<SEC-DOCUMENT>0001206774-15-000832.txt : 20150309
<SEC-HEADER>0001206774-15-000832.hdr.sgml : 20150309
<ACCEPTANCE-DATETIME>20150309162457
ACCESSION NUMBER:		0001206774-15-000832
CONFORMED SUBMISSION TYPE:	DEF 14A
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20150421
FILED AS OF DATE:		20150309
DATE AS OF CHANGE:		20150309
EFFECTIVENESS DATE:		20150309

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Flaherty & Crumrine PREFERRED INCOME OPPORTUNITY FUND INC
		CENTRAL INDEX KEY:			0000882071
		IRS NUMBER:				954355600
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1130

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-06495
		FILM NUMBER:		15685493

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

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	PREFERRED INCOME OPPORTUNITY FUND INC
		DATE OF NAME CHANGE:	19920929
</SEC-HEADER>
<DOCUMENT>
<TYPE>DEF 14A
<SEQUENCE>1
<FILENAME>fandcpiofi_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 size=2 face="Times New Roman">[ &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 size=2 face="Times New Roman">[&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 size=2 face="Times New Roman">[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 size=2 face="Times New Roman">[&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 size=2 face="Times New Roman">[&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 Preferred Income Opportunity Fund Incorporated</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap style="text-align: center" 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>
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  <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 size=2 face="Times New Roman">[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 size=2 face="Times New Roman">[&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 size=2 face="Times New Roman">(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 size=2 face="Times New Roman">(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 size=2 face="Times New Roman">(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 size=2 face="Times New Roman">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 size=2 face="Times New Roman">(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 size=2 face="Times New Roman">(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 size=2 face="Times New Roman">[&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 size=2 face="Times New Roman"></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 size=2 face="Times New Roman">[&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 size=2 face="Times New Roman">(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 size=2 face="Times New Roman">(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 size=2 face="Times New Roman">(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 size=2 face="Times New Roman">(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><BR>
<P align=center><FONT face="Times New Roman" size=2><b>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)</b></FONT></P>
<P align=center><FONT face="Times New Roman" size=2>301 E. Colorado Boulevard,
Suite 720<BR>Pasadena, California 91101 </FONT></P>
<P align=center><FONT face="Times New Roman" size=2><b>NOTICE OF ANNUAL MEETINGS OF
SHAREHOLDERS</b><BR>To Be Held on April 21, 2015 </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2>To the
Shareholders:</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>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
&#147;Fund&#148; and collectively, the &#147;Funds&#148;), 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 21,
2015, for the following purposes:</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Each Fund:</FONT></P>
<TABLE style="TEXT-ALIGN: justify" cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>1.</FONT></TD>
    <TD></TD>
    <TD width="100%"><FONT face="Times New Roman" size=2>To elect Directors of
      each Fund (Proposal 1).</FONT></TD></TR>
  <TR>
    <TD vAlign=top noWrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD vAlign=top noWrap></TD>
    <TD>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD width="100%"></TD></TR>
  <TR>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>2.</FONT></TD>
    <TD></TD>
    <TD width="100%"><FONT face="Times New Roman" size=2>To transact such
      other business as may properly come before the Annual Meetings or any
      adjournments or <FONT face="Times New Roman" size=2>postponements thereof.
      </FONT></FONT></TD></TR></TABLE>
<P align=justify><FONT face="Times New Roman" size=2><b>Your vote is
important!</b></FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The Board of Directors of
each Fund has fixed the close of business on January 23, 2015 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>
    <TD noWrap align=left width="64%"></TD>
    <TD noWrap align=left width="35%">
      <P align=justify><FONT face="Times New Roman" size=2>By Order of the
      Boards of Directors, </FONT></P></TD></TR>
  <TR>
    <TD noWrap align=left width="64%"></TD>
    <TD noWrap align=left width="35%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="64%"><FONT face="Times New Roman" size=2>March 11, 2015</FONT></TD>
    <TD noWrap align=left width="35%"><FONT face="Times New Roman" size=2>Chad
      C. Conwell</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="64%"></TD>
    <TD noWrap align=left width="35%"><FONT face="Times New Roman" size=2><i>Secretary</i></FONT></TD></TR></TABLE><BR>
<TABLE cellSpacing=0 cellPadding=4 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" width="100%">
      <P align=center><FONT face="Times New Roman" size=2><STRONG>Important
      Notice Regarding the Availability of Proxy Materials for the Annual
      Meetings to Be<BR>Held on April 21, 2015 </STRONG></FONT></P>
      <P align=justify><STRONG><FONT face="Times New Roman" size=2>The notice of
      Annual Meetings, joint proxy statement, proxy cards and each Fund&#146;s annual
      report, including audited financial statements for the fiscal year ended
      November 30, 2014, are available to you on the Funds&#146; website -
      </FONT><FONT face="Times New Roman" size=2>www.preferredincome.com</FONT><FONT face="Times New Roman" size=2>
      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></STRONG></P>
      <P align=justify><FONT face="Times New Roman" size=2><STRONG>To obtain
      directions to attend the Annual Meetings and vote in person, please call
      1-626-795-7300. </STRONG></FONT></P>
      <P align=justify><STRONG><FONT face="Times New Roman" size=2>SEPARATE
      PROXY CARDS ARE ENCLOSED FOR EACH FUND IN WHICH YOU OWN SHARES. <br>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></STRONG></P></TD></TR></TABLE><BR>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=center><FONT face="Times New Roman" size=2><STRONG>INSTRUCTIONS FOR
SIGNING PROXY CARDS </STRONG></FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>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="TEXT-ALIGN: justify" cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>1.</FONT></TD>
    <TD width="100%"><I><FONT face="Times New Roman" size=2>Individual Accounts: </FONT></I><FONT face="Times New Roman" size=2>Sign your name exactly as it appears in the
      registration on the proxy card(s).</FONT></TD></TR>
  <TR>
    <TD vAlign=top noWrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD vAlign=top noWrap>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD width="100%"></TD></TR>
  <TR>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>2.</FONT></TD>
    <TD width="100%"><I><FONT face="Times New Roman" size=2>Joint Accounts: </FONT></I><FONT face="Times New Roman" size=2>Either party may sign, but the name of the
      party signing should conform exactly to a name shown in the
      registration.</FONT></TD></TR>
  <TR>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap></TD>
    <TD width="100%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>3.</FONT></TD>
    <TD width="100%"><I><FONT face="Times New Roman" size=2>All Other Accounts: </FONT></I><FONT face="Times New Roman" size=2>The capacity of the individual signing the
      proxy card should be indicated unless it is reflected in the form
      registration. For example:</FONT></TD></TR></TABLE>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

    <TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD>
    <TD NOWRAP COLSPAN="3" STYLE="text-align: left">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD></TR>
<TR vAlign=bottom>
    <TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD noWrap align=left width="49%" colSpan=3><U><FONT face="Times New Roman" size=2>Registration</FONT></U></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="48%"><U><FONT face="Times New Roman" size=2>Valid
      Signature</FONT></U></TD></TR>
  <TR>
    <TD width="1%"></TD>
    <TD align=left width="1%"></TD>
    <TD align=left width="98%" colSpan=5>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="49%" colSpan=3><FONT face="Times New Roman" size=2>Corporate Accounts</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="48%"></TD></TR>
  <TR>
    <TD width="1%"></TD>
    <TD align=left width="1%"></TD>
    <TD align=left width="98%" colSpan=5>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>(1)</FONT></TD>
    <TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap align=left width="47%"><FONT face="Times New Roman" size=2>ABC Corp.</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="48%"><FONT face="Times New Roman" size=2>ABC Corp.</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>(2)</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2></FONT></TD>
    <TD noWrap align=left width="47%"><FONT face="Times New Roman" size=2>ABC Corp.</FONT></TD>
    <TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap align=left width="48%"><FONT face="Times New Roman" size=2>John Doe, Treasurer</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>(3)</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2></FONT></TD>
    <TD noWrap align=left width="47%"><FONT face="Times New Roman" size=2>ABC Corp. c/o John Doe,
      Treasurer</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="48%"><FONT face="Times New Roman" size=2>John Doe</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>(4)</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2></FONT></TD>
    <TD noWrap align=left width="47%"><FONT face="Times New Roman" size=2>ABC Corp. Profit Sharing
      Plan</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="48%"><FONT face="Times New Roman" size=2>John Doe, Trustee</FONT></TD></TR>
  <TR>
    <TD width="1%"></TD>
    <TD align=left width="1%"></TD>
    <TD align=left width="98%" colSpan=5>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="49%" colSpan=3><FONT face="Times New Roman" size=2>Trust Accounts</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="48%"></TD></TR>
  <TR>
    <TD width="1%"></TD>
    <TD align=left width="1%"></TD>
    <TD align=left width="98%" colSpan=5>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>(1)</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2></FONT></TD>
    <TD noWrap align=left width="47%"><FONT face="Times New Roman" size=2>ABC Trust</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="48%"><FONT face="Times New Roman" size=2>Jane B. Doe, Trustee</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>(2)</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2></FONT></TD>
    <TD noWrap align=left width="47%"><FONT face="Times New Roman" size=2>Jane B. Doe, Trustee</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="48%"><FONT face="Times New Roman" size=2>Jane B. Doe</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="47%"><FONT face="Times New Roman" size=2>u/t/d 12/28/78</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="48%"></TD></TR>
  <TR>
    <TD width="1%">&nbsp;</TD>
    <TD align=left width="1%"></TD>
    <TD align=left width="98%" colSpan=5></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="49%" colSpan=3><FONT face="Times New Roman" size=2>Custodian or Estate
    Accounts</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="48%"></TD></TR>
  <TR>
    <TD width="1%"></TD>
    <TD align=left width="1%"></TD>
    <TD align=left width="98%" colSpan=5>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>(1)</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2></FONT></TD>
    <TD noWrap align=left width="47%"><FONT face="Times New Roman" size=2>John B. Smith, Cust.,</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="48%"><FONT face="Times New Roman" size=2>John B. Smith</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="47%"><FONT face="Times New Roman" size=2>f/b/o John B. Smith, Jr.
      UGMA</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="48%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>(2)</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2></FONT></TD>
    <TD noWrap align=left width="47%"><FONT face="Times New Roman" size=2>John B. Smith, Executor,</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="48%"><FONT face="Times New Roman" size=2>John B. Smith,
  Executor</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="47%"><FONT face="Times New Roman" size=2>Estate of Jane Smith</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="48%"></TD></TR></TABLE><BR>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=center><FONT face="Times New Roman" size=2><b>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)</b></FONT></P>
<P align=center><FONT face="Times New Roman" size=2>301 E. Colorado Boulevard,
Suite 720<BR>Pasadena, California 91101 </FONT></P>
<P align=center><FONT face="Times New Roman" size=2><STRONG>ANNUAL MEETINGS OF
SHAREHOLDERS <BR></STRONG></FONT><B><FONT face="Times New Roman" size=2>April
21, 2015 <BR></FONT></B><FONT face="Times New Roman" size=2><STRONG>JOINT PROXY
STATEMENT </STRONG></FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>This document is a joint
proxy statement (&#147;Joint Proxy Statement&#148;) for Flaherty &amp; Crumrine Preferred
Income Fund Incorporated (&#147;Preferred Income Fund&#148; or &#147;PFD&#148;), Flaherty &amp;
Crumrine Preferred Income Opportunity Fund Incorporated (&#147;Preferred Income
Opportunity Fund&#148; or &#147;PFO&#148;), Flaherty &amp; Crumrine Preferred Securities Income
Fund Incorporated (&#147;Preferred Securities Income Fund&#148; or &#147;FFC&#148;), Flaherty &amp;
Crumrine Total Return Fund Incorporated (&#147;Total Return Fund&#148; or &#147;FLC&#148;) and
Flaherty &amp; Crumrine Dynamic Preferred and Income Fund Incorporated (&#147;Dynamic
Preferred Income Fund&#148; or &#147;DFP&#148;) (each, a &#147;Fund&#148; and collectively, the &#147;Funds&#148;).
This Joint Proxy Statement is furnished in connection with the solicitation of
proxies by each Fund&#146;s Board of Directors (each, a &#147;Board&#148; and collectively, the
&#147;Boards&#148;) to be voted at the Annual Meetings of Shareholders for each Fund to be
held at 8:00 a.m. on April 21, 2015, 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 &#147;Annual Meeting&#148; and
collectively, the &#147;Annual Meetings&#148;). </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>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 11, 2015 to shareholders of
record as of the close of business on January 23, 2015. Proxy solicitations will
be made, beginning on or about March 11, 2015, primarily by mail, but proxy
solicitations may also be made by telephone, telefax or personal interviews
conducted by officers of each Fund, Flaherty &amp; Crumrine Incorporated
(&#147;Flaherty &amp; Crumrine&#148;), the investment adviser of each Fund, and BNY Mellon
Investment Servicing (US) Inc. (&#147;BNY Mellon&#148;), the transfer agent and
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 ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2><STRONG>THE ANNUAL REPORT
OF EACH FUND, INCLUDING AUDITED FINANCIAL STATEMENTS FOR THE FISCAL YEAR ENDED
NOVEMBER 30, 2014, 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&#146;S ANNUAL REPORT IS ALSO AVAILABLE ON THE
FUNDS&#146; WEBSITE - WWW.PREFERREDINCOME.COM - THE SECURITIES AND EXCHANGE
COMMISSION&#146;S (&#147;SEC&#148;) WEBSITE (WWW.SEC.GOV) OR, FOR FFC, FLC AND DFP ONLY, BY
CALLING DESTRA CAPITAL INVESTMENTS LLC AT 1-877-855-3434.</STRONG></FONT></P>
<TABLE cellSpacing=0 cellPadding=4 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" align=center width="100%">
      <div align=center><FONT face="Times New Roman" size=2><STRONG>Important
      Notice Regarding the Availability of Proxy Materials for the Annual
      Meetings to Be<BR>Held on April 21, 2015 </STRONG></FONT></div>
      <div align=justify><FONT face="Times New Roman" size=2><STRONG>The notice of
      Annual Meetings, Joint Proxy Statement, proxy cards and each Fund&#146;s annual
      report, including audited financial statements for the fiscal year ended
      November 30, 2014, are available to you on the Funds&#146; 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. </STRONG></FONT></div>
      <P align=justify><STRONG><FONT face="Times New Roman" size=2>SEPARATE
      PROXY CARDS ARE ENCLOSED FOR EACH FUND IN WHICH YOU OWN SHARES.
      <bR>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><FONT face="Times New Roman" size=2> </FONT></STRONG></P></TD></TR></TABLE>
<P align=center><FONT face="Times New Roman" size=2>1 </FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>If the enclosed proxy
card(s) are properly executed and returned in time to be voted at the relevant
Annual Meetings, 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 &#147;FOR&#148; 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 ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>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 &#147;Quorum&#148;)
at that Fund&#146;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 Chairman 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 ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Each Fund has one class of
capital stock outstanding: common stock, par value $0.01 per share (the &#147;Common
Stock&#148; or the &#147;Shares&#148;). 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 23, 2015, 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="70%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD noWrap align=left width="93%"><U><FONT face="Times New Roman" size=2>Name of Fund</FONT></U></TD>
    <TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD noWrap style="text-align: center" width="5%"><U><FONT face="Times New Roman" size=2>Shares Outstanding</FONT></U></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="93%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Preferred Income Fund (PFD)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap style="text-align: center" width="5%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>11,027,238</FONT></TD></TR>
  <TR>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="93%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="5%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="93%"><FONT face="Times New Roman" size=2>Preferred Income Opportunity Fund
    (PFO)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap style="text-align: center" width="5%"><FONT face="Times New Roman" size=2>12,343,017</FONT></TD></TR>
  <TR>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="93%">&nbsp;</TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap style="text-align: center" width="5%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="93%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Preferred Securities Income Fund
(FFC)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="5%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>43,569,764</FONT></TD></TR>
  <TR>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="93%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="5%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="93%"><FONT face="Times New Roman" size=2>Total Return Fund (FLC)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap style="text-align: center" width="5%"><FONT face="Times New Roman" size=2>9,900,625</FONT></TD></TR>
  <TR>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="93%">&nbsp;</TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap style="text-align: center" width="5%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="93%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Dynamic Preferred Income Fund (DFP)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="5%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>19,156,782</FONT></TD></TR></TABLE><BR>
<P align=center><FONT face="Times New Roman" size=2>2 </FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>To the knowledge of each
Fund and its Board, the following shareholder(s), or &#147;group&#148; as that term is
defined in Section 13(d) of the Securities Exchange Act of 1934, as amended (the
&#147;1934 Act&#148;), is the beneficial owner or owner of record of more than 5% of the
relevant Fund&#146;s outstanding Shares as of January 23,
2015<SUP>*</SUP>:</FONT></P>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="40%"><FONT face="Times New Roman" size=2>Name
      and Address of</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="20%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="17%"><FONT face="Times New Roman" size=2>Amount and Nature</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="20%"></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="40%"><FONT face="Times New Roman" size=2>Beneficial/Record
      Owner</FONT></TD>
    <TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="20%"><FONT face="Times New Roman" size=2>Title of Class</FONT></TD>
    <TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="17%"><FONT face="Times New Roman" size=2>of Ownership</FONT></TD>
    <TD noWrap align=right width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="20%" STYLE="border-bottom: #000000 1pt solid; text-align: left"><FONT size=2>Percent of Class</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="40%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Cede &amp; Co.<SUP>**</SUP></FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="20%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Common Stock</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="17%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>PFD &#150; 10,668,081 (record)</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: left" noWrap align=right width="20%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>96.7%</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="40%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Depository Trust Company</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="20%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="17%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>PFO &#150; 11,896,232 (record)</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD style="TEXT-ALIGN: left" noWrap align=right width="20%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>96.4%</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="40%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>55 Water Street, 25<SUP>th
    </SUP>Floor</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="20%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="17%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>FFC &#150; 43,488,784 (record)</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: left" noWrap align=right width="20%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>99.8%</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="40%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>New York, New York 10041</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="20%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="17%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>FLC &#150; 9,888,098 (record)</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: left" noWrap align=right width="20%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>99.8%</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="40%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="20%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="17%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>DFP &#150; 19,152,583 (record)</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: left" noWrap align=right width="20%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>99.9%</FONT></TD></TR>
  <TR>
    <TD width="100%" bgColor=#c0c0c0 colSpan=7>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="40%"><FONT face="Times New Roman" size=2>First Trust Portfolios L.P.,</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="20%"><FONT face="Times New Roman" size=2>Common Stock</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="17%"><FONT face="Times New Roman" size=2>FLC
      &#150; 1,227,562<SUP>1 </SUP>(beneficial)</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD style="TEXT-ALIGN: left" noWrap align=right width="20%"><FONT face="Times New Roman" size=2>12.4%</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="40%"><FONT face="Times New Roman" size=2>First Trust Advisors L.P.</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="20%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="17%"><FONT face="Times New Roman" size=2>DFP
      &#150; 988,309<SUP>2 </SUP>(beneficial)</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD style="TEXT-ALIGN: left" noWrap align=right width="20%"><FONT face="Times New Roman" size=2>5.16%</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="40%"><FONT face="Times New Roman" size=2>The
      Charger Corporation</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="20%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="17%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="20%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="40%"><FONT face="Times New Roman" size=2>120
      East Liberty Drive, Suite 400</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="20%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="17%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="20%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="40%"><FONT face="Times New Roman" size=2>Wheaton, Illinois 60187</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="20%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="17%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="20%"></TD></TR></TABLE><div>____________________</div><BR>
<TABLE style="TEXT-ALIGN: justify" cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD vAlign=top noWrap><FONT size=1 face="Times New Roman">*</FONT></TD>
    <TD><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </FONT></TD>
    <TD width="100%">
      <P align=justify><FONT face="Times New Roman" size=2>As of January 23,
      2015, 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 noWrap><FONT size=1 face="Times New Roman">**</FONT></TD>
    <TD></TD>
    <TD width="100%">
      <P align=justify><FONT face="Times New Roman" size=2>A nominee partnership
      of The Depository Trust Company. </FONT></P></TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=1>1</FONT></TD>
    <TD></TD>
    <TD width="100%"><FONT face="Times New Roman" size=2>Information obtained
      from a Schedule 13G/A filed by First Trust Portfolios L.P. (&#147;FTP&#148;), First
      Trust Advisors L.P (&#147;FTA&#148;) and The Charger Corporation (&#147;Charger&#148;) with
      the SEC reporting share ownership as of December 31, 2014. Based on that
      filing, FTP, FTA and Charger do not have sole or shared voting power, but
      do have the shared power to dispose or direct the disposition of 1,227,562
      Shares.</FONT></TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=1>2</FONT></TD>
    <TD></TD>
    <TD width="100%"><FONT face="Times New Roman" size=2>Information obtained
      from a Schedule 13G filed by FTP, FTA and Charger with the SEC reporting
      share ownership as of December 31, 2014. Based on that filing, FTP does
      not have sole or shared voting power. FTA and Charger have shared power to
      direct the vote of 38,137 Shares, FTP has shared power to dispose or
      direct the disposition of 950,172 Shares, and FTA and Charger have the
      shared power to dispose or direct the disposition of 988,309
    Shares.</FONT></TD></TR></TABLE>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>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&#146;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 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 pertaining to
that Fund.</FONT></P>
<P align=center><FONT face="Times New Roman" size=2>3 </FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P STYLE="text-align: center"><FONT face="Times New Roman" size=2><b>PROPOSAL 1: ELECTION OF
DIRECTORS </b></FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>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 align=justify><FONT face="Times New Roman" size=2><b>Nominees for the Boards of
Directors</b></FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Each nominee named below is
currently a Director of each Fund and has consented to continue to serve as a
Director for the Fund(s) for which he or 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&#146;s
2018 Annual Meeting of Shareholders and until his or her successor is duly
elected and qualify. Shareholders of each Fund&#146;s Common Stock are entitled to
elect the nominees for election to the Board of the relevant Fund. </FONT></P>
<DIV align=center>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="95%" border=0>

  <TR vAlign=bottom>
    <TD NOWRAP STYLE="border-top: #000000 1pt solid; border-left: #000000 1pt solid; text-align: left; width: 49%; padding-left: 4pt"><B><FONT face="Times New Roman" size=2>Fund</FONT></B></TD>
    <TD NOWRAP STYLE="border-right: #000000 1pt solid; border-left: #000000 1pt solid; border-top: #000000 1pt solid; text-align: left; width: 50%; padding-left: 4pt"><B><FONT face="Times New Roman" size=2>Nominees For Election</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="border-top: #000000 1pt solid; border-left: #000000 1pt solid; text-align: left; width: 49%; padding-left: 4pt"><FONT face="Times New Roman" size=2>PFD</FONT></TD>
    <TD NOWRAP STYLE="border-right: #000000 1pt solid; border-left: #000000 1pt solid; border-top: #000000 1pt solid; text-align: left; width: 50%; padding-left: 4pt"><FONT face="Times New Roman" size=2>Donald F. Crumrine</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="border-left: #000000 1pt solid; text-align: left; width: 49%; padding-left: 4pt"></TD>
    <TD NOWRAP STYLE="border-right: #000000 1pt solid; border-left: #000000 1pt solid; text-align: left; width: 50%; padding-left: 4pt"><FONT face="Times New Roman" size=2>Robert F. Wulf</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="border-top: #000000 1pt solid; border-left: #000000 1pt solid; text-align: left; width: 49%; padding-left: 4pt"><FONT face="Times New Roman" size=2>PFO</FONT></TD>
    <TD NOWRAP STYLE="border-right: #000000 1pt solid; border-left: #000000 1pt solid; border-top: #000000 1pt solid; text-align: left; width: 50%; padding-left: 4pt"><FONT face="Times New Roman" size=2>David Gale</FONT></TD></TR>
  <TR>
    <TD NOWRAP STYLE="border-left: #000000 1pt solid; text-align: left; width: 49%; padding-left: 4pt"></TD>
    <TD NOWRAP STYLE="border-right: #000000 1pt solid; border-left: #000000 1pt solid; text-align: left; width: 50%; padding-left: 4pt"></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="border-top: #000000 1pt solid; border-left: #000000 1pt solid; text-align: left; width: 49%; padding-left: 4pt"><FONT face="Times New Roman" size=2>FFC</FONT></TD>
    <TD NOWRAP STYLE="border-right: #000000 1pt solid; border-left: #000000 1pt solid; border-top: #000000 1pt solid; text-align: left; width: 50%; padding-left: 4pt"><FONT face="Times New Roman" size=2>Morgan Gust</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="border-left: #000000 1pt solid; text-align: left; width: 49%; padding-left: 4pt"></TD>
    <TD NOWRAP STYLE="border-right: #000000 1pt solid; border-left: #000000 1pt solid; text-align: left; width: 50%; padding-left: 4pt"><FONT face="Times New Roman" size=2>Karen H. Hogan</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="border-top: #000000 1pt solid; border-left: #000000 1pt solid; text-align: left; width: 49%; padding-left: 4pt"><FONT face="Times New Roman" size=2>FLC</FONT></TD>
    <TD NOWRAP STYLE="border-right: #000000 1pt solid; border-left: #000000 1pt solid; border-top: #000000 1pt solid; text-align: left; width: 50%; padding-left: 4pt"><FONT face="Times New Roman" size=2>Morgan Gust</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="border-left: #000000 1pt solid; text-align: left; width: 49%; padding-left: 4pt"></TD>
    <TD NOWRAP STYLE="border-right: #000000 1pt solid; border-left: #000000 1pt solid; text-align: left; width: 50%; padding-left: 4pt"><FONT face="Times New Roman" size=2>Karen H. Hogan</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="border-top: #000000 1pt solid; border-left: #000000 1pt solid; text-align: left; width: 49%; padding-left: 4pt"><FONT face="Times New Roman" size=2>DFP</FONT></TD>
    <TD NOWRAP STYLE="border-right: #000000 1pt solid; border-left: #000000 1pt solid; border-top: #000000 1pt solid; text-align: left; width: 50%; padding-left: 4pt"><FONT face="Times New Roman" size=2>David Gale</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="border-left: #000000 1pt solid; border-bottom: #000000 1pt solid; text-align: left; width: 49%; padding-left: 4pt"></TD>
    <TD NOWRAP STYLE="border-right: #000000 1pt solid; border-bottom: #000000 1pt solid; border-left: #000000 1pt solid; text-align: left; width: 50%; padding-left: 4pt"><FONT face="Times New Roman" size=2>Karen H. Hogan</FONT></TD></TR></TABLE></DIV><BR>
<P align=justify><B><FONT face="Times New Roman" size=2>Information About Each
Director's or Nominee for Election as Director's Experience, Qualifications,
Attributes or Skills </FONT></B></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>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 style="TEXT-ALIGN: center" noWrap width="18%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="12%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="20%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="17%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="12%"><FONT face="Times New Roman" size=2>Number of</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="15%"></TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-ALIGN: center" noWrap width="18%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="12%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="20%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="17%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="12%"><FONT face="Times New Roman" size=2>Funds in</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="15%"><FONT face="Times New Roman" size=2>Other Public</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-ALIGN: center" noWrap width="18%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="12%"><FONT face="Times New Roman" size=2>Current</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="20%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="17%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="12%"><FONT face="Times New Roman" size=2>Fund</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="15%"><FONT face="Times New Roman" size=2>Company Board</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-ALIGN: center" noWrap width="18%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="12%"><FONT face="Times New Roman" size=2>Position(s)</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="20%"><FONT face="Times New Roman" size=2>Term of Office and</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="17%"><FONT face="Times New Roman" size=2>Principal Occupation</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="12%"><FONT face="Times New Roman" size=2>Complex</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="15%"><FONT face="Times New Roman" size=2>Memberships</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-ALIGN: center" noWrap width="18%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="12%"><FONT face="Times New Roman" size=2>Held with</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="20%"><FONT face="Times New Roman" size=2>Length of Time</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="17%"><FONT face="Times New Roman" size=2>During Past Five</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="12%"><FONT face="Times New Roman" size=2>Overseen by</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="15%"><FONT face="Times New Roman" size=2>During Past Five</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" noWrap align=center width="18%"><FONT face="Times New Roman" size=2>Name, Address and
      Age</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    </FONT></TD>
    <TD style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" noWrap align=center width="12%"><FONT face="Times New Roman" size=2>Funds</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    </FONT></TD>
    <TD style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" noWrap align=center width="20%"><FONT face="Times New Roman" size=2>Served*</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    </FONT></TD>
    <TD style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" noWrap align=center width="17%"><FONT face="Times New Roman" size=2>Years</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    </FONT></TD>
    <TD style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" noWrap align=center width="12%"><FONT face="Times New Roman" size=2>Director**</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    </FONT></TD>
    <TD style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" noWrap align=center width="15%"><FONT face="Times New Roman" size=2>Years</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="18%" bgColor=#c0c0c0><B><U><FONT face="Times New Roman" size=2>Non-Interested</FONT></U></B></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="12%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="20%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="17%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="12%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="15%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="18%" bgColor=#c0c0c0><B><U><FONT face="Times New Roman" size=2>Directors/Nominees:</FONT></U></B></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="12%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="20%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="17%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="12%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="15%" bgColor=#c0c0c0></TD></TR>
  <TR>
    <TD width="99%" bgColor=#c0c0c0 colSpan=11>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="18%" bgColor=#ffffff><B><FONT face="Times New Roman" size=2>David Gale</FONT></B></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="12%" bgColor=#ffffff><FONT face="Times New Roman" size=2>Director</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="20%" bgColor=#ffffff><B><FONT face="Times New Roman" size=2>Class I Director</FONT></B></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="17%" bgColor=#ffffff><FONT face="Times New Roman" size=2>President of Delta</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD style="TEXT-ALIGN: center" noWrap width="12%" bgColor=#ffffff><FONT face="Times New Roman" size=2>5</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD noWrap align=left width="15%" bgColor=#ffffff><FONT face="Times New Roman" size=2>Emmis</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="18%" bgColor=#ffffff><FONT face="Times New Roman" size=2>301 E. Colorado Boulevard</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD noWrap align=left width="12%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD noWrap align=left width="20%" bgColor=#ffffff><FONT face="Times New Roman" size=2>PFD &#151; since 1997</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD noWrap align=left width="17%" bgColor=#ffffff><FONT face="Times New Roman" size=2>Dividend Group, Inc.</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="12%" bgColor=#ffffff></TD>
    <TD noWrap align=right width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="15%" bgColor=#ffffff><FONT face="Times New Roman" size=2>Communications</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="18%" bgColor=#ffffff><FONT face="Times New Roman" size=2>Suite 720</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="12%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="20%" bgColor=#ffffff><FONT face="Times New Roman" size=2>PFO &#151; since 1997</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="17%" bgColor=#ffffff><FONT face="Times New Roman" size=2>(investments)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="12%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="15%" bgColor=#ffffff></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="18%" bgColor=#ffffff><FONT face="Times New Roman" size=2>Pasadena, CA 91101</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="12%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="20%" bgColor=#ffffff><FONT face="Times New Roman" size=2>FFC &#151; since inception</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="17%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="12%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="15%" bgColor=#ffffff></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="18%" bgColor=#ffffff><FONT face="Times New Roman" size=2>Age: 65</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="12%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="20%" bgColor=#ffffff><FONT face="Times New Roman" size=2>FLC &#151; since inception</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="17%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="12%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="15%" bgColor=#ffffff></TD></TR>
  <TR>
    <TD style="TEXT-ALIGN: center" width="99%" bgColor=#ffffff colSpan=11>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="18%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="12%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="20%" bgColor=#ffffff><B><FONT face="Times New Roman" size=2>Class II Director</FONT></B></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="17%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="12%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="15%" bgColor=#ffffff></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="18%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="12%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="20%" bgColor=#ffffff><FONT face="Times New Roman" size=2>DFP &#151; since inception</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="17%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="12%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="15%" bgColor=#ffffff></TD></TR></TABLE><BR>
<P align=center><FONT face="Times New Roman" size=2>4 </FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<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 style="TEXT-ALIGN: center" noWrap width="18%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="12%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="20%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="17%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="12%"><FONT face="Times New Roman" size=2>Number of</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="15%"></TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-ALIGN: center" noWrap width="18%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="12%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="20%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="17%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="12%"><FONT face="Times New Roman" size=2>Funds in</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="15%"><FONT face="Times New Roman" size=2>Other Public</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-ALIGN: center" noWrap width="18%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="12%"><FONT face="Times New Roman" size=2>Current</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="20%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="17%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="12%"><FONT face="Times New Roman" size=2>Fund</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="15%"><FONT face="Times New Roman" size=2>Company Board</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-ALIGN: center" noWrap width="18%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="12%"><FONT face="Times New Roman" size=2>Position(s)</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="20%"><FONT face="Times New Roman" size=2>Term of Office and</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="17%"><FONT face="Times New Roman" size=2>Principal Occupation</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="12%"><FONT face="Times New Roman" size=2>Complex</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="15%"><FONT face="Times New Roman" size=2>Memberships</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-ALIGN: center" noWrap width="18%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="12%"><FONT face="Times New Roman" size=2>Held with</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="20%"><FONT face="Times New Roman" size=2>Length of Time</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="17%"><FONT face="Times New Roman" size=2>During Past Five</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="12%"><FONT face="Times New Roman" size=2>Overseen by</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="15%"><FONT face="Times New Roman" size=2>During Past Five</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" noWrap align=center width="18%"><FONT face="Times New Roman" size=2>Name, Address and
      Age</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    </FONT></TD>
    <TD style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" noWrap align=center width="12%"><FONT face="Times New Roman" size=2>Funds</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    </FONT></TD>
    <TD style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" noWrap align=center width="20%"><FONT face="Times New Roman" size=2>Served*</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    </FONT></TD>
    <TD style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" noWrap align=center width="17%"><FONT face="Times New Roman" size=2>Years</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    </FONT></TD>
    <TD style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" noWrap align=center width="12%"><FONT face="Times New Roman" size=2>Director**</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    </FONT></TD>
    <TD style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" noWrap align=center width="15%"><FONT face="Times New Roman" size=2>Years</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="18%" bgColor=#c0c0c0><B><FONT face="Times New Roman" size=2>Morgan
    Gust</FONT></B></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="12%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Director and</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="20%" bgColor=#c0c0c0><B><FONT face="Times New Roman" size=2>Class II
      Director</FONT></B></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="17%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Owner and operator</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="12%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>5</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="15%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>CoBiz Financial,</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="18%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>301
      E. Colorado Boulevard</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="12%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Nominating</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="20%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>FFC
      &#151; since inception</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="17%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>of
      various entities</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="12%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="15%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Inc.
      (financial</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="18%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Suite 720</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="12%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>and</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="20%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>FLC
      &#151; since inception</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="17%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>engaged in</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="12%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="15%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>services)</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="18%" bgColor=#c0c0c0><FONT size=2 face="Times New Roman">Pasadena, CA 91101</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="12%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Governance</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="20%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="17%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>agriculture and real</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="12%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="15%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="18%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Age:
      67</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="12%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Committee</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="20%" bgColor=#c0c0c0><STRONG><FONT size=2 face="Times New Roman">Class III
Director</FONT></STRONG></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="17%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>estate</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="12%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="15%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="18%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2></FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="12%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Chairman</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="20%" bgColor=#c0c0c0><FONT size=2 face="Times New Roman">PFD &#151; since inception</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="17%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="12%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="15%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="18%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="12%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="20%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>PFO &#151; since inception</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="17%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="12%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="15%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="18%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="12%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="20%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>DFP
      &#151; since inception</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="17%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="12%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="15%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="18%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="12%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="20%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2></FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="17%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="12%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="15%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="18%"><B><FONT face="Times New Roman" size=2>Karen H. Hogan</FONT></B></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="12%"><FONT face="Times New Roman" size=2>Director</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="20%"><B><FONT face="Times New Roman" size=2>Class I Director</FONT></B></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="17%"><FONT face="Times New Roman" size=2>Board Chair and</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="12%"><FONT face="Times New Roman" size=2>5</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="15%"><FONT face="Times New Roman" size=2>None</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="18%"><FONT face="Times New Roman" size=2>301
      E. Colorado Boulevard</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="12%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="20%"><FONT face="Times New Roman" size=2>PFD
      &#151; since 2005</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="17%"><FONT face="Times New Roman" size=2>Member, IKAR, a</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="12%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="15%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="18%"><FONT face="Times New Roman" size=2>Suite 720</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="12%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="20%">&nbsp;</TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="17%"><FONT face="Times New Roman" size=2>non-profit</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="12%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="15%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="18%"><FONT face="Times New Roman" size=2>Pasadena, CA 91101</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="12%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="20%"><B><FONT face="Times New Roman" size=2>Class II Director</FONT></B></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="17%"><FONT face="Times New Roman" size=2>organization; Active</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="12%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="15%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="18%"><FONT face="Times New Roman" size=2>Age:
      53</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="12%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="20%"><FONT face="Times New Roman" size=2>FFC
      &#151; since 2005</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="17%"><FONT face="Times New Roman" size=2>Committee Member</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="12%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="15%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="18%"><FONT face="Times New Roman" size=2></FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="12%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="20%"><FONT face="Times New Roman" size=2>FLC
      &#151; since 2005</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="17%"><FONT face="Times New Roman" size=2>and
      Volunteer to</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="12%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="15%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="18%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="12%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="20%"><FONT face="Times New Roman" size=2>DFP
      &#151; since inception</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="17%"><FONT face="Times New Roman" size=2>several non-profit</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="12%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="15%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="18%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="12%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="20%"><FONT face="Times New Roman" size=2></FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="17%"><FONT face="Times New Roman" size=2>organizations</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="12%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="15%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="18%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="12%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="20%"><B><FONT face="Times New Roman" size=2>Class III Director</FONT></B></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="17%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="12%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="15%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="18%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="12%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="20%"><FONT face="Times New Roman" size=2>PFO
      &#151; since 2005</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="17%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="12%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="15%"></TD></TR>
  <TR>
    <TD noWrap align=left width="18%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="12%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="20%">&nbsp;</TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="17%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="12%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="15%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="18%" bgColor=#c0c0c0><B><FONT face="Times New Roman" size=2>Robert F.
      Wulf</FONT></B></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="12%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Director</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="20%" bgColor=#c0c0c0><B><FONT face="Times New Roman" size=2>Class I
      Director</FONT></B></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="17%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Financial Consultant; </FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="12%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>5</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="15%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>None</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="18%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>301
      E. Colorado Boulevard</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="12%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>and
      Audit</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="20%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>DFP
      &#151; since inception</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="17%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Former Trustee, </FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="12%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="15%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="18%" bgColor=#c0c0c0><FONT size=2 face="Times New Roman">Suite 720</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="12%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Committee</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="20%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="17%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>University of Oregon</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="12%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="15%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="18%" bgColor=#c0c0c0><FONT size=2 face="Times New Roman">Pasadena, CA 91101</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="12%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Chairman</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="20%" bgColor=#c0c0c0><STRONG><FONT size=2 face="Times New Roman">Class II Director</FONT></STRONG></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="17%" bgColor=#c0c0c0><FONT size=2 face="Times New Roman">Foundation; Trustee,</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="12%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="15%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="18%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Age:
      77</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="12%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="20%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>PFD &#151; since inception</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="17%" bgColor=#c0c0c0><FONT size=2 face="Times New Roman">San Francisco</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="12%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="15%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="18%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2></FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="12%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="20%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>PFO
      &#151; since inception</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="17%" bgColor=#c0c0c0><FONT size=2 face="Times New Roman">Theological</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="12%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="15%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="18%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="12%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="20%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="17%" bgColor=#c0c0c0><FONT size=2 face="Times New Roman">Seminary</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="12%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="15%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="18%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="12%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="20%" bgColor=#c0c0c0><B><FONT face="Times New Roman" size=2>Class III
      Director</FONT></B></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="17%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="12%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="15%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="18%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="12%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="20%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>FFC
      &#151; since inception</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="17%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="12%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="15%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="18%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="12%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="20%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>FLC
      &#151; since inception</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="17%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="12%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="15%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="18%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="12%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="20%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2></FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="17%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="12%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="15%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="18%"><B><U><FONT face="Times New Roman" size=2>Interested</FONT></U></B></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="12%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="20%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="17%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="12%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="15%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="18%"><B><U><FONT face="Times New Roman" size=2>Director/Nominee:</FONT></U></B></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="12%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="20%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="17%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="12%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="15%"></TD></TR>
  <TR>
    <TD width="99%" colSpan=11>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="18%" bgColor=#c0c0c0><B><FONT face="Times New Roman" size=2>Donald F. Crumrine
      </FONT></B><FONT face="Times New Roman" size=2><SUP>(1)</SUP></FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="12%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Director,</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="20%" bgColor=#c0c0c0><B><FONT face="Times New Roman" size=2>Class I
      Director</FONT></B></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="17%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Portfolio Manager of</FONT></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="12%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>5</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="15%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>None</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="18%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>301
      E. Colorado Boulevard</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="12%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Chairman of</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="20%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>DFP
      &#151; since inception</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="17%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Flaherty &amp;</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="12%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="15%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="18%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Suite 720</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="12%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>the
      Board</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="20%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="17%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Crumrine;</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="12%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="15%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="18%" bgColor=#c0c0c0><FONT size=2 face="Times New Roman">Pasadena, CA 91101</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="12%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>and
      Chief</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="20%" bgColor=#c0c0c0><STRONG><FONT size=2 face="Times New Roman">Class II Director</FONT></STRONG></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="17%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Chairman of Flaherty</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="12%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="15%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="18%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Age:
      67</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="12%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Executive</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="20%" bgColor=#c0c0c0><FONT size=2 face="Times New Roman">PFD &#151; since inception</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="17%" bgColor=#c0c0c0><FONT size=2 face="Times New Roman">&amp; Crumrine until</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="12%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="15%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="18%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2></FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="12%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Officer</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="20%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>PFO
      &#151; since inception</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="17%" bgColor=#c0c0c0><FONT size=2 face="Times New Roman">September 2014</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="12%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="15%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="18%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="12%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="20%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2></FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="17%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="12%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="15%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="18%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="12%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="20%" bgColor=#c0c0c0><B><FONT face="Times New Roman" size=2>Class III
      Director</FONT></B></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="17%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="12%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="15%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="18%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="12%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="20%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>FFC
      &#151; since inception</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="17%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="12%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="15%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="18%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="12%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="20%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>FLC
      &#151; since inception</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="17%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="12%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="15%" bgColor=#c0c0c0></TD></TR></TABLE>

<div>____________________</div>
<BR>
<TABLE style="TEXT-ALIGN: justify" cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>*</FONT></TD>
    <TD></TD>
    <TD width="100%"><FONT face="Times New Roman" size=2>The Class II
      Directors of PFO and the Class III Directors of PFD, FFC, FLC and DFP will
      serve until each Fund&#146;s 2016 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 Directors of PFO will serve until
      each Fund&#146;s 2017 Annual Meeting of Shareholders and until their successors
      are duly elected and qualify. The Class I Nominee of PFO and the Class II
      Nominees of PFD, FFC, FLC and DFP, if elected, will serve until each
      Fund&#146;s 2018 Annual Meeting of Shareholders and until their successors are
      duly elected and qualify.</FONT></TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>**</FONT></TD>
    <TD><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </FONT></TD>
    <TD width="100%"><FONT face="Times New Roman" size=2>The Flaherty &amp;
      Crumrine fund complex consists solely of the Funds.</FONT></TD></TR>
  <TR>
    <TD vAlign=top><FONT size=2 face="Times New Roman"><SUP>(1)</SUP></FONT></TD>
    <TD></TD>
    <TD STYLE="width: 100%; border-top: transparent 1pt solid"><FONT face="Times New Roman" size=2>&#147;Interested person&#148;
      (as defined in the Investment Company Act of 1940, as amended (the &#147;1940
      Act&#148;)) of the Funds. Mr. Crumrine is considered an "interested person"
      because of his affiliation with Flaherty &amp;
  Crumrine.</FONT></TD></TR></TABLE>
<P align=center><FONT face="Times New Roman" size=2>5 </FONT></P>
<HR align=center width="100%" noShade SIZE=2>


<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>With the exception of DFP,
each Director has been a Director of the Funds for at least five
years.</FONT><I><FONT face="Times New Roman" size=2> </FONT></I><FONT face="Times New Roman" size=2>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 need to have the ability to
critically review, evaluate, question and discuss information provided to them,
and to interact effectively with Fund management, service providers and counsel,
in order to exercise effective business judgment in the performance of their
duties; 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 face="Times New Roman" size=2>e.g.</FONT></I><FONT face="Times New Roman" size=2>, 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 charters for the Boards' Nominating and Governance Committees contain
certain other factors considered by the 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 cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top noWrap align=left width="1%"><FONT style="FONT-SIZE: 9.5pt; LINE-HEIGHT: 12pt">&#9679;</FONT></TD>
    <TD vAlign=top align=left width="99%">
      <P align=justify><U><FONT face="Times New Roman" size=2>Donald F.
      Crumrine</FONT></U><FONT face="Times New Roman" size=2> &#150; Mr. Crumrine has
      been the Chairman of the Boards of PFD and PFO since 2002 and Chairman of
      the Boards of FFC, FLC and DFP since each Fund&#146;s inception. Mr. Crumrine
      has over 37 years of experience managing portfolios of preferred
      securities. He co-founded Flaherty &amp; Crumrine in 1983, after spending
      twelve years at Scudder, Stevens &amp; Clark, to focus on managing
      preferred securities portfolios and associated hedges. Mr. Crumrine is a
      portfolio manager of the Funds, and also assists in client service and
      marketing efforts at Flaherty &amp; Crumrine. </FONT></P></TD></TR>
  <TR>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top align=left width="99%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top noWrap align=left width="1%"><FONT style="FONT-SIZE: 9.5pt; LINE-HEIGHT: 12pt">&#9679;</FONT></TD>
    <TD vAlign=top align=left width="99%">
      <P align=justify><U><FONT face="Times New Roman" size=2>David
      Gale</FONT></U><FONT face="Times New Roman" size=2> &#150; 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 vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top align=left width="99%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top noWrap align=left width="1%"><FONT style="FONT-SIZE: 9.5pt; LINE-HEIGHT: 12pt">&#9679;</FONT></TD>
    <TD vAlign=top align=left width="99%">
      <P align=justify><U><FONT face="Times New Roman" size=2>Morgan
      Gust</FONT></U><FONT face="Times New Roman" size=2> &#150; 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 &#147;NYSE&#148;). Mr. Gust currently serves as lead
      director of CoBiz Financial, Inc., a publicly traded bank holding company.
      He is also a member of the Arizona State Bar. </FONT></P></TD></TR>
  <TR>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top align=left width="99%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top noWrap align=left width="1%"><FONT style="FONT-SIZE: 9.5pt; LINE-HEIGHT: 12pt">&#9679;</FONT></TD>
    <TD vAlign=top align=left width="99%">
          <P align=justify><U><FONT face="Times New Roman" size=2>Karen H.
      Hogan</FONT></U><FONT face="Times New Roman" size=2> &#150; In addition to her
      tenure as a Director of the Funds, Ms. Hogan serves as the Board Chair 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. </FONT></P></TD></TR>
  <TR>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top align=left width="99%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top noWrap align=left width="1%"><FONT style="FONT-SIZE: 9.5pt; LINE-HEIGHT: 12pt">&#9679;</FONT></TD>
    <TD vAlign=top align=left width="99%">
      <P align=justify><U><FONT face="Times New Roman" size=2>Robert F.
      Wulf</FONT></U><FONT face="Times New Roman" size=2> &#150; In addition to his
      tenure as a Director of the Funds, Mr. Wulf has worked as a financial
      consultant for over 30 years. Mr. Wulf also served as a board member of
      two non-profit organizations. </FONT></P></TD></TR></TABLE>
<P align=center><FONT face="Times New Roman" size=2>6&nbsp;</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=justify><U><FONT face="Times New Roman" size=2>Board Composition and
Leadership Structure</FONT></U><FONT face="Times New Roman" size=2> </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>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, four
of the Funds' five Directors are Independent Directors. The Chairman of the
Boards is an interested person of the Funds. The four Independent Directors
interact directly with the Chairman 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 and Governance Committees, and the Independent Directors rotate the
responsibility for chairing meetings of Independent Directors. In addition, from
time to time, one or more Independent Directors may be designated, formally or
informally, to take the lead in addressing with Fund management or their
independent legal counsel matters or issues of concern to the Boards. As a
result, the Boards have determined that their leadership structures and
composition, in which no individual Independent Director has been designated to
lead all the Independent Directors, are appropriate in light of the Boards' size
and the cooperative and dynamic working relationship among the Independent
Directors and the Independent Directors&#146; open lines of communication with Fund
management. The Boards have determined that their leadership structures and
composition, in which the Chairman of the Boards is an "interested person" of
the Funds and 80% of the Directors are Independent Directors, are appropriate in
light of the services that Flaherty &amp; Crumrine provides to the Funds.
</FONT></P>
<P align=justify><U><FONT face="Times New Roman" size=2>Boards' Oversight Role
in Management</FONT></U><FONT face="Times New Roman" size=2> </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>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 Chairman, 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 align=center><FONT face="Times New Roman" size=2>7&nbsp;</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=justify><FONT face="Times New Roman" size=2><STRONG>Beneficial
Ownership of Shares in Funds and Fund Complex for each Director and Nominee for
Election as Director</STRONG></FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>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 Family
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 align=left width="77%" colSpan=2></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="18%" colSpan=9></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="2%"><FONT face="Times New Roman" size=2>Aggregate Dollar Range of Equity</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="77%" colSpan=2></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="18%" colSpan=9></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="2%"><FONT face="Times New Roman" size=2>Securities in All Registered Investment</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="77%" colSpan=2></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="18%" colSpan=9><FONT face="Times New Roman" size=2>Dollar Range of Equity</FONT></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="2%"><FONT face="Times New Roman" size=2>Companies Overseen by Director in Family</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="2%">
      <P><FONT face="Times New Roman" size=2>Name of Director or Nominee</FONT></P></TD>
    <TD noWrap align=left width="75%" >&nbsp;</TD>
    <TD noWrap align=left width="2%"></TD>
    <TD style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" noWrap align=left width="18%" colSpan=9><FONT face="Times New Roman" size=2>Securities Held
      in a Fund*</FONT><FONT face="Times New Roman" size=2><SUP>(1)</SUP></FONT></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" noWrap align=left width="2%"><FONT face="Times New Roman" size=2>of Investment
      Companies*<SUP>(2)</SUP></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="77%" colSpan=2></TD>
    <TD noWrap align=left width="2%">&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" noWrap align=center width="2%"><FONT size=+0><FONT face="Times New Roman" size=2>PFD</FONT></FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="2%">&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" noWrap align=center width="2%"><FONT size=+0><FONT face="Times New Roman" size=2>PFO</FONT></FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="2%">&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" noWrap align=center width="2%"><FONT size=+0><FONT face="Times New Roman" size=2>FFC</FONT></FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="2%">&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" noWrap align=center width="2%"><FONT size=+0><FONT face="Times New Roman" size=2>FLC</FONT></FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="2%">&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" noWrap align=center width="2%"><FONT size=+0><FONT face="Times New Roman" size=2>DFP</FONT></FONT></TD>
    <TD noWrap width="2%">&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" noWrap align=center width="2%"><FONT size=+0><FONT face="Times New Roman" size=2>Total</FONT></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="77%" bgColor=#c0c0c0 colSpan=2><B><FONT face="Times New Roman" size=2>NON-INTERESTED</FONT></B></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="77%" bgColor=#c0c0c0 colSpan=2><B><FONT face="Times New Roman" size=2>DIRECTORS/NOMINEES:</FONT></B></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD></TR>
  <TR>
    <TD width="101%" bgColor=#c0c0c0 colSpan=14>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="77%" bgColor=#ffffff colSpan=2><FONT face="Times New Roman" size=2>David Gale</FONT></TD>
    <TD noWrap width="2%" bgColor=#ffffff></TD>
    <TD noWrap align=center width="2%" bgColor=#ffffff><FONT face="Times New Roman" size=2>E</FONT></TD>
    <TD noWrap align=center width="2%" bgColor=#ffffff></TD>
    <TD noWrap align=center width="2%" bgColor=#ffffff><FONT face="Times New Roman" size=2>D</FONT></TD>
    <TD noWrap align=center width="2%" bgColor=#ffffff></TD>
    <TD noWrap align=center width="2%" bgColor=#ffffff><FONT face="Times New Roman" size=2>E</FONT></TD>
    <TD noWrap align=center width="2%" bgColor=#ffffff></TD>
    <TD noWrap align=center width="2%" bgColor=#ffffff><FONT face="Times New Roman" size=2>D</FONT></TD>
    <TD noWrap align=center width="2%" bgColor=#ffffff></TD>
    <TD noWrap align=center width="2%" bgColor=#ffffff><FONT face="Times New Roman" size=2>C</FONT></TD>
    <TD noWrap width="2%" bgColor=#ffffff></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="2%" bgColor=#ffffff><FONT face="Times New Roman" size=2>E</FONT></TD></TR>
  <TR>
    <TD width="101%" bgColor=#ffffff colSpan=14>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="77%" bgColor=#c0c0c0 colSpan=2><FONT face="Times New Roman" size=2>Morgan Gust</FONT></TD>
    <TD noWrap width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>D</FONT></TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>D</FONT></TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>D</FONT></TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>D</FONT></TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>C</FONT></TD>
    <TD noWrap width="2%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>E</FONT></TD></TR>
  <TR>
    <TD width="101%" bgColor=#c0c0c0 colSpan=14>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="77%" bgColor=#ffffff colSpan=2><FONT face="Times New Roman" size=2>Karen H. Hogan</FONT></TD>
    <TD noWrap width="2%" bgColor=#ffffff></TD>
    <TD noWrap align=center width="2%" bgColor=#ffffff><FONT face="Times New Roman" size=2>C</FONT></TD>
    <TD noWrap align=center width="2%" bgColor=#ffffff></TD>
    <TD noWrap align=center width="2%" bgColor=#ffffff><FONT face="Times New Roman" size=2>C</FONT></TD>
    <TD noWrap align=center width="2%" bgColor=#ffffff></TD>
    <TD noWrap align=center width="2%" bgColor=#ffffff><FONT face="Times New Roman" size=2>C</FONT></TD>
    <TD noWrap align=center width="2%" bgColor=#ffffff></TD>
    <TD noWrap align=center width="2%" bgColor=#ffffff><FONT face="Times New Roman" size=2>C</FONT></TD>
    <TD noWrap align=center width="2%" bgColor=#ffffff></TD>
    <TD noWrap align=center width="2%" bgColor=#ffffff><FONT face="Times New Roman" size=2>C</FONT></TD>
    <TD noWrap width="2%" bgColor=#ffffff></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="2%" bgColor=#ffffff><FONT face="Times New Roman" size=2>D</FONT></TD></TR>
  <TR>
    <TD width="101%" bgColor=#ffffff colSpan=14>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="77%" bgColor=#c0c0c0 colSpan=2><FONT face="Times New Roman" size=2>Robert F. Wulf</FONT></TD>
    <TD noWrap width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>C</FONT></TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>C</FONT></TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>E</FONT></TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>E</FONT></TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>E</FONT></TD>
    <TD noWrap width="2%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>E</FONT></TD></TR>
  <TR>
    <TD noWrap align=left width="77%" bgColor=#c0c0c0 colSpan=2>&nbsp; </TD>
    <TD noWrap width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap width="2%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="2%" bgColor=#c0c0c0></TD></TR>
  <TR>
    <TD noWrap align=left width="99%" bgColor=#ffffff colSpan=13><STRONG><FONT face="Times New Roman" size=2>INTERESTED DIRECTOR/NOMINEE:</FONT></STRONG>
      &nbsp;</TD>
    <TD style="TEXT-ALIGN: center" noWrap width="2%" bgColor=#ffffff></TD></TR>
  <TR>
    <TD noWrap align=left width="77%" bgColor=#ffffff colSpan=2>&nbsp; </TD>
    <TD noWrap width="2%" bgColor=#ffffff></TD>
    <TD noWrap align=center width="2%" bgColor=#ffffff></TD>
    <TD noWrap align=center width="2%" bgColor=#ffffff></TD>
    <TD noWrap align=center width="2%" bgColor=#ffffff></TD>
    <TD noWrap align=center width="2%" bgColor=#ffffff></TD>
    <TD noWrap align=center width="2%" bgColor=#ffffff></TD>
    <TD noWrap align=center width="2%" bgColor=#ffffff></TD>
    <TD noWrap align=center width="2%" bgColor=#ffffff></TD>
    <TD noWrap align=center width="2%" bgColor=#ffffff></TD>
    <TD noWrap align=center width="2%" bgColor=#ffffff></TD>
    <TD noWrap width="2%" bgColor=#ffffff></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="2%" bgColor=#ffffff></TD></TR>
  <TR>
    <TD noWrap align=left width="77%" bgColor=#c0c0c0 colSpan=2><FONT face="Times New Roman" size=2>Donald F. Crumrine</FONT></TD>
    <TD noWrap width="2%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>E<SUP>(3)</SUP></FONT></TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>E<SUP>(3)</SUP></FONT></TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>E<SUP>(3)</SUP></FONT></TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>E<SUP>(3)</SUP></FONT></TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=center width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>E<SUP>(3)</SUP></FONT></TD>
    <TD noWrap width="2%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>E<SUP>(3)</SUP></FONT></TD></TR></TABLE><div>____________________ </div><br>
<TABLE 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>*</FONT></TD>
    <TD vAlign=top noWrap align=left width="1%"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD vAlign=top noWrap align=left width="98%" colSpan=3><FONT face="Times New Roman" size=2>Key to Dollar Ranges</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=left width="1%"><FONT face="Times New Roman" size=2>A.</FONT></TD>
    <TD vAlign=top noWrap align=left width="1%"><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD vAlign=top noWrap align=left width="96%"><FONT face="Times New Roman" size=2>None</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=left width="1%"><FONT face="Times New Roman" size=2>B.</FONT></TD>
    <TD vAlign=top noWrap align=left width="1%"><FONT face="Times New Roman" size=2></FONT></TD>
    <TD vAlign=top noWrap align=left width="96%"><FONT face="Times New Roman" size=2>$1 - $10,000</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=left width="1%"><FONT face="Times New Roman" size=2>C.</FONT></TD>
    <TD vAlign=top noWrap align=left width="1%"><FONT face="Times New Roman" size=2></FONT></TD>
    <TD vAlign=top noWrap align=left width="96%"><FONT face="Times New Roman" size=2>$10,001 -$50,000</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=left width="1%"><FONT face="Times New Roman" size=2>D.</FONT></TD>
    <TD vAlign=top noWrap align=left width="1%"><FONT face="Times New Roman" size=2></FONT></TD>
    <TD vAlign=top noWrap align=left width="96%"><FONT face="Times New Roman" size=2>$50,001 - $100,000</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=left width="1%"><FONT face="Times New Roman" size=2>E.</FONT></TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=left width="96%"><FONT face="Times New Roman" size=2>over $100,000</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top align=left width="98%" colSpan=3><FONT face="Times New Roman" size=2>All Shares were valued as of January 23,
      2015.</FONT></TD></TR>
  <TR vAlign=top>
    <TD vAlign=top noWrap align=left width="1%"><FONT face="Times New Roman" size=1><sup>(1)</sup></FONT></TD>
    <TD vAlign=top noWrap align=left width="1%"><FONT face="Times New Roman" size=1></FONT></TD>
    <TD COLSPAN="3" STYLE="vertical-align: top; text-align: left; width: 98%; border-top: transparent 2pt solid">
      <P align=justify><FONT face="Times New Roman" size=2>This information has
      been furnished by each Director/Nominee as of January 23, 2015.
      &#147;Beneficial ownership&#148; is determined in accordance with Rule 16a-1(a)(2)
      under the 1934 Act.</FONT></P></TD></TR>
  <TR vAlign=top>
    <TD vAlign=top noWrap align=left width="1%"><FONT face="Times New Roman" size=1><sup>(2)</sup></FONT></TD>
    <TD vAlign=top noWrap align=left width="1%"><FONT face="Times New Roman" size=1></FONT></TD>
    <TD COLSPAN="3" STYLE="vertical-align: top; text-align: left; width: 98%; border-top: transparent 2pt solid">
      <P align=justify><FONT face="Times New Roman" size=2>The Directors,
      Nominees and executive officers of each Fund, as a group, own less than 1%
      of each Fund.</FONT></P></TD></TR>
  <TR vAlign=top>
    <TD vAlign=top noWrap align=left width="1%"><FONT face="Times New Roman" size=1><sup>(3)</sup></FONT></TD>
    <TD vAlign=top noWrap align=left width="1%"><FONT face="Times New Roman" size=1></FONT></TD>
    <TD COLSPAN="3" STYLE="vertical-align: top; text-align: left; width: 98%; border-top: transparent 2pt solid">
      <P align=justify><FONT face="Times New Roman" size=2>Includes Shares of
      the Fund held by Flaherty &amp; Crumrine of which Mr. Crumrine is a
      shareholder.</FONT></P></TD></TR></TABLE><BR>
<P align=justify><B><FONT face="Times New Roman" size=2>Officers of the Funds
</FONT></B></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The following table
provides information concerning each of the officers of the Funds. </FONT></P>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="62%" colSpan=2></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="10%"><FONT face="Times New Roman" size=2>Current Position(s)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="10%"><FONT face="Times New Roman" size=2>Term
      of Office and Length of</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="15%"><FONT face="Times New Roman" size=2>Principal Occupation During</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" noWrap align=left width="15%"><FONT size=+0><FONT face="Times New Roman" size=2>Name,
      Address and Age</FONT></FONT></TD>
    <TD noWrap align=left width="47%">&nbsp;</TD>
    <TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" noWrap align=left width="10%"><FONT size=+0><FONT face="Times New Roman" size=2>Held with
      Funds</FONT></FONT></TD>
    <TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" noWrap align=left width="10%"><FONT size=+0><FONT face="Times New Roman" size=2>Time
      Served</FONT><FONT face="Times New Roman" size=2><SUP>*</SUP></FONT></FONT></TD>
    <TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" noWrap align=left width="15%"><FONT size=+0><FONT face="Times New Roman" size=2>Past Five
      Years</FONT></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="15%" bgColor=#c0c0c0><B><FONT face="Times New Roman" size=2>Robert M. Ettinger</FONT></B></TD>
    <TD noWrap align=left width="47%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>President</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>PFD
      &#150; since 2002</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="15%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Portfolio Manager of Flaherty &amp;
      Crumrine;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="15%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>301
      E. Colorado Boulevard</FONT></TD>
    <TD noWrap align=left width="47%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>PFO
      &#150; since 2002</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="15%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>President of Flaherty &amp; Crumrine
      until</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="15%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Suite 720</FONT></TD>
    <TD noWrap align=left width="47%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>FFC
      &#150; since inception</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="15%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>September 2014</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="15%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Pasadena, CA 91101</FONT></TD>
    <TD noWrap align=left width="47%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>FLC
      &#150; since inception</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="15%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="15%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Age:
      56</FONT></TD>
    <TD noWrap align=left width="47%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>DFP
      &#150; since inception</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="15%" bgColor=#c0c0c0></TD></TR>
  <TR>
    <TD noWrap align=left width="15%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="47%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="15%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="15%"><B><FONT face="Times New Roman" size=2>R. Eric Chadwick</FONT></B></TD>
    <TD noWrap align=left width="47%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="10%"><FONT face="Times New Roman" size=2>Chief Financial</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="10%"><FONT face="Times New Roman" size=2>PFD
      &#150; since 2004</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="15%"><FONT face="Times New Roman" size=2>Portfolio Manager of Flaherty &amp;
      Crumrine;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="15%"><FONT face="Times New Roman" size=2>301
      E. Colorado Boulevard</FONT></TD>
    <TD noWrap align=left width="47%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="10%"><FONT face="Times New Roman" size=2>Officer, Vice</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="10%"><FONT face="Times New Roman" size=2>PFO
      &#150; since 2004</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="15%"><FONT face="Times New Roman" size=2>President of Flaherty &amp; Crumrine
      since</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="15%"><FONT face="Times New Roman" size=2>Suite 720</FONT></TD>
    <TD noWrap align=left width="47%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="10%"><FONT face="Times New Roman" size=2>President and</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="10%"><FONT face="Times New Roman" size=2>FFC
      &#150; since 2004</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="15%"><FONT face="Times New Roman" size=2>September 2014; Vice President of
      Flaherty</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="15%"><FONT face="Times New Roman" size=2>Pasadena, CA 91101</FONT></TD>
    <TD noWrap align=left width="47%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="10%"><FONT face="Times New Roman" size=2>Treasurer</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="10%"><FONT face="Times New Roman" size=2>FLC
      &#150; since 2004</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="15%"><FONT face="Times New Roman" size=2>&amp; Crumrine until September
2014</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="15%"><FONT face="Times New Roman" size=2>Age:
      39</FONT></TD>
    <TD noWrap align=left width="47%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="10%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="10%"><FONT face="Times New Roman" size=2>DFP
      &#150; since inception</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="15%"></TD></TR></TABLE><BR>
<P align=center><FONT face="Times New Roman" size=2>8&nbsp;</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<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 noWrap align=left width="62%" colSpan=2></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="10%"><FONT face="Times New Roman" size=2>Current Position(s)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="10%"><FONT face="Times New Roman" size=2>Term
      of Office and Length of</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="15%"><FONT face="Times New Roman" size=2>Principal Occupation During</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" noWrap align=left width="15%"><FONT size=+0><FONT face="Times New Roman" size=2>Name,
      Address and Age</FONT></FONT></TD>
    <TD noWrap align=left width="47%">&nbsp;</TD>
    <TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" noWrap align=left width="10%"><FONT size=+0><FONT face="Times New Roman" size=2>Held with
      Funds</FONT></FONT></TD>
    <TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" noWrap align=left width="10%"><FONT size=+0><FONT face="Times New Roman" size=2>Time
      Served</FONT><FONT face="Times New Roman" size=2><SUP>*</SUP></FONT></FONT></TD>
    <TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: rgb(0,0,0) 1pt solid" noWrap align=left width="15%"><FONT size=+0><FONT face="Times New Roman" size=2>Past Five
      Years</FONT></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="15%" bgColor=#c0c0c0><B><FONT face="Times New Roman" size=2>Chad C.
      Conwell</FONT></B></TD>
    <TD noWrap align=left width="47%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Chief Compliance</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>PFD
      &#150; since 2005</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="15%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Executive Vice President of Flaherty &amp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="15%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>301
      E. Colorado Boulevard</FONT></TD>
    <TD noWrap align=left width="47%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Officer, Vice</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>PFO
      &#150; since 2005</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="15%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Crumrine since September 2014; Chief</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="15%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Suite 720</FONT></TD>
    <TD noWrap align=left width="47%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>President and</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>FFC
      &#150; since 2005</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="15%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Compliance Officer and Chief Legal</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="15%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Pasadena, CA 91101</FONT></TD>
    <TD noWrap align=left width="47%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Secretary</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>FLC
      &#150; since 2005</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="15%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Officer of Flaherty &amp; Crumrine; Vice</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="15%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Age:
      42</FONT></TD>
    <TD noWrap align=left width="47%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>DFP
      &#150; since inception</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="15%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>President of Flaherty &amp; Crumrine until</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="15%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="47%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="15%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>September 2014</FONT></TD></TR>
  <TR>
    <TD width="100%" bgColor=#c0c0c0 colSpan=8>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="15%"><B><FONT face="Times New Roman" size=2>Bradford S. Stone</FONT></B></TD>
    <TD noWrap align=left width="47%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="10%"><FONT face="Times New Roman" size=2>Vice
      President and</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="10%"><FONT face="Times New Roman" size=2>PFD
      &#150; since 2003</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="15%"><FONT face="Times New Roman" size=2>Portfolio Manager of Flaherty &amp; Crumrine;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="15%"><FONT face="Times New Roman" size=2>47
      Maple Street</FONT></TD>
    <TD noWrap align=left width="47%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="10%"><FONT face="Times New Roman" size=2>Assistant Treasurer</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="10%"><FONT face="Times New Roman" size=2>PFO
      &#150; since 2003</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="15%"><FONT face="Times New Roman" size=2>Executive Vice President of Flaherty</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="15%"><FONT face="Times New Roman" size=2>Suite 403</FONT></TD>
    <TD noWrap align=left width="47%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="10%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="10%"><FONT face="Times New Roman" size=2>FFC
      &#150; since 2003</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="15%"><FONT face="Times New Roman" size=2>&amp; Crumrine since September 2014;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="15%"><FONT face="Times New Roman" size=2>Summit, NJ 07901</FONT></TD>
    <TD noWrap align=left width="47%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="10%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="10%"><FONT face="Times New Roman" size=2>FLC
      &#150; since inception</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="15%"><FONT face="Times New Roman" size=2>Vice
      President of Flaherty &amp; Crumrine</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="15%"><FONT face="Times New Roman" size=2>Age:
      55</FONT></TD>
    <TD noWrap align=left width="47%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="10%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="10%"><FONT face="Times New Roman" size=2>DFP
      &#150; since inception</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="15%"><FONT face="Times New Roman" size=2>until September 2014</FONT></TD></TR>
  <TR>
    <TD width="100%" colSpan=8>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="15%" bgColor=#c0c0c0><B><FONT face="Times New Roman" size=2>Roger
Ko</FONT></B></TD>
    <TD noWrap align=left width="47%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Assistant Treasurer</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>PFD
      &#150; since 2014</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="15%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Trader of Flaherty &amp; Crumrine since</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="15%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>301
      E. Colorado Boulevard</FONT></TD>
    <TD noWrap align=left width="47%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>PFO
      &#150; since 2014</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="15%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>September 2013; Director at Deutsche Bank</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="15%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Suite 720</FONT></TD>
    <TD noWrap align=left width="47%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>FFC
      &#150; since 2014</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="15%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Securities from 2009 to July 2013</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="15%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Pasadena, CA 91101</FONT></TD>
    <TD noWrap align=left width="47%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>FLC
      &#150; since 2014</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="15%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="15%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Age:
      40</FONT></TD>
    <TD noWrap align=left width="47%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>DFP
      &#150; since 2014</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="15%" bgColor=#c0c0c0></TD></TR>
  <TR>
    <TD width="100%" bgColor=#c0c0c0 colSpan=8>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="15%"><B><FONT face="Times New Roman" size=2>Laurie C. Lodolo</FONT></B></TD>
    <TD noWrap align=left width="47%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="10%"><FONT face="Times New Roman" size=2>Assistant</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="10%"><FONT face="Times New Roman" size=2>PFD
      &#150; since 2004</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="15%"><FONT face="Times New Roman" size=2>Assistant Compliance Officer and Secretary</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="15%"><FONT face="Times New Roman" size=2>301
      E. Colorado Boulevard</FONT></TD>
    <TD noWrap align=left width="47%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="10%"><FONT face="Times New Roman" size=2>Compliance</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="10%"><FONT face="Times New Roman" size=2>PFO
      &#150; since 2004</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="15%"><FONT face="Times New Roman" size=2>of
      Flaherty &amp; Crumrine</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="15%"><FONT face="Times New Roman" size=2>Suite 720</FONT></TD>
    <TD noWrap align=left width="47%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="10%"><FONT face="Times New Roman" size=2>Officer, Assistant</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="10%"><FONT face="Times New Roman" size=2>FFC
      &#150; since 2004</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="15%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="15%"><FONT face="Times New Roman" size=2>Pasadena, CA 91101</FONT></TD>
    <TD noWrap align=left width="47%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="10%"><FONT face="Times New Roman" size=2>Treasurer and</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="10%"><FONT face="Times New Roman" size=2>FLC
      &#150; since 2004</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="15%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="15%"><FONT face="Times New Roman" size=2>Age:
      51</FONT></TD>
    <TD noWrap align=left width="47%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="10%"><FONT face="Times New Roman" size=2>Assistant Secretary</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="10%"><FONT face="Times New Roman" size=2>DFP
      &#150; since inception</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="15%"></TD></TR>
  <TR>
    <TD width="100%" colSpan=8>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="15%" bgColor=#c0c0c0><B><FONT face="Times New Roman" size=2>Linda M.
      Puchalski</FONT></B></TD>
    <TD noWrap align=left width="47%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Assistant Treasurer</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>PFD
      &#150; since 2010</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="15%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Administrator of Flaherty &amp; Crumrine</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="15%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>301
      E. Colorado Boulevard</FONT></TD>
    <TD noWrap align=left width="47%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>PFO
      &#150; since 2010</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="15%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="15%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Suite 720</FONT></TD>
    <TD noWrap align=left width="47%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>FFC
      &#150; since 2010</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="15%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="15%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Pasadena, CA 91101</FONT></TD>
    <TD noWrap align=left width="47%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>FLC
      &#150; since 2010</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="15%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="15%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Age:
      58</FONT></TD>
    <TD noWrap align=left width="47%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="10%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>DFP
      &#150; since inception</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="15%" bgColor=#c0c0c0></TD></TR></TABLE><div>____________________</div><BR>
<P align=justify><FONT face="Times New Roman" size=2>*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Each officer serves until his or
her successor is elected and qualified or until his or her earlier resignation
or removal. </FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><STRONG>Audit Committee
</STRONG></FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The role of each Fund&#146;s
Audit Committee is to assist the Board of Directors in its oversight of: (i) the
integrity of the Fund&#146;s financial statements and the independent audit thereof;
(ii) the Fund&#146;s accounting and financial reporting policies and practices, and
its internal control over financial reporting; (iii) the Fund&#146;s compliance with
legal and regulatory requirements; and (iv) the independent auditor&#146;s
qualifications, independence and performance. Each Fund&#146;s Audit Committee is
also required to prepare an audit committee report pursuant to applicable laws
and regulations for inclusion in the Fund&#146;s annual proxy statement. Each Audit
Committee operates pursuant to a charter (the &#147;Audit Committee Charter&#148; or
&#147;Charter&#148;) that was most recently reviewed and approved by the Board of
Directors of each Fund on January 20, 2015, 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&#146;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&#146; independent registered public
accounting firm, KPMG LLP (the &#147;independent accountants&#148; or &#147;KPMG&#148;), is
responsible for planning and carrying out proper audits and reviews of each
Fund&#146;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 align=justify><B><FONT face="Times New Roman" size=2>Audit Committee Report
</FONT></B></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>In performing its oversight
function, at a meeting held on January 20, 2015, each Audit Committee reviewed
and <FONT face="Times New Roman" size=2>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, 2014, and discussed the audit of such
financial statements with the independent accountants.</FONT></FONT></P>
<P align=center><FONT face="Times New Roman" size=2>9 </FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>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 Auditing Standard No. 16,
as adopted by the Public Company Accounting Oversight Board. Each Audit
Committee also received from the independent accountants the written disclosures
and statements required by the SEC&#146;s independence rules, delineating
relationships between the independent accountants and the Funds and discussed
the impact that any such relationships might have on the objectivity and
independence of the independent accountants.</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>As set forth above, and as
more fully set forth in each Fund&#146;s Audit Committee Charter, the Audit Committee
has significant duties and powers in its oversight role with respect to the
Fund&#146;s financial reporting procedures, internal control systems, and the
independent audit process.</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>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&#146;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&#146;s
considerations and discussions referred to above do not provide assurance that
the audit of each Fund&#146;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 ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>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&#146;s
Annual Report for the fiscal year ended November 30, 2014.</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><STRONG>This report was
submitted by the Audit Committee of each Fund&#146;s Board of
Directors</STRONG></FONT></P>
<P align=justify><FONT face="Times New Roman" size=2>David Gale<BR>Morgan
Gust<BR>Karen H. Hogan<BR></FONT><FONT face="Times New Roman" size=2>Robert F.
Wulf (Chairman)</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2>January 20, 2015
</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>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&#146; regularly
scheduled meetings during the fiscal year ended November 30, 2014. Each Audit
Committee is composed entirely of each Fund&#146;s Independent Directors who are also
&#147;independent&#148; (as such term is defined by the NYSE under the listing standards
applicable to closed-end funds, as may be modified or supplemented (the &#147;NYSE
Listing Standards&#148;)), namely Ms. Hogan and Messrs. Gale, Gust and
Wulf.</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><STRONG>Nominating and
Governance Committee</STRONG></FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Each Board of Directors has
a Nominating and Governance Committee composed entirely of each Fund&#146;s
Independent Directors who are also &#147;independent&#148; (as such term is defined by the
NYSE Listing Standards), namely Ms. Hogan and Messrs. Gale, Gust and Wulf. The
Nominating and Governance Committee of each Fund met twice during the fiscal
year ended November 30, 2014. </FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The Nominating and
Governance 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&#146;s annual meeting of shareholders
and to fill any vacancies on the Board; and for overseeing the Boards&#146;
governance practices. Each Fund&#146;s Nominating and Governance Committee has a
charter which is available on its website, <FONT face="Times New Roman" size=2>www.preferredincome.com.</FONT></FONT></P>
<P align=center><FONT face="Times New Roman" size=2>10 </FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Each Fund&#146;s Nominating and
Governance 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 and Governance Committees have not established a
formal process for identifying candidates where a vacancy exists on the Board.
In nominating candidates, each Nominating and Governance 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&#146;s Nominating and
Governance Committee may consider whether a potential nominee&#146;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&#146;s membership and collective
attributes. Each Fund&#146;s Nominating and Governance 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
&#147;Submission of Shareholder Proposals &#150; 2016 Annual Meetings&#148; below.)</FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><STRONG>Other Board-Related
Matters</STRONG></FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>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&#146;s attention.</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>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 17,
2014 Annual Meetings of Shareholders. </FONT></P>
<P align=justify><B><FONT face="Times New Roman" size=2>Board Compensation
</FONT></B></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>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 and Governance Committee meeting attended, and $250 for
each telephone meeting attended. In addition, the Audit Committee Chairman
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, 2014, 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 at least
75% 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, 2014 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 align=left width="87%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"><FONT face="Times New Roman" size=2>Board Meeting and</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"><FONT face="Times New Roman" size=2>Committee Meeting</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"><FONT face="Times New Roman" size=2>Travel and Out-of-Pocket</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%"></TD>
    <TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="3%"><FONT face="Times New Roman" size=2>Annual Director Fees</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="3%"><FONT face="Times New Roman" size=2>Fees</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="3%"><FONT face="Times New Roman" size=2>Expenses*</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>PFD</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$36,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$33,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$2,811</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%"><FONT face="Times New Roman" size=2>PFO</FONT></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="3%"><FONT face="Times New Roman" size=2>$36,000</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"><FONT face="Times New Roman" size=2>$33,000</FONT></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="3%"><FONT face="Times New Roman" size=2>$2,811</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>FFC</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$36,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$33,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$2,811</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%"><FONT face="Times New Roman" size=2>FLC</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"><FONT face="Times New Roman" size=2>$36,000</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"><FONT face="Times New Roman" size=2>$33,000</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"><FONT face="Times New Roman" size=2>$2,811</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="87%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>DFP</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$36,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$32,000</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$2,811</FONT></TD></TR></TABLE><div>____________________</div><BR>
<P align=justify><FONT face="Times New Roman" size=2>*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Includes reimbursement for travel
and out-of-pocket expenses for both &#147;interested&#148; and Independent
Directors.</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The following table sets
forth additional information regarding the compensation of each Fund&#146;s Directors
for the fiscal year/period ended November 30, 2014. No executive officer or
person affiliated with a Fund received compensation from a Fund during the
fiscal year/period ended November 30, 2014 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 align=center><FONT face="Times New Roman" size=2>11</FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P STYLE="text-align: center"><FONT face="Times New Roman" size=2><STRONG>COMPENSATION TABLE
</STRONG></FONT></P>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="91%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"><FONT face="Times New Roman" size=2>Aggregate</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"><FONT face="Times New Roman" size=2>Total Compensation from</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%"></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="3%"><FONT face="Times New Roman" size=2>Compensation</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"><FONT face="Times New Roman" size=2>the
      Funds and Fund</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="91%"><FONT face="Times New Roman" size=2>Name of Person and
      Position</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="3%"><FONT face="Times New Roman" size=2>from each Fund</FONT></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="3%"><FONT face="Times New Roman" size=2>Complex Paid to
      Directors</FONT><FONT face="Times New Roman" size=2>*</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Donald F. Crumrine</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$0</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$0
      (5)</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Director, Chairman of the Board and Chief
      Executive Officer</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR>
    <TD width="99%" bgColor=#c0c0c0 colSpan=5>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%"><FONT face="Times New Roman" size=2>David Gale</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"><FONT face="Times New Roman" size=2>$
      16,500 &#150; PFD</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"><FONT face="Times New Roman" size=2>$
      82,250 (5)</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%"><FONT face="Times New Roman" size=2>Director</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"><FONT face="Times New Roman" size=2>$
      16,500 &#150; PFO</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"><FONT face="Times New Roman" size=2>$
      16,500 &#150; FFC</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"><FONT face="Times New Roman" size=2>$
      16,500 &#150; FLC</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"><FONT face="Times New Roman" size=2>$
      16,250 &#150; DFP</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR>
    <TD width="99%" colSpan=5>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Morgan Gust</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$
      16,500 &#150; PFD</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$
      82,250 (5)</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Director, Nominating and Governance Committee
      Chairman</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$
      16,500 &#150; PFO</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$
      16,500 &#150; FFC</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$
      16,500 &#150; FLC</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$
      16,250 &#150; DFP</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR>
    <TD width="99%" bgColor=#c0c0c0 colSpan=5>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%"><FONT face="Times New Roman" size=2>Karen H. Hogan</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"><FONT face="Times New Roman" size=2>$
      16,500 &#150; PFD</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"><FONT face="Times New Roman" size=2>$
      82,250 (5)</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%"><FONT face="Times New Roman" size=2>Director</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"><FONT face="Times New Roman" size=2>$
      16,500 &#150; PFO</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"><FONT face="Times New Roman" size=2>$
      16,500 &#150; FFC</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"><FONT face="Times New Roman" size=2>$
      16,500 &#150; FLC</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"><FONT face="Times New Roman" size=2>$
      16,250 &#150; DFP</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR>
    <TD width="99%" colSpan=5>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Robert F. Wulf</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$
      19,500 &#150; PFD</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$
      97,250 (5)</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Director, Audit Committee Chairman</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$
      19,500 &#150; PFO</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$
      19,500 &#150; FFC</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$
      19,500 &#150; FLC</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="91%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$
      19,250 &#150; DFP</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0></TD></TR></TABLE><div>____________________ </div><BR>
<TABLE style="TEXT-ALIGN: justify" cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD width="100%"><FONT face="Times New Roman" size=2>Represents the total
      compensation paid for the fiscal year/period ended November 30, 2014 to
      such persons by the Funds, which are considered part of the same &#147;fund
      complex&#148; 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,
    2014.</FONT></TD></TR></TABLE>
<P align=justify><FONT face="Times New Roman" size=2><STRONG>Required
Vote</STRONG></FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The election of Messrs.
Crumrine and Wulf as Directors of PFD, the election of Mr. Gale as a Director of
PFO, the election of Mr. Gust and Ms. Hogan as Directors of FFC and FLC, and the
election of Mr. Gale and Ms. Hogan as Directors of DFP, 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 align=justify><FONT face="Times New Roman" size=2><STRONG>Independent
Registered Public Accounting Firm</STRONG></FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>KPMG, Two Financial Center,
60 South Street, Boston, Massachusetts 02111, has been selected to serve as each
Fund&#146;s independent accountants for each Fund&#146;s fiscal year ending November 30,
2015. KPMG acted as the independent accountants for each Fund for the fiscal
year ended November 30, 2014. 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, if asked.</FONT></P>
<P align=center><FONT face="Times New Roman" size=2>12 </FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>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 year/period ended November 30, 2013 and
fiscal year ended November 30, 2014, as applicable.</FONT></P>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="80%"></TD>
    <TD noWrap align=left width="3%"><FONT face="Times New Roman" size=2>Fiscal Year/Period</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="80%"></TD>
    <TD noWrap align=left width="3%"><FONT face="Times New Roman" size=2>Ended</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"><FONT face="Times New Roman" size=2>Audit-Related</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"><FONT face="Times New Roman" size=2>Fund</FONT></TD>
    <TD noWrap align=left width="80%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="3%"><FONT face="Times New Roman" size=2>November
      30</FONT></TD>
    <TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="3%"><FONT face="Times New Roman" size=2>Audit
    Fees</FONT></TD>
    <TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="3%"><FONT face="Times New Roman" size=2>Fees</FONT></TD>
    <TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="3%"><FONT face="Times New Roman" size=2>Tax
    Fees*</FONT></TD>
    <TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="3%"><FONT face="Times New Roman" size=2>All Other
      Fees</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>PFD</FONT></TD>
    <TD noWrap align=left width="80%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>2013</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$46,350</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$0</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$8,910</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$0</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="80%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>2014</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$47,500</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$0</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$8,910</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$0</FONT></TD></TR>
  <TR>
    <TD width="100%" bgColor=#c0c0c0 colSpan=11>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>PFO</FONT></TD>
    <TD noWrap align=left width="80%"></TD>
    <TD noWrap align=left width="3%"><FONT face="Times New Roman" size=2>2013</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"><FONT face="Times New Roman" size=2>$46,350</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"><FONT face="Times New Roman" size=2>$0</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"><FONT face="Times New Roman" size=2>$8,910</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"><FONT face="Times New Roman" size=2>$0</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="80%"></TD>
    <TD noWrap align=left width="3%"><FONT face="Times New Roman" size=2>2014</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"><FONT face="Times New Roman" size=2>$47,500</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"><FONT face="Times New Roman" size=2>$0</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"><FONT face="Times New Roman" size=2>$8,910</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"><FONT face="Times New Roman" size=2>$0</FONT></TD></TR>
  <TR>
    <TD width="100%" colSpan=11>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>FFC</FONT></TD>
    <TD noWrap align=left width="80%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>2013</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$46,350</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$0</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$8,910</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$0</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="80%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>2014</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$47,500</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$0</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$8,910</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$0</FONT></TD></TR>
  <TR>
    <TD width="100%" bgColor=#c0c0c0 colSpan=11>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>FLC</FONT></TD>
    <TD noWrap align=left width="80%"></TD>
    <TD noWrap align=left width="3%"><FONT face="Times New Roman" size=2>2013</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"><FONT face="Times New Roman" size=2>$46,350</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"><FONT face="Times New Roman" size=2>$0</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"><FONT face="Times New Roman" size=2>$8,910</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"><FONT face="Times New Roman" size=2>$0</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="80%"></TD>
    <TD noWrap align=left width="3%"><FONT face="Times New Roman" size=2>2014</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"><FONT face="Times New Roman" size=2>$47,500</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"><FONT face="Times New Roman" size=2>$0</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"><FONT face="Times New Roman" size=2>$8,910</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"><FONT face="Times New Roman" size=2>$0</FONT></TD></TR>
  <TR>
    <TD width="100%" colSpan=11>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="text-align: left; width: 1%; background-color: #c0c0c0"><FONT face="Times New Roman" size=2>DFP</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 80%; background-color: #c0c0c0"></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>2013</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$46,350</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$0</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$8,910</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$54,500**</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="text-align: left; width: 1%; background-color: #c0c0c0"></TD>
    <TD noWrap align=left width="80%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>2014</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$47,500</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$0</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$8,910</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$0</FONT></TD></TR></TABLE><div>____________________ </div><BR>
<TABLE cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>*</FONT></TD>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD vAlign=top align=left width="100%">
      <P align=justify><FONT face="Times New Roman" size=2>&#147;Tax Fees&#148; are those
      fees billed to each Fund by KPMG in connection with tax consulting
      services, including&nbsp;<FONT face="Times New Roman" size=2>primarily the
      review of each Fund&#146;s income tax returns.</FONT></FONT></P></TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>**</FONT></TD>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top align=left width="100%">
      <P align=justify><FONT face="Times New Roman" size=2>&#147;All Other Fees&#148; are
      those fees billed to DFP by KPMG in connection with the Seed Audit of the
      Fund. </FONT></P></TD></TR></TABLE><BR>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Each Fund&#146;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&#146;s
investment adviser and any entity controlling, controlled by or under common
control with the Funds&#146; investment adviser (&#147;affiliates&#148;) 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 year/period ended November 30, 2013 and the fiscal year
ended November 30, 2014, as applicable, were pre-approved by the Audit
Committee.</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>For each Fund&#146;s fiscal
year/period ended November 30, 2013 and fiscal year ended November 30, 2014,
KPMG did not provide any non-audit services (or bill any fees for such services)
to the Funds&#146; investment adviser or any affiliates. </FONT></P>
<P align=center><FONT face="Times New Roman" size=2><STRONG>OTHER MATTERS TO
COME BEFORE THE ANNUAL MEETINGS </STRONG></FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>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 align=center><FONT face="Times New Roman" size=2><STRONG>ADDITIONAL
INFORMATION </STRONG></FONT></P>
<P align=justify><FONT face="Times New Roman" size=2><STRONG>Investment Adviser,
Administrator and Servicing Agent</STRONG></FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>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. BNY Mellon 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 align=justify><FONT face="Times New Roman" size=2><STRONG>Compliance with the
Securities Exchange Act of 1934</STRONG></FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Section 16(a) of the 1934
Act and Section 30(h) of the 1940 Act require each Fund&#146;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&#146;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
2014 all such filing requirements applicable to such persons were met in a
timely manner. </FONT></P>
<P align=center><FONT face="Times New Roman" size=2>13 </FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=justify><FONT face="Times New Roman" size=2><STRONG>Submission of
Shareholder Proposals - 2016 Annual Meetings </STRONG></FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>All proposals by
shareholders of each Fund that are intended to be presented at each Fund&#146;s next
Annual Meeting of Shareholders to be held in 2016 must be received by the
relevant Fund for consideration for inclusion in the relevant Fund&#146;s proxy
statement relating to the meeting no later than November 12, 2015, and must
satisfy the requirements of federal securities laws.</FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Each Fund&#146;s bylaws require
shareholders wishing to nominate Directors or make proposals to be voted on at
the Fund&#146;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&#146;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&#146;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 ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Any such notice by a
shareholder shall set forth the information required by the Fund&#146;s bylaws with
respect to each matter the shareholder proposes to bring before the annual
meeting.</FONT></P>
<P align=justify><B><FONT face="Times New Roman" size=2>&#147;Householding&#148;</FONT></B></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>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 align=justify><FONT face="Times New Roman" size=2><STRONG>Voting Results
</STRONG></FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>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 align=justify><FONT face="Times New Roman" size=2><STRONG>Broker Non-Votes
and Abstentions</STRONG></FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>A proxy which is properly
executed and returned accompanied by instructions to withhold authority to vote
represents a broker &#147;non-vote&#148; (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, &#147;abstentions&#148;) 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 ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>With respect to Proposal 1
for the Annual Meetings, abstentions do not constitute a vote &#147;for&#148;
directors.</FONT></P>
<P align=center><FONT face="Times New Roman" size=2><STRONG>NOTICE TO BANKS,
BROKER/DEALERS AND VOTING TRUSTEES AND THEIR NOMINEES </STRONG></FONT></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Please advise the Funds
whether other persons are the beneficial owners of Fund 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 Fund Shares.</font></P>
<P align=justify><FONT face="Times New Roman" size=2><STRONG>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.</STRONG></FONT></P>
<P align=center><FONT face="Times New Roman" size=2>14 </FONT></P>
<HR align=center width="100%" noShade SIZE=2>
<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>



<!-- INSERT HERE... -->


<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 vAlign=top noWrap align=center width="19%"></TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top align=left width="80%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap align=center width="19%"><IMG src="proxycardsx1x1.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 vAlign=top noWrap align=center width="19%"></TD>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top align=left width="80%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap align=center width="19%"><IMG src="proxycardsx1x2.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 21, 2015
</FONT></B></P></TD></TR></TABLE></DIV><BR>&nbsp;<BR>&nbsp;<BR>
<P align=center><FONT face="times new roman" size=2>Please fold along the perforation,
detach and return the bottom portion in the enclosed envelope. </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 PREFERRED INCOME OPPORTUNITY FUND INCORPORATED<BR>ANNUAL MEETING OF
      SHAREHOLDERS<BR>TO BE HELD ON APRIL 21, 2015 </FONT></B></TD>
    <TD vAlign=top noWrap align=right width="5%"><B><FONT face="times new roman" size=2>PROXY</FONT></B></TD></TR></TABLE><BR>
<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 Preferred
Income Opportunity Fund
Incorporated, a Maryland corporation (the &#147;Fund&#148;), hereby appoints Robert M.
Ettinger 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 21,
2015, 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>
<P align=justify><B><FONT face="times new roman" size=1>Note</FONT></B><FONT face="times new roman" size=1>: Please sign this proxy exactly as your name(s) appear(s) on the books
of the Fund. For joint owners, either party may sign. Trustees and other
fiduciaries should indicate the capacity in which they sign, and where more than
one name appears, a majority must sign. If a corporation, the signature should
be that of an authorized officer who should state his or her title.</FONT></P>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="100%"><FONT face="times new roman" size=1>Signature and Title, if
applicable</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 style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="100%"><FONT face="times new roman" size=1>Signature (if held jointly)</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 style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="50%"><FONT face="times new roman" size=1>Date</FONT></TD>
    <TD style="BORDER-TOP: #000000 1pt solid" noWrap align=right width="50%"><FONT face="times new roman" size=1><!-- PFO_26355_012815 --></FONT></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><BR>
<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
21, 2015.<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>Please fold along the perforation,
detach and return the bottom portion in the enclosed envelope.</FONT></P>
<P align=center><FONT face="times new roman" size=2></FONT>&nbsp;</P>
<P style="margin-bottom: 6pt" align=left><FONT face="times new roman" size=2>Using a </FONT><B><U><FONT face="times new roman" size=2>black ink</FONT></U></B><FONT face="times new roman" size=2> pen, mark your votes
with an X as shown in this example. Please do not write outside the designated
areas. Example: &#9746;</FONT></P>
<P align=left><B><FONT face="times new roman" size=2>THE BOARD OF DIRECTORS RECOMMENDS A
VOTE &#147;</FONT></B><B><U><FONT face="times new roman" size=2>FOR</FONT></U></B><B><FONT face="times new roman" size=2>&#148; THE NOMINEE LISTED. </FONT></B></P>
<TABLE style="FONT-SIZE: 7pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"><B><FONT face="times new roman" size=2>1.&nbsp;&nbsp;&nbsp;</FONT></B></TD>
    <TD vAlign=top noWrap align=left width="35%" colSpan=3><FONT face="times new roman" size=2>Election of Directors:</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="59%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"><B><FONT face="times new roman" size=1>FOR<BR>&nbsp;</FONT></B></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"><B><FONT face="times new roman" size=1>WITHHOLD<BR>&nbsp;</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="2%">&nbsp;</TD>
    <TD noWrap align=left width="13%"><FONT face="times new roman" size=2>01
      David Gale</FONT></TD>
    <TD noWrap align=left width="20%"><FONT face="times new roman" size=2></FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="59%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"><FONT face="times new roman" size=2>&#9744;</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"><FONT face="times new roman" size=2>&#9744;</FONT></TD></TR>
  <TR>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="35%" colSpan=3>&nbsp;<BR>&nbsp;</TD>
    <TD style="TEXT-ALIGN: center" noWrap width="59%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"><B><FONT face="times new roman" size=2>2.</FONT></B></TD>
    <TD vAlign=top noWrap align=left width="35%" colSpan=3><FONT face="times new roman" size=2>To transact such other business as may
      properly come before the Annual Meeting or any</FONT><BR><FONT face="times new roman" size=2>adjournments or postponements
    thereof.</FONT></TD>
    <TD vAlign=top noWrap align=center width="59%"></TD>
    <TD vAlign=top noWrap align=center width="1%"></TD>
    <TD vAlign=top noWrap align=center width="1%"></TD>
    <TD vAlign=top noWrap align=center width="1%"></TD>
    <TD vAlign=top noWrap align=center width="1%"></TD></TR></TABLE><BR><BR>

<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="40%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="100%"><B><FONT face="times new roman" size=2>Change of Address &#150;
      </FONT></B><FONT face="times new roman" size=2>Please
      print new address below.</FONT></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></TABLE><BR>
<P align=center><B><FONT face="times new roman" size=2>PLEASE SIGN AND DATE ON THE REVERSE
SIDE</FONT></B></P>
<HR align=center width="100%" noShade SIZE=2>

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