONT></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="16%" noWrap align=left><FONT size=2 face="Times New Roman">Vice President</FONT></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="15%" noWrap align=left></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="16%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="16%" noWrap align=left></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="16%" noWrap align=left></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="16%" noWrap align=left></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="16%" noWrap align=left><FONT size=2 face="Times New Roman">of Flaherty &amp;</FONT></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="15%" noWrap align=left></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="16%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="16%" noWrap align=left></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="16%" noWrap align=left></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="16%" noWrap align=left><FONT size=2 face="Times New Roman">FFC &#8212; since 2016</FONT></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="16%" noWrap align=left><FONT size=2 face="Times New Roman">Crumrine</FONT></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="15%" noWrap align=left></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="16%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="16%" noWrap align=left></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="16%" noWrap align=left></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="16%" noWrap align=left></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="16%" noWrap align=left><FONT size=2 face="Times New Roman">until</FONT></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="15%" noWrap align=left></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="16%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="16%" noWrap align=left></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="16%" noWrap align=left></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="16%" noWrap align=left><FONT size=2 face="Times New Roman">DFP &#8212; since 2016</FONT></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="16%" noWrap align=left><FONT size=2 face="Times New Roman">September 2014</FONT></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="15%" noWrap align=left></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="16%" noWrap align=left></TD></TR></TABLE><DIV>____________________</DIV><BR>
<TABLE STYLE="LINE-HEIGHT: normal; BORDER-COLLAPSE: COLLAPSE" CELLSPACING=0 CELLPADDING=0 WIDTH="100%" BORDER=0>
<TR>
   <TD vAlign=top width="1%" noWrap><FONT size=2 face="Times New Roman">*</FONT> </TD>
   <TD width="99%">
   <P align=left><FONT size=2 face="Times New Roman">The Class II Directors of PFO and the Class III Directors of PFD, FFC, FLC and DFP will serve until each Fund&#8217;s 2019 Annual Meeting of Shareholders and until their successors are duly elected and
qualify. The Class I Directors of PFD, FFC, FLC and DFP and the Class III Director of PFO will serve until each Fund&#8217;s 2020 Annual Meeting of Shareholders and until their successors are duly elected and qualify. The Class II Nominee of PFD, FFC,
FLC and DFP and the Class I Nominee of PFO, if elected, will serve until each Fund&#8217;s 2021 Annual Meeting of Shareholders and until their successors are duly elected and qualify.</FONT></P></TD></TR>
<TR>
   <TD width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
   <TD width="99%">
   <P align=left><FONT size=2 face="Times New Roman"></FONT></P></TD></TR>
<TR>
   <TD vAlign=top width="1%" noWrap><FONT size=2 face="Times New Roman">**</FONT> </TD>
   <TD width="99%">
   <P align=left><FONT size=2 face="Times New Roman">The Flaherty &amp; Crumrine fund complex (the &#8220;Fund Complex&#8221;) consists solely of the Funds.</FONT></P></TD></TR>
<TR>
   <TD vAlign=top width="1%" noWrap><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD width="99%">
   <P align=left>&nbsp;</P></TD></TR>
<TR>
   <TD vAlign=top width="1%" noWrap><FONT size=2 face="Times New Roman"><SUP>&#8224;</SUP></FONT> </TD>
   <TD width="99%">
   <P align=left><FONT size=2 face="Times New Roman">Ms. Hogan served as a Class I Director of PFD from 2005 &#8211; 2016, a Class II Director of each of FFC and FLC from 2005 &#8211; 2016, a Class II Director of DFP since inception &#8211; 2016 and a
Class III Director of PFO from 2005 &#8211; 2016.</FONT></P></TD></TR>
<TR>
   <TD vAlign=top width="1%" noWrap><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD width="99%">
   <P align=left>&nbsp;</P></TD></TR>
<TR>
   <TD vAlign=top width="1%" noWrap><FONT size=2 face="Times New Roman"><SUP>(1)</SUP></FONT> </TD>
   <TD width="99%">
   <P align=left><FONT size=2 face="Times New Roman">&#8220;Interested person&#8221; (as defined in the Investment Company Act of 1940, as amended (the &#8220;1940 Act&#8221;)) of the Funds. Mr. Chadwick is considered an "interested person" because of
his affiliation with Flaherty &amp; Crumrine.</FONT></P></TD></TR></TABLE>
<P style="TEXT-ALIGN: center"><FONT size=2 face="Times New Roman">5</FONT></P>
<HR align=center SIZE=2 width="100%" noShade>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>

<P STYLE="text-align: left; text-indent: 15pt"><FONT size=2 face="Times New Roman">Mr. Chadwick was appointed as a Director of the Funds in January 2016 and was elected by each Fund's shareholders to serve in that capacity in April 2016. Each Director, other than Mr.
Chadwick, has been a Director of the Funds for at least ten years (or since the Fund's inception, in the case of DFP). Additional information about each Director follows (supplementing the information provided in the table above) that describes some of
the specific experiences, qualifications, attributes or skills that each Director possesses which the Boards believe have prepared them to be effective Directors. The Boards believe that Directors should have the ability to critically review, evaluate,
question and discuss information provided to them, and interact effectively with Fund management, service providers and counsel. The Boards believe that their members satisfy this standard. Experience relevant to having this ability may be achieved
through a Director's educational background; business, professional training or practice (</FONT><I><FONT size=2 face="Times New Roman">e.g.</FONT></I><FONT size=2 face="Times New Roman">, accounting or law); public service or academic positions;
experience from service as a board member (including the Boards of the Funds) or as an executive of investment funds, public companies or significant private or not-for-profit entities or other organizations; and/or other life experiences. The charter
for the Boards' Nominating and Governance Committees (each a &#8220;Nominating Committee&#8221; and collectively, the &#8220;Nominating Committees&#8221;) contains certain other factors considered by the Nominating Committees in identifying and
evaluating potential Director nominees. To assist them in evaluating matters under federal and state law, the Independent Directors (defined below) are counseled by their own independent legal counsel, who participates in Board meetings and interacts
with Flaherty &amp; Crumrine, and also may benefit from information provided by the Funds' and Flaherty &amp; Crumrine's counsel. Both counsel to the Independent Directors and counsel to the Funds and Flaherty &amp; Crumrine have significant experience
advising funds and fund directors. The Boards and their committees have the ability to engage other experts as appropriate. The Boards evaluate their performance on an annual basis.</FONT></P>
<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; TEXT-ALIGN: justify" cellSpacing=0 cellPadding=0 width="100%" border=0>
<TR>
   <TD STYLE="padding-right: 8pt; vertical-align: top; width: 1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
   <TD vAlign=top width="99%">
   <P style="TEXT-ALIGN: left"><U><FONT size=2 face="Times New Roman">R. Eric Chadwick</FONT></U><FONT size=2 face="Times New Roman"> &#8211; Mr. Chadwick was appointed as a Director and Chair of the Board of each Fund in January 2016. Mr. Chadwick has
been the President of each Fund since April 2015 and, previously, the Chief Financial Officer since 2004 (or in the case of DFP, from its inception). Mr. Chadwick is also the President of Flaherty &amp; Crumrine and has served as a portfolio manager of
PFD and PFO since 1999 and as portfolio manager of each of FFC, FLC and DFP since each Fund&#8217;s inception.</FONT></P></TD></TR>
<TR>
   <TD STYLE="vertical-align: top; width: 1%"><FONT style="FONT-SIZE: 9.5pt"></FONT></TD>
   <TD vAlign=top width="99%">
   <P style="TEXT-ALIGN: left">&nbsp;</P></TD></TR>
<TR>
   <TD STYLE="padding-right: 8pt; vertical-align: top; width: 1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
   <TD vAlign=top width="99%">
   <P style="TEXT-ALIGN: left"><U><FONT size=2 face="Times New Roman">Morgan Gust</FONT></U><FONT size=2 face="Times New Roman"> &#8211; In addition to his tenure as a Director of the Funds, Mr. Gust is the owner and operator of various entities engaged
in agriculture and real estate. From 1990 to 2007, Mr. Gust served in various capacities, including President, Executive Vice President, General Counsel and Corporate Secretary of Giant Industries, Inc., a petroleum refining and marketing company listed
on the New York Stock Exchange (the &#8220;NYSE&#8221;). Mr. Gust previously served as lead director of CoBiz Financial, Inc., a publicly traded bank holding company. He is also a member of the Arizona State Bar. Mr. Gust was designated the Lead
Independent Director of each Fund in October 2016. He also serves as the Chair of the Nominating Committee of each Fund&#8217;s Board.</FONT></P></TD></TR>
<TR>
   <TD STYLE="vertical-align: top; width: 1%"><FONT style="FONT-SIZE: 9.5pt"></FONT></TD>
   <TD vAlign=top width="99%">
   <P style="TEXT-ALIGN: left">&nbsp;</P></TD></TR>
<TR>
   <TD STYLE="padding-right: 8pt; vertical-align: top; width: 1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
   <TD vAlign=top width="99%">
   <P style="TEXT-ALIGN: left"><U><FONT size=2 face="Times New Roman">David Gale</FONT></U><FONT size=2 face="Times New Roman"> &#8211; In addition to his tenure as a Director of the Funds, Mr. Gale has been President and Chief Executive Officer of Delta
Dividend Group, Inc., a San Francisco-based investment management firm, since 1992. Prior to joining Delta Dividend Group, Inc., Mr. Gale was a Principal with Morgan Stanley from 1983 to 1990, and a Managing Director of Lehman Brothers Holdings Inc. from
1990 to 1992. Mr. Gale previously served as a director of Emmis Communications.</FONT></P></TD></TR>
<TR>
   <TD STYLE="vertical-align: top; width: 1%"><FONT style="FONT-SIZE: 9.5pt"></FONT></TD>
   <TD vAlign=top width="99%">
   <P style="TEXT-ALIGN: left">&nbsp;</P></TD></TR>
<TR>
   <TD STYLE="padding-right: 8pt; vertical-align: top; width: 1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
   <TD vAlign=top width="99%">
   <P style="TEXT-ALIGN: left"><U><FONT size=2 face="Times New Roman">Karen H. Hogan</FONT></U><FONT size=2 face="Times New Roman">
   &#8211; In addition to her tenure as a Director of the Funds, Ms. Hogan serves on the Board of IKAR, a non-profit
   organization, and as a committee member and active volunteer of several charitable and non-profit organizations. From 1985 to
   1997, Ms. Hogan served as Senior Vice President of Preferred Stock Origination, and previously Vice President of New Product
   Development, at Lehman Brothers Holdings Inc. Ms. Hogan also served as a director and audit committee member of New World
   Coffee, Inc. Ms. Hogan currently serves as Chair of the Audit Committee of each Fund&#8217;s Board.</FONT></P></TD></TR></TABLE>
<P style="TEXT-ALIGN: left"><U><FONT size=2 face="Times New Roman">Board Composition and Leadership Structure</FONT></U></P>
<P STYLE="text-align: left; text-indent: 15pt"><FONT size=2 face="Times New Roman">The 1940 Act requires that at least 40% of the Funds' Directors not be "interested persons" (as defined in the 1940 Act) of the Funds, and therefore not affiliated with Flaherty &amp;
Crumrine ("Independent Directors"). To rely on certain exemptive rules under the 1940 Act, a majority of the Funds' Directors must be Independent Directors and, for certain important matters, such as the approval of investment advisory agreements or
transactions with affiliates, the 1940 Act or the rules thereunder require the approval of a majority of the Independent Directors. Currently, three of the Funds' four Directors are Independent Directors. The Chair of the Boards is an interested person
of each Fund. The three Independent Directors interact directly with the Chair and other senior management of Flaherty &amp; Crumrine at scheduled meetings and between meetings as appropriate. Independent Directors have been designated to chair the Audit
Committees and the Nominating Committees. In October 2016, based on the recommendation from each Fund&#8217;s Nominating Committee, the Board of each Fund determined to decrease the size of the relevant Board, which necessitated a reclassification of each Fund&#8217;s Board. In connection therewith, each Fund&#8217;s Nominating Committee determined that, in light of the recent changes in the
composition of the Funds&#8217; Boards and Committees and other industry developments, it would be appropriate to designate a Lead Independent Director of the relevant Fund. The Nominating Committee of each Fund designated Mr. Morgan Gust as the Lead
Independent Director and the Boards ratified such designation. The Boards have determined that their leadership structures and composition, in which the Chair of the Boards is an "interested person" of the Funds and 75% of the Directors are Independent
Directors, are appropriate in light of the services that Flaherty &amp; Crumrine provides to the Funds.</FONT></P>
<P style="TEXT-ALIGN: center"><FONT size=2 face="Times New Roman">6</FONT></P>
<HR align=center SIZE=2 width="100%" noShade>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV>


<P style="TEXT-ALIGN: left"><U><FONT size=2 face="Times New Roman">Boards' Oversight Role in Management</FONT></U></P>
<P STYLE="text-align: left; text-indent: 15pt"><FONT size=2 face="Times New Roman">The Boards' role in management of the Funds is oversight. As is the case with virtually all investment companies (as distinguished from operating companies), service providers to the Funds,
primarily Flaherty &amp; Crumrine, have responsibility for the day-to-day management of the Funds, which includes responsibility for risk management (including management of investment performance and investment risk, valuation risk, issuer and
counterparty credit risk, compliance risk and operational risk). As part of their oversight, the Boards, acting at their scheduled meetings, or the Chair, acting between Board meetings, regularly interacts with and receives reports from senior personnel
of service providers, including the Funds' and Flaherty &amp; Crumrine's Chief Compliance Officer and portfolio management personnel. The Boards' Audit Committees (which consist of all the Independent Directors) meet during their scheduled meetings, and
between meetings the Audit Committee Chairs maintain contact, with the Funds' independent registered public accounting firm and the Funds' Chief Financial Officer. The Boards also receive periodic presentations from senior personnel of Flaherty &amp;
Crumrine regarding risk management generally, as well as periodic presentations regarding specific operational, compliance or investment areas, such as business continuity, personal trading, valuation and credit. The Boards have adopted policies and
procedures designed to address certain risks to the Funds. In addition, Flaherty &amp; Crumrine and other service providers to the Funds have adopted a variety of policies, procedures and controls designed to address particular risks to the Funds.
Different processes, procedures and controls are employed with respect to different types of risks. However, it is not possible to eliminate all of the risks applicable to the Funds. The Boards also receive reports from counsel to the Funds and Flaherty
&amp; Crumrine and the Independent Directors' own independent legal counsel regarding regulatory, compliance and governance matters. The Boards' oversight role does not make the Boards guarantors of the Funds' investments or activities.</FONT></P>
<P STYLE="text-align: left; text-indent: 15pt"><B><FONT size=2 face="Times New Roman">Beneficial Ownership of Shares in Funds and Fund Complex for each Director and Nominee for Election as Director</FONT></B></P>
<P STYLE="text-align: left; text-indent: 15pt"><FONT size=2 face="Times New Roman">Set forth in the table below is the dollar range of equity securities in each Fund and the aggregate dollar range of equity securities in the Flaherty &amp; Crumrine Fund Complex
beneficially owned by each Director and Nominee for Election as Director.</FONT></P>
<TABLE STYLE="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: COLLAPSE" CELLSPACING=0 CELLPADDING=0 WIDTH="100%" BORDER=0>
<TR vAlign=bottom>
   <TD NOWRAP STYLE="border-top: #000000 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; width: 20%; text-align: left; padding-right: 6pt; padding-left: 6pt"><FONT size=2 face="Times New Roman">Name of</FONT></TD>
   <TD COLSPAN="5" NOWRAP STYLE="border-top: #000000 1pt solid; border-right: #000000 1pt solid; width: 45%; text-align: left; padding-right: 6pt; padding-left: 6pt"><FONT size=2 face="Times New Roman">Dollar Range of Equity</FONT></TD>
   <TD NOWRAP STYLE="border-top: #000000 1pt solid; border-right: #000000 1pt solid; width: 35%; text-align: left; padding-right: 6pt; padding-left: 6pt"><FONT size=2 face="Times New Roman">Aggregate Dollar Range of Equity</FONT></TD></TR>
<TR vAlign=bottom>
   <TD NOWRAP STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; width: 20%; text-align: left; padding-right: 6pt; padding-left: 6pt"><FONT size=2 face="Times New Roman">Director</FONT></TD>
   <TD COLSPAN="5" NOWRAP STYLE="border-right: #000000 1pt solid; width: 45%; text-align: left; padding-right: 6pt; padding-left: 6pt"><FONT size=2 face="Times New Roman">Securities Held in a</FONT></TD>
   <TD NOWRAP STYLE="border-right: #000000 1pt solid; width: 35%; text-align: left; padding-right: 6pt; padding-left: 6pt"><FONT size=2 face="Times New Roman">Securities in All Registered Investment</FONT></TD></TR>
<TR vAlign=bottom>
   <TD NOWRAP STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; width: 20%; text-align: left; padding-right: 6pt; padding-left: 6pt"><FONT size=2 face="Times New Roman">or Nominee</FONT></TD>
   <TD COLSPAN="5" NOWRAP STYLE="border-right: #000000 1pt solid; width: 45%; text-align: left; padding-right: 6pt; padding-left: 6pt"><FONT size=2 face="Times New Roman">Fund*<SUP>(1)</SUP></FONT></TD>
   <TD NOWRAP STYLE="border-right: #000000 1pt solid; width: 35%; text-align: left; padding-right: 6pt; padding-left: 6pt"><FONT size=2 face="Times New Roman">Companies Overseen by Director in Family</FONT></TD></TR>
<TR vAlign=bottom>
   <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; width: 20%; text-align: left; padding-right: 6pt; padding-left: 6pt">&nbsp;</TD>
   <TD COLSPAN="5" NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 45%; text-align: left; padding-right: 6pt; padding-left: 6pt">&nbsp;</TD>
   <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 35%; text-align: left; padding-right: 6pt; padding-left: 6pt"><FONT size=2 face="Times New Roman">of Investment Companies*<SUP>(2)</SUP></FONT></TD></TR>
<TR vAlign=bottom>
   <TD COLSPAN="7" NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; width: 100%; text-align: left; padding-right: 6pt; padding-left: 6pt"><B><FONT size=2 face="Times New Roman">NON-INTERESTED DIRECTORS/NOMINEES:</FONT></B></TD></TR>
<TR vAlign=bottom>
   <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: #000000 1pt solid; border-left: Black 1pt solid; width: 20%; text-align: left; padding-right: 6pt; padding-left: 6pt">&nbsp;</TD>
   <TD NOWRAP STYLE="border-right: #000000 1pt solid; border-bottom: #000000 1pt solid; width: 9%; text-align: left; padding-right: 6pt; padding-left: 6pt"><FONT size=2 face="Times New Roman">PFD</FONT></TD>
   <TD NOWRAP STYLE="border-right: #000000 1pt solid; border-bottom: #000000 1pt solid; width: 9%; text-align: left; padding-right: 6pt; padding-left: 6pt"><FONT size=2 face="Times New Roman">PFO</FONT></TD>
   <TD NOWRAP STYLE="border-right: #000000 1pt solid; border-bottom: #000000 1pt solid; width: 9%; text-align: left; padding-right: 6pt; padding-left: 6pt"><FONT size=2 face="Times New Roman">FFC</FONT></TD>
   <TD NOWRAP STYLE="border-right: #000000 1pt solid; border-bottom: #000000 1pt solid; width: 9%; text-align: left; padding-right: 6pt; padding-left: 6pt"><FONT size=2 face="Times New Roman">FLC</FONT></TD>
   <TD NOWRAP STYLE="border-right: #000000 1pt solid; border-bottom: #000000 1pt solid; width: 9%; text-align: left; padding-right: 6pt; padding-left: 6pt"><FONT size=2 face="Times New Roman">DFP </FONT></TD>
   <TD NOWRAP STYLE="border-right: #000000 1pt solid; border-bottom: #000000 1pt solid; width: 35%; text-align: left; padding-right: 6pt; padding-left: 6pt"><FONT size=2 face="Times New Roman">TOTAL</FONT></TD></TR>
<TR vAlign=bottom>
   <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: #000000 1pt solid; border-left: Black 1pt solid; width: 20%; text-align: left; padding-right: 6pt; padding-left: 6pt"><FONT size=2 face="Times New Roman">Morgan Gust</FONT></TD>
   <TD NOWRAP STYLE="border-right: #000000 1pt solid; border-bottom: #000000 1pt solid; width: 9%; text-align: left; padding-right: 6pt; padding-left: 6pt"><FONT size=2 face="Times New Roman">E</FONT></TD>
   <TD NOWRAP STYLE="border-right: #000000 1pt solid; border-bottom: #000000 1pt solid; width: 9%; text-align: left; padding-right: 6pt; padding-left: 6pt"><FONT size=2 face="Times New Roman">E</FONT></TD>
   <TD NOWRAP STYLE="border-right: #000000 1pt solid; border-bottom: #000000 1pt solid; width: 9%; text-align: left; padding-right: 6pt; padding-left: 6pt"><FONT size=2 face="Times New Roman">D</FONT></TD>
   <TD NOWRAP STYLE="border-right: #000000 1pt solid; border-bottom: #000000 1pt solid; width: 9%; text-align: left; padding-right: 6pt; padding-left: 6pt"><FONT size=2 face="Times New Roman">D</FONT></TD>
   <TD NOWRAP STYLE="border-right: #000000 1pt solid; border-bottom: #000000 1pt solid; width: 9%; text-align: left; padding-right: 6pt; padding-left: 6pt"><FONT size=2 face="Times New Roman">C</FONT></TD>
   <TD NOWRAP STYLE="border-right: #000000 1pt solid; border-bottom: #000000 1pt solid; width: 35%; text-align: left; padding-right: 6pt; padding-left: 6pt"><FONT size=2 face="Times New Roman">E</FONT></TD></TR>
<TR vAlign=bottom>
   <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: #000000 1pt solid; border-left: Black 1pt solid; width: 20%; text-align: left; padding-right: 6pt; padding-left: 6pt"><FONT size=2 face="Times New Roman">David Gale</FONT></TD>
   <TD NOWRAP STYLE="border-right: #000000 1pt solid; border-bottom: #000000 1pt solid; width: 9%; text-align: left; padding-right: 6pt; padding-left: 6pt"><FONT size=2 face="Times New Roman">E</FONT></TD>
   <TD NOWRAP STYLE="border-right: #000000 1pt solid; border-bottom: #000000 1pt solid; width: 9%; text-align: left; padding-right: 6pt; padding-left: 6pt"><FONT size=2 face="Times New Roman">D</FONT></TD>
   <TD NOWRAP STYLE="border-right: #000000 1pt solid; border-bottom: #000000 1pt solid; width: 9%; text-align: left; padding-right: 6pt; padding-left: 6pt"><FONT size=2 face="Times New Roman">E</FONT></TD>
   <TD NOWRAP STYLE="border-right: #000000 1pt solid; border-bottom: #000000 1pt solid; width: 9%; text-align: left; padding-right: 6pt; padding-left: 6pt"><FONT size=2 face="Times New Roman">D</FONT></TD>
   <TD NOWRAP STYLE="border-right: #000000 1pt solid; border-bottom: #000000 1pt solid; width: 9%; text-align: left; padding-right: 6pt; padding-left: 6pt"><FONT size=2 face="Times New Roman">C</FONT></TD>
   <TD NOWRAP STYLE="border-right: #000000 1pt solid; border-bottom: #000000 1pt solid; width: 35%; text-align: left; padding-right: 6pt; padding-left: 6pt"><FONT size=2 face="Times New Roman">E</FONT></TD></TR>
<TR vAlign=bottom>
   <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: #000000 1pt solid; border-left: Black 1pt solid; width: 20%; text-align: left; padding-right: 6pt; padding-left: 6pt"><FONT size=2 face="Times New Roman">Karen H. Hogan</FONT></TD>
   <TD NOWRAP STYLE="border-right: #000000 1pt solid; border-bottom: #000000 1pt solid; width: 9%; text-align: left; padding-right: 6pt; padding-left: 6pt"><FONT size=2 face="Times New Roman">C</FONT></TD>
   <TD NOWRAP STYLE="border-right: #000000 1pt solid; border-bottom: #000000 1pt solid; width: 9%; text-align: left; padding-right: 6pt; padding-left: 6pt"><FONT size=2 face="Times New Roman">C</FONT></TD>
   <TD NOWRAP STYLE="border-right: #000000 1pt solid; border-bottom: #000000 1pt solid; width: 9%; text-align: left; padding-right: 6pt; padding-left: 6pt"><FONT size=2 face="Times New Roman">C</FONT></TD>
   <TD NOWRAP STYLE="border-right: #000000 1pt solid; border-bottom: #000000 1pt solid; width: 9%; text-align: left; padding-right: 6pt; padding-left: 6pt"><FONT size=2 face="Times New Roman">C</FONT></TD>
   <TD NOWRAP STYLE="border-right: #000000 1pt solid; border-bottom: #000000 1pt solid; width: 9%; text-align: left; padding-right: 6pt; padding-left: 6pt"><FONT size=2 face="Times New Roman">C</FONT></TD>
   <TD NOWRAP STYLE="border-right: #000000 1pt solid; border-bottom: #000000 1pt solid; width: 35%; text-align: left; padding-right: 6pt; padding-left: 6pt"><FONT size=2 face="Times New Roman">E</FONT></TD></TR>
<TR vAlign=bottom>
   <TD COLSPAN="7" NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; width: 100%; text-align: left; padding-right: 6pt; padding-left: 6pt"><B><FONT size=2 face="Times New Roman">INTERESTED DIRECTOR:</FONT></B></TD></TR>
<TR vAlign=bottom>
   <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: #000000 1pt solid; border-left: Black 1pt solid; width: 20%; text-align: left; padding-right: 6pt; padding-left: 6pt"><FONT size=2 face="Times New Roman">R. Eric Chadwick</FONT></TD>
   <TD NOWRAP STYLE="border-right: #000000 1pt solid; border-bottom: #000000 1pt solid; width: 9%; text-align: left; padding-right: 6pt; padding-left: 6pt"><FONT size=2 face="Times New Roman">D</FONT></TD>
   <TD NOWRAP STYLE="border-right: #000000 1pt solid; border-bottom: #000000 1pt solid; width: 9%; text-align: left; padding-right: 6pt; padding-left: 6pt"><FONT size=2 face="Times New Roman">E</FONT></TD>
   <TD NOWRAP STYLE="border-right: #000000 1pt solid; border-bottom: #000000 1pt solid; width: 9%; text-align: left; padding-right: 6pt; padding-left: 6pt"><FONT size=2 face="Times New Roman">E</FONT></TD>
   <TD NOWRAP STYLE="border-right: #000000 1pt solid; border-bottom: #000000 1pt solid; width: 9%; text-align: left; padding-right: 6pt; padding-left: 6pt"><FONT size=2 face="Times New Roman">D</FONT></TD>
   <TD NOWRAP STYLE="border-right: #000000 1pt solid; border-bottom: #000000 1pt solid; width: 9%; text-align: left; padding-right: 6pt; padding-left: 6pt"><FONT size=2 face="Times New Roman">E</FONT></TD>
   <TD NOWRAP STYLE="border-right: #000000 1pt solid; border-bottom: #000000 1pt solid; width: 35%; text-align: left; padding-right: 6pt; padding-left: 6pt"><FONT size=2 face="Times New Roman">E</FONT></TD></TR></TABLE>
<DIV>____________________</DIV><BR>
<TABLE STYLE="LINE-HEIGHT: normal; BORDER-COLLAPSE: COLLAPSE" CELLSPACING=0 CELLPADDING=0 WIDTH="100%" BORDER=0>
<TR>
   <TD vAlign=top width="1%" noWrap><FONT size=2 face="Times New Roman">*</FONT> </TD>
   <TD width="1%">
   <P align=left><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P></TD>
   <TD width="98%">
   <P align=left><FONT size=2 face="Times New Roman">Key to Dollar Ranges</FONT></P></TD></TR>
<TR>
   <TD vAlign=top width="1%" noWrap><FONT size=2 face="Times New Roman">A.</FONT> </TD>
   <TD width="1%">
   <P align=left><FONT size=2 face="Times New Roman"></FONT></P></TD>
   <TD width="98%">
   <P align=left><FONT size=2 face="Times New Roman">None</FONT></P></TD></TR>
<TR>
   <TD vAlign=top width="1%" noWrap><FONT size=2 face="Times New Roman">B.</FONT> </TD>
   <TD width="1%">
   <P align=left><FONT size=2 face="Times New Roman"></FONT></P></TD>
   <TD width="98%">
   <P align=left><FONT size=2 face="Times New Roman">$1 - $10,000</FONT></P></TD></TR>
<TR>
   <TD vAlign=top width="1%" noWrap><FONT size=2 face="Times New Roman">C.</FONT> </TD>
   <TD width="1%">
   <P align=left><FONT size=2 face="Times New Roman"></FONT></P></TD>
   <TD width="98%">
   <P align=left><FONT size=2 face="Times New Roman">$10,001 -$50,000</FONT></P></TD></TR>
<TR>
   <TD vAlign=top width="1%" noWrap><FONT size=2 face="Times New Roman">D.</FONT> </TD>
   <TD width="1%">
   <P align=left><FONT size=2 face="Times New Roman"></FONT></P></TD>
   <TD width="98%">
   <P align=left><FONT size=2 face="Times New Roman">$50,001 - $100,000</FONT></P></TD></TR>
<TR>
   <TD vAlign=top width="1%" noWrap><FONT size=2 face="Times New Roman">E.</FONT> </TD>
   <TD width="1%">
   <P align=left><FONT size=2 face="Times New Roman"></FONT></P></TD>
   <TD width="98%">
   <P align=left><FONT size=2 face="Times New Roman">over $100,000</FONT></P></TD></TR>
<TR>
   <TD vAlign=top width="100%" colSpan=3><FONT size=2 face="Times New Roman"></FONT>
   <P align=left><FONT size=2 face="Times New Roman">All Shares were valued as of December 31, 2017.</FONT></P></TD></TR>
<TR>
   <TD vAlign=top width="1%" noWrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
   <TD width="1%">
   <P align=left><FONT size=2 face="Times New Roman"></FONT></P></TD>
   <TD width="98%">
   <P align=left><FONT size=2 face="Times New Roman"></FONT></P></TD></TR>
<TR>
   <TD vAlign=top width="1%" noWrap><FONT size=2 face="Times New Roman">(1)</FONT> </TD>
   <TD width="1%">
   <P align=left><FONT size=2 face="Times New Roman"></FONT></P></TD>
   <TD width="98%">
   <P align=left><FONT size=2 face="Times New Roman">This information has been furnished by each Director/Nominee as of December 31, 2017. &#8220;Beneficial ownership&#8221; is determined in accordance with Rule 16a-1(a)(2) under the 1934
Act.</FONT></P></TD></TR>
<TR>
   <TD vAlign=top width="1%" noWrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
   <TD width="1%">
   <P align=left><FONT size=2 face="Times New Roman"></FONT></P></TD>
   <TD width="98%">
   <P align=left><FONT size=2 face="Times New Roman"></FONT></P></TD></TR>
<TR>
   <TD vAlign=top width="1%" noWrap><FONT size=2 face="Times New Roman">(2)</FONT> </TD>
      <TD width="1%">
   <P align=left><FONT size=2 face="Times New Roman"></FONT></P></TD>
   <TD width="99%">
   <P align=left><FONT size=2 face="Times New Roman">The Directors, Nominees and executive officers of each Fund, as a group, own less than 1% of each Fund as of December 31, 2017.</FONT></P></TD></TR>
   </TABLE>

<P style="TEXT-ALIGN: center"><FONT size=2 face="Times New Roman">7</FONT></P>
<HR align=center SIZE=2 width="100%" noShade>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face="Times New Roman">Officers of the Funds</FONT></B></P>
<P STYLE="text-align: left; text-indent: 15pt"><FONT size=2 face="Times New Roman">The following table provides information concerning each of the Fund&#8217;s officers.</FONT></P>
<TABLE STYLE="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: COLLAPSE" CELLSPACING=0 CELLPADDING=0 WIDTH="100%" BORDER=0>
<TR vAlign=bottom>
   <TD width="23%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="21%" noWrap align=left><FONT size=2 face="Times New Roman">Current</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD width="23%" noWrap align=left><FONT size=2 face="Times New Roman">Term of Office and</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD width="30%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD width="23%" noWrap align=left><FONT size=2 face="Times New Roman">Name, Address and</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD width="21%" noWrap align=left><FONT size=2 face="Times New Roman">Position(s)</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD width="23%" noWrap align=left><FONT size=2 face="Times New Roman">Length of</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD width="30%" noWrap align=left><FONT size=2 face="Times New Roman">Principal Occupation During</FONT></TD></TR>
<TR vAlign=bottom>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="23%" noWrap align=left><FONT size=2 face="Times New Roman">Age</FONT></TD>
   <TD width="1%" noWrap align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="21%" noWrap align=left><FONT size=2 face="Times New Roman">Held with Funds</FONT></TD>
   <TD width="1%" noWrap align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="23%" noWrap align=left><FONT size=2 face="Times New Roman">Time Served*</FONT></TD>
   <TD width="1%" noWrap align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="30%" noWrap align=left><FONT size=2 face="Times New Roman">Past Five Years</FONT></TD></TR>
<TR vAlign=bottom>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="23%" noWrap align=left><B><FONT size=2 face="Times New Roman">Chad C. Conwell</FONT></B></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="21%" noWrap align=left><FONT size=2 face="Times New Roman">Chief Compliance</FONT></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="23%" noWrap align=left><FONT size=2 face="Times New Roman">PFD &#8211; since 2005</FONT></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="30%" noWrap align=left><FONT size=2 face="Times New Roman">Executive Vice President of Flaherty</FONT></TD></TR>
<TR vAlign=bottom>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="23%" noWrap align=left><FONT size=2 face="Times New Roman">301 E. Colorado</FONT></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="21%" noWrap align=left><FONT size=2 face="Times New Roman">Officer, Vice</FONT></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="23%" noWrap align=left><FONT size=2 face="Times New Roman">PFO &#8211; since 2005</FONT></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="30%" noWrap align=left><FONT size=2 face="Times New Roman">&amp; Crumrine since September 2014;</FONT></TD></TR>
<TR vAlign=bottom>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="23%" noWrap align=left><FONT size=2 face="Times New Roman">Boulevard</FONT></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="21%" noWrap align=left><FONT size=2 face="Times New Roman">President and</FONT></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="23%" noWrap align=left><FONT size=2 face="Times New Roman">FFC &#8211; since 2005</FONT></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="30%" noWrap align=left><FONT size=2 face="Times New Roman">Chief Compliance Officer and Chief</FONT></TD></TR>
<TR vAlign=bottom>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="23%" noWrap align=left><FONT size=2 face="Times New Roman">Suite 720</FONT></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="21%" noWrap align=left><FONT size=2 face="Times New Roman">Secretary</FONT></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="23%" noWrap align=left><FONT size=2 face="Times New Roman">FLC &#8211; since 2005</FONT></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="30%" noWrap align=left><FONT size=2 face="Times New Roman">Legal Officer of Flaherty &amp; Crumrine;</FONT></TD></TR>
<TR vAlign=bottom>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="23%" noWrap align=left><FONT size=2 face="Times New Roman">Pasadena, CA 91101</FONT></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="21%" noWrap align=left></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="23%" noWrap align=left><FONT size=2 face="Times New Roman">DFP &#8211; since</FONT></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="30%" noWrap align=left><FONT size=2 face="Times New Roman">Vice President of Flaherty &amp; Crumrine</FONT></TD></TR>
<TR vAlign=bottom>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="23%" noWrap align=left><FONT size=2 face="Times New Roman">Age: 45</FONT></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="21%" noWrap align=left></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="23%" noWrap align=left><FONT size=2 face="Times New Roman">inception</FONT></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="30%" noWrap align=left><FONT size=2 face="Times New Roman">until September 2014</FONT></TD></TR>
<TR>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="100%" colSpan=7>&nbsp;</TD></TR>
<TR vAlign=bottom>
   <TD width="23%" noWrap align=left><B><FONT size=2 face="Times New Roman">Bradford S. Stone</FONT></B></TD>
   <TD width="1%" noWrap align=left><B><FONT size=2 face="Times New Roman"></FONT></B></TD>
   <TD width="21%" noWrap align=left><FONT size=2 face="Times New Roman">Chief Financial</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD width="23%" noWrap align=left><FONT size=2 face="Times New Roman">PFD &#8211; since 2003</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD width="30%" noWrap align=left><FONT size=2 face="Times New Roman">Portfolio Manager of Flaherty &amp;</FONT></TD></TR>
<TR vAlign=bottom>
   <TD width="23%" noWrap align=left><FONT size=2 face="Times New Roman">47 Maple Street</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD width="21%" noWrap align=left><FONT size=2 face="Times New Roman">Officer, Vice</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD width="23%" noWrap align=left><FONT size=2 face="Times New Roman">PFO &#8211; since 2003</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD width="30%" noWrap align=left><FONT size=2 face="Times New Roman">Crumrine; Executive Vice President</FONT></TD></TR>
<TR vAlign=bottom>
   <TD width="23%" noWrap align=left><FONT size=2 face="Times New Roman">Suite 403</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD width="21%" noWrap align=left><FONT size=2 face="Times New Roman">President and</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD width="23%" noWrap align=left><FONT size=2 face="Times New Roman">FFC &#8211; since 2003</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD width="30%" noWrap align=left><FONT size=2 face="Times New Roman">of Flaherty &amp; Crumrine since</FONT></TD></TR>
<TR vAlign=bottom>
   <TD width="23%" noWrap align=left><FONT size=2 face="Times New Roman">Summit, NJ 07901</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD width="21%" noWrap align=left><FONT size=2 face="Times New Roman">Treasurer</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD width="23%" noWrap align=left><FONT size=2 face="Times New Roman">FLC &#8211; since</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD width="30%" noWrap align=left><FONT size=2 face="Times New Roman">September 2014; Vice President of</FONT></TD></TR>
<TR vAlign=bottom>
   <TD width="23%" noWrap align=left><FONT size=2 face="Times New Roman">Age: 58</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD width="21%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD width="23%" noWrap align=left><FONT size=2 face="Times New Roman">inception</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD width="30%" noWrap align=left><FONT size=2 face="Times New Roman">Flaherty &amp; Crumrine until September</FONT></TD></TR>
<TR vAlign=bottom>
   <TD width="23%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="21%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD width="23%" noWrap align=left><FONT size=2 face="Times New Roman">DFP &#8211; since</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD width="30%" noWrap align=left><FONT size=2 face="Times New Roman">2014</FONT></TD></TR>
<TR vAlign=bottom>
   <TD width="23%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="21%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD width="23%" noWrap align=left><FONT size=2 face="Times New Roman">inception</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD width="30%" noWrap align=left></TD></TR>
<TR>
   <TD width="100%" colSpan=7>&nbsp;</TD></TR>
<TR vAlign=bottom>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="23%" noWrap align=left><B><FONT size=2 face="Times New Roman">Roger Ko</FONT></B></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left><B><FONT size=2 face="Times New Roman"></FONT></B></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="21%" noWrap align=left><FONT size=2 face="Times New Roman">Assistant</FONT></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="23%" noWrap align=left><FONT size=2 face="Times New Roman">PFD &#8211; since 2014</FONT></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="30%" noWrap align=left><FONT size=2 face="Times New Roman">Trader of Flaherty &amp; Crumrine since</FONT></TD></TR>
<TR vAlign=bottom>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="23%" noWrap align=left><FONT size=2 face="Times New Roman">301 E. Colorado</FONT></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="21%" noWrap align=left><FONT size=2 face="Times New Roman">Treasurer</FONT></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="23%" noWrap align=left><FONT size=2 face="Times New Roman">PFO &#8211; since 2014</FONT></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="30%" noWrap align=left><FONT size=2 face="Times New Roman">September 2013; Director at Deutsche</FONT></TD></TR>
<TR vAlign=bottom>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="23%" noWrap align=left><FONT size=2 face="Times New Roman">Boulevard</FONT></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="21%" noWrap align=left></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="23%" noWrap align=left><FONT size=2 face="Times New Roman">FFC &#8211; since 2014</FONT></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="30%" noWrap align=left><FONT size=2 face="Times New Roman">Bank Securities from 2009 to July</FONT></TD></TR>
<TR vAlign=bottom>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="23%" noWrap align=left><FONT size=2 face="Times New Roman">Suite 720</FONT></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="21%" noWrap align=left></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="23%" noWrap align=left><FONT size=2 face="Times New Roman">FLC &#8211; since 2014</FONT></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="30%" noWrap align=left><FONT size=2 face="Times New Roman">2013</FONT></TD></TR>
<TR vAlign=bottom>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="23%" noWrap align=left><FONT size=2 face="Times New Roman">Pasadena, CA 91101</FONT></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="21%" noWrap align=left></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="23%" noWrap align=left><FONT size=2 face="Times New Roman">DFP &#8211; since 2014</FONT></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="30%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="23%" noWrap align=left><FONT size=2 face="Times New Roman">Age: 43</FONT></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="21%" noWrap align=left></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="23%" noWrap align=left></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="30%" noWrap align=left></TD></TR>
<TR>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="100%" colSpan=7>&nbsp;</TD></TR>
<TR vAlign=bottom>
   <TD width="23%" noWrap align=left><B><FONT size=2 face="Times New Roman">Laurie C. Lodolo</FONT></B></TD>
   <TD width="1%" noWrap align=left><B><FONT size=2 face="Times New Roman"></FONT></B></TD>
   <TD width="21%" noWrap align=left><FONT size=2 face="Times New Roman">Assistant</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD width="23%" noWrap align=left><FONT size=2 face="Times New Roman">PFD &#8211; since 2004</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD width="30%" noWrap align=left><FONT size=2 face="Times New Roman">Assistant Compliance Officer and</FONT></TD></TR>
<TR vAlign=bottom>
   <TD width="23%" noWrap align=left><FONT size=2 face="Times New Roman">301 E. Colorado</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD width="21%" noWrap align=left><FONT size=2 face="Times New Roman">Compliance</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD width="23%" noWrap align=left><FONT size=2 face="Times New Roman">PFO &#8211; since 2004</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD width="30%" noWrap align=left><FONT size=2 face="Times New Roman">Secretary of Flaherty &amp; Crumrine</FONT></TD></TR>
<TR vAlign=bottom>
   <TD width="23%" noWrap align=left><FONT size=2 face="Times New Roman">Boulevard</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD width="21%" noWrap align=left><FONT size=2 face="Times New Roman">Officer, Assistant</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD width="23%" noWrap align=left><FONT size=2 face="Times New Roman">FFC &#8211; since 2004</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD width="30%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD width="23%" noWrap align=left><FONT size=2 face="Times New Roman">Suite 720</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD width="21%" noWrap align=left><FONT size=2 face="Times New Roman">Treasurer and</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD width="23%" noWrap align=left><FONT size=2 face="Times New Roman">FLC &#8211; since 2004</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD width="30%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD width="23%" noWrap align=left><FONT size=2 face="Times New Roman">Pasadena, CA 91101</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD width="21%" noWrap align=left><FONT size=2 face="Times New Roman">Assistant</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD width="23%" noWrap align=left><FONT size=2 face="Times New Roman">DFP &#8211; since</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD width="30%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD width="23%" noWrap align=left><FONT size=2 face="Times New Roman">Age: 54</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD width="21%" noWrap align=left><FONT size=2 face="Times New Roman">Secretary</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD width="23%" noWrap align=left><FONT size=2 face="Times New Roman">inception</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD width="30%" noWrap align=left></TD></TR>
<TR>
   <TD width="100%" colSpan=7>&nbsp;</TD></TR>
<TR vAlign=bottom>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="23%" noWrap align=left><B><FONT size=2 face="Times New Roman">Linda M. Puchalski</FONT></B></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left><B><FONT size=2 face="Times New Roman"></FONT></B></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="21%" noWrap align=left><FONT size=2 face="Times New Roman">Assistant</FONT></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="23%" noWrap align=left><FONT size=2 face="Times New Roman">PFD &#8211; since 2010</FONT></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="30%" noWrap align=left><FONT size=2 face="Times New Roman">Administrator of Flaherty &amp;</FONT></TD></TR>
<TR vAlign=bottom>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="23%" noWrap align=left><FONT size=2 face="Times New Roman">301 E. Colorado</FONT></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="21%" noWrap align=left><FONT size=2 face="Times New Roman">Treasurer</FONT></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="23%" noWrap align=left><FONT size=2 face="Times New Roman">PFO &#8211; since 2010</FONT></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="30%" noWrap align=left><FONT size=2 face="Times New Roman">Crumrine</FONT></TD></TR>
<TR vAlign=bottom>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="23%" noWrap align=left><FONT size=2 face="Times New Roman">Boulevard</FONT></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="21%" noWrap align=left></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="23%" noWrap align=left><FONT size=2 face="Times New Roman">FFC &#8211; since 2010</FONT></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="30%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="23%" noWrap align=left><FONT size=2 face="Times New Roman">Suite 720</FONT></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="21%" noWrap align=left></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="23%" noWrap align=left><FONT size=2 face="Times New Roman">FLC &#8211; since 2010</FONT></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="30%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="23%" noWrap align=left><FONT size=2 face="Times New Roman">Pasadena, CA 91101</FONT></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="21%" noWrap align=left></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="23%" noWrap align=left><FONT size=2 face="Times New Roman">DFP &#8211; since</FONT></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="30%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="23%" noWrap align=left><FONT size=2 face="Times New Roman">Age: 61</FONT></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="21%" noWrap align=left></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="23%" noWrap align=left><FONT size=2 face="Times New Roman">inception</FONT></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="30%" noWrap align=left></TD></TR></TABLE><DIV>____________________</DIV><BR>
<TABLE STYLE="LINE-HEIGHT: NORMAL; BORDER-COLLAPSE: COLLAPSE" CELLSPACING=0 CELLPADDING=0 WIDTH="100%" BORDER=0>
<TR vAlign=bottom>
   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman">*</FONT></TD>
   <TD width="1%" noWrap align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
   <TD width="98%" noWrap align=left><FONT size=2 face="Times New Roman">Each officer serves until his or her successor is elected and qualifies or until his or her earlier resignation or removal.</FONT></TD></TR></TABLE>
<P style="TEXT-ALIGN: center"><FONT size=2 face="Times New Roman">8</FONT></P>
<HR align=center SIZE=2 width="100%" noShade>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face="Times New Roman">Audit Committee</FONT></B></P>
<P STYLE="text-align: left; text-indent: 15pt"><FONT size=2 face="Times New Roman">The role of each Fund&#8217;s Audit Committee is to assist the Board of Directors in its oversight of: (i) the integrity of the Fund&#8217;s financial statements and the independent audit
thereof; (ii) the Fund&#8217;s accounting and financial reporting policies and practices, and its internal control over financial reporting; (iii) the Fund&#8217;s compliance with legal and regulatory requirements; and (iv) the independent
auditor&#8217;s qualifications, independence and performance. Each Fund&#8217;s Audit Committee is also required to prepare an audit committee report pursuant to applicable laws and regulations for inclusion in the Fund&#8217;s annual proxy statement.
Each Audit Committee operates pursuant to a charter (the &#8220;Audit Committee Charter&#8221; or &#8220;Charter&#8221;) that was most recently reviewed and approved by the Board of Directors of each Fund on January 22, 2018, and which is available at
www.preferredincome.com. As set forth in the Charter, Fund management is responsible for the (i) preparation, presentation and integrity of each Fund&#8217;s financial statements, (ii) maintenance of appropriate accounting and financial reporting
principles and policies and (iii) maintenance of internal controls and procedures designed to assure compliance with accounting standards and applicable laws and regulations. The Funds&#8217; independent registered public accounting firm, KPMG LLP (the
&#8220;independent accountants&#8221; or &#8220;KPMG&#8221;), is responsible for planning and carrying out proper audits and reviews of each Fund&#8217;s financial statements and expressing an opinion as to their conformity with accounting principles
generally accepted in the United States of America.</FONT></P>
<P style="TEXT-ALIGN: left"><B><FONT size=2 face="Times New Roman">Audit Committee Report</FONT></B></P>
<P STYLE="text-align: left; text-indent: 15pt"><FONT size=2 face="Times New Roman">In performing its oversight function, at a meeting held on January 22, 2018, each Audit Committee reviewed and discussed with Fund management and the independent accountants, the audited
financial statements of the Fund as of and for the fiscal year ended November 30, 2017, and discussed the audit of such financial statements with the independent accountants.</FONT></P>
<P STYLE="text-align: left; text-indent: 15pt"><FONT size=2 face="Times New Roman">In addition, each Audit Committee discussed with the independent accountants the accounting principles applied by the Fund and such other matters brought to the attention of the Audit
Committee by the independent accountants required by Public Company Accounting Oversight Board (&#8220;PCAOB&#8221;) Auditing Standard No. 16, </FONT><I><FONT size=2 face="Times New Roman">Communications With Audit Committees</FONT></I><FONT size=2 face=
"Times New Roman">, as currently in effect. Each Audit Committee also received from the independent accountants the written disclosures and statements required by PCAOB Rule 3526, </FONT><I><FONT size=2 face="Times New Roman">Communication with Audit
Committees Concerning Independence</FONT></I><FONT size=2 face="Times New Roman">, as currently in effect and discussed the impact that any such relationships might have on the objectivity and independence of the independent accountants.</FONT></P>
<P STYLE="text-align: left; text-indent: 15pt"><FONT size=2 face="Times New Roman">As set forth above, and as more fully set forth in each Fund&#8217;s Audit Committee Charter, the Audit Committee has significant duties and powers in its oversight role with respect to the
Fund&#8217;s financial reporting procedures, internal control systems, and the independent audit process.</FONT></P>
<P STYLE="text-align: left; text-indent: 15pt"><FONT size=2 face="Times New Roman">The members of each Audit Committee are not, and do not represent themselves to be, professionally engaged in the practice of auditing or accounting and are not employed by the Fund for
accounting, financial management or internal control. Moreover, the Audit Committee relies on and makes no independent verification of the facts presented to it or representations made by Fund management or the independent accountants. Accordingly, the
Audit Committee&#8217;s oversight does not provide an independent basis to determine that Fund management has maintained appropriate accounting and financial reporting principles and policies, or internal controls and procedures, designed to assure
compliance with accounting standards and applicable laws and regulations. Furthermore, the Audit Committee&#8217;s considerations and discussions referred to above do not provide assurance that the audit of each Fund&#8217;s financial statements has been
carried out in accordance with generally accepted accounting standards or that the financial statements are presented in accordance with generally accepted accounting principles.</FONT></P>
<P STYLE="text-align: left; text-indent: 15pt"><FONT size=2 face="Times New Roman">Based on its consideration of the audited financial statements and the discussions referred to above with Fund management and the independent accountants, and subject to the limitations on
the responsibilities and role of the Audit Committee set forth in the Charter and those discussed above, the Audit Committee of each Fund recommended to that Fund's Board that the audited financial statements be included in the Fund&#8217;s Annual Report
for the fiscal year ended November 30, 2017.</FONT></P>
<P style="TEXT-ALIGN: center"><FONT size=2 face="Times New Roman">9</FONT></P>
<HR align=center SIZE=2 width="100%" noShade>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face="Times New Roman">This report was submitted by the Audit Committee of each Fund&#8217;s Board of Directors</FONT></B></P>
<P style="TEXT-ALIGN: left"><FONT size=2 face="Times New Roman">Morgan Gust<BR>David Gale<BR>Karen H. Hogan (Chair)<BR>January 22, 2018</FONT></P>
<P STYLE="text-align: left; text-indent: 15pt"><FONT size=2 face="Times New Roman">Each Audit Committee was established in accordance with Section 3(a)(58)(A) of the 1934 Act. Each Audit Committee met four times in connection with its Board of Directors&#8217; regularly
scheduled meetings during the fiscal year ended November 30, 2017. Each Audit Committee is composed entirely of each Fund&#8217;s Independent Directors who are also &#8220;independent&#8221; (as such term is defined by the NYSE under the listing
standards applicable to closed-end funds, as may be modified or supplemented (the &#8220;NYSE Listing Standards&#8221;)), namely Ms. Hogan and Messrs. Gale and Gust.</FONT></P>
<P style="TEXT-ALIGN: left"><B><FONT size=2 face="Times New Roman">Nominating Committee</FONT></B></P>
<P STYLE="text-align: left; text-indent: 15pt"><FONT size=2 face="Times New Roman">Each Board of
Directors has a Nominating Committee composed entirely of each Fund&#8217;s Independent Directors who are also
&#8220;independent&#8221; (as such term is defined by the NYSE Listing Standards), namely Ms. Hogan and Messrs. Gale and
Gust. The Nominating Committee of each Fund met two times during the fiscal year ended November 30, 2017.</FONT></P>
<P STYLE="text-align: left; text-indent: 15pt"><FONT size=2 face="Times New Roman">The Nominating Committee is responsible for identifying individuals believed to be qualified to become Board members; for recommending to the Board such nominees to stand for election as
Directors at each Fund&#8217;s annual meeting of shareholders and to fill any vacancies on the Board; and for overseeing the Boards&#8217; governance practices. Each Fund&#8217;s Nominating Committee has a charter which is available on its website,
www.preferredincome.com.</FONT></P>
<P STYLE="text-align: left; text-indent: 15pt"><FONT size=2 face="Times New Roman">Each Fund&#8217;s Nominating Committee believes that it is in the best interest of each Fund and its shareholders to obtain highly qualified candidates to serve as members of the Board. The
Nominating Committees have not established a formal process for identifying candidates where a vacancy exists on the Board. In nominating candidates, each Nominating Committee shall take into consideration such factors as it deems appropriate, including
educational background; business, professional training or practice (e.g., accounting or law); public service or academic positions; experience from service as a board member (including the Boards of the Funds) or as an executive of investment funds,
public companies or significant private or not-for-profit entities or other organizations; and other life experiences. Each Fund&#8217;s Nominating Committee may consider whether a potential nominee&#8217;s professional experience, education, skills and
other individual qualities and attributes, including gender, race or national origin, would provide beneficial diversity of skills, experience or perspective to the Board&#8217;s membership and collective attributes. Each Fund&#8217;s Nominating
Committee will consider Director candidates recommended by shareholders and submitted in accordance with applicable law and procedures as described in this Joint Proxy Statement. (See &#8220;Submission of Shareholder Proposals &#8211; 2019 Annual
Meetings&#8221; below).</FONT></P>
<P style="TEXT-ALIGN: left"><B><FONT size=2 face="Times New Roman">Other Board-Related Matters</FONT></B></P>
<P STYLE="text-align: left; text-indent: 15pt"><FONT size=2 face="Times New Roman">Shareholders who wish to send communications to the Board should send them to the address of their Fund(s) and to the attention of the Board. All such communications will be directed to the
Board&#8217;s attention.</FONT></P>
<P STYLE="text-align: left; text-indent: 15pt"><FONT size=2 face="Times New Roman">The Funds do not have a formal policy regarding Board member attendance at the Annual Meeting of Shareholders. However, all of the Directors of each Fund attended the April 19, 2017 Annual
Meetings of Shareholders.</FONT></P>
<P style="TEXT-ALIGN: center"><FONT size=2 face="Times New Roman">10</FONT></P>
<HR align=center SIZE=2 width="100%" noShade>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>
<P style="TEXT-ALIGN: left"><B><FONT size=2 face="Times New Roman">Board Compensation</FONT></B></P>
<P STYLE="text-align: left; text-indent: 15pt"><FONT size=2 face="Times New Roman">Each Director of each Fund who is not a director, officer or employee of Flaherty &amp; Crumrine or any of its affiliates receives from each Fund a fee of $9,000 per annum plus $750 for each
in-person Board or Audit Committee meeting attended, $500 for each in-person Nominating Committee meeting attended, and $250 for each telephone meeting attended. In addition, the Audit Committee Chair receives from each Fund an annual fee of $3,000. Each
Director of each Fund is reimbursed for travel and out-of-pocket expenses associated with attending Board and committee meetings. During the fiscal year ended November 30, 2017, the Board of Directors for each of PFD, PFO, FFC, FLC and DFP held six
meetings (two of which were telephone meetings). Each Director of each Fund attended 100% of the meetings of Directors and of any Committee of which he or she is a member. The aggregate remuneration paid to the Directors of each Fund for the fiscal year ended November 30,
2017 is set forth below:</FONT></P>
<TABLE STYLE="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: COLLAPSE" CELLSPACING=0 CELLPADDING=0 WIDTH="100%" BORDER=0>
<TR vAlign=bottom>
   <TD NOWRAP STYLE="border-top: #000000 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; width: 96%; text-align: left; padding-right: 6pt; padding-left: 6pt"></TD>
   <TD NOWRAP STYLE="border-top: #000000 1pt solid; border-right: #000000 1pt solid; width: 1%; text-align: left; padding-right: 6pt; padding-left: 6pt"></TD>
   <TD NOWRAP STYLE="border-top: #000000 1pt solid; border-right: #000000 1pt solid; width: 1%; text-align: center; padding-right: 6pt; padding-left: 6pt"><FONT size=2 face="Times New Roman">Board Meeting</FONT></TD>
   <TD NOWRAP STYLE="border-top: #000000 1pt solid; border-right: #000000 1pt solid; width: 1%; text-align: center; padding-right: 6pt; padding-left: 6pt"><FONT size=2 face="Times New Roman">Travel and</FONT></TD></TR>
<TR vAlign=bottom>
   <TD NOWRAP STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; width: 96%; text-align: left; padding-right: 6pt; padding-left: 6pt"></TD>
   <TD NOWRAP STYLE="border-right: #000000 1pt solid; width: 1%; text-align: center; padding-right: 6pt; padding-left: 6pt"><FONT size=2 face="Times New Roman">Annual</FONT></TD>
   <TD NOWRAP STYLE="border-right: #000000 1pt solid; width: 1%; text-align: center; padding-right: 6pt; padding-left: 6pt"><FONT size=2 face="Times New Roman">and Committee</FONT></TD>
   <TD NOWRAP STYLE="border-right: #000000 1pt solid; width: 1%; text-align: center; padding-right: 6pt; padding-left: 6pt"><FONT size=2 face="Times New Roman">Out-of-</FONT></TD></TR>
<TR vAlign=bottom>
   <TD NOWRAP STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; width: 96%; text-align: left; padding-right: 6pt; padding-left: 6pt"></TD>
   <TD NOWRAP STYLE="border-right: #000000 1pt solid; width: 1%; text-align: center; padding-right: 6pt; padding-left: 6pt"><FONT size=2 face="Times New Roman">Director</FONT></TD>
   <TD NOWRAP STYLE="border-right: #000000 1pt solid; width: 1%; text-align: center; padding-right: 6pt; padding-left: 6pt"><FONT size=2 face="Times New Roman">Meeting</FONT></TD>
   <TD NOWRAP STYLE="border-right: #000000 1pt solid; width: 1%; text-align: center; padding-right: 6pt; padding-left: 6pt"><FONT size=2 face="Times New Roman">Pocket</FONT></TD></TR>
<TR vAlign=bottom>
   <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: #000000 1pt solid; border-left: Black 1pt solid; width: 96%; text-align: left; padding-right: 6pt; padding-left: 6pt"></TD>
   <TD NOWRAP STYLE="border-right: #000000 1pt solid; border-bottom: #000000 1pt solid; width: 1%; text-align: center; padding-right: 6pt; padding-left: 6pt"><FONT size=2 face="Times New Roman">Fees</FONT></TD>
   <TD NOWRAP STYLE="border-right: #000000 1pt solid; border-bottom: #000000 1pt solid; width: 1%; text-align: center; padding-right: 6pt; padding-left: 6pt"><FONT size=2 face="Times New Roman">Fees</FONT></TD>
   <TD NOWRAP STYLE="border-right: #000000 1pt solid; border-bottom: #000000 1pt solid; width: 1%; text-align: center; padding-right: 6pt; padding-left: 6pt"><FONT size=2 face="Times New Roman">Expenses*</FONT></TD></TR>
<TR vAlign=bottom>
   <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: #000000 1pt solid; border-left: Black 1pt solid; background-color: #c0c0c0; width: 96%; text-align: left; padding-right: 6pt; padding-left: 6pt"><FONT size=2 face="Times New Roman">PFD</FONT></TD>
   <TD NOWRAP STYLE="border-right: #000000 1pt solid; border-bottom: #000000 1pt solid; background-color: #c0c0c0; width: 1%; text-align: center; padding-right: 6pt; padding-left: 6pt"><FONT size=2 face="Times New Roman">$27,000</FONT></TD>
   <TD NOWRAP STYLE="border-right: #000000 1pt solid; border-bottom: #000000 1pt solid; background-color: #c0c0c0; width: 1%; text-align: center; padding-right: 6pt; padding-left: 6pt"><FONT size=2 face="Times New Roman">$25,500</FONT></TD>
   <TD NOWRAP STYLE="border-right: #000000 1pt solid; border-bottom: #000000 1pt solid; background-color: #c0c0c0; width: 1%; text-align: center; padding-right: 6pt; padding-left: 6pt"><FONT size=2 face="Times New Roman">$2,332</FONT></TD></TR>
<TR vAlign=bottom>
   <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: #000000 1pt solid; border-left: Black 1pt solid; width: 96%; text-align: left; padding-right: 6pt; padding-left: 6pt"><FONT size=2 face="Times New Roman">PFO</FONT></TD>
   <TD NOWRAP STYLE="border-right: #000000 1pt solid; border-bottom: #000000 1pt solid; width: 1%; text-align: center; padding-right: 6pt; padding-left: 6pt"><FONT size=2 face="Times New Roman">$27,000</FONT></TD>
   <TD NOWRAP STYLE="border-right: #000000 1pt solid; border-bottom: #000000 1pt solid; width: 1%; text-align: center; padding-right: 6pt; padding-left: 6pt"><FONT size=2 face="Times New Roman">$25,500</FONT></TD>
   <TD NOWRAP STYLE="border-right: #000000 1pt solid; border-bottom: #000000 1pt solid; width: 1%; text-align: center; padding-right: 6pt; padding-left: 6pt"><FONT size=2 face="Times New Roman">$2,332</FONT></TD></TR>
<TR vAlign=bottom>
   <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: #000000 1pt solid; border-left: Black 1pt solid; background-color: #c0c0c0; width: 96%; text-align: left; padding-right: 6pt; padding-left: 6pt"><FONT size=2 face="Times New Roman">FFC</FONT></TD>
   <TD NOWRAP STYLE="border-right: #000000 1pt solid; border-bottom: #000000 1pt solid; background-color: #c0c0c0; width: 1%; text-align: center; padding-right: 6pt; padding-left: 6pt"><FONT size=2 face="Times New Roman">$27,000</FONT></TD>
   <TD NOWRAP STYLE="border-right: #000000 1pt solid; border-bottom: #000000 1pt solid; background-color: #c0c0c0; width: 1%; text-align: center; padding-right: 6pt; padding-left: 6pt"><FONT size=2 face="Times New Roman">$25,500</FONT></TD>
   <TD NOWRAP STYLE="border-right: #000000 1pt solid; border-bottom: #000000 1pt solid; background-color: #c0c0c0; width: 1%; text-align: center; padding-right: 6pt; padding-left: 6pt"><FONT size=2 face="Times New Roman">$2,332</FONT></TD></TR>
<TR vAlign=bottom>
   <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: #000000 1pt solid; border-left: Black 1pt solid; width: 96%; text-align: left; padding-right: 6pt; padding-left: 6pt"><FONT size=2 face="Times New Roman">FLC</FONT></TD>
   <TD NOWRAP STYLE="border-right: #000000 1pt solid; border-bottom: #000000 1pt solid; width: 1%; text-align: center; padding-right: 6pt; padding-left: 6pt"><FONT size=2 face="Times New Roman">$27,000</FONT></TD>
   <TD NOWRAP STYLE="border-right: #000000 1pt solid; border-bottom: #000000 1pt solid; width: 1%; text-align: center; padding-right: 6pt; padding-left: 6pt"><FONT size=2 face="Times New Roman">$25,500</FONT></TD>
   <TD NOWRAP STYLE="border-right: #000000 1pt solid; border-bottom: #000000 1pt solid; width: 1%; text-align: center; padding-right: 6pt; padding-left: 6pt"><FONT size=2 face="Times New Roman">$2,332</FONT></TD></TR>
<TR vAlign=bottom>
   <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: #000000 1pt solid; border-left: Black 1pt solid; background-color: #c0c0c0; width: 96%; text-align: left; padding-right: 6pt; padding-left: 6pt"><FONT size=2 face="Times New Roman">DFP</FONT></TD>
   <TD NOWRAP STYLE="border-right: #000000 1pt solid; border-bottom: #000000 1pt solid; background-color: #c0c0c0; width: 1%; text-align: center; padding-right: 6pt; padding-left: 6pt"><FONT size=2 face="Times New Roman">$27,000</FONT></TD>
   <TD NOWRAP STYLE="border-right: #000000 1pt solid; border-bottom: #000000 1pt solid; background-color: #c0c0c0; width: 1%; text-align: center; padding-right: 6pt; padding-left: 6pt"><FONT size=2 face="Times New Roman">$25,500</FONT></TD>
   <TD NOWRAP STYLE="border-right: #000000 1pt solid; border-bottom: #000000 1pt solid; background-color: #c0c0c0; width: 1%; text-align: center; padding-right: 6pt; padding-left: 6pt"><FONT size=2 face="Times New Roman">$2,332</FONT></TD></TR></TABLE><DIV>____________________</DIV><BR>
<TABLE STYLE="LINE-HEIGHT: NORMAL; BORDER-COLLAPSE: COLLAPSE" CELLSPACING=0 CELLPADDING=0 WIDTH="100%" BORDER=0>
<TR vAlign=bottom>
   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman">*</FONT></TD>
   <TD width="1%" noWrap align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
   <TD width="98%" noWrap align=left><FONT size=2 face="Times New Roman">Includes reimbursement for travel and out-of-pocket expenses for both &#8220;interested&#8221; and Independent Directors.</FONT></TD></TR></TABLE>
<P style="TEXT-ALIGN: left"><FONT size=2 face="Times New Roman">The following table sets forth additional information regarding the compensation of each Fund&#8217;s Directors for the fiscal year ended November 30, 2017. No executive officer or person
affiliated with a Fund received compensation from a Fund during the fiscal year ended November 30, 2017 in excess of $60,000. Directors and executive officers of the Funds do not receive pension or retirement benefits from the Funds.</FONT></P>
<P STYLE="text-align: center"><B><FONT size=2 face="Times New Roman">COMPENSATION TABLE</FONT></B></P>
<TABLE STYLE="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: COLLAPSE" CELLSPACING=0 CELLPADDING=0 WIDTH="100%" BORDER=0>
<TR vAlign=bottom>
   <TD NOWRAP STYLE="border-top: #000000 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; width: 97%; text-align: center; padding-right: 6pt; padding-left: 6pt"><FONT size=2 face="Times New Roman">Name of</FONT></TD>
   <TD NOWRAP STYLE="border-top: #000000 1pt solid; border-right: #000000 1pt solid; width: 1%; text-align: left; padding-right: 6pt; padding-left: 6pt"><FONT size=2 face="Times New Roman">Aggregate</FONT></TD>
   <TD NOWRAP STYLE="border-top: #000000 1pt solid; border-right: #000000 1pt solid; width: 1%; text-align: left; padding-right: 6pt; padding-left: 6pt"><FONT size=2 face="Times New Roman">Total Compensation from</FONT></TD></TR>
<TR vAlign=bottom>
   <TD NOWRAP STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; width: 97%; text-align: center; padding-right: 6pt; padding-left: 6pt"><FONT size=2 face="Times New Roman">Person and</FONT></TD>
   <TD NOWRAP STYLE="border-right: #000000 1pt solid; width: 1%; text-align: left; padding-right: 6pt; padding-left: 6pt"><FONT size=2 face="Times New Roman">Compensation</FONT></TD>
   <TD NOWRAP STYLE="border-right: #000000 1pt solid; width: 1%; text-align: left; padding-right: 6pt; padding-left: 6pt"><FONT size=2 face="Times New Roman">the Funds and Fund</FONT></TD></TR>
<TR vAlign=bottom>
   <TD NOWRAP STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; width: 97%; text-align: center; padding-right: 6pt; padding-left: 6pt"><U><FONT size=2 face="Times New Roman">Position</FONT></U></TD>
   <TD NOWRAP STYLE="border-right: #000000 1pt solid; width: 1%; text-align: left; padding-right: 6pt; padding-left: 6pt"><FONT size=2 face="Times New Roman"><U>from each Fund</U></FONT></TD>
   <TD NOWRAP STYLE="border-right: #000000 1pt solid; width: 1%; text-align: left; padding-right: 6pt; padding-left: 6pt"><FONT size=2 face="Times New Roman"><U>Complex Paid to</U></FONT></TD></TR>
<TR vAlign=bottom>
   <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: #000000 1pt solid; border-left: Black 1pt solid; width: 97%; text-align: left; padding-right: 6pt; padding-left: 6pt"></TD>
   <TD NOWRAP STYLE="border-right: #000000 1pt solid; border-bottom: #000000 1pt solid; width: 1%; text-align: left; padding-right: 6pt; padding-left: 6pt"></TD>
   <TD NOWRAP STYLE="border-right: #000000 1pt solid; border-bottom: #000000 1pt solid; width: 1%; text-align: left; padding-right: 6pt; padding-left: 6pt"><U><FONT size=2 face="Times New Roman">Directors</FONT><FONT size=2 face="Times New Roman">*</FONT></U></TD></TR>
<TR vAlign=bottom>
   <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: #000000 1pt solid; border-left: Black 1pt solid; width: 97%; text-align: left; padding-right: 6pt; padding-left: 6pt"><FONT size=2 face="Times New Roman">R. Eric Chadwick</FONT></TD>
   <TD NOWRAP STYLE="border-right: #000000 1pt solid; border-bottom: #000000 1pt solid; width: 1%; text-align: left; padding-right: 6pt; padding-left: 6pt"><FONT size=2 face="Times New Roman">$0</FONT></TD>
   <TD NOWRAP STYLE="border-right: #000000 1pt solid; border-bottom: #000000 1pt solid; width: 1%; text-align: left; padding-right: 6pt; padding-left: 6pt"><FONT size=2 face="Times New Roman">$0 (5)</FONT></TD></TR>
<TR vAlign=bottom>
   <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt none; border-left: Black 1pt solid; width: 97%; text-align: left; padding-right: 6pt; padding-left: 6pt"><FONT size=2 face="Times New Roman">Director, Chair of the Board, Chief Executive Officer</FONT></TD>
   <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt none; width: 1%; text-align: left; padding-right: 6pt; padding-left: 6pt"></TD>
   <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt none; width: 1%; text-align: left; padding-right: 6pt; padding-left: 6pt"></TD></TR>
<TR vAlign=bottom>
   <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: #000000 1pt solid; border-left: Black 1pt solid; width: 97%; text-align: left; padding-right: 6pt; padding-left: 6pt"><FONT size=2 face="Times New Roman">and President</FONT></TD>
   <TD NOWRAP STYLE="border-right: #000000 1pt solid; border-bottom: #000000 1pt solid; width: 1%; text-align: left; padding-right: 6pt; padding-left: 6pt"></TD>
   <TD NOWRAP STYLE="border-right: #000000 1pt solid; border-bottom: #000000 1pt solid; width: 1%; text-align: left; padding-right: 6pt; padding-left: 6pt"></TD></TR>
<TR vAlign=bottom>
   <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: #000000 1pt solid; border-left: Black 1pt solid; width: 97%; text-align: left; padding-right: 6pt; padding-left: 6pt">&nbsp;</TD>
   <TD NOWRAP STYLE="border-right: #000000 1pt solid; border-bottom: #000000 1pt solid; width: 1%; text-align: left; padding-right: 6pt; padding-left: 6pt"><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD NOWRAP STYLE="border-right: #000000 1pt solid; border-bottom: #000000 1pt solid; width: 1%; text-align: left; padding-right: 6pt; padding-left: 6pt"><FONT size=2 face="Times New Roman"></FONT></TD></TR>
<TR vAlign=bottom>
   <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: #000000 1pt solid; border-left: Black 1pt solid; width: 97%; text-align: left; padding-right: 6pt; padding-left: 6pt"><FONT size=2 face="Times New Roman">Morgan Gust</FONT></TD>
   <TD NOWRAP STYLE="border-right: #000000 1pt solid; border-bottom: #000000 1pt solid; width: 1%; text-align: left; padding-right: 6pt; padding-left: 6pt"><FONT size=2 face="Times New Roman">$16,500 &#8211; PFD</FONT></TD>
   <TD NOWRAP STYLE="border-right: #000000 1pt solid; border-bottom: #000000 1pt solid; width: 1%; text-align: left; padding-right: 6pt; padding-left: 6pt"><FONT size=2 face="Times New Roman">$82,500 (5)</FONT></TD></TR>
<TR vAlign=bottom>
   <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: #000000 1pt solid; border-left: Black 1pt solid; width: 97%; text-align: left; padding-right: 6pt; padding-left: 6pt"><FONT size=2 face="Times New Roman">Lead Independent Director, Nominating Committee Chair</FONT></TD>
   <TD NOWRAP STYLE="border-right: #000000 1pt solid; border-bottom: #000000 1pt solid; width: 1%; text-align: left; padding-right: 6pt; padding-left: 6pt"><FONT size=2 face="Times New Roman">$16,500 &#8211; PFO</FONT></TD>
   <TD NOWRAP STYLE="border-right: #000000 1pt solid; border-bottom: #000000 1pt solid; width: 1%; text-align: left; padding-right: 6pt; padding-left: 6pt"></TD></TR>
<TR vAlign=bottom>
   <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: #000000 1pt solid; border-left: Black 1pt solid; width: 97%; text-align: left; padding-right: 6pt; padding-left: 6pt"></TD>
   <TD NOWRAP STYLE="border-right: #000000 1pt solid; border-bottom: #000000 1pt solid; width: 1%; text-align: left; padding-right: 6pt; padding-left: 6pt"><FONT size=2 face="Times New Roman">$16,500 &#8211; FFC</FONT></TD>
   <TD NOWRAP STYLE="border-right: #000000 1pt solid; border-bottom: #000000 1pt solid; width: 1%; text-align: left; padding-right: 6pt; padding-left: 6pt"></TD></TR>
<TR vAlign=bottom>
   <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: #000000 1pt solid; border-left: Black 1pt solid; width: 97%; text-align: left; padding-right: 6pt; padding-left: 6pt"></TD>
   <TD NOWRAP STYLE="border-right: #000000 1pt solid; border-bottom: #000000 1pt solid; width: 1%; text-align: left; padding-right: 6pt; padding-left: 6pt"><FONT size=2 face="Times New Roman">$16,500 &#8211; FLC</FONT></TD>
   <TD NOWRAP STYLE="border-right: #000000 1pt solid; border-bottom: #000000 1pt solid; width: 1%; text-align: left; padding-right: 6pt; padding-left: 6pt"></TD></TR>
<TR vAlign=bottom>
   <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: #000000 1pt solid; border-left: Black 1pt solid; width: 97%; text-align: left; padding-right: 6pt; padding-left: 6pt"></TD>
   <TD NOWRAP STYLE="border-right: #000000 1pt solid; border-bottom: #000000 1pt solid; width: 1%; text-align: left; padding-right: 6pt; padding-left: 6pt"><FONT size=2 face="Times New Roman">$16,500 &#8211; DFP</FONT></TD>
   <TD NOWRAP STYLE="border-right: #000000 1pt solid; border-bottom: #000000 1pt solid; width: 1%; text-align: left; padding-right: 6pt; padding-left: 6pt"></TD></TR>
<TR vAlign=bottom>
   <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: #000000 1pt solid; border-left: Black 1pt solid; width: 97%; text-align: left; padding-right: 6pt; padding-left: 6pt">&nbsp;</TD>
   <TD NOWRAP STYLE="border-right: #000000 1pt solid; border-bottom: #000000 1pt solid; width: 1%; text-align: left; padding-right: 6pt; padding-left: 6pt"><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD NOWRAP STYLE="border-right: #000000 1pt solid; border-bottom: #000000 1pt solid; width: 1%; text-align: left; padding-right: 6pt; padding-left: 6pt"><FONT size=2 face="Times New Roman"></FONT></TD></TR>
<TR vAlign=bottom>
   <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: #000000 1pt solid; border-left: Black 1pt solid; width: 97%; text-align: left; padding-right: 6pt; padding-left: 6pt"><FONT size=2 face="Times New Roman">David Gale</FONT></TD>
   <TD NOWRAP STYLE="border-right: #000000 1pt solid; border-bottom: #000000 1pt solid; width: 1%; text-align: left; padding-right: 6pt; padding-left: 6pt"><FONT size=2 face="Times New Roman">$16,500 &#8211; PFD</FONT></TD>
   <TD NOWRAP STYLE="border-right: #000000 1pt solid; border-bottom: #000000 1pt solid; width: 1%; text-align: left; padding-right: 6pt; padding-left: 6pt"><FONT size=2 face="Times New Roman">$82,500 (5)</FONT></TD></TR>
<TR vAlign=bottom>
   <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: #000000 1pt solid; border-left: Black 1pt solid; width: 97%; text-align: left; padding-right: 6pt; padding-left: 6pt"><FONT size=2 face="Times New Roman">Director</FONT></TD>
   <TD NOWRAP STYLE="border-right: #000000 1pt solid; border-bottom: #000000 1pt solid; width: 1%; text-align: left; padding-right: 6pt; padding-left: 6pt"><FONT size=2 face="Times New Roman">$16,500 &#8211; PFO</FONT></TD>
   <TD NOWRAP STYLE="border-right: #000000 1pt solid; border-bottom: #000000 1pt solid; width: 1%; text-align: left; padding-right: 6pt; padding-left: 6pt"></TD></TR>
<TR vAlign=bottom>
   <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: #000000 1pt solid; border-left: Black 1pt solid; width: 97%; text-align: left; padding-right: 6pt; padding-left: 6pt"></TD>
   <TD NOWRAP STYLE="border-right: #000000 1pt solid; border-bottom: #000000 1pt solid; width: 1%; text-align: left; padding-right: 6pt; padding-left: 6pt"><FONT size=2 face="Times New Roman">$16,500 &#8211; FFC</FONT></TD>
   <TD NOWRAP STYLE="border-right: #000000 1pt solid; border-bottom: #000000 1pt solid; width: 1%; text-align: left; padding-right: 6pt; padding-left: 6pt"></TD></TR>
<TR vAlign=bottom>
   <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: #000000 1pt solid; border-left: Black 1pt solid; width: 97%; text-align: left; padding-right: 6pt; padding-left: 6pt"></TD>
   <TD NOWRAP STYLE="border-right: #000000 1pt solid; border-bottom: #000000 1pt solid; width: 1%; text-align: left; padding-right: 6pt; padding-left: 6pt"><FONT size=2 face="Times New Roman">$16,500 &#8211; FLC</FONT></TD>
   <TD NOWRAP STYLE="border-right: #000000 1pt solid; border-bottom: #000000 1pt solid; width: 1%; text-align: left; padding-right: 6pt; padding-left: 6pt"></TD></TR>
<TR vAlign=bottom>
   <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: #000000 1pt solid; border-left: Black 1pt solid; width: 97%; text-align: left; padding-right: 6pt; padding-left: 6pt"></TD>
   <TD NOWRAP STYLE="border-right: #000000 1pt solid; border-bottom: #000000 1pt solid; width: 1%; text-align: left; padding-right: 6pt; padding-left: 6pt"><FONT size=2 face="Times New Roman">$16,500 &#8211; DFP</FONT></TD>
   <TD NOWRAP STYLE="border-right: #000000 1pt solid; border-bottom: #000000 1pt solid; width: 1%; text-align: left; padding-right: 6pt; padding-left: 6pt"></TD></TR>
<TR vAlign=bottom>
   <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: #000000 1pt solid; border-left: Black 1pt solid; width: 97%; text-align: left; padding-right: 6pt; padding-left: 6pt">&nbsp;</TD>
   <TD NOWRAP STYLE="border-right: #000000 1pt solid; border-bottom: #000000 1pt solid; width: 1%; text-align: left; padding-right: 6pt; padding-left: 6pt"><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD NOWRAP STYLE="border-right: #000000 1pt solid; border-bottom: #000000 1pt solid; width: 1%; text-align: left; padding-right: 6pt; padding-left: 6pt"><FONT size=2 face="Times New Roman"></FONT></TD></TR>
<TR vAlign=bottom>
   <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: #000000 1pt solid; border-left: Black 1pt solid; width: 97%; text-align: left; padding-right: 6pt; padding-left: 6pt"><FONT size=2 face="Times New Roman">Karen H. Hogan</FONT></TD>
   <TD NOWRAP STYLE="border-right: #000000 1pt solid; border-bottom: #000000 1pt solid; width: 1%; text-align: left; padding-right: 6pt; padding-left: 6pt"><FONT size=2 face="Times New Roman">$19,500 &#8211; PFD</FONT></TD>
   <TD NOWRAP STYLE="border-right: #000000 1pt solid; border-bottom: #000000 1pt solid; width: 1%; text-align: left; padding-right: 6pt; padding-left: 6pt"><FONT size=2 face="Times New Roman">$97,500 (5)</FONT></TD></TR>
<TR vAlign=bottom>
   <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: #000000 1pt solid; border-left: Black 1pt solid; width: 97%; text-align: left; padding-right: 6pt; padding-left: 6pt"><FONT size=2 face="Times New Roman">Director, Audit Committee Chair</FONT></TD>
   <TD NOWRAP STYLE="border-right: #000000 1pt solid; border-bottom: #000000 1pt solid; width: 1%; text-align: left; padding-right: 6pt; padding-left: 6pt"><FONT size=2 face="Times New Roman">$19,500 &#8211; PFO</FONT></TD>
   <TD NOWRAP STYLE="border-right: #000000 1pt solid; border-bottom: #000000 1pt solid; width: 1%; text-align: left; padding-right: 6pt; padding-left: 6pt"></TD></TR>
<TR vAlign=bottom>
   <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: #000000 1pt solid; border-left: Black 1pt solid; width: 97%; text-align: left; padding-right: 6pt; padding-left: 6pt"></TD>
   <TD NOWRAP STYLE="border-right: #000000 1pt solid; border-bottom: #000000 1pt solid; width: 1%; text-align: left; padding-right: 6pt; padding-left: 6pt"><FONT size=2 face="Times New Roman">$19,500 &#8211; FFC</FONT></TD>
   <TD NOWRAP STYLE="border-right: #000000 1pt solid; border-bottom: #000000 1pt solid; width: 1%; text-align: left; padding-right: 6pt; padding-left: 6pt"></TD></TR>
<TR vAlign=bottom>
   <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: #000000 1pt solid; border-left: Black 1pt solid; width: 97%; text-align: left; padding-right: 6pt; padding-left: 6pt"></TD>
   <TD NOWRAP STYLE="border-right: #000000 1pt solid; border-bottom: #000000 1pt solid; width: 1%; text-align: left; padding-right: 6pt; padding-left: 6pt"><FONT size=2 face="Times New Roman">$19,500 &#8211; FLC</FONT></TD>
   <TD NOWRAP STYLE="border-right: #000000 1pt solid; border-bottom: #000000 1pt solid; width: 1%; text-align: left; padding-right: 6pt; padding-left: 6pt"></TD></TR>
<TR vAlign=bottom>
   <TD NOWRAP STYLE="border-right: Black 1pt solid; border-bottom: #000000 1pt solid; border-left: Black 1pt solid; width: 97%; text-align: left; padding-right: 6pt; padding-left: 6pt"></TD>
   <TD NOWRAP STYLE="border-right: #000000 1pt solid; border-bottom: #000000 1pt solid; width: 1%; text-align: left; padding-right: 6pt; padding-left: 6pt"><FONT size=2 face="Times New Roman">$19,500 &#8211; DFP</FONT></TD>
   <TD NOWRAP STYLE="border-right: #000000 1pt solid; border-bottom: #000000 1pt solid; width: 1%; text-align: left; padding-right: 6pt; padding-left: 6pt"></TD></TR></TABLE><DIV>____________________</DIV><BR>
<TABLE STYLE="LINE-HEIGHT: NORMAL; BORDER-COLLAPSE: COLLAPSE" CELLSPACING=0 CELLPADDING=0 WIDTH="100%" BORDER=0>
<TR vAlign=bottom>
   <TD vAlign=top width="1%" align=left><FONT size=2 face="Times New Roman"></FONT><FONT size=2 face="Times New Roman">*</FONT></TD>
   <TD vAlign=top width="1%" align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
   <TD vAlign=top width="98%" align=left><FONT size=2 face="Times New Roman">Represents the total compensation paid for the fiscal year ended November 30, 2017 to such persons by the Funds, which are considered part of the same &#8220;fund complex&#8221;
because they have a common adviser. The parenthetical number represents the total number of investment company directorships held by the Director or Nominee in the Fund Complex as of November 30, 2017.</FONT></TD></TR></TABLE>
<P style="TEXT-ALIGN: center"><FONT size=2 face="Times New Roman">11</FONT></P>
<HR align=center SIZE=2 width="100%" noShade>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face="Times New Roman">Required Vote</FONT></B></P>
<P STYLE="text-align: left; text-indent: 15pt"><FONT size=2 face="Times New Roman">The election of Mr. Gale as Director of PFO and DFP, the election of Mr. Gust as Director of FFC and FLC and the election of Ms. Hogan as Director of PFD will require the affirmative vote of
a plurality of the votes cast by holders of the Shares of each such Fund at the Annual Meeting in person or by proxy.</FONT></P>
<P style="TEXT-ALIGN: left"><B><FONT size=2 face="Times New Roman">Independent Registered Public Accounting Firm</FONT></B></P>
<P STYLE="text-align: left; text-indent: 15pt"><FONT size=2 face="Times New Roman">KPMG, Two Financial Center, 60 South Street, Boston, Massachusetts 02111, has been selected to serve as each Fund&#8217;s independent accountants for each Fund&#8217;s fiscal year ending
November 30, 2018. KPMG acted as the independent accountants for each Fund for the fiscal year ended November 30, 2017. The Funds know of no direct financial or material indirect financial interest of KPMG in the Funds. A representative of KPMG will not
be present at the Annual Meetings, but will be available by telephone to respond to appropriate questions and will have an opportunity to make a statement.</FONT></P>
<P STYLE="text-align: left; text-indent: 15pt"><FONT size=2 face="Times New Roman">Set forth in the table below are audit fees and non-audit related fees billed to each Fund by KPMG for professional services for the fiscal years ended November 30, 2016 and November 30,
2017, respectively.</FONT></P>
<TABLE STYLE="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: COLLAPSE" CELLSPACING=0 CELLPADDING=0 WIDTH="100%" BORDER=0>
<TR vAlign=bottom>
   <TD width="90%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman">Fiscal Year</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD width="90%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman">Ended</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman">Audit-Related</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left></TD></TR>
<TR vAlign=bottom>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="90%" noWrap align=left><FONT size=2 face="Times New Roman">Fund</FONT></TD>
   <TD width="1%" noWrap align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=left><FONT size=2 face="Times New Roman">November 30</FONT></TD>
   <TD width="1%" noWrap align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=left><FONT size=2 face="Times New Roman">Audit Fees</FONT></TD>
   <TD width="1%" noWrap align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=left><FONT size=2 face="Times New Roman">Fees</FONT></TD>
   <TD width="1%" noWrap align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=left><FONT size=2 face="Times New Roman">Tax Fees*</FONT></TD>
   <TD width="1%" noWrap align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
   <TD style="BORDER-BOTTOM: #000000 1pt solid" width="1%" noWrap align=left><FONT size=2 face="Times New Roman">All Other Fees</FONT></TD></TR>
<TR vAlign=bottom>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="90%" noWrap align=left><FONT size=2 face="Times New Roman">PFD</FONT></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left><FONT size=2 face="Times New Roman">2016</FONT></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left><FONT size=2 face="Times New Roman">$48,500</FONT></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left><FONT size=2 face="Times New Roman">$0</FONT></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left><FONT size=2 face="Times New Roman">$9,100</FONT></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left><FONT size=2 face="Times New Roman">$0</FONT></TD></TR>
<TR vAlign=bottom>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="90%" noWrap align=left></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left><FONT size=2 face="Times New Roman">2017</FONT></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left><FONT size=2 face="Times New Roman">$48,500</FONT></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left><FONT size=2 face="Times New Roman">$0</FONT></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left><FONT size=2 face="Times New Roman">$9,100</FONT></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left><FONT size=2 face="Times New Roman">$0</FONT></TD></TR>
<TR vAlign=bottom>
   <TD width="90%" noWrap align=left><FONT size=2 face="Times New Roman">PFO</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman">2016</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman">$48,500</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman">$0</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman">$9,100</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman">$0</FONT></TD></TR>
<TR vAlign=bottom>
   <TD width="90%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman">2017</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman">$48,500</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman">$0</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman">$9,100</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman">$0</FONT></TD></TR>
<TR vAlign=bottom>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="90%" noWrap align=left><FONT size=2 face="Times New Roman">FFC</FONT></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left><FONT size=2 face="Times New Roman">2016</FONT></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left><FONT size=2 face="Times New Roman">$48,500</FONT></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left><FONT size=2 face="Times New Roman">$0</FONT></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left><FONT size=2 face="Times New Roman">$9,100</FONT></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left><FONT size=2 face="Times New Roman">$0</FONT></TD></TR>
<TR vAlign=bottom>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="90%" noWrap align=left></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left><FONT size=2 face="Times New Roman">2017</FONT></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left><FONT size=2 face="Times New Roman">$48,500</FONT></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left><FONT size=2 face="Times New Roman">$0</FONT></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left><FONT size=2 face="Times New Roman">$9,100</FONT></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left><FONT size=2 face="Times New Roman">$0</FONT></TD></TR>
<TR vAlign=bottom>
   <TD width="90%" noWrap align=left><FONT size=2 face="Times New Roman">FLC</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman">2016</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman">$48,500</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman">$0</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman">$9,100</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman">$0</FONT></TD></TR>
<TR vAlign=bottom>
   <TD width="90%" noWrap align=left></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman">2017</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman">$48,500</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman">$0</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman">$9,100</FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD width="1%" noWrap align=left><FONT size=2 face="Times New Roman">$0</FONT></TD></TR>
<TR vAlign=bottom>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="90%" noWrap align=left><FONT size=2 face="Times New Roman">DFP</FONT></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left><FONT size=2 face="Times New Roman">2016</FONT></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left><FONT size=2 face="Times New Roman">$48,500</FONT></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left><FONT size=2 face="Times New Roman">$0</FONT></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left><FONT size=2 face="Times New Roman">$9,100</FONT></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left><FONT size=2 face="Times New Roman">$0</FONT></TD></TR>
<TR vAlign=bottom>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="90%" noWrap align=left></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left><FONT size=2 face="Times New Roman">2017</FONT></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left><FONT size=2 face="Times New Roman">$48,500</FONT></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left><FONT size=2 face="Times New Roman">$0</FONT></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left><FONT size=2 face="Times New Roman">$9,100</FONT></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left><FONT size=2 face="Times New Roman"></FONT></TD>
   <TD style="BACKGROUND-COLOR: #c0c0c0" width="1%" noWrap align=left><FONT size=2 face="Times New Roman">$0</FONT></TD></TR></TABLE><DIV>____________________</DIV><BR>
<TABLE STYLE="LINE-HEIGHT: NORMAL; BORDER-COLLAPSE: COLLAPSE" CELLSPACING=0 CELLPADDING=0 WIDTH="100%" BORDER=0>
<TR vAlign=bottom>
   <TD WIDTH="1%" NOWRAP STYLE="text-align: left; vertical-align: top"><FONT size=2 face="Times New Roman">*</FONT></TD>
   <TD WIDTH="1%" NOWRAP STYLE="text-align: left; vertical-align: top">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
   <TD STYLE="width: 98%; text-align: left; vertical-align: top"><FONT size=2 face="Times New Roman">&#8220;Tax Fees&#8221; are those fees billed to each Fund by KPMG in connection with tax consulting services, including primarily the review of each Fund&#8217;s income tax
returns.</FONT></TD></TR></TABLE>
<P STYLE="text-align: left; text-indent: 15pt"><FONT size=2 face="Times New Roman">Each Fund&#8217;s Audit Committee Charter requires that the Audit Committee pre-approve all audit and non-audit services to be provided by the independent accountants to the Fund, and all
non-audit services to be provided by the independent accountants to the Fund&#8217;s investment adviser and any entity controlling, controlled by or under common control with the Funds&#8217; investment adviser (&#8220;affiliates&#8221;) that provide
on-going services to each Fund, if the engagement relates directly to the operations and financial reporting of each Fund, or to establish detailed pre-approval policies and procedures for such services in accordance with applicable laws. All of the
audit and non-audit services described above for which KPMG billed each Fund fees for the fiscal years ended November 30, 2016 and November 30, 2017, respectively, were pre-approved by the Audit Committee.</FONT></P>
<P STYLE="text-align: left; text-indent: 15pt"><FONT size=2 face="Times New Roman">For each Fund&#8217;s fiscal years ended November 30, 2016 and November 30, 2017, respectively, KPMG did not provide any non-audit services (or bill any fees for such services) to the
Funds&#8217; investment adviser or any affiliates.</FONT></P>
<P STYLE="text-align: center"><B><FONT size=2 face="Times New Roman">OTHER MATTERS TO COME BEFORE THE ANNUAL MEETINGS</FONT></B></P>
<P STYLE="text-align: left; text-indent: 15pt"><FONT size=2 face="Times New Roman">Each Fund does not intend to present any other business at the relevant Annual Meeting, nor is any Fund aware that any shareholder intends to do so. If, however, any other matters are
properly brought before the Annual Meeting, the persons named in the accompanying form of proxy will vote thereon in accordance with their judgment.</FONT></P>
<P style="TEXT-ALIGN: center"><FONT size=2 face="Times New Roman">12</FONT></P>
<HR align=center SIZE=2 width="100%" noShade>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>

<P style="TEXT-ALIGN: center"><B><FONT size=2 face="Times New Roman">ADDITIONAL INFORMATION</FONT></B></P>
<P style="TEXT-ALIGN: left"><B><FONT size=2 face="Times New Roman">Investment Adviser, Administrator and Servicing Agent</FONT></B></P>
<P STYLE="text-align: left; text-indent: 15pt"><FONT size=2 face="Times New Roman">Flaherty &amp; Crumrine serves as the investment adviser to each Fund, and its business address is 301 E. Colorado Boulevard, Suite 720, Pasadena, California 91101. BNYM acts as the
administrator to each Fund and is located at 4400 Computer Drive, Westborough, Massachusetts 01581. Destra Capital Investments LLC acts as the servicing agent to FFC, FLC and DFP and is located at One North Wacker Drive, 48<SUP>th </SUP>Floor, Chicago, Illinois 60606.</FONT></P>
<P style="TEXT-ALIGN: left"><B><FONT size=2 face="Times New Roman">Compliance with the Securities Exchange Act of 1934</FONT></B></P>
<P STYLE="text-align: left; text-indent: 15pt"><FONT size=2 face="Times New Roman">Section 16(a) of the 1934 Act and Section 30(h) of the 1940 Act require each Fund&#8217;s Directors and executive officers, certain persons affiliated with Flaherty &amp; Crumrine and
persons who beneficially own more than 10% of a registered class of a Fund&#8217;s securities to file reports of ownership and changes of ownership with the SEC and the NYSE and to furnish each Fund with copies of such forms they file. Based solely upon
its review of the copies of such forms received by it and written representations from certain of such persons, each Fund believes that during the fiscal year ended November 30, 2017 all such filing requirements applicable to such persons were met in a
timely manner, except that Bradford S. Stone, an officer of the Funds and an affiliated person of each Fund&#8217;s investment adviser, failed to file a Form 5 with respect to PFO in a timely manner.</FONT></P>
<P style="TEXT-ALIGN: left"><B><FONT size=2 face="Times New Roman">Submission of Shareholder Proposals - 2019 Annual Meetings</FONT></B></P>
<P STYLE="text-align: left; text-indent: 15pt"><FONT size=2 face="Times New Roman">All proposals by shareholders of each Fund that are intended to be presented at each Fund&#8217;s next Annual Meeting of Shareholders to be held in 2019 must be received by the relevant Fund
for consideration for inclusion in the relevant Fund&#8217;s proxy statement relating to the meeting no later than November 6, 2018, and must satisfy the requirements of federal securities laws.</FONT></P>
<P STYLE="text-align: left; text-indent: 15pt"><FONT size=2 face="Times New Roman">Each Fund&#8217;s bylaws require shareholders wishing to nominate Directors or make proposals to be voted on at the Fund&#8217;s annual meeting to provide timely advance notice of the
proposal in writing. To be considered timely, any such advance notice must be in writing delivered to or mailed and received at the principal executive offices of the Fund at the address set forth on the first page of this Joint Proxy Statement not
earlier than the 150<SUP>th </SUP>day nor later than 5:00 p.m., Eastern Time, on the 120<SUP>th </SUP>day prior to the first anniversary of the date of the proxy statement for the preceding year&#8217;s annual meeting; provided, however, that in the event that the date of the annual meeting is advanced or delayed by more than 30
days from the first anniversary of the date of the preceding year&#8217;s annual meeting, notice by the shareholder to be timely must be so delivered not earlier than the 150<SUP>th </SUP>day prior to the date of such annual meeting and not later than 5:00 p.m., Eastern Time, on the later of the 120<SUP>th </SUP>day prior to the
date of such annual meeting, as originally convened, or the tenth day following the day on which public announcement of the date of such meeting is first made.</FONT></P>
<P STYLE="text-align: left; text-indent: 15pt"><FONT size=2 face="Times New Roman">Any such notice by a shareholder shall set forth the information required by the Fund&#8217;s bylaws with respect to each matter the shareholder proposes to bring before the annual
meeting.</FONT></P>
<P style="TEXT-ALIGN: left"><B><FONT size=2 face="Times New Roman">&#8220;Householding&#8221;</FONT></B></P>
<P STYLE="text-align: left; text-indent: 15pt"><FONT size=2 face="Times New Roman">Please note that only one annual or semi-annual report or Joint Proxy Statement may be delivered to two or more shareholders of a Fund who share an address, unless the Fund has received
instructions to the contrary. To request a separate copy of an annual report or semi-annual report or this Joint Proxy Statement, or for instructions regarding how to request a separate copy of these documents or regarding how to request a single copy if
multiple copies of these documents are received, shareholders should contact BNY Mellon C/O Computershare, P.O. Box 30170, College Station, Texas 77842-3170 or by phone at 1-866-351-7446.</FONT></P>
<P style="TEXT-ALIGN: left"><B><FONT size=2 face="Times New Roman">Voting Results</FONT></B></P>
<P STYLE="text-align: left; text-indent: 15pt"><FONT size=2 face="Times New Roman">Each Fund will advise its shareholders of the voting results of the matters voted upon at its Annual Meeting in its next Semi-Annual Report to Shareholders.</FONT></P>
<P style="TEXT-ALIGN: center"><FONT size=2 face="Times New Roman">13</FONT></P>
<HR align=center SIZE=2 width="100%" noShade>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV>

<P style="TEXT-ALIGN: left"><B><FONT size=2 face="Times New Roman">Broker Non-Votes and Abstentions</FONT></B></P>
<P STYLE="text-align: left; text-indent: 15pt"><FONT size=2 face="Times New Roman">A proxy which is properly executed and returned accompanied by instructions to withhold authority to vote represents a broker &#8220;non-vote&#8221; (i.e., Shares held by brokers or nominees
as to which (i) instructions have not been received from the beneficial owners or the persons entitled to vote and (ii) the broker or nominee does not have discretionary voting power on a particular matter). Proxies that withhold authority or broker
non-votes (collectively, &#8220;abstentions&#8221;) will be counted as Shares that are present and entitled to vote at the meeting for purposes of determining the presence of a Quorum.</FONT></P>
<P STYLE="text-align: left; text-indent: 15pt"><FONT size=2 face="Times New Roman">With respect to Proposal 1 for the Annual Meetings, abstentions do not constitute a vote &#8220;for&#8221; the Nominees for Director.</FONT></P>
<P style="TEXT-ALIGN: center"><B><FONT size=2 face="Times New Roman">NOTICE TO BANKS, BROKER/DEALERS AND VOTING TRUSTEES AND THEIR NOMINEES</FONT></B></P>
<P STYLE="text-align: left; text-indent: 15pt"><FONT size=2 face="Times New Roman">Please advise the Funds whether other persons are the beneficial owners of Shares for which proxies are being solicited from you, and, if so, the number of copies of the Joint Proxy
Statement and other soliciting material you wish to receive in order to supply copies to the beneficial owners of Shares.</FONT></P>
<P style="TEXT-ALIGN: left"><B><FONT size=2 face="Times New Roman">IT IS IMPORTANT THAT PROXIES BE RETURNED PROMPTLY. SHAREHOLDERS WHO DO NOT EXPECT TO ATTEND THE RELEVANT MEETINGS ARE THEREFORE URGED TO COMPLETE, SIGN, DATE AND RETURN ALL PROXY CARDS AS
SOON AS POSSIBLE IN THE ENCLOSED POSTAGE-PAID ENVELOPE.</FONT></B></P>
<P style="TEXT-ALIGN: center"><FONT size=2 face="Times New Roman">14</FONT></P>
<HR align=center SIZE=2 width="100%" noShade>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV>

<P align=center><B><FONT face="times new roman" size=4>EVERY SHAREHOLDER&#146;S VOTE IS IMPORTANT
</FONT></B></P>

<DIV align=right>
<TABLE style="BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="40%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="100%" colSpan=3><B><FONT face="times new roman" size=4>EASY VOTING
      OPTIONS:</FONT></B></TD></TR>
    <TR>
    <TD NOWRAP STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: left">&nbsp;</TD></TR>
<TR>
    <TD vAlign=top noWrap align=center width="19%"><IMG src="fandcflc3387613-def14ax.jpg" border=0></TD>
    <TD vAlign=top noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD vAlign=top noWrap align=left width="80%">
      <P align=center><B><FONT face="times new roman" size=2>VOTE BY MAIL<BR>Vote, sign and
      date this Proxy <BR>Card and return in the <BR>postage-paid envelope
      </FONT></B></P></TD></TR>
    <TR>
    <TD NOWRAP STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: left">&nbsp;</TD></TR>
<TR>
    <TD vAlign=top noWrap align=center width="19%"><IMG src="fandcflc3387613-def14a2.jpg" border=0></TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=left width="80%">
      <P align=center><B><FONT face="times new roman" size=2>VOTE IN PERSON<BR>Attend
      Shareholder Meeting <BR>301 East Colorado Blvd., Suite 720 <BR>Pasadena,
      California <BR>on April 18, 2018
</FONT></B></P></TD></TR></TABLE></DIV><BR><BR><BR>
<P align=center><FONT face="times new roman" size=2><b>Please fold along the perforation,
detach and return the bottom portion in the enclosed envelope. </b></FONT></P>
<TABLE style="BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="5%"><B><FONT face="times new roman" size=2>PROXY</FONT></B></TD>
    <TD vAlign=top noWrap align=center width="90%"><B><FONT face="times new roman" size=2>FLAHERTY
      &amp; CRUMRINE TOTAL RETURN FUND INCORPORATED<BR>ANNUAL MEETING OF
      SHAREHOLDERS<BR>TO BE HELD ON APRIL 18, 2018</FONT></B></TD>
    <TD vAlign=top noWrap align=right width="5%"></TD></TR></TABLE>
<P align=justify><B><FONT face="times new roman" size=2>THIS PROXY IS BEING SOLICITED BY THE
BOARD OF DIRECTORS</FONT></B><FONT face="times new roman" size=2>. The undersigned holder of
shares of Common Stock of Flaherty &amp; Crumrine Total Return Fund
Incorporated, a Maryland corporation (the &#147;Fund&#148;), hereby appoints R. Eric Chadwick, Bradford S. Stone and Chad C. Conwell, proxies for the undersigned, each with full powers
of substitution and revocation, to represent the undersigned and to vote on
behalf of the undersigned all shares of Common Stock which the undersigned is
entitled to vote at the Annual Meeting of Shareholders of the Fund to be held at
the offices of Flaherty &amp; Crumrine Incorporated, 301 East Colorado
Boulevard, Suite 720, Pasadena, California 91101 at 8:00 a.m. PT, on April 18, 2018, and any adjournments or postponements thereof (the &#147;Meeting&#148;). </FONT></P>
<P align=justify><FONT face="times new roman" size=2>The undersigned hereby acknowledges
receipt of the Notice of Annual Meeting and Joint Proxy Statement and hereby
instructs said proxies to vote said shares as indicated hereon. In their
discretion, the proxies are authorized to vote upon such other business as may
properly come before the Meeting. A majority of the proxies present and acting
at the Meeting in person or by substitute (or, if only one shall be so present,
then that one) shall have and may exercise all of the power and authority of
said proxies hereunder. The undersigned hereby revokes any proxy previously
given. </FONT></P>
<DIV style="FLOAT: right; WIDTH: 40%">
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-TOP: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="55%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="5%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-TOP: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="40%">&nbsp;</TD></TR></TABLE><BR><BR>


<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="100%"><B><FONT face="times new roman" size=2>CHANGE OF ADDRESS
      </FONT></B></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="100%">&nbsp;</TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="100%">&nbsp;</TD></TR>                                                                                                <TR>
    <TD NOWRAP STYLE="border-bottom: #000000 1pt solid; text-align: left">&nbsp;</TD></TR>
</TABLE>

</DIV><BR clear=all><BR>
<P align=center><B><FONT face="times new roman" size=2>PLEASE SIGN, DATE AND RETURN THE
PROXY PROMPTLY USING THE ENCLOSED ENVELOPE.</FONT></B></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV>
<P align=center><B><FONT face="times new roman" size=4>EVERY SHAREHOLDER&#146;S VOTE IS
IMPORTANT</FONT></B></P>
<P align=center><STRONG><FONT face="times new roman" size=4></FONT></STRONG>&nbsp;</P>
<P align=center><STRONG><FONT face="times new roman" size=4></FONT></STRONG>&nbsp;</P>
<P align=center><B><FONT face="times new roman">Important Notice Regarding the Availability
of Proxy Materials for the<BR>Annual Meeting of Shareholders to Be Held on April 18, 2018.<BR></FONT></B><B><FONT face="times new roman">The Joint Proxy Statement and Proxy
Card for this meeting are available at:<BR></FONT></B><B><U><FONT face="times new roman">www.preferredincome.com</FONT></U></B></P>
<P align=center><FONT face="times new roman" size=2></FONT>&nbsp;</P>
<P align=center><FONT face="times new roman" size=2></FONT>&nbsp;</P>
<P align=center><FONT face="times new roman" size=2></FONT>&nbsp;</P>
<P align=center><FONT face="times new roman" size=2></FONT>&nbsp;</P>
<P align=center><FONT face="times new roman" size=2></FONT>&nbsp;</P>
<P align=center><FONT face="times new roman" size=2></FONT>&nbsp;</P>
<P align=center><FONT face="times new roman" size=2><b>Please fold along the perforation,
detach and return the bottom portion in the enclosed envelope.</b></FONT></P>
<P align=center><FONT face="times new roman" size=2></FONT></P>

<DIV align=left><B><FONT face="times new roman" size=2>TO VOTE MARK BLOCKS BELOW IN BLUE OR BLACK INK AS SHOWN IN THIS EXAMPLE: </FONT></B><B><FONT face="times new roman" size=5>&#9746;</font></B></DIV>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD NOWRAP STYLE="text-align: center; width: 2%; background-color: #000000"><FONT color=#ffffff><B><FONT face="Times New Roman" size=2>&nbsp;A&nbsp;&nbsp;</FONT></B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%">&nbsp;&nbsp;&nbsp; </TD>

    <TD noWrap style="WIDTH: 91%; TEXT-ALIGN: left"  colSpan=6><B><FONT face="Times New Roman" size=2>Proposal&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;THE BOARD OF DIRECTORS RECOMMENDS A VOTE &#147;FOR&#148; THE NOMINEE
      LISTED.</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="vertical-align: middle; text-align: center; width: 2%"><B><FONT face="Times New Roman" size=2>1.</FONT></B></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><B><FONT face="Times New Roman" size=2></FONT></B></TD>
    <TD noWrap align=left width="89%" colSpan=2><B><FONT face="Times New Roman" size=2>Election of
      Director:</FONT></B></TD>
    <TD noWrap align=center width="1%" ></TD>
    <TD noWrap align=center width="3%"><B><FONT face="Times New Roman" size=1>FOR</FONT></B></TD>
    <TD noWrap align=center width="1%">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap align=center width="2%"><B><FONT face="Times New Roman" size=1>WITHHOLD</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="vertical-align: middle; text-align: center; width: 2%"></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%">&nbsp;</TD>
    <TD noWrap align=left width="89%" colSpan=2><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;01 Morgan Gust</FONT></TD>
    <TD noWrap width="1%" >&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="VERTICAL-ALIGN: middle; WIDTH: 3%; TEXT-ALIGN: center" noWrap width="3%"><FONT face="Times New Roman" size=2>&#9744;</FONT></TD>
    <TD noWrap align=center width="1%"></TD>
    <TD noWrap align=center width="2%"><FONT face="Times New Roman" size=2>&#9744;</FONT></TD></TR>
  <TR>
    <TD vAlign=middle align=center width="99%" colSpan=8>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=middle align=center width="99%" colSpan=8>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD NOWRAP STYLE="vertical-align: top; text-align: center; width: 2%"><B><FONT face="Times New Roman" size=2>2.</FONT></B></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><B><FONT face="Times New Roman" size=2></FONT></B></TD>
    <TD colspan=2 style="LINE-HEIGHT: normal; TEXT-ALIGN: justify" align=left width="89%"><FONT face="Times New Roman" size=2>To vote and otherwise represent the
      undersigned on any other matter that may properly come before the Meeting
      or any adjournment or postponement thereof in the discretion of the Proxy
      holder.</FONT></TD>
      <TD >&nbsp;</TD>
      <TD >&nbsp;</TD>
      <TD >&nbsp;</TD>      <TD >&nbsp;</TD>
</TR>
  <TR>
    <TD width="99%" colSpan=8>&nbsp;</TD></TR>
  <TR>
    <TD width="99%" colSpan=8>&nbsp;</TD></TR>
  <TR>
    <TD width="99%" colSpan=8>&nbsp;</TD></TR>
  <TR>
    <TD width="99%" colSpan=8>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="text-align: center; width: 2%; background-color: #000000"><FONT color=#ffffff><B><FONT face="Times New Roman" size=2>&nbsp;&nbsp;B&nbsp;&nbsp;</FONT></B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"></TD>
    <TD style="WIDTH: 89%; TEXT-ALIGN: left" width="96%" colSpan=6><FONT face="Times New Roman" size=2><STRONG>Authorized Signatures&nbsp;</STRONG><FONT size=3><STRONG>&#150;</STRONG></FONT><STRONG> This section must be completed for your vote to be
      counted. </STRONG><FONT size=3><STRONG>&#150;</STRONG> </FONT><STRONG>Sign and Date
      Below</STRONG></FONT></TD></TR></TABLE>
<DIV align=justify style="padding-top: 3pt; padding-bottom: 3pt; padding-left: 20pt; text-indent: -20pt"><FONT face="times new roman" size=1><B>Note:</B> Please sign exactly as your name(s) appear(s) on this proxy card, and date it. When shares are held jointly, each holder should sign. When signing as attorney, executor, administrator, trustee, officer of
corporation or other entity or in another representative capacity, please give the full title under the signature.</FONT></DIV>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD STYLE="text-align: left; width: 32%"><STRONG><FONT face="times new roman" size=1>Date
      (mm/dd/yyyy) &#9472; Please print date below</FONT></STRONG></TD>
    <TD align=left width="1%" ></TD>
    <TD STYLE="text-align: left; width: 33%"><STRONG><FONT face="times new roman" size=1>Signature 1 &#9472; Please keep signature within the
    box</FONT></STRONG></TD>
    <TD align=left width="1%" ></TD>
    <TD STYLE="text-align: left; width: 33%"><STRONG><FONT face="times new roman" size=1>Signature 2 <STRONG>&#9472;</STRONG> Please keep signature within the
    box</FONT></STRONG></TD></TR>
  <TR>
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    <TD width="1%">&nbsp;&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1.5pt solid; BORDER-TOP: #000000 1.5pt solid; BORDER-LEFT: #000000 1.5pt solid; BORDER-BOTTOM: #000000 1.5pt solid" width="33%">&nbsp;</TD>
    <TD width="1%">&nbsp;&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1.5pt solid; BORDER-TOP: #000000 1.5pt solid; BORDER-LEFT: #000000 1.5pt solid; BORDER-BOTTOM: #000000 1.5pt solid" width="33%">&nbsp;</TD></TR></TABLE><BR>




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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
