<SEC-DOCUMENT>0001206774-16-004823.txt : 20160308
<SEC-HEADER>0001206774-16-004823.hdr.sgml : 20160308
<ACCEPTANCE-DATETIME>20160307173712
ACCESSION NUMBER:		0001206774-16-004823
CONFORMED SUBMISSION TYPE:	DEF 14A
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20160420
FILED AS OF DATE:		20160308
DATE AS OF CHANGE:		20160307
EFFECTIVENESS DATE:		20160308

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:		161489638

	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>

<HTML>
<HEAD>
   <TITLE></TITLE>
</HEAD>

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

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

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

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

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

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

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

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

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

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

  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"><FONT face="Times New Roman" size=2>[&nbsp;&nbsp; ] </FONT></TD>
    <TD vAlign=top noWrap align=left width="98%"><FONT face="Times New Roman" size=2>Fee paid previously with preliminary materials.</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"><FONT face="Times New Roman" size=2></FONT></TD>
    <TD vAlign=top noWrap align=left width="98%"><FONT face="Times New Roman" size=2>&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"><FONT face="Times New Roman" size=2>[&nbsp;&nbsp; ] &nbsp;</FONT></TD>
    <TD vAlign=top align=left width="98%"><FONT face="Times New Roman" size=2>Check box if any part of the fee is offset as provided by Exchange
      Act Rule 0-11(a)(2) and identify the filing for which the offsetting fee
      was paid previously. Identify the previous filing by registration
      statement number, or the Form or Schedule and the date of its
      filing.</FONT></TD></TR></TABLE><BR>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

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

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

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

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

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




<P align=center><B><FONT face="Times New Roman" size=2>FLAHERTY &amp; CRUMRINE
PREFERRED INCOME FUND INCORPORATED (NYSE: PFD)<BR>FLAHERTY &amp; CRUMRINE
PREFERRED INCOME OPPORTUNITY FUND INCORPORATED (NYSE: PFO)<BR>FLAHERTY &amp;
CRUMRINE PREFERRED SECURITIES INCOME FUND INCORPORATED (NYSE: FFC)<BR>FLAHERTY
&amp; CRUMRINE TOTAL RETURN FUND INCORPORATED (NYSE: FLC)<BR>FLAHERTY &amp;
CRUMRINE DYNAMIC PREFERRED AND INCOME FUND INCORPORATED (NYSE:
DFP)</FONT></B></P>
<P align=center><FONT face="Times New Roman" size=2>301 E. Colorado Boulevard,
Suite 720<BR>Pasadena, California 91101 </FONT></P>
<P align=center><B><FONT face="Times New Roman" size=2>NOTICE OF ANNUAL MEETINGS
OF SHAREHOLDERS<BR></FONT></B><FONT face="Times New Roman" size=2>To Be Held on
April 20, 2016</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 20,
2016, 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><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD vAlign=top width="100%"><FONT face="Times New Roman" size=2>To elect
      Directors of each Fund (Proposal 1).</FONT></TD></TR>
  <TR>
    <TD></TD>
    <TD vAlign=top colSpan=2>&nbsp; </TD></TR>
  <TR>
    <TD vAlign=top noWrap></TD>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>2.</FONT></TD>
    <TD vAlign=top 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 postponements thereof.
  </FONT></TD></TR></TABLE>
<P align=justify><B><FONT face="Times New Roman" size=2>Your vote is
important!</FONT></B></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><B><FONT face="Times New Roman" size=2></FONT></B><FONT face="Times New Roman" size=2>The Board of Directors of each Fund has fixed the
close of business on January 22, 2016 as the record date for the determination
of shareholders of each Fund entitled to notice of and to vote at the Annual
Meetings and any adjournments or postponements thereof.</FONT></P>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="64%"></TD>
    <TD noWrap align=left width="35%"><FONT face="Times New Roman" size=2>By
      Order of the Boards of Directors,</FONT></TD></TR>
  <TR>
    <TD width="99%" colSpan=2>&nbsp; </TD></TR>
  <TR>
    <TD width="99%" colSpan=2>&nbsp; </TD></TR>
  <TR vAlign=bottom style="line-height:normal">
    <TD noWrap align=left width="64%"><FONT face="Times New Roman" size=2>March 10, 2016</FONT></TD>
    <TD noWrap align=left width="35%"><FONT face="Times New Roman" size=2>Chad
      C. Conwell</FONT></TD></TR>
  <TR vAlign=bottom style="line-height:normal">
    <TD noWrap align=left width="64%"></TD>
    <TD noWrap align=left width="35%"><I><FONT face="Times New Roman" size=2>Secretary</FONT></I></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 20, 2016 </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, 2015, are available to you on the Funds&#146; website -
      www.preferredincome.com or upon request, without charge, by writing to BNY
      Mellon c/o Computershare, P.O. Box 30170, College Station, Texas
      77842-3170, or by calling 1-866-351-7446. You are encouraged to review all
      of the information contained in the proxy materials before
      voting.</FONT></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>S<B><FONT face="Times New Roman" size=2>EPARATE PROXY CARDS ARE ENCLOSED FOR EACH
      FUND IN WHICH YOU OWN SHARES.<BR></FONT></B><B><FONT face="Times New Roman" size=2>YOUR VOTE IS IMPORTANT REGARDLESS OF THE
      SIZE OF YOUR HOLDINGS IN THE FUND. WHETHER OR NOT YOU PLAN TO ATTEND THE
      MEETING, WE ASK THAT YOU PLEASE VOTE PROMPTLY. INSTRUCTIONS FOR THE PROPER
      VOTING AND/OR EXECUTION OF PROXIES ARE SET FORTH ON THE INSIDE COVER.
      SHAREHOLDERS MAY SUBMIT VOTING INSTRUCTIONS BY SIGNING AND DATING THE
      PROXY CARD OR VOTING INSTRUCTION FORM AND RETURNING IT IN THE ACCOMPANYING
      POSTAGE-PAID ENVELOPE.
</FONT></B></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><B><FONT face="Times New Roman" size=2>INSTRUCTIONS FOR SIGNING
PROXY CARDS </FONT></B></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><B><FONT face="Times New Roman" size=2></FONT></B><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><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </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></TD>
    <TD colSpan=2>&nbsp; </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></TD>
    <TD colSpan=2>&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>
  <TR>
    <TD></TD>
    <TD colSpan=2>&nbsp; </TD></TR></TABLE>
<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%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    </TD>
    <TD noWrap align=left width="47%" colSpan=2><U><FONT face="Times New Roman" size=2>Registration</FONT></U></TD>
    <TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD noWrap align=left width="50%"><U><FONT face="Times New Roman" size=2>Valid Signature</FONT></U></TD></TR>
  <TR>
    <TD width="1%"></TD>
    <TD width="98%" colSpan=4>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="47%" colSpan=2><FONT face="Times New Roman" size=2>Corporate Accounts</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="50%"></TD></TR>
  <TR>
    <TD width="1%"></TD>
    <TD width="98%" colSpan=4>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD noWrap align=left width="46%"><FONT face="Times New Roman" size=2>ABC
      Corp.</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="50%"><FONT face="Times New Roman" size=2>ABC
      Corp.</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="1%">&nbsp;</TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>(2)</FONT></TD>
    <TD noWrap align=left width="46%"><FONT face="Times New Roman" size=2>ABC
      Corp.</FONT></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="50%"><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%"><FONT face="Times New Roman" size=2>(3)</FONT></TD>
    <TD noWrap align=left width="46%"><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="50%"><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%"><FONT face="Times New Roman" size=2>(4)</FONT></TD>
    <TD noWrap align=left width="46%"><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="50%"><FONT face="Times New Roman" size=2>John
      Doe, Trustee</FONT></TD></TR>
  <TR>
    <TD width="1%"></TD>
    <TD align=left width="98%" colSpan=4>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="47%" colSpan=2><FONT face="Times New Roman" size=2>Trust Accounts</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="50%"></TD></TR>
  <TR>
    <TD width="1%"></TD>
    <TD align=left width="98%" colSpan=4>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>(1)</FONT></TD>
    <TD noWrap align=left width="46%"><FONT face="Times New Roman" size=2>ABC
      Trust</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="50%"><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%"><FONT face="Times New Roman" size=2>(2)</FONT></TD>
    <TD noWrap align=left width="46%"><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="50%"><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="46%"><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="50%"></TD></TR>
  <TR>
    <TD width="1%"></TD>
    <TD align=left width="98%" colSpan=4>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="47%" colSpan=2><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="50%"></TD></TR>
  <TR>
    <TD width="1%"></TD>
    <TD align=left width="98%" colSpan=4>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>(1)</FONT></TD>
    <TD noWrap align=left width="46%"><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="50%"><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="46%"><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="50%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>(2)</FONT></TD>
    <TD noWrap align=left width="46%"><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="50%"><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="46%"><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="50%"></TD></TR></TABLE><BR>
<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=2>FLAHERTY &amp; CRUMRINE
PREFERRED INCOME FUND INCORPORATED (NYSE: PFD)<BR>FLAHERTY &amp; CRUMRINE
PREFERRED INCOME OPPORTUNITY FUND INCORPORATED (NYSE: PFO)<BR>FLAHERTY &amp;
CRUMRINE PREFERRED SECURITIES INCOME FUND INCORPORATED (NYSE: FFC)<BR>FLAHERTY
&amp; CRUMRINE TOTAL RETURN FUND INCORPORATED (NYSE: FLC)<BR>FLAHERTY &amp;
CRUMRINE DYNAMIC PREFERRED AND INCOME FUND INCORPORATED (NYSE:
DFP)</FONT></B></P>
<P align=center><FONT face="Times New Roman" size=2>301 E. Colorado Boulevard,
Suite 720<BR>Pasadena, California 91101</FONT></P>
<P align=center><B><FONT face="Times New Roman" size=2>ANNUAL MEETINGS OF
SHAREHOLDERS<BR></FONT></B><B><FONT face="Times New Roman" size=2>April 20,
2016<BR></FONT></B><B><FONT face="Times New Roman" size=2>JOINT PROXY
STATEMENT</FONT></B></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><B><FONT face="Times New Roman" size=2></FONT></B><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 20, 2016, 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 10, 2016 to shareholders of
record as of the close of business on January 22, 2016. Proxy solicitations will
be made, beginning on or about March 10, 2016, primarily by mail, but proxy
solicitations may also be made by telephone, facsimile, e-mail, or personal
interviews conducted by officers of each Fund, Flaherty &amp; Crumrine
Incorporated (&#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></FONT><B><FONT face="Times New Roman" size=2>THE ANNUAL REPORT OF EACH FUND, INCLUDING AUDITED
FINANCIAL STATEMENTS FOR THE FISCAL YEAR ENDED NOVEMBER 30, 2015, 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.</FONT></B></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 20, 2016 </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, 2015, 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.&nbsp; </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><B><FONT face="Times New Roman" size=2>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.&nbsp;</FONT></B></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 22, 2016, 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="85%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD noWrap align=left width="93%" colSpan=2></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: left" width="5%"><FONT face="Times New Roman" size=2>Shares</FONT></TD></TR>
  <TR vAlign=bottom>
    <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>Name of Fund</FONT></TD>
    <TD noWrap align=left width="90%">&nbsp;</TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="5%"><FONT face="Times New Roman" size=2>Outstanding</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="93%" bgColor=#c0c0c0 colSpan=2><FONT face="Times New Roman" size=2>Preferred Income Fund (PFD)</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="5%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>11,057,483</FONT></TD></TR>
  <TR>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="93%" bgColor=#c0c0c0 colSpan=2>&nbsp; </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="5%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="93%" colSpan=2><FONT face="Times New Roman" size=2>Preferred Income Opportunity Fund (PFO)</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="5%"><FONT face="Times New Roman" size=2>12,376,412</FONT></TD></TR>
  <TR>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="93%" colSpan=2>&nbsp; </TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="5%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="93%" bgColor=#c0c0c0 colSpan=2><FONT face="Times New Roman" size=2>Preferred Securities Income Fund
    (FFC)</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="5%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>43,724,575</FONT></TD></TR>
  <TR>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="93%" bgColor=#c0c0c0 colSpan=2>&nbsp; </TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="5%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="93%" colSpan=2><FONT face="Times New Roman" size=2>Total Return Fund (FLC)</FONT></TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="5%"><FONT face="Times New Roman" size=2>9,903,086</FONT></TD></TR>
  <TR>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="93%" colSpan=2>&nbsp; </TD>
    <TD noWrap align=right width="1%"></TD>
    <TD noWrap align=right width="5%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="93%" bgColor=#c0c0c0 colSpan=2><FONT face="Times New Roman" size=2>Dynamic Preferred Income Fund
(DFP)</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="5%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>19,156,782</FONT></TD></TR></TABLE><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 22,
2016<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="52%" colSpan=2><B><FONT face="Times New Roman" size=2>Name and Address of</FONT></B></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="15%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="15%"><B><FONT face="Times New Roman" size=2>Amount and Nature</FONT></B></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="15%"></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="5%"><B><FONT face="Times New Roman" size=2>Beneficial/Record Owner</FONT></B></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: #000000 1pt solid" noWrap align=left width="15%"><B><FONT face="Times New Roman" size=2>Title of Class</FONT></B></TD>
    <TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="15%"><B><FONT face="Times New Roman" size=2>of
      Ownership</FONT></B></TD>
    <TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="15%"><B><FONT face="Times New Roman" size=2>Percent of
      Class</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="52%" bgColor=#c0c0c0 colSpan=2><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="15%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Common Stock</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="15%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>PFD
      &#150; (record)</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>96.74%</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="52%" bgColor=#c0c0c0 colSpan=2><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="15%" 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>PFO
      &#150; (record)</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>96.42%</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="52%" bgColor=#c0c0c0 colSpan=2><FONT face="Times New Roman" size=2>55 Water Street, 25<SUP>th
      </SUP></FONT><FONT face="Times New Roman" size=2>Floor</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="15%" bgColor=#c0c0c0>&nbsp;</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>FFC
      &#150; (record)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="15%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>99.82%</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="52%" bgColor=#c0c0c0 colSpan=2><FONT face="Times New Roman" size=2>New York, New York 10041</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="15%" 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>FLC
      &#150; (record)</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>99.87%</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="52%" bgColor=#c0c0c0 colSpan=2></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="15%" 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>DFP
      &#150; (record)</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>99.98%</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>

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

  <TR vAlign=bottom>
    <TD noWrap align=left width="51%" colSpan=2><B><FONT face="Times New Roman" size=2>Name and Address of</FONT></B></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="15%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="15%"><B><FONT face="Times New Roman" size=2>Amount and Nature</FONT></B></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="15%"></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="5%"><B><FONT face="Times New Roman" size=2>Beneficial/Record
      Owner</FONT></B></TD>
    <TD noWrap align=left width="46%">&nbsp;</TD>
    <TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="15%"><B><FONT face="Times New Roman" size=2>Title of
      Class</FONT></B></TD>
    <TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="15%"><B><FONT face="Times New Roman" size=2>of
    Ownership</FONT></B></TD>
    <TD noWrap align=right width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="15%"><B><FONT face="Times New Roman" size=2>Percent of
      Class</FONT></B></TD></TR>
  <TR>
    <TD noWrap align=left width="51%" bgColor=#c0c0c0 colSpan=2></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="15%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="15%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="15%" bgColor=#c0c0c0></TD></TR>
  <TR STYLE="background-color: Silver">
    <TD NOWRAP ALIGN="LEFT" WIDTH="51%" COLSPAN="2"><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="15%"><FONT face="Times New Roman" size=2>Common Stock</FONT></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="15%"><FONT face="Times New Roman" size=2>FLC &#150; (beneficial) <FONT face="Times New Roman" size=2><SUP>1</SUP></FONT></FONT></TD>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="15%"><FONT face="Times New Roman" size=2>6.71%</FONT></TD></TR>
  <TR STYLE="background-color: Silver">
    <TD NOWRAP ALIGN="LEFT" WIDTH="51%" COLSPAN="2"><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="15%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%">&nbsp;</TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="15%"><FONT face="Times New Roman" size=2>DFP &#150; (beneficial) <FONT face="Times New Roman" size=2><SUP>2</SUP></FONT></FONT></TD>
    <TD NOWRAP ALIGN="RIGHT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="15%"><FONT face="Times New Roman" size=2>6.50%</FONT></TD></TR>
  <TR STYLE="background-color: Silver">
    <TD NOWRAP ALIGN="LEFT" WIDTH="51%" COLSPAN="2"><FONT face="Times New Roman" size=2>The Charger Corporation</FONT></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="15%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="15%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="15%">&nbsp;</TD></TR>
  <TR STYLE="background-color: Silver">
    <TD NOWRAP ALIGN="LEFT" WIDTH="51%" COLSPAN="2"><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="15%">&nbsp;</TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="15%">&nbsp;</TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%">&nbsp;</TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="15%"></TD></TR>
  <TR STYLE="background-color: Silver">
    <TD NOWRAP ALIGN="LEFT" WIDTH="51%" COLSPAN="2"><FONT face="Times New Roman" size=2>Wheaton, Illinois 60187</FONT></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%">&nbsp;</TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="15%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="15%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="15%"></TD></TR></TABLE><DIV>____________________</DIV><BR>
<TABLE style="LINE-HEIGHT: normal; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"><FONT face="Times New Roman" size=1>*</FONT></TD>
    <TD VALIGN="TOP" ALIGN="LEFT" WIDTH="98%" STYLE="text-align: justify"><FONT face="Times New Roman" size=2>As of January 22, 2016, the Directors and officers, as a group,
      owned less than 1% of the Shares of each Fund.<BR>&nbsp;&nbsp;
  </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"><FONT face="Times New Roman" size=1>**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></TD>
    <TD VALIGN="TOP" ALIGN="LEFT" WIDTH="98%" STYLE="text-align: justify"><FONT face="Times New Roman" size=2>A nominee partnership of The Depository Trust Company.<BR>&nbsp;
      </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"><FONT face="Times New Roman" size=1>1</FONT></TD>
    <TD VALIGN="TOP" ALIGN="LEFT" WIDTH="98%" STYLE="text-align: justify"><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, 2015. 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 664,481 Shares.<BR>&nbsp;&nbsp; </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"><FONT face="Times New Roman" size=1>2</FONT></TD>
    <TD VALIGN="TOP" ALIGN="LEFT" WIDTH="98%" STYLE="text-align: justify"><FONT face="Times New Roman" size=2>Information obtained from a Schedule 13G/A filed by FTP, FTA and
      Charger with the SEC reporting share ownership as of December 31, 2015.
      Based on that filing, FTP does not have sole or shared voting power. FTA
      and Charger have shared power to direct the vote of 47,740 Shares, FTP has
      shared power to dispose or direct the disposition of 1,198,186 Shares, and
      FTA and Charger have the shared power to dispose or direct the disposition
      of 1,245,926 Shares.</FONT></TD></TR></TABLE><BR>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2></FONT><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 align=center><B><FONT face="Times New Roman" size=2>PROPOSAL 1: ELECTION OF
DIRECTORS </FONT></B></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><B><FONT face="Times New Roman" size=2></FONT></B><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><B><FONT face="Times New Roman" size=2>Nominees for the Boards
of Directors</FONT></B></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 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
2019 Annual Meeting of Shareholders and until his 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="PADDING-RIGHT: 4pt; PADDING-LEFT: 4pt; LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="97%" border=0>

  <TR vAlign=bottom>
    <TD style="BORDER-TOP: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="49%"><B><FONT face="Times New Roman" size=2>Fund</FONT></B></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="50%"><B><FONT face="Times New Roman" size=2>Nominees For Election</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-LEFT: #000000 1pt solid" noWrap align=left width="49%"><FONT face="Times New Roman" size=2>PFD</FONT></TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid" noWrap align=left width="50%"><FONT face="Times New Roman" size=2>R. Eric
      Chadwick</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="49%"></TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="50%"><FONT face="Times New Roman" size=2>Morgan
      Gust</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-LEFT: #000000 1pt solid" noWrap align=left width="49%"><FONT face="Times New Roman" size=2>PFO</FONT></TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid" noWrap align=left width="50%"><FONT face="Times New Roman" size=2>R. Eric
      Chadwick</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="49%"></TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="50%"><FONT face="Times New Roman" size=2>Robert
      F. Wulf</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-LEFT: #000000 1pt solid" noWrap align=left width="49%"><FONT face="Times New Roman" size=2>FFC</FONT></TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid" noWrap align=left width="50%"><FONT face="Times New Roman" size=2>R. Eric
      Chadwick</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="49%"></TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="50%"><FONT face="Times New Roman" size=2>Robert
      F. Wulf</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-LEFT: #000000 1pt solid" noWrap align=left width="49%"><FONT face="Times New Roman" size=2>FLC</FONT></TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid" noWrap align=left width="50%"><FONT face="Times New Roman" size=2>R. Eric
      Chadwick</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="49%"></TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="50%"><FONT face="Times New Roman" size=2>Robert
      F. Wulf</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-LEFT: #000000 1pt solid" noWrap align=left width="49%"><FONT face="Times New Roman" size=2>DFP</FONT></TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid" noWrap align=left width="50%"><FONT face="Times New Roman" size=2>R. Eric
      Chadwick</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="49%"></TD>
    <TD style="BORDER-RIGHT: #000000 1pt solid; BORDER-LEFT: #000000 1pt solid; BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="50%"><FONT face="Times New Roman" size=2>Morgan
      Gust</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 noWrap style="text-align: center" width="16%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="16%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="16%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="16%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="16%"><FONT face="Times New Roman" size=2>Number of</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="14%"><FONT face="Times New Roman" size=2>Other Public</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap style="text-align: center" width="16%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="16%"><FONT face="Times New Roman" size=2>Current</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="16%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="16%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="16%"><FONT face="Times New Roman" size=2>Funds in Fund</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="14%"><FONT face="Times New Roman" size=2>Company Board</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap style="text-align: center" width="16%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="16%"><FONT face="Times New Roman" size=2>Position(s)</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="16%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="16%"><FONT face="Times New Roman" size=2>Principal Occupation</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="16%"><FONT face="Times New Roman" size=2>Complex</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="14%"><FONT face="Times New Roman" size=2>Memberships</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap style="text-align: center" width="16%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="16%"><FONT face="Times New Roman" size=2>Held with</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="16%"><FONT face="Times New Roman" size=2>Term of Office and</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="16%"><FONT face="Times New Roman" size=2>During Past Five</FONT></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;</TD>
    <TD noWrap style="text-align: center" width="16%"><FONT face="Times New Roman" size=2>Overseen by</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="14%"><FONT face="Times New Roman" size=2>During Past Five</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="16%"><FONT face="Times New Roman" size=2>Name, Address and
      Age</FONT></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="16%"><FONT face="Times New Roman" size=2>Funds</FONT></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="16%"><FONT face="Times New Roman" size=2>Length of Time
      Served*</FONT></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="16%"><FONT face="Times New Roman" size=2>Years</FONT></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="16%"><FONT face="Times New Roman" size=2>Director**</FONT></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="14%"><FONT face="Times New Roman" size=2>Years</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0><B><FONT face="Times New Roman" size=2><U>Non-Interested</U></FONT></B></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="14%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0><B><FONT face="Times New Roman" size=2><U>Directors/Nominees:</U></FONT></B></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="14%" bgColor=#c0c0c0>&nbsp;</TD></TR>
  <TR>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap style="text-align: center" width="16%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="14%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="16%"><B><FONT face="Times New Roman" size=2>David Gale</FONT></B></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="16%"><FONT face="Times New Roman" size=2>Director</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="16%"><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="16%"><FONT face="Times New Roman" size=2>President of Delta</FONT></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;</TD>
    <TD noWrap style="text-align: center" width="16%"><FONT face="Times New Roman" size=2>5</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="14%"><FONT face="Times New Roman" size=2>Emmis</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="16%"><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="16%"></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="16%"><FONT face="Times New Roman" size=2>PFD
      &#151; since 1997</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="16%"><FONT face="Times New Roman" size=2>Dividend Group, Inc.</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="16%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="14%"><FONT face="Times New Roman" size=2>Communications</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="16%"><FONT face="Times New Roman" size=2>Suite 720</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="16%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="16%"><FONT face="Times New Roman" size=2>PFO
      &#151; since 1997</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="16%"><FONT face="Times New Roman" size=2>(investments)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="16%">&nbsp;</TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="14%"><FONT face="Times New Roman" size=2>through 2012</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="16%"><FONT face="Times New Roman" size=2>Pasadena, CA 91101</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="16%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="16%"><FONT face="Times New Roman" size=2>FFC
      &#151; since inception</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="16%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="16%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="14%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="16%"><FONT face="Times New Roman" size=2>Age:
      66</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="16%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="16%"><FONT face="Times New Roman" size=2>FLC
      &#151; since inception</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="16%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="16%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="14%"></TD></TR>
  <TR>
    <TD width="99%" colSpan=11>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="16%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="16%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="16%"><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="16%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="16%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="14%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="16%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="16%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="16%"><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="16%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="16%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="14%"></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 noWrap align=left width="16%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="16%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="16%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="16%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="16%"><FONT face="Times New Roman" size=2>Number of</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="14%"><FONT face="Times New Roman" size=2>Other Public</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="16%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="16%"><FONT face="Times New Roman" size=2>Current</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="16%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="16%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="16%"><FONT face="Times New Roman" size=2>Funds in Fund</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="14%"><FONT face="Times New Roman" size=2>Company Board</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="16%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="16%"><FONT face="Times New Roman" size=2>Position(s)</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="16%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="16%"><FONT face="Times New Roman" size=2>Principal Occupation</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="16%"><FONT face="Times New Roman" size=2>Complex</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="14%"><FONT face="Times New Roman" size=2>Memberships</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="16%"></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="16%"><FONT face="Times New Roman" size=2>Held with</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="16%"><FONT face="Times New Roman" size=2>Term of Office and</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="16%"><FONT face="Times New Roman" size=2>During Past Five</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="16%"><FONT face="Times New Roman" size=2>Overseen by</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="14%"><FONT face="Times New Roman" size=2>During Past Five</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="16%"><FONT face="Times New Roman" size=2>Name, Address and
      Age</FONT></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="16%"><FONT face="Times New Roman" size=2>Funds</FONT></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="16%"><FONT face="Times New Roman" size=2>Length of Time
      Served*</FONT></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="16%"><FONT face="Times New Roman" size=2>Years</FONT></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="16%"><FONT face="Times New Roman" size=2>Director**</FONT></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="14%"><FONT face="Times New Roman" size=2>Years</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="16%" 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="16%" 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="16%" 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="16%" 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="16%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>5</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="14%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>CoBiz Financial,</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="16%" 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="16%" 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="16%" 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="16%" 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="16%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="14%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Inc. (financial</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Suite 720</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="16%" 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="16%" 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="16%" 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="16%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="14%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>services) through</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Pasadena, CA 91101</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Governance</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="16%" 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="16%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="14%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>September 2015.</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Age: 68</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="16%" 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="16%" bgColor=#c0c0c0><B><FONT face="Times New Roman" size=2>Class III Director</FONT></B></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="16%" 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="16%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="14%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="16%" 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="16%" 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="16%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="14%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="16%" 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="16%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="14%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="16%" 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="16%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="14%" bgColor=#c0c0c0></TD></TR>
  <TR>
    <TD width="99%" bgColor=#c0c0c0 colSpan=11>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="16%"><B><FONT face="Times New Roman" size=2>Karen H. Hogan<SUP>(1)</SUP></FONT></B></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="16%"><FONT face="Times New Roman" size=2>Director</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="16%"><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="16%"><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="16%"><FONT face="Times New Roman" size=2>5</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="14%"><FONT face="Times New Roman" size=2>None</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="16%"><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="16%"><FONT face="Times New Roman" size=2>and
      Audit</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="16%"><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="16%"><FONT face="Times New Roman" size=2>Member, IKAR, a</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="16%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="14%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="16%"><FONT face="Times New Roman" size=2>Suite 720</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="16%"><FONT face="Times New Roman" size=2>Committee</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="16%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="16%"><FONT face="Times New Roman" size=2>non-profit</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="16%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="14%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="16%"><FONT face="Times New Roman" size=2>Pasadena, CA 91101</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="16%"><FONT face="Times New Roman" size=2>Chairperson</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="16%"><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="16%"><FONT face="Times New Roman" size=2>organization; Active</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="16%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="14%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="16%"><FONT face="Times New Roman" size=2>Age:
      54</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="16%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="16%"><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="16%"><FONT face="Times New Roman" size=2>Committee Member</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="16%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="14%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="16%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="16%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="16%"><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="16%"><FONT face="Times New Roman" size=2>and
      Volunteer to</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="16%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="14%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="16%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="16%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="16%"><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="16%"><FONT face="Times New Roman" size=2>several non-profit</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="16%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="14%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="16%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="16%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="16%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="16%"><FONT face="Times New Roman" size=2>organizations</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="16%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="14%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="16%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="16%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="16%"><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="16%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="16%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="14%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="16%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="16%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="16%"><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="16%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="16%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="14%"></TD></TR>
  <TR>
    <TD width="99%" colSpan=11>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0><B><FONT face="Times New Roman" size=2>Robert F. Wulf<SUP>(1)</SUP></FONT></B></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="16%" 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="16%" 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="16%" 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="16%" 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="14%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>None</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="16%" 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="16%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="16%" 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="16%" 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="16%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="14%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="16%" 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="16%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="16%" 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="16%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="14%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Pasadena, CA 91101</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="16%" 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="16%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Foundation; Trustee,</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="14%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Age: 79</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="16%" 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="16%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>San Francisco</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="14%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="16%" 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="16%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Theological</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="14%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Seminary</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="14%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="16%" 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="16%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="14%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="16%" 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="16%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="14%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="16%" 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="16%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="14%" bgColor=#c0c0c0></TD></TR>
  <TR>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="14%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="16%"><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="16%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="16%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="16%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="16%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="14%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="16%"><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="16%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="16%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="16%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="16%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="14%"></TD></TR>
  <TR>
    <TD width="99%" colSpan=11>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0><B><FONT face="Times New Roman" size=2>R. Eric Chadwick </FONT></B><FONT face="Times New Roman" size=2><SUP>(2)</SUP></FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="16%" 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="16%" 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="16%" 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="16%" 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="14%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>None</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="16%" 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="16%" 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="16%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>PFO &#151; since 2016</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="16%" 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="16%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="14%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="16%" 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="16%" 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="16%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Crumrine; President</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="14%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Pasadena, CA 91101</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Chief</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="16%" 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="16%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>of Flaherty &amp;</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="14%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Age: 40</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="16%" 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="16%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>PFD &#151; since 2016</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Crumrine since 2014;</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="14%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Officer and</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>FLC &#151; since 2016</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Vice President</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="14%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="16%" 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="16%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>FFC &#150; since 2016</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>of Flaherty &amp;</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="14%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>DFP &#150; since 2016</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Crumrine until</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="14%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>September 2014</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="14%" bgColor=#c0c0c0></TD></TR></TABLE>
<DIV>____________________</DIV><BR>
<TABLE style="LINE-HEIGHT: normal; BORDER-COLLAPSE: collapse; TEXT-ALIGN: justify; font-size:7.5pt" cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD vAlign=top align=right><FONT face="Times New Roman" size=1>*</FONT></TD>
    <TD vAlign=top><FONT size=1 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD vAlign=top width="101%"><FONT face="Times New Roman" size=1>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 Directors of
      PFO and the Class II Directors of PFD, FFC, FLC and DFP will serve until
      each Fund&#146;s 2018 Annual Meeting of Shareholders and until their successors
      are duly elected and qualify. The Class II Nominees of PFO and the Class
      III Nominees of PFD, FFC, FLC and DFP, if elected, will serve until each
      Fund&#146;s 2019 Annual Meeting of Shareholders and until their successors are
      duly elected and qualify.</FONT></TD></TR>
  <TR>
    <TD vAlign=top colSpan=3><font size=2 face="Times NEw Roman">&nbsp;</font></TD></TR>
  <TR>
    <TD vAlign=top align=right><FONT face="Times New Roman" size=1>**</FONT></TD>
    <TD vAlign=top></TD>
    <TD vAlign=top width="101%"><FONT face="Times New Roman" size=1>The
      Flaherty &amp; Crumrine fund complex consists solely of the
    Funds.</FONT></TD></TR>
  <TR>
    <TD vAlign=top colSpan=3><font size=2 face="Times NEw Roman">&nbsp;</font></TD></TR>
  <TR>
    <TD vAlign=top><FONT size=1 face="Times New Roman"><SUP>(1)</SUP></FONT></TD>
    <TD vAlign=top noWrap></TD>
    <TD width="100%"><FONT face="Times New Roman" size=1>Ms. Hogan became
      Chairperson of each Fund&#146;s Audit Committee effective as of February 1,
      2016. Prior to February 1, 2016, Mr. Wulf served as each Fund&#146;s Audit
      Committee Chairman.</FONT></TD></TR>
  <TR>
    <TD vAlign=top colSpan=3><font size=2 face="Times NEw Roman">&nbsp;</font></TD></TR>
  <TR>
    <TD vAlign=top><FONT size=1 face="Times New Roman"><SUP>(2)</SUP></FONT></TD>
    <TD vAlign=top noWrap></TD>
    <TD width="100%"><FONT face="Times New Roman" size=1>&#147;Interested person&#148;
      (as defined in the Investment Company Act of 1940, as amended (the &#147;1940
      Act&#148;)) of the Funds. Mr. Chadwick 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>Mr. Chadwick was appointed
as a Director of the Funds in January 2016. Each other Director has been a
Director of the Funds for at least ten years (or since the Fund's inception, in
the case of DFP).</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 style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse; TEXT-ALIGN: justify" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=justify><FONT face=Arial size=2></FONT><U><FONT face="Times New Roman" size=2>R. Eric Chadwick</FONT></U><FONT face="Times New Roman" size=2> &#150; Mr. Chadwick was appointed as a Director
      and Chairman of the Board of each Fund in January 2016. Mr. Chadwick has
      been the President of each Fund since April 2015 and, previously, the
      Chief </FONT><FONT face="Times New Roman" size=2>Financial Officer since
      2004 (or in the case of DFP, from its inception). Mr. Chadwick is also the
      President of Flaherty &amp; Crumrine and has served as a portfolio manager
      of PFD and PFO since 1999 and as portfolio manager of each of FFC, FLC and
      DFP since each Fund&#146;s inception.</FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="99%">&nbsp;</TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=justify><FONT face=Arial size=2></FONT><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 </FONT><FONT face="Times New Roman" size=2>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 width="1%"></TD>
    <TD vAlign=top width="99%">&nbsp;</TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=justify><FONT face=Arial size=2></FONT><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 previously served as lead director of
      CoBiz Financial, Inc., a publicly traded bank holding company. He is also
      a member of the Arizona State Bar. </FONT></P></TD></TR>
  <TR>
    <TD vAlign=top width="1%"></TD>
    <TD vAlign=top width="99%">&nbsp;</TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=justify><FONT face=Arial size=2></FONT><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 </FONT><FONT face="Times New Roman" size=2>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 width="1%"></TD>
    <TD vAlign=top width="99%">&nbsp;</TD></TR>
  <TR>
    <TD style="PADDING-RIGHT: 8pt; PADDING-LEFT: 15pt" vAlign=top width="1%"><FONT style="FONT-SIZE: 9.5pt">&#9679;</FONT></TD>
    <TD vAlign=top width="99%">
      <P align=justify><FONT face=Arial size=2></FONT><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 </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 </FONT></P>
<HR align=center width="100%" noShade SIZE=2>

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=justify><B><FONT face="Times New Roman" size=2>Beneficial Ownership of
Shares in Funds and Fund Complex for each Director and Nominee for Election as
Director</FONT></B></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><B><FONT face="Times New Roman" size=2></FONT></B><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="64%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="20%"><FONT face="Times New Roman" size=2>Aggregate Dollar Range of Equity</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="64%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="20%"><FONT face="Times New Roman" size=2>Securities in All Registered Investment</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="64%"></TD>
    <TD noWrap align=left width="14%" colSpan=9><FONT face="Times New Roman" size=2>Dollar Range of Equity</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="20%"><FONT face="Times New Roman" size=2>Companies Overseen by Director in Family</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="64%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="14%" 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="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="20%"><FONT face="Times New Roman" size=2>of Investment
      Companies*</FONT><FONT face="Times New Roman" size=2><SUP>(2)</SUP></FONT></TD></TR>
  <TR vAlign=bottom style="line-height: 14pt; padding-bottom: 2pt">
    <TD noWrap align=left width="64%"><FONT style="border-bottom: 1pt solid #000000; padding-bottom: 2pt" face="Times New Roman" size=2>Name of Director or Nominee</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="2%"><FONT face="Times New Roman" size=2>PFD</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="2%"><FONT face="Times New Roman" size=2>PFO</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="2%"><FONT face="Times New Roman" size=2>FFC</FONT></TD>
    <TD noWrap align=right width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><FONT face="Times New Roman" size=2>FLC</FONT></TD>
    <TD noWrap align=right width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=right width="2%"><FONT face="Times New Roman" size=2>DFP</FONT></TD>
    <TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="20%"><FONT face="Times New Roman" size=2>Total</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="64%" bgColor=#c0c0c0><B><FONT face="Times New Roman" size=2>NON-INTERESTED</FONT></B></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="20%" bgColor=#c0c0c0>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="64%" bgColor=#c0c0c0><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="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="20%" bgColor=#c0c0c0>&nbsp;</TD></TR>
  <TR>
    <TD noWrap align=left width="64%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="20%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="64%"><FONT face="Times New Roman" size=2>David Gale</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="2%"><FONT face="Times New Roman" size=2>D</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="2%"><FONT face="Times New Roman" size=2>D</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="2%"><FONT face="Times New Roman" size=2>E</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="2%"><FONT face="Times New Roman" size=2>D</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%">&nbsp;</TD>
    <TD style="TEXT-ALIGN: center" noWrap width="2%"><FONT face="Times New Roman" size=2>C</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>E</FONT></TD></TR>
  <TR>
    <TD width="35%" colSpan=12>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="64%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Morgan Gust</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>D</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>D</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>D</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>D</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>C</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="20%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>E</FONT></TD></TR>
  <TR>
    <TD noWrap align=left width="64%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD style="TEXT-ALIGN: center" noWrap width="2%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="2%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="2%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="2%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="2%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="20%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="64%"><FONT face="Times New Roman" size=2>Karen H. Hogan</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="2%"><FONT face="Times New Roman" size=2>C</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="2%"><FONT face="Times New Roman" size=2>C</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="2%"><FONT face="Times New Roman" size=2>C</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="2%"><FONT face="Times New Roman" size=2>C</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="2%"><FONT face="Times New Roman" size=2>C</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>D</FONT></TD></TR>
  <TR>
    <TD noWrap align=left width="64%">&nbsp;</TD>
    <TD style="TEXT-ALIGN: center" noWrap width="2%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="2%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="2%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="2%">&nbsp;</TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="2%">&nbsp;</TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="20%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="64%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Robert F. Wulf</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>C</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>C</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>E</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>E</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>E</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="20%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>E</FONT></TD></TR>
  <TR>
    <TD noWrap align=left width="64%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD style="TEXT-ALIGN: center" noWrap width="2%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="2%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="2%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="2%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="2%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="20%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="64%"><B><FONT face="Times New Roman" size=2>INTERESTED DIRECTOR/NOMINEE:</FONT></B></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="2%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="2%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="2%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="2%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="2%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="20%"></TD></TR>
  <TR>
    <TD noWrap align=left width="64%">&nbsp;</TD>
    <TD style="TEXT-ALIGN: center" noWrap width="2%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="2%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="2%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="2%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="2%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="20%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="64%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>R. Eric Chadwick</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>E</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>E</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>E</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>E</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>E</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%" bgColor=#c0c0c0></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="20%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>E</FONT></TD></TR></TABLE>
<DIV>____________________</DIV><BR>
<TABLE style="LINE-HEIGHT: normal; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>*</FONT></TD>
    <TD noWrap align=left width="1%"><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD noWrap align=left width="98%" colSpan=2><FONT face="Times New Roman" size=2>Key to Dollar Ranges</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%"><FONT face="Times New Roman" size=2>A.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD noWrap align=left width="97%"><FONT face="Times New Roman" size=2>None</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%"><FONT face="Times New Roman" size=2>B.</FONT></TD>
    <TD noWrap align=left width="97%"><FONT face="Times New Roman" size=2>$1 -
      $10,000</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%"><FONT face="Times New Roman" size=2>C.</FONT></TD>
    <TD noWrap align=left width="97%"><FONT face="Times New Roman" size=2>$10,001 -$50,000</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%"><FONT face="Times New Roman" size=2>D.</FONT></TD>
    <TD noWrap align=left width="97%"><FONT face="Times New Roman" size=2>$50,001 - $100,000</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%"><FONT face="Times New Roman" size=2>E.</FONT></TD>
    <TD noWrap align=left width="97%"><FONT face="Times New Roman" size=2>over
      $100,000</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="98%" colSpan=2><FONT face="Times New Roman" size=2>All Shares were valued as of December 31, 2015.</FONT></TD></TR>
  <TR>
    <TD noWrap align=left width="1%"><FONT size=2 face="Times New Roman">&nbsp;</FONT></TD>
    <TD noWrap align=left width="1%"><FONT size=2 face="Times New Roman">&nbsp;</FONT></TD>
    <TD noWrap align=left width="98%" colSpan=2><FONT size=2 face="Times New Roman">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"><FONT face="Times New Roman" size=1>(1)</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=1></FONT></TD>
    <TD vAlign=top align=left width="98%" colSpan=2><FONT face="Times New Roman" size=2>This information has been furnished by each
      Director/Nominee as of December 31, 2015. &#147;Beneficial ownership&#148; is
      determined in accordance with Rule 16a-1(a)(2) under the 1934
    Act.</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"><FONT size=2 face="Times New Roman">&nbsp;</FONT></TD>
    <TD noWrap align=left width="1%"><FONT size=2 face="Times New Roman">&nbsp;</FONT></TD>
    <TD vAlign=top align=left width="98%" colSpan=2><FONT size=2 face="Times New Roman">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"><FONT face="Times New Roman" size=1>(2)</FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=1></FONT></TD>
    <TD vAlign=top align=left width="98%" colSpan=2><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></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="1%"></TD>
    <TD noWrap align=left width="40%"></TD>
    <TD noWrap align=left width="15%"><FONT face="Times New Roman" size=2>Current Position(s)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="19%"><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="23%"><FONT face="Times New Roman" size=2>Principal Occupation During</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"><FONT face="Times New Roman" size=2>Name, Address and
    Age</FONT></TD>
    <TD noWrap align=left width="40%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="15%"><FONT face="Times New Roman" size=2>Held with Funds</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="19%"><FONT face="Times New Roman" size=2>Time Served</FONT><FONT face="Times New Roman" size=2><SUP>*</SUP></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="23%"><FONT face="Times New Roman" size=2>Past Five
  Years</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><B><FONT face="Times New Roman" size=2>Chad C. Conwell</FONT></B></TD>
    <TD noWrap align=left width="40%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="15%" 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="19%" 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="23%" 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="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>301 E. Colorado Boulevard</FONT></TD>
    <TD noWrap align=left width="40%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="15%" 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="19%" 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="23%" 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="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Suite 720</FONT></TD>
    <TD noWrap align=left width="40%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="15%" 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="19%" 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="23%" 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="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Pasadena, CA 91101</FONT></TD>
    <TD noWrap align=left width="40%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="15%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Secretary</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="19%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>FLC &#150; since 2005</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="23%" 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="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Age: 43</FONT></TD>
    <TD noWrap align=left width="40%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="15%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="19%" 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="23%" 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="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="40%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="15%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="19%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="23%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>September 2014</FONT></TD></TR>
  <TR>
    <TD width="100%" bgColor=#c0c0c0 colSpan=7>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"><B><FONT face="Times New Roman" size=2>Bradford S. Stone</FONT></B></TD>
    <TD noWrap align=left width="40%"></TD>
    <TD noWrap align=left width="15%"><FONT face="Times New Roman" size=2>Chief Financial</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="19%"><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="23%"><FONT face="Times New Roman" size=2>Portfolio Manager of Flaherty &amp; Crumrine;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>47
      Maple Street</FONT></TD>
    <TD noWrap align=left width="40%"></TD>
    <TD noWrap align=left width="15%"><FONT face="Times New Roman" size=2>Officer, Vice</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="19%"><FONT face="Times New Roman" size=2>PFO
      &#150; since 2003</FONT></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="23%"><FONT face="Times New Roman" size=2>Executive Vice President of Flaherty</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>Suite
      403</FONT></TD>
    <TD noWrap align=left width="40%"></TD>
    <TD noWrap align=left width="15%"><FONT face="Times New Roman" size=2>President and</FONT></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="19%"><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="23%"><FONT face="Times New Roman" size=2>&amp; Crumrine since September 2014;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>Summit, NJ 07901</FONT></TD>
    <TD noWrap align=left width="40%"></TD>
    <TD noWrap align=left width="15%"><FONT face="Times New Roman" size=2>Treasurer</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="19%"><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="23%"><FONT face="Times New Roman" size=2>Vice
      President of Flaherty &amp; Crumrine</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>Age:
      56</FONT></TD>
    <TD noWrap align=left width="40%"></TD>
    <TD noWrap align=left width="15%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="19%"><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="23%"><FONT face="Times New Roman" size=2>until September 2014</FONT></TD></TR></TABLE><BR>
<P align=center><FONT face="Times New Roman" size=2>8</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="1%" bgColor=#c0c0c0><B><FONT face="Times New Roman" size=2>Roger Ko</FONT></B></TD>
    <TD noWrap align=left width="40%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="15%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Assistant Treasurer</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap align=left width="19%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>PFD &#150; since 2014</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap align=left width="23%" 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="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>301 E. Colorado Boulevard</FONT></TD>
    <TD noWrap align=left width="40%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="15%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="19%" 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="23%" 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="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Suite 720</FONT></TD>
    <TD noWrap align=left width="40%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="15%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="19%" 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="23%" 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="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Pasadena, CA 91101</FONT></TD>
    <TD noWrap align=left width="40%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="15%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="19%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>FLC &#150; since 2014</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="23%" bgColor=#c0c0c0>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Age: 41</FONT></TD>
    <TD noWrap align=left width="40%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="15%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="19%" 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="23%" bgColor=#c0c0c0></TD></TR>
  <TR>
    <TD width="100%" bgColor=#c0c0c0 colSpan=7>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"><B><FONT face="Times New Roman" size=2>Laurie C. Lodolo</FONT></B></TD>
    <TD noWrap align=left width="40%"></TD>
    <TD noWrap align=left width="15%"><FONT face="Times New Roman" size=2>Assistant</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="19%"><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="23%"><FONT face="Times New Roman" size=2>Assistant Compliance Officer and Secretary</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>301
      E. Colorado Boulevard</FONT></TD>
    <TD noWrap align=left width="40%"></TD>
    <TD noWrap align=left width="15%"><FONT face="Times New Roman" size=2>Compliance</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="19%"><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="23%"><FONT face="Times New Roman" size=2>of
      Flaherty &amp; Crumrine</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>Suite
      720</FONT></TD>
    <TD noWrap align=left width="40%">&nbsp;</TD>
    <TD noWrap align=left width="15%"><FONT face="Times New Roman" size=2>Officer, Assistant</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="19%"><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="23%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>Pasadena, CA 91101</FONT></TD>
    <TD noWrap align=left width="40%"></TD>
    <TD noWrap align=left width="15%"><FONT face="Times New Roman" size=2>Treasurer and</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="19%"><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="23%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>Age:
      52</FONT></TD>
    <TD noWrap align=left width="40%"></TD>
    <TD noWrap align=left width="15%"><FONT face="Times New Roman" size=2>Assistant Secretary</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="19%"><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="23%"></TD></TR>
  <TR>
    <TD width="100%" colSpan=7>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><B><FONT face="Times New Roman" size=2>Linda M. Puchalski</FONT></B></TD>
    <TD noWrap align=left width="40%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="15%" 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="19%" 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="23%" 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="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>301 E. Colorado Boulevard</FONT></TD>
    <TD noWrap align=left width="40%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="15%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="19%" 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="23%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Suite 720</FONT></TD>
    <TD noWrap align=left width="40%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="15%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="19%" 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="23%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Pasadena, CA 91101</FONT></TD>
    <TD noWrap align=left width="40%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="15%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="19%" 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="23%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Age: 59</FONT></TD>
    <TD noWrap align=left width="40%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="15%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="19%" 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="23%" bgColor=#c0c0c0></TD></TR></TABLE>
<DIV>____________________</DIV><BR>
<TABLE style="LINE-HEIGHT: normal; BORDER-COLLAPSE: collapse; 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;&nbsp;</FONT></TD>
    <TD vAlign=top width="100%"><FONT face="Times New Roman" size=2>Each
      officer serves until his or her successor is elected and qualified or
      until his or her earlier resignation or
removal.</FONT></TD></TR></TABLE>
<P align=justify><B><FONT face="Times New Roman" size=2>Audit
Committee</FONT></B></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><B><FONT face="Times New Roman" size=2></FONT></B><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 21, 2016, 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 21, 2016, each Audit Committee reviewed
and discussed with Fund management and the independent accountants, the audited
financial statements of the Fund as of and for the fiscal year ended November
30, 2015, and discussed the audit of such financial statements with the
independent accountants.</FONT></P>
<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</FONT><I><FONT face="Times New Roman" size=2>, </FONT></I><FONT face="Times New Roman" size=2>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.&nbsp;</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>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, 2015.</FONT></P>
<P align=justify><B><FONT face="Times New Roman" size=2>This report was
submitted by the Audit Committee of each Fund&#146;s Board of
Directors</FONT></B></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 21, 2016
</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, 2015. 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><B><FONT face="Times New Roman" size=2>Nominating and
Governance Committee</FONT></B></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><B><FONT face="Times New Roman" size=2></FONT></B><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, 2015.
</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, www.preferredincome.com.</FONT></P>
<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; 2017 Annual Meetings&#148; below.)</FONT></P>
<P align=justify><B><FONT face="Times New Roman" size=2>Other Board-Related
Matters</FONT></B></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><B><FONT face="Times New Roman" size=2></FONT></B><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=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>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 21,
2015 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 Chairperson
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, 2015, the
Board of Directors for each of PFD, PFO, FFC, FLC and DFP held six meetings (two
of which were telephone meetings). Each Director of each Fund attended 100% of
the meetings of Directors and of any Committee of which he or she is a member.
The aggregate remuneration paid to the Directors of each Fund for the fiscal
year ended November 30, 2015 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="94%"></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="1%"><FONT face="Times New Roman" size=2>Board
      Meeting and</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="94%"></TD>
    <TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>Committee Meeting</FONT></TD>
    <TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>Travel and Out-of-Pocket</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="94%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"><FONT face="Times New Roman" size=2>Annual Director
    Fees</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"><FONT face="Times New Roman" size=2>Fees</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"><FONT face="Times New Roman" size=2>Expenses*</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="94%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>PFD</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2></FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$36,000</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2></FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$33,000</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2></FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$2,062</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="94%"><FONT face="Times New Roman" size=2>PFO</FONT></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2></FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>$36,000</FONT></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2></FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>$33,000</FONT></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2></FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>$2,062</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="94%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>FFC</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2></FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$36,000</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2></FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$33,000</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2></FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$2,062</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="94%"><FONT face="Times New Roman" size=2>FLC</FONT></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2></FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>$36,000</FONT></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2></FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>$33,000</FONT></TD>
    <TD noWrap align=right width="1%"><FONT face="Times New Roman" size=2></FONT></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>$2,062</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="94%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>DFP</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2></FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$36,000</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2></FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$33,000</FONT></TD>
    <TD noWrap align=right width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2></FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$2,062</FONT></TD></TR></TABLE>
<DIV>____________________</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="2%"><FONT face="Times New Roman" size=2>*</FONT></TD>
    <TD noWrap align=left width="97%"><FONT face="Times New Roman" size=2>Includes reimbursement for travel and out-of-pocket expenses for
      both &#147;interested&#148; and Independent
Directors.</FONT></TD></TR></TABLE><BR>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><B><FONT face="Times New Roman" size=2></FONT></B><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 ended November 30, 2015. No executive officer or person affiliated with a
Fund received compensation from a Fund during the fiscal year ended November 30,
2015 in excess of $60,000. Directors and executive officers of the Funds do not
receive pension or retirement benefits from the Funds.</FONT></P>
<P STYLE="text-align: center"><B><FONT face="Times New Roman" size=2>COMPENSATION TABLE
</FONT></B></P>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap style="text-align: center" width="1%"><FONT face="Times New Roman" size=2>Name of</FONT></TD>
    <TD noWrap align=left width="96%"></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>Aggregate</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>Total
      Compensation from</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap style="text-align: center" width="1%"><FONT face="Times New Roman" size=2>Person and</FONT></TD>
    <TD noWrap align=left width="96%"></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>Compensation</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>the
      Funds and Fund</FONT></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="1%"><FONT size=2 face="Times New Roman">Position</FONT></TD>
    <TD noWrap align=left width="96%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"><FONT size=2 face="Times New Roman">from each Fund</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="1%"><FONT size=2 face="Times New Roman">Complex Paid to Directors*</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Eric Chadwick</FONT></TD>
    <TD noWrap align=right width="96%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" 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="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$0 (5)</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Director, Chairman of the Board, Chief
      Executive Officer</FONT></TD>
    <TD noWrap align=left width="96%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>and President</FONT></TD>
    <TD noWrap align=left width="96%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR>
    <TD width="100%" bgColor=#c0c0c0 colSpan=5>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>David
      Gale</FONT></TD>
    <TD noWrap align=left width="96%"></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>$
      16,500 &#150; PFD</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>$82,500 (5)</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>Director</FONT></TD>
    <TD noWrap align=left width="96%"></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>$
      16,500 &#150; PFO</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="96%"></TD>
    <TD noWrap align=left width="1%"><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="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="96%"></TD>
    <TD noWrap align=left width="1%"><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="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="96%"></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>$
      16,500 &#150; DFP</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR>
    <TD width="100%" colSpan=5>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Morgan Gust</FONT></TD>
    <TD noWrap align=left width="96%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=2 face="Times New Roman">$ 16,500 &#150;
      PFD</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$82,500 (5)</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Director, Nominating and Governance
      Committee Chairman</FONT></TD>
    <TD noWrap align=left width="96%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=2 face="Times New Roman">$ 16,500 &#150;
      PFO</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="96%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=2 face="Times New Roman">$ 16,500 &#150;
      FFC</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="96%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=2 face="Times New Roman">$ 16,500 &#150;
      FLC</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="96%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=2 face="Times New Roman">$ 16,500 &#150;
      DFP</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR></TABLE><BR>
<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>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap style="text-align: center" width="1%"><FONT face="Times New Roman" size=2>Name of</FONT></TD>
    <TD noWrap align=right width="96%"></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>Aggregate</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>Total
      Compensation from</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap style="text-align: center" width="1%"><FONT face="Times New Roman" size=2>Person and</FONT></TD>
    <TD noWrap align=right width="96%"></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>Compensation</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><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="1%"><FONT face="Times New Roman" size=2>Position</FONT></TD>
    <TD noWrap align=right width="96%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"><FONT face="Times New Roman" size=2>from each Fund</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="1%"><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="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Karen H. Hogan **</FONT></TD>
    <TD noWrap align=left width="96%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" 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="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$82,500 (5)</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>Director</FONT></TD>
    <TD noWrap align=left width="96%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$ 16,500 &#150; PFO</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="96%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" 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="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="96%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" 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="1%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="96%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$ 16,500 &#150; DFP</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD></TR>
  <TR>
    <TD width="100%" bgColor=#c0c0c0 colSpan=5></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>Robert F. Wulf **</FONT></TD>
    <TD noWrap align=left width="96%"></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>$
      19,500 &#150; PFD</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>$97,500 (5)</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>Director, Audit Committee Chairman</FONT></TD>
    <TD noWrap align=left width="96%"></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>$
      19,500 &#150; PFO</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="96%"></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>$
      19,500 &#150; FFC</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="96%"></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>$
      19,500 &#150; FLC</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="96%"></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>$
      19,500 &#150; DFP</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD></TR></TABLE>
<DIV>____________________</DIV><BR>
<TABLE style="LINE-HEIGHT: normal; BORDER-COLLAPSE: collapse; TEXT-ALIGN: justify" cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>*</FONT></TD>
    <TD width="100%"><FONT face="Times New Roman" size=2>Represents the total
      compensation paid for the fiscal year ended November 30, 2015 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, 2015.</FONT></TD></TR>
  <TR>
    <TD colSpan=2>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD width="100%"><FONT face="Times New Roman" size=2>Ms. Hogan became the
      Chairperson of each Fund&#146;s Audit Committee effective as of February 1,
      2016. Prior to February 1, 2016, Mr. Wulf served as each Fund&#146;s Audit
      Committee Chairman.</FONT></TD></TR></TABLE>
<P align=justify><B><FONT face="Times New Roman" size=2>Required
Vote</FONT></B></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><B><FONT face="Times New Roman" size=2></FONT></B><FONT face="Times New Roman" size=2>The election of Messrs. Gust and Chadwick as
Directors of PFD and DFP, and the election of Messrs. Wulf and Chadwick as
Directors of PFO, FFC and FLC, 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><B><FONT face="Times New Roman" size=2>Independent Registered
Public Accounting Firm</FONT></B></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><B><FONT face="Times New Roman" size=2></FONT></B><FONT face="Times New Roman" size=2>KPMG, LLP 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, 2016.
KPMG acted as the independent accountants for each Fund for the fiscal year
ended November 30, 2015. 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="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 years ended November 30, 2014 and November
30, 2015, respectively.</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="90%"></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>Fiscal Year</FONT></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="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="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="90%"></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>Ended</FONT></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="1%"><FONT face="Times New Roman" size=2>Audit-Related</FONT></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="1%"></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="90%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"><FONT face="Times New Roman" size=2>November 30</FONT></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="1%"><FONT face="Times New Roman" size=2>Audit Fees</FONT></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"><FONT face="Times New Roman" size=2>Fees</FONT></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="1%"><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="1%"><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="90%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" 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="1%" 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="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$&nbsp;0</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$ 8,910</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$&nbsp;0</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>2015</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$ 47,500</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$&nbsp;0</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$ 8,910</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$&nbsp;0</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>PFO</FONT></TD>
    <TD noWrap align=left width="90%">&nbsp;</TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>2014</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>$
      47,500</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>$&nbsp;0</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>$
      8,910</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>$&nbsp;0</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="90%"></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>2015</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>$
      47,500</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>$&nbsp;0</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>$
      8,910</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>$&nbsp;0</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>FFC</FONT></TD>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>2014</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$ 47,500</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$&nbsp;0</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$ 8,910</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$&nbsp;0</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>2015</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$ 47,500</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$&nbsp;0</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$ 8,910</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$&nbsp;0</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>FLC</FONT></TD>
    <TD noWrap align=left width="90%"></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>2014</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>$
      47,500</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>$&nbsp;0</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>$
      8,910</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>$&nbsp;0</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="90%"></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>2015</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>$
      47,500</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>$&nbsp;0</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>$
      8,910</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2>$&nbsp;0</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>DFP</FONT></TD>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>2014</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$ 47,500</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$&nbsp;0</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$ 8,910</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$&nbsp;0</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="90%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>2015</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$ 47,500</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$&nbsp;0</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$ 8,910</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2>$&nbsp;0</FONT></TD></TR></TABLE>
<DIV>____________________</DIV><BR>
<TABLE style="LINE-HEIGHT: normal; BORDER-COLLAPSE: collapse; 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;&nbsp;</FONT></TD>
    <TD width="100%"><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 primarily the review of each Fund&#146;s income tax
      returns.</FONT></TD></TR></TABLE>
<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>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 years ended November 30, 2014 and November 30, 2015,
respectively, 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
years ended November 30, 2014 and November 30, 2015, respectively, 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><B><FONT face="Times New Roman" size=2>OTHER MATTERS TO COME
BEFORE THE ANNUAL MEETINGS </FONT></B></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><B><FONT face="Times New Roman" size=2></FONT></B><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><B><FONT face="Times New Roman" size=2>ADDITIONAL INFORMATION
</FONT></B></P>
<P align=justify><FONT face="Times New Roman" size=2></FONT><B><FONT face="Times New Roman" size=2>Investment Adviser, Administrator and Servicing
Agent</FONT></B></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><B><FONT face="Times New Roman" size=2></FONT></B><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><B><FONT face="Times New Roman" size=2>Compliance with the
Securities Exchange Act of 1934</FONT></B></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><B><FONT face="Times New Roman" size=2></FONT></B><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 2015 all such filing requirements
applicable to such persons were met in a timely manner, except that Robert T.
Flaherty, an affiliated person of each Fund&#146;s investment adviser, failed to file
a Form 3 with respect to each of FFC, FLC and DFP in a timely manner.
</FONT></P>
<P align=justify><B><FONT face="Times New Roman" size=2>Submission of
Shareholder Proposals - 2017 Annual Meetings </FONT></B></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><B><FONT face="Times New Roman" size=2></FONT></B><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 2017 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 11, 2016, 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=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><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><FONT face=Arial size=2>
</FONT></P>
<P align=justify><B><FONT face="Times New Roman" size=2>Voting Results
</FONT></B></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><B><FONT face="Times New Roman" size=2></FONT></B><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><B><FONT face="Times New Roman" size=2>Broker Non-Votes and
Abstentions</FONT></B></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><B><FONT face="Times New Roman" size=2></FONT></B><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; the Nominees
for Director.</FONT></P>
<P align=center><B><FONT face="Times New Roman" size=2>NOTICE TO BANKS,
BROKER/DEALERS AND VOTING TRUSTEES AND THEIR NOMINEES </FONT></B></P>
<P ALIGN="JUSTIFY" STYLE="text-indent: 15pt"><B><FONT face="Times New Roman" size=2></FONT></B><FONT face="Times New Roman" size=2>Please advise the Funds whether other persons are
the beneficial owners of Shares for which proxies are being solicited from you,
and, if so, the number of copies of the Joint Proxy Statement and other
soliciting material you wish to receive in order to supply copies to the
beneficial owners of Shares.</FONT></P>
<P align=justify><B><FONT face="Times New Roman" size=2>IT IS IMPORTANT THAT
PROXIES BE RETURNED PROMPTLY. SHAREHOLDERS WHO DO NOT EXPECT TO ATTEND THE
RELEVANT MEETINGS ARE THEREFORE URGED TO COMPLETE, SIGN, DATE AND RETURN ALL
PROXY CARDS AS SOON AS POSSIBLE IN THE ENCLOSED POSTAGE-PAID
ENVELOPE.</FONT></B></P>
<P 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>


<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="fandcpiofi_def14ax2x1.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="fandcpiofi_def14ax2x2.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 20, 2016
  </FONT></B></P></TD></TR></TABLE></DIV><BR>&nbsp;<BR>&nbsp;<BR>
<P align=center><FONT face="times new roman" size=2><b>Please fold along the
perforation, detach and return the bottom portion in the enclosed envelope.
</b></FONT></P>
<TABLE style="BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="5%"><B><FONT face="times new roman" size=2>PROXY</FONT></B></TD>
    <TD vAlign=top noWrap align=center width="90%"><B><FONT face="times new roman" size=2>FLAHERTY &amp; CRUMRINE PREFERRED INCOME
      OPPORTUNITY FUND INCORPORATED<BR>ANNUAL MEETING OF SHAREHOLDERS<BR>TO BE
      HELD ON APRIL 20, 2016 </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 Bradford S. Stone and Chad C. Conwell, proxies for
the undersigned, each with full powers of substitution and revocation, to
represent the undersigned and to vote on behalf of the undersigned all shares of
Common Stock which the undersigned is entitled to vote at the Annual Meeting of
Shareholders of the Fund to be held at the offices of Flaherty &amp; Crumrine
Incorporated, 301 East Colorado Boulevard, Suite 720, Pasadena, California 91101
at 8:00 a.m. PT, on April 20, 2016, 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><!-- FFC_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 20, 2016.<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><b>Please fold along the
perforation, detach and return the bottom portion in the enclosed
envelope.</b></FONT></P>
<P align=center><FONT face="times new roman" size=2></FONT>&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 NOMINEES
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><B>Election of Directors:</B></FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="58%"></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>ALL</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>ALL</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>FOR ALL<BR>EXCEPT</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
      R. Eric Chadwick</FONT></TD>
    <TD noWrap align=left width="20%"><FONT face="times new roman" size=2>02
      Robert F. Wulf</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="58%"></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>
    <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;</TD>
    <TD style="TEXT-ALIGN: center" noWrap width="58%"></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>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="35%" colSpan=3><B><U><FONT face="times new roman" size=2>INSTRUCTIONS:</FONT></U></B><FONT face="times new roman" size=2>&nbsp;To withhold authority to vote for any
      individual nominee(s), mark the box<BR>&#147;FOR ALL EXCEPT&#148; and write the
      nominee&#146;s number on the line provided below.</FONT></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="58%"></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>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD></TR>
  <TR>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="35%" colSpan=3>&nbsp;<BR>&nbsp;</TD>
    <TD style="TEXT-ALIGN: center" noWrap width="58%"></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>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%"></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="58%"></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>
    <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="58%"></TD>
    <TD vAlign=top noWrap align=center width="1%"></TD>
    <TD vAlign=top noWrap align=center width="1%"><FONT face="times new roman" size=2></FONT></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>

</BODY>

</HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>3
<FILENAME>transmittalx1x1.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 transmittalx1x1.jpg
M_]C_X  02D9)1@ ! 0   0 !  #_VP!#  $! 0$! 0$! 0$! 0$! 0$! 0$!
M 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0'_
MVP!# 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$!
M 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0'_P  1"  D 4L# 2(  A$! Q$!_\0
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MZ7;:3X.\=Q6?@GXS'4XHM4L)8_"&B:;BY@>'7[8 _1FBOQ(_X(Q?\%&OB/\
MMWC]O+P;\9M'C\/?$/\ 9C_;+^(WA7P[HSQ6<&JVG[/7Q&U#4?&GP!AUV&RM
MK2*74])\/1ZYX434A!OU?3/#.G:A=S7&IS:A,WPMX ^-O[6OQ%_X.)?VLO\
M@G1JG[9G[0>D_LP^ ?V1-.^/W@KP[X>C^"UEXE\.>.==G^ %Q-;6OBR[^#NH
M:I>^&[$?$KQ/;Z=I&L-J+Q02:>MQ>7+6$3D _J@HK\$/^"?'[7G[2VA_\%+_
M -N+_@D_^T3\2]6_:@M?V>?AWX)_:$^$/[5&N>%/!/@7X@1_#_XD6?@*6'X.
M_%S0_AQH'AWP+K/BSP]+XZ@E\,^-=%\/^&[KQ'IVA^(-1U;1HDN]+L-'\U_8
MVU/]IC]HC_@H7_P6"_9;\9_MR?M3Z9\-OV.O$_[)WAKX%7/ANX^!%GXHT&'X
MV?!?Q7XQ\97^MZKJ/P)U2V\4WT7B+2[*]T1=:TVYLM/AB-C-9WEK)*D@!_1S
M17\\W_!$_P#X*-_M'_M,?'7_ (*+?L*_M0:IH/Q;^(/_  3K^-EW\,[']J#P
MWHNE>$'^,OA>Y\=_$WP=H\GCKP/X=L++PKX=\=6'_"N+BYO+KPNECI.J1WES
M8MHMI?>'KO6/$'ZT?M[1_$F7]AG]LR+X-W.I6?Q<D_93_:%C^%]YHLD\6M6O
MQ"?X2>+E\&W&BRVI6YBUB'Q"=.DTJ6!A+'?K;NG*@$ ^@/#/Q$^'_C2^US2_
M!WCGP=XLU/PS=M8>)-.\,^)M%UV^\/WR220M9:Y::7?7=QI-VLL,L36U_';S
M"2*1"@9& [&OYI/^#?/XP^#OVC_V,O\ @G+JGP;\&:EX;T[]F7]E;X@?!;X[
M^+E\%7FB^&;GQS'XF\+>'X_AEI?B*]L]/T_Q5XB\7ZWX.F^/WBRZ\,S:XGA:
M.?P_%XDFL=7^(BQ'^EL?YSC^E 'SU\5OVJO@)\%O&OA+X8^//'J#XK^/--O=
M<\&_"#P7X:\8_%/XP^)?#FF3_9=7\6:1\)OA=X>\8_$:\\&Z+<9AUSQC'X9/
MAC175QJNK6?EOMT_ /[2OP-^)=S%IGA7XAZ2OB5_%7_"#3^!/%-KJ_@#XF:7
MXT;PEK?C^'PGK_PO\>Z=X:^(?ASQ'=^ O#>O>.;#1=>\,Z;J.H>#=)OO%-C;
MW&A6[WX_FC_X-L_%EQ^V;^T)_P %;O\ @II\1$77_B3\5_VJ9?@!\/=9U0R7
M^H?#WX$_#VP@\5>'_AEX7O[EFET_PR-(U_X=6VI:?:Q6T.IW?@C0]3O4FO(0
MZ?M[\?\ ]B/1OB/^WS^P=^W/X<LVMO'_ .SG<_&KX;?$2YAN;.TM]?\ @Q\3
M?@=\5].T"35X[B6.YU>_\!_%75-*M_"-I8K-+IUE\4_B!>S0FUEGGM@#]$:*
M_/W_ (*C_M"?%G]F;]A7]HCXE_L_>&;SQA^T#%\-?&NG?!70]/DTN.[M_&D7
M@[Q#X@O?&:1ZW;W6E:A#\*O!?A_Q;\6[S0[RVG'B.Q\"77AZ"*2[U2WC;U+]
MDWX]Z%^VO^QA\#?V@O"/B"XTFR_:%^!7A7Q:=9\(W=F=4\'^(_%?A:&+Q19:
M3<WMEJ-A;^(_ ?BN36-&9;[3KZULM>T.6"[LKF.&2!P#ZPHK^?/_ (-_/CM^
MT=^U)\+?VO\ XJ?M'_M$_$[XRZU\*_VZ?VC/V7_!&D>*+7X<:5X;TOX<_#6V
M^&&J>%[^33_!'P_\)W%]XPADUS5K:]UV[OI8;RSOI(FTY'CMY8<[_@J'\7?V
MD_A-_P %-/\ @D=\&?A+^U#\9?AK\*?VX/BO\=?"'QL\#^'(OA9=Z6FC?"3P
M#\,-3\.1^"KWQ1\,O$.N^&+C4-0US5[SQ!<C5[Z34)KZ18!9116T< !_0[11
M_G_/T_\ UU^'G[=__!1[XC?LL_\ !4?_ ()>?LU:;I\(^ 7[3&O_ !!^%_QP
MUNZ6PE@/Q$^*-E:Z5^S9I.FW/D2:CINOV7C#PCKLMS L\=IJFA>)W2X@,\>G
MW,0!^X=%?D%_P5T_;C\?_LP^%/V:OV<?V<_$7ASPU^V)_P %!/V@?"7[,GP
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M^([CX&7J^(-FM:[?3Z1;ZCI[VMC#Y%M+!=Q1$-]#_P#!)3]M[]I/XH_M;_\
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MC_\ @A-_RJ\Z1_V0C_@H)_ZM/]HROTI_9T_X(\?#7]EK]DOX]?L3?"C]HO\
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M^-K_ %N[O?AYH,FEZW9^-])O]!LY-8TC3)8M)\0^(;+50#\._A1K.E?L9_\
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MWX^_:6T'X<:!^TMX%BM?#OB/X??%;_A4UC'I'@CQ#;6FLZ7)KG@?Q99Z )=
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J1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110!__9

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>4
<FILENAME>fandcpiofi_def14ax2x1.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 fandcpiofi_def14ax2x1.jpg
M_]C_X  02D9)1@ ! 0   0 !  #_VP!#  $! 0$! 0$! 0$! 0$! 0$! 0$!
M 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0'_
MVP!# 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$!
M 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0'_P  1"  ^ "L# 2(  A$! Q$!_\0
M'P   04! 0$! 0$           $" P0%!@<("0H+_\0 M1   @$# P($ P4%
M! 0   %] 0(#  01!1(A,4$&$U%A!R)Q%#*!D:$((T*QP152T? D,V)R@@D*
M%A<8&1HE)B<H*2HT-38W.#DZ0T1%1D=(24I35%565UA96F-D969G:&EJ<W1U
M=G=X>7J#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7&
MQ\C)RM+3U-76U]C9VN'BX^3EYN?HZ>KQ\O/T]?;W^/GZ_\0 'P$  P$! 0$!
M 0$! 0        $" P0%!@<("0H+_\0 M1$  @$"! 0#! <%! 0  0)W  $"
M Q$$!2$Q!A)!40=A<1,B,H$(%$*1H;'!"2,S4O 58G+1"A8D-.$E\1<8&1HF
M)R@I*C4V-S@Y.D-$149'2$E*4U155E=865IC9&5F9VAI:G-T=79W>'EZ@H.$
MA8:'B(F*DI.4E9:7F)F:HJ.DI::GJ*FJLK.TM;:WN+FZPL/$Q<;'R,G*TM/4
MU=;7V-G:XN/DY>;GZ.GJ\O/T]?;W^/GZ_]H # ,!  (1 Q$ /P#^PG]O']I;
MQ1^S[\-].T7X9R:#'\8OBE+XHTKP7K/BR8'PE\,_#GA?PS>>)OB/\<O&EK##
M-=ZCX1^$?AR"'45T*"%1XL\:ZQX+\%7NIZ!I_B:X\0Z9^#O@OXS_ ![O_B/?
M^&I=8_:%U/4KGX4?#SXWC7_B+^W!^TUX!\9W>B_%+Q7\1=%\/IXQ^''A"/6_
M@QX+\6WMKX!D\3ZUX)^'GPY\,>#/!\6O0^#]+TZ^711J-UWW_!1CXT> XOVJ
M_'_C3]H'XD:MX?\ @=X6^(_PX_9+\.^'M/T;Q!K;7GA[PU\.+/\ :J^/-AI6
MF>%M)UC5]2?XW?$-_@K\)_&MN+.1&\'_  KO;=;BWM[F[AO/D?5?VW/A=K7[
M17Q:^,%AX+^+VH>$_&W@GX1^$?#^L/H?A*UO9+/P%>_$>[U.\U30=3\8:7XB
MT9KC4?'40M[:^T9;V<1RRS:?:A8_,QA":FY2=T[]7U;MI>VQ<H.,5)[.WXJY
M^@3?'S]IKPE87.J7'Q5^-GAG2=-MIKN_GT?X]_"GXB"TLK2)I[JZDN/CK^RK
M=1)';6T<UR\E[?F%+>&66[G)4-7SC^T%_P %.?VM_AA\.?@OK7PF^.7Q6N/B
MI\>-(N/&_ACP'^T?\(?V<+W2O!OPNT[4["VE\?\ Q"@^$O@[X>:[;VWBBVO8
M%\!^'=/U&VU?7+Z>1=1;P_:Z#XA4\+H'[2GP\_:7\?> /V=O!VE^-);SXC^)
M0_Q$@\4^"/$OAG0K+X.>"[:7QC\1TU37;VS;P_J=CXKL=&L?AK<6NFZK+./^
M$ZCF8P11M*/S.^(OQ7N_VB/CA\:OVAI]=O->TCX@^.=4T7X:R7)#1:;\&/ 6
MK7_ASX=V5E$'>&"WUQI->^(US)&'N6U+QU?":X=)9(DV,V[)M[+4_HQ_8!_X
M+.:K\5?'_P -_P!F_P#:[\*Z)X8^+'Q%U6Y\,_#[XS?#F*XTSX2?$'Q+:Z5=
MZG8>&?$/AK7]:U/7/AAXV\06FGW:Z'8#7?&'AKQ+JT9TS3=8TS4[K3])N/Z#
MU.54G()4$YSGH.N0ISZY4'U /%?YN?Q!\.:KXJ\*ZIH_AW6[OPUXK"VFL>#/
M$^GS/::GX7\<^&M0L_$?@;Q)IU]"%GM+K0?%6EZ9JR2QN &LX_-BG13$W]_?
M[&_QAOOV@OV2_P!FCXXZH5.L?%GX$_"OQ_KH"QQA/$/B?P5HVJ^((52%$A58
M=9N;Z%1$BQ[4&Q57  3"<9WM?3N?@;\9/C[\/?A)X6^+/B3XO>!/ _C?PKXF
M_:K_ &Y-2\27OQ&O)!HFG6GPY_:TU_X*>'8_[+M/AY\3+SQ!JEZNH^#_  EH
MND6FA0W/DF)5NML[15\P6VK?L*^)M9U[[/\ \$^/"4UYX?U9-*\2>)/@FO[.
MME%9ZQ<Z/IWB)+2'4+/XG?"?Q/<WPT;5K#4;BVT_1;B]T]9Q%J,-G?(]NOV;
MX@_9B\%?M*^%_&=EXPU76;#_ (0_]LW]NS4=*%I;>']8TFYOT_;Z^)OC2P37
M=$U[1KR2\AT3Q/X!\(Z[ID6GZGI3O<V,L-Q/)87<@;Y8NO\ @D^VEZ)IO@O0
MO%?PFU7P!HUU)?:9X9'@[XR>!-7%[)IO@W1H]1O/%=K\:_'&D2:P-(^'GAFU
M_M8^!S>O>PZK?WR3#Q'?I(&SG)Q47:RM;3MYG;^$HOV/_#?PE_:A^._[-?A#
M7_#'Q.^%O[./Q,O=4EU[7OB!J5WH.F:WX0\2^)+6T2PU_P 7^*_!<5S?:Q\,
MIH[R7P_=WM[9MHPM=1>""\\B7\-/AEX=M_"'PV\ >%K2,QP>'_!OA?2%1FW.
M&L=&L;>8RL54M,TR2-*Q4,92Y<[B37[P>-?V=M=^"O[*W[>T][I7A#1=+\8?
MLG?%6VLM.\+>,=;\97$FMP:1^TWXV\27][>ZO\/O )T^R#_%32M$T'3HO[9E
MATG0+=)M1Q'&M?B?9S"XLK.X4!5N+6TN% Z 3Q1RX  QC# =N/H,AE/X)?X6
M7$95DC+\CS(AM[D%CN4#!Y<?*#V)!/ K^N?_ ((2>+]0\;?\$F_V.M5U.4S7
M.E>%/'_@6-V7:5L/AC\9?B/\-])BQ@<0:5X4LX V,L(PQ)))/\BG =#_ '2K
M XZ,KJRD?0!R/8-D8K^KC_@WLCEA_P""1G[+T<RLKKXF_:FP'SGRS^V'\?FA
M89YVM$49!T"%< # H,:'VOD<]\%XQ'9?& *3Q^U[^W"".@ F_:^^--X21_$S
M2W,F6/(1(X_NQBO8_P#/^?T_7UKQ_P"$ *M\:X2"&M_VN/VR.H^4K>?M/_%C
M4$,9SN0A;IO.C*[9&=)U<F0QK[!0=!\]?M<0/<_LI?M/VL?+7'[.?QUA4$'D
MR?"KQ;&H.#C[[J<'N!C/-?RX>&95G\,^&YU.5GT#0Y5)_B633K5PP/N&&>3S
M7]4W[3$/VC]F_P#:#M@,_:?@;\7+<A@60B7X?^(5.Y>ARH*ISD2,G8DC^4+X
M=SFZ^'O@.Y)R;CP;X5F))R29=$L'/.!GEL#@<4$S^"7HSLBH/?\ OGM_!&^.
M_?<?RZYX/]</_!!ZPCTW_@E-^RW;1,SHUQ\>;PE_O>9J7[2_QDU&5<\Y"RW3
MJI/)4 GG-?R.,"2 ,9.#STZ,G_H4B_@&YR #_7K_ ,$-(!#_ ,$K?V3A@_O]
M(^*=Z-Z@'&H?'3XGWZXP3E +D>6V<M'M8A22H#&A]KY'R7H/Q+U>'XQ^+_@Q
M\*++X:>./BG\0?VZOVJ_!UYX7\6_$Z?P3#X3LX8_C5\;9->\22>&O!GQ'\1V
M*3Z7X-L;+3+9O"82Z7Q)9Z@UPXEB67U;Q/?_ +8OP^U%;;Q3^PC\3O&^DI(L
M-SXI_9_^+7P,^)>C0)M4R7?]E?$'QE\"OB#>QQMN7;8> 9KEV5A'8D;2_P"O
MR_"+X7#QU'\3C\.? 1^(T$=W%;^/O^$-\.#QM;Q7UK/8WD<'BQ=.&OQ)=6-Q
M-97*+J 2>TEE@D1DE<-Z&J;5*AB<DDDY/)')Z]VRWXD>]<\/:*;<E*SYNM]F
M[6U]#H/YZ/C9\:?"EU\,_&7P]\7^%_C!\*?&OQ-^&WQ=\/>#/#?Q9^"OQ0\!
M2>)-:TGX6^+O%6L:-H7BK6?"@^&^OZOIGAS0]6UF33M!\:ZE-/INGW=U$TMO
M#/(O\R_[-OA#XF_%;P)\,O"WP>^$?Q*^,WC1_A)X$\32>$?AGX4O]?NM/T6^
MT:QT^TU#7/$5T^F^#O"EA=ZG;W-IIU_XR\2Z#;7MQ:W<<5Q=?9;CR_[A?V[/
MV,/$?[6\'P=U7P?\3/#WPZ\5?!/7?B5XBT%?%W@'5O'WAK7[KXC_  >\;?!Z
M[MM1M="^('P\U;29M.T?QQJ=]IVJVVI:G%;WJQ-<Z)J,2F!OF;_@E7_P2=O_
M /@G0FM:WXK^.UM\9O%NO?"7X7?"=8=%^')\ >'/#FD?#B77;L3VC7WC'QGK
M/B#4=8NM=D6]U.^N=*B>&RMWM]'LI9) NZ=U=7Z^NC _FO\ VF/V3?VG/V-_
MA?\ !CXS?M+^&/AO\,O#'QA^*%G\)K7P9%\0KOQM\2/#'B76? GCCQSX=MO$
MEKX8\*-X&_M/4I? DGA\Z3X.\=^.Y;K4-4@@TR6:1#(/ZYO^"5?PZ\0_"C_@
MG1^QYX&\6Z!JOA7Q3IWP2\*ZIXC\-:[IUWI&MZ#K?BI)_%NJ:1K&DW\-O?Z9
MJMA>ZY-;:AI][!#>65W'-;7,:31N!]TZEH6D:O<:7=ZGIFG:C<Z'>-J6BS7]
ME;W<NDZFUI=6!U+3)9D:6POS8WMW8F[M7BG-E=W=J7,-S*IU@, #C\!@?ED_
..S-%_)_=_P1));)(__]D!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>5
<FILENAME>fandcpiofi_def14ax2x2.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 fandcpiofi_def14ax2x2.jpg
M_]C_X  02D9)1@ ! 0   0 !  #_VP!#  $! 0$! 0$! 0$! 0$! 0$! 0$!
M 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0'_
MVP!# 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$!
M 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0'_P  1"  Y #X# 2(  A$! Q$!_\0
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"_]D!

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