<SEC-DOCUMENT>0001206774-17-000778.txt : 20170310
<SEC-HEADER>0001206774-17-000778.hdr.sgml : 20170310
<ACCEPTANCE-DATETIME>20170310164407
ACCESSION NUMBER:		0001206774-17-000778
CONFORMED SUBMISSION TYPE:	DEF 14A
PUBLIC DOCUMENT COUNT:		5
CONFORMED PERIOD OF REPORT:	20170419
FILED AS OF DATE:		20170310
DATE AS OF CHANGE:		20170310
EFFECTIVENESS DATE:		20170310

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:		17682684

	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>fandcpfo3217185-def14a.htm
<DESCRIPTION>DEFINITIVE PROXY STATEMENT
<TEXT>

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

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

  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="100%"><FONT face="Times New Roman" size=2>Flaherty &amp; Crumrine
      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></FONT></B><B><FONT face="Times New Roman" size=2>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 19, 2017 </FONT></P>
<P align=left><FONT face="Times New Roman" size=2>To the Shareholders:
</FONT></P>
<P ALIGN="LEFT" 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 19,
2017, for the following purposes: </FONT></P>
<P align=left><FONT face="Times New Roman" size=2>Each Fund: </FONT></P>
<TABLE cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD vAlign=top noWrap><FONT size=2 face="Times New Roman">&nbsp;&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;&nbsp;</FONT></TD>
    <TD width="100%"><FONT face="Times New Roman" size=2>To elect Directors of each Fund (Proposal
      1).</FONT></TD></TR>
  <TR>
    <TD noWrap></TD>
    <TD width="100%" colSpan=2>&nbsp; </TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>2.</FONT></TD>
    <TD width="100%"><FONT face="Times New Roman" size=2>To transact such other business as may
      properly come before the Annual Meetings or any adjournments or
      postponements thereof.</FONT></TD></TR></TABLE>
<P align=left><B><FONT face="Times New Roman" size=2>Your vote is
important!</FONT></B><FONT face="Times New Roman" size=2> </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The Board of Directors of each
Fund has fixed the close of business on January 20, 2017 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="65%"></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 vAlign=bottom>
    <TD noWrap align=left width="65%"><FONT face="Times New Roman" size=2 >March 10, 2017</FONT></TD>
    <TD noWrap align=left width="35%"><FONT face="Times New Roman" size=2 >Chad C. Conwell</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="65%">&nbsp;</TD>
    <TD noWrap align=left width="35%"><I><FONT face="Times New Roman" size=2 >Secretary</FONT></I></TD></TR></TABLE><BR>
<TABLE style="LINE-HEIGHT: normal; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD STYLE="border: #000000 1pt solid; padding: 4pt; text-align: center; width: 100%">
      <P><B><FONT face="Times New Roman" size=2 >Important Notice Regarding the Availability of Proxy
      Materials for the Annual Meetings to Be<BR>Held on April 19,
      2017</FONT></B></P>
      <P align=left><B><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, 2016, 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></B><FONT face="Times New Roman" size=2> </FONT></P>
      <P align=left><B><FONT face="Times New Roman" size=2>To obtain directions
      to attend the Annual Meetings and vote in person, please call
      1-626-795-7300.</FONT></B><FONT face="Times New Roman" size=2> </FONT></P>
      <P align=left><B><FONT face="Times New Roman" size=2>SEPARATE PROXY CARDS
      ARE ENCLOSED FOR EACH FUND IN WHICH YOU OWN SHARES. YOUR VOTE IS IMPORTANT
      REGARDLESS OF THE SIZE OF YOUR HOLDINGS IN THE FUND. WHETHER OR NOT YOU
      PLAN TO ATTEND THE MEETING, WE ASK THAT YOU PLEASE VOTE PROMPTLY.
      INSTRUCTIONS FOR THE PROPER VOTING AND/OR EXECUTION OF PROXIES ARE SET
      FORTH ON THE INSIDE COVER. SHAREHOLDERS MAY SUBMIT VOTING INSTRUCTIONS BY
      SIGNING AND DATING THE PROXY CARD OR VOTING INSTRUCTION FORM AND RETURNING
      IT IN THE ACCOMPANYING POSTAGE-PAID
ENVELOPE.</FONT></B></P></TD></TR></TABLE><BR>
<HR align=center 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><FONT face="Times New Roman" size=2> </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The following general rules
for signing proxy cards may be of assistance to you and may minimize the time
and expense to the Fund(s) involved in validating your vote if you fail to sign
your proxy card(s) properly. </FONT></P>
<TABLE cellSpacing=0 cellPadding=0 border=0>

  <TR>
    <TD vAlign=top noWrap><FONT size=2 face="Times New Roman">&nbsp;&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;&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 noWrap></TD>
    <TD width="100%" colSpan=2>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></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 noWrap></TD>
    <TD width="100%" colSpan=2>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD vAlign=top noWrap><FONT face="Times New Roman" size=2>3.</FONT></TD>
    <TD width="100%"><I><FONT face="Times New Roman" size=2>All Other
      Accounts: </FONT></I><FONT face="Times New Roman" size=2>The capacity of
      the individual signing the proxy card should be indicated unless it is
      reflected in the form registration. For
example:</FONT></TD></TR></TABLE><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%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap align=left width="49%" colSpan=3><U><FONT face="Times New Roman" size=2 >Registration</FONT></U></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="48%"><U><FONT face="Times New Roman" size=2 >Valid Signature</FONT></U></TD></TR>
  <TR>
    <TD align=left width="1%"></TD>
    <TD align=left width="98%" colSpan=5>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="49%" colSpan=3><FONT face="Times New Roman" size=2 >Corporate
      Accounts</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="48%"></TD></TR>
  <TR>
    <TD align=left width="1%"></TD>
    <TD align=left width="98%" colSpan=5>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2 >(1)</FONT></TD>
    <TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap align=left width="47%"><FONT face="Times New Roman" size=2 >ABC
      Corp.</FONT></TD>
    <TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap align=left width="48%"><FONT face="Times New Roman" size=2 >ABC
      Corp.</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2 >(2)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="47%"><FONT face="Times New Roman" size=2 >ABC
      Corp.</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="48%"><FONT face="Times New Roman" size=2 >John Doe,
      Treasurer</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2 >(3)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="47%"><FONT face="Times New Roman" size=2 >ABC Corp.
      c/o John Doe, Treasurer</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="48%"><FONT face="Times New Roman" size=2 >John
      Doe</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2 >(4)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="47%"><FONT face="Times New Roman" size=2 >ABC Corp.
      Profit Sharing Plan</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="48%"><FONT face="Times New Roman" size=2 >John Doe,
      Trustee</FONT></TD></TR>
  <TR>
    <TD align=left width="1%"></TD>
    <TD align=left width="98%" colSpan=5>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="49%" colSpan=3><FONT face="Times New Roman" size=2 >Trust
      Accounts</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="48%"></TD></TR>
  <TR>
    <TD align=left width="1%"></TD>
    <TD align=left width="98%" colSpan=5>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2 >(1)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="47%"><FONT face="Times New Roman" size=2 >ABC
      Trust</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="48%"><FONT face="Times New Roman" size=2 >Jane B. Doe,
      Trustee</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2 >(2)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="47%"><FONT face="Times New Roman" size=2 >Jane B. Doe,
      Trustee</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="48%"><FONT face="Times New Roman" size=2 >Jane B.
      Doe</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="47%"><FONT face="Times New Roman" size=2 >u/t/d
      12/28/78</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="48%"></TD></TR>
  <TR>
    <TD align=left width="1%"></TD>
    <TD align=left width="98%" colSpan=5>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="49%" colSpan=3><FONT face="Times New Roman" size=2 >Custodian or
      Estate Accounts</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="48%"></TD></TR>
  <TR>
    <TD align=left width="1%"></TD>
    <TD align=left width="98%" colSpan=5>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2 >(1)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="47%"><FONT face="Times New Roman" size=2 >John B.
      Smith, Cust.,</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="48%"><FONT face="Times New Roman" size=2 >John B.
      Smith</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="47%"><FONT face="Times New Roman" size=2 >f/b/o John
      B. Smith, Jr. UGMA</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="48%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2 >(2)</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="47%"><FONT face="Times New Roman" size=2 >John B.
      Smith, Executor,</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="48%"><FONT face="Times New Roman" size=2 >John B.
      Smith, Executor</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="47%"><FONT face="Times New Roman" size=2 >Estate of
      Jane Smith</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="48%"></TD></TR></TABLE><BR>
<HR align=center width="100%" noShade size="2">

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P align=center><B><FONT face="Times New Roman" size=2>FLAHERTY &amp; CRUMRINE
PREFERRED INCOME FUND INCORPORATED (NYSE: PFD) <BR></FONT></B><B><FONT face="Times New Roman" size=2>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>April 19, 2017 <BR>JOINT PROXY STATEMENT</FONT></B><FONT face="Times New Roman" size=2> </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>This document is a joint proxy
statement (&#147;Joint Proxy Statement&#148;) for Flaherty &amp; Crumrine Preferred Income
Fund Incorporated (&#147;Preferred Income Fund&#148; or &#147;PFD&#148;), Flaherty &amp; Crumrine
Preferred Income Opportunity Fund Incorporated (&#147;Preferred Income Opportunity
Fund&#148; or &#147;PFO&#148;), Flaherty &amp; Crumrine Preferred Securities Income Fund
Incorporated (&#147;Preferred Securities Income Fund&#148; or &#147;FFC&#148;), Flaherty &amp;
Crumrine Total Return Fund Incorporated (&#147;Total Return Fund&#148; or &#147;FLC&#148;) and
Flaherty &amp; Crumrine Dynamic Preferred and Income Fund Incorporated (&#147;Dynamic
Preferred Income Fund&#148; or &#147;DFP&#148;) (each, a &#147;Fund&#148; and collectively, the &#147;Funds&#148;).
This Joint Proxy Statement is furnished in connection with the solicitation of
proxies by each Fund&#146;s Board of Directors (each, a &#147;Board&#148; and collectively, the
&#147;Boards&#148;) to be voted at the Annual Meetings of Shareholders for each Fund to be
held at 8:00 a.m. on April 19, 2017, 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="LEFT" 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, 2017 to shareholders of record
as of the close of business on January 20, 2017. Proxy solicitations will be
made, beginning on or about March 10, 2017, 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="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2><B>THE ANNUAL
REPORT OF EACH FUND, INCLUDING AUDITED FINANCIAL STATEMENTS FOR THE FISCAL YEAR ENDED NOVEMBER 30, 2016, 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. </B></FONT></P>
<P align=left><FONT face="Times New Roman" size=2>References to the websites
above or herein do not incorporate their content into this proxy statement.
</FONT></P>
<TABLE style="LINE-HEIGHT: normal; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD STYLE="border: #000000 1pt solid; padding: 4pt; text-align: center; width: 100%">
      <P align=center><B><FONT face="Times New Roman" size=2 >Important Notice Regarding the Availability of
      Proxy Materials for the Annual Meetings to Be<BR>Held on April 19,
      2017</FONT></B></P>
      <P align=center><B><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, 2016, 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.</FONT></B></P>
      <P align=center><FONT face="Times New Roman" size=2><B>SEPARATE PROXY CARDS ARE ENCLOSED FOR
EACH FUND IN WHICH YOU OWN SHARES. YOUR VOTE IS IMPORTANT REGARDLESS OF THE SIZE OF YOUR HOLDINGS IN THE FUND. WHETHER OR NOT
YOU PLAN TO ATTEND THE MEETING, WE ASK THAT YOU PLEASE VOTE PROMPTLY. INSTRUCTIONS FOR THE PROPER VOTING AND/OR EXECUTION OF PROXIES
ARE SET FORTH ON THE INSIDE COVER. SHAREHOLDERS MAY SUBMIT VOTING INSTRUCTIONS BY SIGNING AND DATING THE PROXY CARD OR VOTING
INSTRUCTION FORM AND RETURNING IT IN THE ACCOMPANYING POSTAGE-PAID ENVELOPE. </B></FONT></P></TD></TR></TABLE><BR>
<HR align=center width="100%" noShade size="2">

<DIV style="PAGE-BREAK-BEFORE: always"></DIV><BR>
<P ALIGN="LEFT" 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="LEFT" 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 Chair of the Annual
Meeting may adjourn the meeting without assigning a specific date or from time
to time to a date not more than 120 days after the original record date without
notice other than announcement at the Annual Meeting. At such adjourned meeting
at which a Quorum shall be present, any business may be transacted which might
have been transacted at the meeting as originally notified. A shareholder vote
may be taken on a proposal in the Joint Proxy Statement relating to the
applicable Annual Meeting prior to any such adjournment if sufficient votes have
been received for approval of that proposal. Once a Quorum has been established
at the relevant Annual Meeting, shareholders may continue to transact business,
notwithstanding the withdrawal of shareholders and the loss of a Quorum.
</FONT></P>
<P ALIGN="LEFT" 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 20, 2017, the
following number of Shares of each Fund were issued and outstanding: </FONT></P>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#ffffff>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap align=left width="95%" colSpan=2></TD>
    <TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap align=left width="2%"><FONT face="Times New Roman" size=2 >Shares</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="2%"><FONT face="Times New Roman" size=2 >Name of Fund</FONT></TD>
    <TD noWrap align=left width="93%">&nbsp;</TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="2%"><FONT face="Times New Roman" size=2 >Outstanding</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="95%" bgColor=#c0c0c0 colSpan=2><FONT face="Times New Roman" size=2 >Flaherty &amp; Crumrine Preferred Income
      Fund (PFD)<BR>&nbsp;</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD NOWRAP WIDTH="2%" BGCOLOR="#c0c0c0" STYLE="text-align: right; vertical-align: top"><FONT face="Times New Roman" size=2 >11,122,522</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="95%" colSpan=2><FONT face="Times New Roman" size=2 >Flaherty
      &amp; Crumrine Preferred Income Opportunity Fund (PFO)<BR>&nbsp;</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD NOWRAP WIDTH="2%" STYLE="text-align: right; vertical-align: top"><FONT face="Times New Roman" size=2 >12,442,365</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="95%" bgColor=#c0c0c0 colSpan=2><FONT face="Times New Roman" size=2 >Flaherty &amp; Crumrine Preferred
      Securities Income Fund (FFC)<BR>&nbsp;</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD NOWRAP WIDTH="2%" BGCOLOR="#c0c0c0" STYLE="text-align: right; vertical-align: top"><FONT face="Times New Roman" size=2 >43,996,639</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="95%" colSpan=2><FONT face="Times New Roman" size=2 >Flaherty
      &amp; Crumrine Total Return Fund (FLC)<BR>&nbsp;</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD NOWRAP WIDTH="2%" STYLE="text-align: right; vertical-align: top"><FONT face="Times New Roman" size=2 >9,941,941</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#ffffff></TD>
    <TD noWrap align=left width="95%" bgColor=#c0c0c0 colSpan=2><FONT face="Times New Roman" size=2 >Flaherty &amp; Crumrine Dynamic Preferred
      and Income Fund (DFP)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=right width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2 >19,157,469</FONT></TD></TR></TABLE><BR>
<P ALIGN="LEFT" 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 20, 2017<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="51%" colSpan=2><B><FONT face="Times New Roman" size=2 >Name and Address of</FONT></B></TD>
    <TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap align=left width="15%"></TD>
    <TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</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%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap align=left width="15%"><STRONG><FONT size=2 face="Times New Roman">Percent of</FONT></STRONG></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="1%"><B><FONT face="Times New Roman" size=2 >Beneficial/Record Owner</FONT></B></TD>
    <TD noWrap align=left width="50%">&nbsp;</TD>
    <TD noWrap align=left width="1%"></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%"></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%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="15%"><STRONG><FONT size=2 face="Times New Roman">Class</FONT></STRONG></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="51%" 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" STYLE="text-align: right"><FONT face="Times New Roman" size=2 >97.84%</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="51%" 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>&nbsp;</TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="15%" BGCOLOR="#c0c0c0" STYLE="text-align: right"><FONT face="Times New Roman" size=2 >98.06%</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="51%" 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></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></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="15%" BGCOLOR="#c0c0c0" STYLE="text-align: right"><FONT face="Times New Roman" size=2 >99.85%</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="51%" 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>&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 >FLC
      &#150; (record)</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="15%" BGCOLOR="#c0c0c0" STYLE="text-align: right"><FONT face="Times New Roman" size=2 >99.87%</FONT></TD></TR>
  <TR vAlign=bottom>
    <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><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" STYLE="text-align: right"><FONT face="Times New Roman" size=2 >99.96%</FONT></TD></TR>
  <TR>
    <TD NOWRAP ALIGN="LEFT" WIDTH="52%" COLSPAN="2"><FONT face="Times New Roman" size=2 >Bank of America Corporation</FONT></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%">&nbsp;</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)<SUP>1</SUP></FONT></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="1%"></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="15%" STYLE="text-align: right"><FONT face="Times New Roman" size=2 >5.41%</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 vAlign=top noWrap align=left width="1%"><FONT face="Times New Roman" size=2 >*</FONT></TD>
    <TD vAlign=top align=left width="99%"><FONT face="Times New Roman" size=2 >As of January 20, 2017, the Directors and
      officers, as a group, owned less than 1% of the Shares of each
    Fund.</FONT></TD></TR>
  <TR>
    <TD vAlign=top noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD vAlign=top align=left width="99%"></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 align=left width="99%"><FONT face="Times New Roman" size=2 >A nominee partnership of The Depository Trust
      Company.</FONT></TD></TR>
  <TR>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top align=left width="99%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"><FONT face="Times New Roman" size=2 ><SUP>1</SUP></FONT></TD>
    <TD vAlign=top align=left width="99%"><FONT face="Times New Roman" size=2 >Information obtained from a Schedule 13G filed
      by Bank of America Corporation, on behalf of itself and its wholly owned
      subsidiary, Merrill Lynch, Pierce, Fenner &amp; Smith Inc. (&#147;BofA&#148;) with
      the SEC reporting share ownership as of December 31, 2016. Based on that
      filing, BofA does not have sole or shared voting power, but has shared
      power to dispose or to direct the disposition of 535,642
  Shares.</FONT></TD></TR></TABLE><BR>
<P align=center><FONT face="Times New Roman" size=2>2 </FONT></P>
<HR align=center width="100%" noShade size="2">

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

<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>This Joint Proxy Statement is
being used in order to reduce the preparation, printing, handling and postage
expenses that would result from the use of a separate proxy statement for each
Fund. At each Fund&#146;s Annual Meeting, shareholders of the Fund will vote as a
single class. Shareholders of each Fund will vote separately for each of PFD,
PFO, FFC, FLC and DFP on the proposal on which shareholders of that Fund are
entitled to vote at the relevant Annual Meeting. A separate proxy card is
enclosed for each Fund in which a shareholder owns Shares. Thus, if the proposal
at the relevant Annual Meeting is approved by shareholders of one or more Funds
and not approved by shareholders of one or more other Funds, the proposal will
be implemented for the Fund or Funds that approved the proposal and will not be
implemented for any Fund that did not approve the proposal. It is therefore
essential that shareholders complete, date and sign each enclosed proxy card.
Shareholders of each Fund are entitled to vote on the proposal pertaining to
that Fund. </FONT></P>
<P align=center><B><FONT face="Times New Roman" size=2>PROPOSAL 1: ELECTION OF
DIRECTORS</FONT></B><FONT face="Times New Roman" size=2> </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>At the Annual Meetings,
shareholders are being asked to consider the election of Directors of each Fund.
The Board of each Fund is divided into three classes, each class having a term
of three years. Each year the term of office of one class expires and the
successor or successors elected to such class serve for a term of three years
and until their successors are duly elected and qualify. </FONT></P>
<P align=left><B><FONT face="Times New Roman" size=2>Nominees for the Boards of
Directors</FONT></B><FONT face="Times New Roman" size=2> </FONT></P>
<P ALIGN="LEFT" 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 serve as a Director for
the Fund(s) for which he/she is nominated if elected at the relevant Annual
Meeting. If a designated Nominee declines or otherwise becomes unavailable for
election, however, the proxy confers discretionary power on the persons named
therein to vote in favor of a substitute nominee or nominees. Each Nominee has
been nominated for a term of three years to expire at each Fund&#146;s 2020 Annual
Meeting of Shareholders and until his/her successor is duly elected and
qualifies. 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>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD NOWRAP STYLE="border-top: #000000 1pt solid; border-bottom: #000000 1pt solid; border-left: #000000 1pt solid; text-align: left; width: 49%; padding-right: 4pt; padding-left: 4pt"><B><FONT face="Times New Roman" size=2 >Fund</FONT></B></TD>
    <TD NOWRAP STYLE="border: #000000 1pt solid; text-align: left; width: 50%; padding-right: 4pt; padding-left: 4pt"><B><FONT face="Times New Roman" size=2 >Nominees For Election</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="border-left: #000000 1pt solid; border-bottom: #000000 1pt solid; text-align: left; width: 49%; padding-right: 4pt; padding-left: 4pt"><FONT face="Times New Roman" size=2 >PFD</FONT></TD>
    <TD NOWRAP STYLE="border-right: #000000 1pt solid; border-bottom: #000000 1pt solid; border-left: #000000 1pt solid; text-align: left; width: 50%; padding-right: 4pt; padding-left: 4pt"><FONT face="Times New Roman" size=2 >David
      Gale</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="border-left: #000000 1pt solid; border-bottom: #000000 1pt solid; text-align: left; width: 49%; padding-right: 4pt; padding-left: 4pt"><FONT face="Times New Roman" size=2 >PFO</FONT></TD>
    <TD NOWRAP STYLE="border-right: #000000 1pt solid; border-bottom: #000000 1pt solid; border-left: #000000 1pt solid; text-align: left; width: 50%; padding-right: 4pt; padding-left: 4pt"><FONT face="Times New Roman" size=2 >Morgan
      Gust</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="border-left: #000000 1pt solid; border-bottom: #000000 1pt solid; text-align: left; width: 49%; padding-right: 4pt; padding-left: 4pt"><FONT face="Times New Roman" size=2 >FFC</FONT></TD>
    <TD NOWRAP STYLE="border-right: #000000 1pt solid; border-bottom: #000000 1pt solid; border-left: #000000 1pt solid; text-align: left; width: 50%; padding-right: 4pt; padding-left: 4pt"><FONT face="Times New Roman" size=2 >David
      Gale</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="border-left: #000000 1pt solid; border-bottom: #000000 1pt solid; text-align: left; width: 49%; padding-right: 4pt; padding-left: 4pt"><FONT face="Times New Roman" size=2 >FLC</FONT></TD>
    <TD NOWRAP STYLE="border-right: #000000 1pt solid; border-bottom: #000000 1pt solid; border-left: #000000 1pt solid; text-align: left; width: 50%; padding-right: 4pt; padding-left: 4pt"><FONT face="Times New Roman" size=2 >David
      Gale</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="border-left: #000000 1pt solid; border-bottom: #000000 1pt solid; text-align: left; width: 49%; padding-right: 4pt; padding-left: 4pt"><FONT face="Times New Roman" size=2 >DFP</FONT></TD>
    <TD NOWRAP STYLE="border-right: #000000 1pt solid; border-bottom: #000000 1pt solid; border-left: #000000 1pt solid; text-align: left; width: 50%; padding-right: 4pt; padding-left: 4pt"><FONT face="Times New Roman" size=2 >Karen H.
      Hogan</FONT></TD></TR></TABLE><BR>
<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=left><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><FONT face="Times New Roman" size=2> </FONT></P>
<P ALIGN="LEFT" 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</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="14%"></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%"></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 >of
      Funds</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="14%"></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%"></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 >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 >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%"><FONT face="Times New Roman" size=2 >Principal</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 >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%"><FONT face="Times New Roman" size=2 >Term of
      Office</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 >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 >Overseen</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%"><FONT face="Times New Roman" size=2 >Name,
      Address and</FONT></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</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%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap style="text-align: center" width="16%"><FONT face="Times New Roman" size=2 >and Length
      of</FONT></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap style="text-align: center" width="16%"><FONT face="Times New Roman" size=2 >During
      Past</FONT></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap style="text-align: center" width="16%"><FONT face="Times New Roman" size=2 >by</FONT></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap style="text-align: center" width="14%"><FONT face="Times New Roman" size=2 >During
      Past</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 >Age</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></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%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="16%"><FONT face="Times New Roman" size=2 >Time Served*</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="16%"><FONT face="Times New Roman" size=2 >Five Years</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></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%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="14%"><FONT face="Times New Roman" size=2 >Five Years</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0><B><U><FONT face="Times New Roman" size=2 >Non-Interested</FONT></U></B></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="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 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%" bgColor=#c0c0c0><B><U><FONT face="Times New Roman" size=2 >Directors/Nominees:</FONT></U></B></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="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 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>
    <TD align=left 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 >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</FONT></TD>
    <TD noWrap align=left 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 >Emmis</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="16%"><FONT face="Times New Roman" size=2 >301 E.
      Colorado</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 >PFD &#151;
      since</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="16%"><FONT face="Times New Roman" size=2 >Delta</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap style="text-align: center" 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 >Boulevard</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 >&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1997</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="16%"><FONT face="Times New Roman" size=2 >Dividend</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap style="text-align: center" width="16%"></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 >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</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="16%"><FONT face="Times New Roman" size=2 >Group,
      Inc.</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap style="text-align: center" 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%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="16%"><FONT face="Times New Roman" size=2 >&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 style="text-align: center" 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:
      68</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</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 style="text-align: center" 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 >&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 style="text-align: center" 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</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 style="text-align: center" 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 >&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 style="text-align: center" width="16%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="14%"></TD></TR>
  <TR>
    <TD align=left 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 style="text-align: center" 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</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 style="text-align: center" 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 >&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 style="text-align: center" width="16%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="14%"></TD></TR>
  <TR>
    <TD align=left 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 >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 >Lead</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</FONT></TD>
    <TD noWrap align=left 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 >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</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><FONT face="Times New Roman" size=2 >FFC &#151;
      since</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 >operator
      of</FONT></TD>
    <TD noWrap align=left 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><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 >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 >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 >&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 >various</FONT></TD>
    <TD noWrap align=left 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><FONT face="Times New Roman" size=2 >services)</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></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 >FLC &#151;
      since</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 >entities</FONT></TD>
    <TD noWrap align=left 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><FONT face="Times New Roman" size=2 >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 >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 >&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 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><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:
      69</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></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="16%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2 >agriculture</FONT></TD>
    <TD noWrap align=left 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%" 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 >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</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 >and real
      estate</FONT></TD>
    <TD noWrap align=left 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%" 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 >Chair</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 >&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 style="text-align: center" 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></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</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 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>&nbsp;</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 >&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 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%" 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="16%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2 >PFO &#151;
      since</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 style="text-align: center" width="16%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</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 >&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;inception</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>&nbsp;</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%" 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><FONT face="Times New Roman" size=2 >DFP &#151;
      since</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 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%" 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 >&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 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></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 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</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="14%"></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%"></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 >of
      Funds</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD noWrap style="text-align: center" width="14%"></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%"></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 >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 >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%"><FONT face="Times New Roman" size=2 >Principal</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 >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%"><FONT face="Times New Roman" size=2 >Term of
      Office</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 >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 >Overseen</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%"><FONT face="Times New Roman" size=2 >Name,
      Address and</FONT></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</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%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap style="text-align: center" width="16%"><FONT face="Times New Roman" size=2 >and Length
      of</FONT></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap style="text-align: center" width="16%"><FONT face="Times New Roman" size=2 >During
      Past</FONT></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap style="text-align: center" width="16%"><FONT face="Times New Roman" size=2 >by</FONT></TD>
    <TD noWrap style="text-align: center" width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD noWrap style="text-align: center" width="14%"><FONT face="Times New Roman" size=2 >During
      Past</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 >Age</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></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%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="16%"><FONT face="Times New Roman" size=2 >Time Served*</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="16%"><FONT face="Times New Roman" size=2 >Five Years</FONT></TD>
    <TD noWrap style="text-align: center" width="1%"></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%"></TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=center width="14%"><FONT face="Times New Roman" size=2 >Five Years</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="16%" bgColor=#c0c0c0><B><FONT face="Times New Roman" size=2 >Karen H. Hogan</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><FONT face="Times New Roman" size=2 ><SUP>&#134;</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 >Board</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD NOWRAP ALIGN="LEFT" WIDTH="16%" BGCOLOR="#c0c0c0" STYLE="text-align: center"><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</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 >and
      Audit</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 >DFP &#151;
      since</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 >Member,</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 >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 >Committee</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 >&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;October
      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 >IKAR, a
      non-</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 >Chair</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 >profit</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><FONT face="Times New Roman" size=2 ><SUP>&#134;</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 >organization;</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:
      55</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</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 >Active</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 >&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;October 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 >Committee</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</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 >Member
      and</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 >&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;October
      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 >Volunteer
      to</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 >several
      non-</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>&nbsp;</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 >profit</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</FONT></B><B><FONT face="Times New Roman" size=2 > Director</FONT></B><FONT face="Times New Roman" size=2 ><SUP>&#134;</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 >organizations</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 >FFC &#151;
      since</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 >&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;October
      2016</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</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 >&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;October
      2016</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><U><FONT face="Times New Roman" size=2 >Interested Director:</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>(1)</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</FONT></B><B><FONT face="Times New Roman" size=2 >&nbsp;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</FONT></TD>
    <TD noWrap align=left 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 style="text-align: center" 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</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 >Chair
      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 >Manager
      of</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 >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 >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 >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 >Chief</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 ></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;</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 >Executive</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="16%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2 >President
      of</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:
      41</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 >Officer
      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 III</FONT></B><B><FONT face="Times New Roman" size=2 >&nbsp;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 >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><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 >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</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 >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></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></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 >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 >FFC &#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</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 >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><FONT face="Times New Roman" size=2 >DFP &#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 >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" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"><FONT face="Times New Roman" size=2 >*</FONT></TD>
    <TD vAlign=top align=left width="99%"><FONT face="Times New Roman" size=2 >The Class II Director of PFD, FFC, FLC and
      DFP and the Class I Director of PFO will serve until each Fund&#146;s 2018
      Annual Meeting of Shareholders and until their successors are duly elected
      and qualify. The Class II Directors of PFO and the Class III Directors of
      PFD, FFC, FLC and DFP will serve until each Fund&#146;s 2019 Annual Meeting of
      Shareholders and until their successors are duly elected and qualify. The
      Class I Nominee of PFD, FFC, FLC and DFP and the Class III Nominee of PFO,
      if elected, will serve until each Fund&#146;s 2020 Annual Meeting of
      Shareholders and until their successors are duly elected and
      qualify.</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD vAlign=top align=left width="99%"></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"><FONT size=2 face="Times New Roman">**</FONT></TD>
    <TD vAlign=top align=left width="99%"><FONT face="Times New Roman" size=2 >The Flaherty &amp; Crumrine fund complex
      consists solely of the Funds.</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%">&nbsp;</TD>
    <TD vAlign=top align=left width="99%"></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"><FONT size=2 face="Times New Roman"><SUP>(1)</SUP></FONT></TD>
    <TD vAlign=top align=left width="99%"><FONT face="Times New Roman" size=2 >&#147;Interested person&#148; (as defined in the
      Investment Company Act of 1940, as amended (the &#147;1940 Act&#148;)) of the Funds.
      Mr. Chadwick is considered an "interested person" because of his
      affiliation with Flaherty &amp; Crumrine.</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"><FONT face="Times New Roman" size=2 ></FONT>&nbsp;</TD>
    <TD vAlign=top align=left width="99%"></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"><FONT face="Times New Roman" size=2 ><SUP>&#134;</SUP></FONT></TD>
    <TD vAlign=top align=left width="99%"><FONT face="Times New Roman" size=2 >Ms. Hogan served as a Class I Director of
      PFD from 2005 &#150; 2016, a Class II Director of each of FFC and FLC from 2005
      &#150; 2016, a Class II Director of DFP since inception &#150; 2016 and a Class III
      Director of PFO from 2005 - 2016.</FONT></TD></TR></TABLE><BR>
<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="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Mr. Chadwick was appointed as
a Director of the Funds in January 2016 and was elected by each Fund's
shareholders to serve in that capacity in April 2016. Each Director, other than
Mr. Chadwick, has been a Director of the Funds for at least ten years (or since
the Fund's inception, in the case of DFP). Additional information about each
Director follows (supplementing the information provided in the table above)
that describes some of the specific experiences, qualifications, attributes or
skills that each Director possesses which the Boards believe have prepared them
to be effective Directors. The Boards believe that Directors should have the
ability to critically review, evaluate, question and discuss information
provided to them, and interact effectively with Fund management, service
providers and counsel. The Boards believe that their members satisfy this
standard. Experience relevant to having this ability may be achieved through a
Director's educational background; business, professional training or practice
(</FONT><I><FONT 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 charter for the Boards' Nominating and Governance
Committees (each a &#147;Nominating Committee&#148; and collectively, the &#147;Nominating
Committees&#148;) contains certain other factors considered by the Nominating
Committees in identifying and evaluating potential Director nominees. To assist
them in evaluating matters under federal and state law, the Independent
Directors (defined below) are counseled by their own independent legal counsel,
who participates in Board meetings and interacts with Flaherty &amp; Crumrine,
and also may benefit from information provided by the Funds' and Flaherty &amp;
Crumrine's counsel. Both counsel to the Independent Directors and counsel to the
Funds and Flaherty &amp; Crumrine have significant experience advising funds and
fund directors. The Boards and their committees have the ability to engage other
experts as appropriate. The Boards evaluate their performance on an annual
basis. </FONT></P>
<TABLE style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; 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=left><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 Chair of the Board of each Fund in January
      2016. Mr. Chadwick has been the President of each Fund since April 2015
      and, previously, the Chief Financial Officer since 2004 (or in the case of
      DFP, from its inception). Mr. Chadwick is also the President of Flaherty
      &amp; Crumrine and has served as a portfolio manager of PFD and PFO since
      1999 and as portfolio manager of each of FFC, FLC and DFP since each
      Fund&#146;s inception. <BR>&nbsp;</FONT></P></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=left><U><FONT face="Times New Roman" size=2>David
      Gale</FONT></U><FONT face="Times New Roman" size=2> &#150; In addition to his
      tenure as a Director of the Funds, Mr. Gale has been President and Chief
      Executive Officer of Delta Dividend Group, Inc., a San Francisco-based
      investment management firm, since 1992. Prior to joining Delta Dividend
      Group, Inc., Mr. Gale was a Principal with Morgan Stanley from 1983 to
      1990, and a Managing Director of Lehman Brothers Holdings Inc. from 1990
      to 1992. Mr. Gale previously served as a director of Emmis Communications.
      <BR>&nbsp;</FONT></P></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=left><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. Mr. Gust was designated the
      Lead Independent Director of each Fund in </FONT><FONT face="Times New Roman" size=2>October 2016. He also serves as the Chair of
      the Nominating Committee of each Fund&#146;s Board. <BR>&nbsp;</FONT></P></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=left><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 on the Board of IKAR,
      a non-profit organization, and as a committee member and active volunteer
      of several charitable and non-profit organizations. From 1985 to 1997, Ms.
      Hogan served as Senior Vice President of Preferred Stock Origination, and
      previously Vice President of New Product Development, at Lehman Brothers
      Holdings Inc. Ms. Hogan also served as a director and audit committee
      member of New World Coffee, Inc. Ms. Hogan currently serves as Chair of
      the Audit Committee of each Fund&#146;s Board. </FONT></P></TD></TR></TABLE>
<P align=left><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="LEFT" 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,
three of the Funds' four Directors are Independent Directors. The Chair of the
Boards is an interested person of the Funds. The three Independent Directors
interact directly with the Chair and other senior management of Flaherty &amp;
Crumrine at scheduled meetings and between meetings as appropriate. Independent
Directors have been designated to chair the Audit Committees and the Nominating
Committees. In October 2016, based on the recommendation from each Fund&#146;s
Nominating Committee, the Board of each Fund determined to decrease the size of
the relevant Board, which <FONT face="Times New Roman" size=2>necessitated a
reclassification of each Fund&#146;s Board. In connection therewith, each Fund&#146;s
Nominating Committee determined that, in light of the recent changes in the
composition of the Funds&#146; Boards and Committees and other industry developments,
it would be appropriate to designate a Lead Independent Director of the relevant
Fund. The Nominating Committee of each Fund designated Mr. Morgan Gust as the
Lead Independent Director and the Boards ratified such designation. The Boards
have determined that their leadership structures and composition, in which the
Chair of the Boards is an "interested person" of the Funds and 75% of the
Directors are Independent Directors, are appropriate in light of the services
that Flaherty &amp; Crumrine provides to the Funds. </FONT></FONT></P>
<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=left><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="LEFT" 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 Chair, acting between Board meetings, regularly interacts with
and receives reports from senior personnel of service providers, including the
Funds' and Flaherty &amp; Crumrine's Chief Compliance Officer and portfolio
management personnel. The Boards' Audit Committees (which consist of all the
Independent Directors) meet during their scheduled meetings, and between
meetings the Audit Committee chairs maintain contact, with the Funds'
independent registered public accounting firm and the Funds' Chief Financial
Officer. The Boards also receive periodic presentations from senior personnel of
Flaherty &amp; Crumrine regarding risk management generally, as well as periodic
presentations regarding specific operational, compliance or investment areas,
such as business continuity, personal trading, valuation and credit. The Boards
have adopted policies and procedures designed to address certain risks to the
Funds. In addition, Flaherty &amp; Crumrine and other service providers to the
Funds have adopted a variety of policies, procedures and controls designed to
address particular risks to the Funds. Different processes, procedures and
controls are employed with respect to different types of risks. However, it is
not possible to eliminate all of the risks applicable to the Funds. The Boards
also receive reports from counsel to the Funds and Flaherty &amp; Crumrine and
the Independent Directors' own independent legal counsel regarding regulatory,
compliance and governance matters. The Boards' oversight role does not make the
Boards guarantors of the Funds' investments or activities. </FONT></P>
<P align=left><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="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Set forth in the table below
is the dollar range of equity securities in each Fund and the aggregate dollar
range of equity securities in the Flaherty &amp; Crumrine Fund Family
beneficially owned by each Director and Nominee for Election as Director.
</FONT></P>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD NOWRAP STYLE="border-top: #000000 1pt solid; border-left: #000000 1pt solid; text-align: left; width: 17%; padding-right: 4pt; padding-left: 4pt"><FONT face="Times New Roman" size=2 >Name of</FONT></TD>
    <TD NOWRAP COLSPAN="5" STYLE="border-top: #000000 1pt solid; border-left: Black 1pt solid; text-align: left; width: 36%; padding-right: 4pt; padding-left: 4pt"><FONT face="Times New Roman" size=2 >Dollar Range of Equity</FONT></TD>
    <TD NOWRAP STYLE="border-right: #000000 1pt solid; border-left: #000000 1pt solid; border-top: #000000 1pt solid; text-align: left; width: 46%; padding-right: 4pt; padding-left: 4pt"><FONT face="Times New Roman" size=2 >Aggregate Dollar Range of Equity</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="border-left: #000000 1pt solid; text-align: left; width: 17%; padding-right: 4pt; padding-left: 4pt"><FONT face="Times New Roman" size=2 >Director</FONT></TD>
    <TD NOWRAP COLSPAN="3" STYLE="text-align: left; width: 22%; padding-right: 4pt; padding-left: 4pt; border-left: Black 1pt solid"><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 STYLE="text-align: left; width: 7%; padding-right: 4pt; padding-left: 4pt"></TD>
    <TD NOWRAP STYLE="text-align: left; width: 7%; padding-right: 4pt; padding-left: 4pt"></TD>
    <TD NOWRAP STYLE="border-right: #000000 1pt solid; border-left: #000000 1pt solid; text-align: left; width: 46%; padding-right: 4pt; padding-left: 4pt"><FONT face="Times New Roman" size=2 >Securities in All Registered
    Investment</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="border-left: #000000 1pt solid; text-align: left; width: 17%; padding-right: 4pt; padding-left: 4pt"><FONT face="Times New Roman" size=2 >or Nominee</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 7%; padding-right: 4pt; padding-left: 4pt; border-left: Black 1pt solid"></TD>
    <TD NOWRAP STYLE="text-align: left; width: 7%; padding-right: 4pt; padding-left: 4pt"></TD>
    <TD NOWRAP STYLE="text-align: left; width: 8%; padding-right: 4pt; padding-left: 4pt"></TD>
    <TD NOWRAP STYLE="text-align: left; width: 7%; padding-right: 4pt; padding-left: 4pt"></TD>
    <TD NOWRAP STYLE="text-align: left; width: 7%; padding-right: 4pt; padding-left: 4pt"></TD>
    <TD NOWRAP STYLE="border-right: #000000 1pt solid; border-left: #000000 1pt solid; text-align: left; width: 46%; padding-right: 4pt; padding-left: 4pt"><FONT face="Times New Roman" size=2 >Companies Overseen by Director in
    Family</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="border-left: #000000 1pt solid; border-bottom: #000000 1pt solid; text-align: left; width: 17%; padding-right: 4pt; padding-left: 4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-bottom: #000000 1pt solid; border-left: Black 1pt solid; text-align: left; width: 7%; padding-right: 4pt; padding-left: 4pt"></TD>
    <TD NOWRAP STYLE="border-bottom: #000000 1pt solid; text-align: left; width: 7%; padding-right: 4pt; padding-left: 4pt"></TD>
    <TD NOWRAP STYLE="border-bottom: #000000 1pt solid; text-align: left; width: 8%; padding-right: 4pt; padding-left: 4pt"></TD>
    <TD NOWRAP STYLE="border-bottom: #000000 1pt solid; text-align: left; width: 7%; padding-right: 4pt; padding-left: 4pt"></TD>
    <TD NOWRAP STYLE="border-bottom: #000000 1pt solid; text-align: left; width: 7%; padding-right: 4pt; padding-left: 4pt"></TD>
    <TD NOWRAP STYLE="border-right: #000000 1pt solid; border-bottom: #000000 1pt solid; border-left: #000000 1pt solid; text-align: left; width: 46%; padding-right: 4pt; padding-left: 4pt"><FONT face="Times New Roman" size=2 >of Investment
  Companies*<SUP>(2)</SUP></FONT></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP COLSPAN="7" STYLE="border-right: #000000 1pt solid; border-bottom: #000000 1pt solid; border-left: #000000 1pt solid; text-align: left; width: 99%; padding-right: 4pt; padding-left: 4pt"><B><FONT face="Times New Roman" size=2 >NON-INTERESTED
      DIRECTORS/NOMINEES:</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="border-left: #000000 1pt solid; border-bottom: #000000 1pt solid; text-align: left; width: 17%; padding-right: 4pt; padding-left: 4pt"></TD>
    <TD NOWRAP STYLE="border-left: #000000 1pt solid; border-bottom: #000000 1pt solid; text-align: left; width: 7%; padding-right: 4pt; padding-left: 4pt"><FONT face="Times New Roman" size=2 >PFD</FONT></TD>
    <TD NOWRAP STYLE="border-left: #000000 1pt solid; border-bottom: #000000 1pt solid; text-align: left; width: 7%; padding-right: 4pt; padding-left: 4pt"><FONT face="Times New Roman" size=2 >PFO</FONT></TD>
    <TD NOWRAP STYLE="border-left: #000000 1pt solid; border-bottom: #000000 1pt solid; text-align: left; width: 8%; padding-right: 4pt; padding-left: 4pt"><FONT face="Times New Roman" size=2 >FFC</FONT></TD>
    <TD NOWRAP STYLE="border-left: #000000 1pt solid; border-bottom: #000000 1pt solid; text-align: left; width: 7%; padding-right: 4pt; padding-left: 4pt"><FONT face="Times New Roman" size=2 >FLC</FONT></TD>
    <TD NOWRAP STYLE="border-left: #000000 1pt solid; border-bottom: #000000 1pt solid; text-align: left; width: 7%; padding-right: 4pt; padding-left: 4pt"><FONT face="Times New Roman" size=2 >DFP</FONT></TD>
    <TD NOWRAP STYLE="border-right: #000000 1pt solid; border-bottom: #000000 1pt solid; border-left: #000000 1pt solid; text-align: left; width: 46%; padding-right: 4pt; padding-left: 4pt"><FONT face="Times New Roman" size=2 >TOTAL</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="border-left: #000000 1pt solid; border-bottom: #000000 1pt solid; text-align: left; width: 17%; padding-right: 4pt; padding-left: 4pt"><FONT face="Times New Roman" size=2 >David Gale</FONT></TD>
    <TD NOWRAP STYLE="border-left: #000000 1pt solid; border-bottom: #000000 1pt solid; text-align: left; width: 7%; padding-right: 4pt; padding-left: 4pt"><FONT face="Times New Roman" size=2 >D</FONT></TD>
    <TD NOWRAP STYLE="border-left: #000000 1pt solid; border-bottom: #000000 1pt solid; text-align: left; width: 7%; padding-right: 4pt; padding-left: 4pt"><FONT face="Times New Roman" size=2 >D</FONT></TD>
    <TD NOWRAP STYLE="border-left: #000000 1pt solid; border-bottom: #000000 1pt solid; text-align: left; width: 8%; padding-right: 4pt; padding-left: 4pt"><FONT face="Times New Roman" size=2 >D</FONT></TD>
    <TD NOWRAP STYLE="border-left: #000000 1pt solid; border-bottom: #000000 1pt solid; text-align: left; width: 7%; padding-right: 4pt; padding-left: 4pt"><FONT face="Times New Roman" size=2 >D</FONT></TD>
    <TD NOWRAP STYLE="border-left: #000000 1pt solid; border-bottom: #000000 1pt solid; text-align: left; width: 7%; padding-right: 4pt; padding-left: 4pt"><FONT face="Times New Roman" size=2 >C</FONT></TD>
    <TD NOWRAP STYLE="border-right: #000000 1pt solid; border-bottom: #000000 1pt solid; border-left: #000000 1pt solid; text-align: left; width: 46%; padding-right: 4pt; padding-left: 4pt"><FONT face="Times New Roman" size=2 >E</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="border-left: Black 1pt solid; border-bottom: Black 1pt none; text-align: left; width: 17%; padding-right: 4pt; padding-left: 4pt"><FONT face="Times New Roman" size=2 >Morgan</FONT></TD>
    <TD NOWRAP STYLE="border-left: Black 1pt solid; border-bottom: Black 1pt none; text-align: left; width: 7%; padding-right: 4pt; padding-left: 4pt"></TD>
    <TD NOWRAP STYLE="border-left: Black 1pt solid; border-bottom: Black 1pt none; text-align: left; width: 7%; padding-right: 4pt; padding-left: 4pt"></TD>
    <TD NOWRAP STYLE="border-left: Black 1pt solid; border-bottom: Black 1pt none; text-align: left; width: 8%; padding-right: 4pt; padding-left: 4pt"></TD>
    <TD NOWRAP STYLE="border-left: Black 1pt solid; border-bottom: Black 1pt none; text-align: left; width: 7%; padding-right: 4pt; padding-left: 4pt"></TD>
    <TD NOWRAP STYLE="border-left: Black 1pt solid; border-bottom: Black 1pt none; text-align: left; width: 7%; padding-right: 4pt; padding-left: 4pt"></TD>
    <TD NOWRAP STYLE="border-right: #000000 1pt solid; border-bottom: Black 1pt none; border-left: Black 1pt solid; text-align: left; width: 46%; padding-right: 4pt; padding-left: 4pt"></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="border-left: #000000 1pt solid; border-bottom: #000000 1pt solid; text-align: left; width: 17%; padding-right: 4pt; padding-left: 4pt"><FONT face="Times New Roman" size=2 >Gust</FONT></TD>
    <TD NOWRAP STYLE="border-left: #000000 1pt solid; border-bottom: #000000 1pt solid; text-align: left; width: 7%; padding-right: 4pt; padding-left: 4pt"><FONT face="Times New Roman" size=2 >D</FONT></TD>
    <TD NOWRAP STYLE="border-left: #000000 1pt solid; border-bottom: #000000 1pt solid; text-align: left; width: 7%; padding-right: 4pt; padding-left: 4pt"><FONT face="Times New Roman" size=2 >D</FONT></TD>
    <TD NOWRAP STYLE="border-left: #000000 1pt solid; border-bottom: #000000 1pt solid; text-align: left; width: 8%; padding-right: 4pt; padding-left: 4pt"><FONT face="Times New Roman" size=2 >D</FONT></TD>
    <TD NOWRAP STYLE="border-left: #000000 1pt solid; border-bottom: #000000 1pt solid; text-align: left; width: 7%; padding-right: 4pt; padding-left: 4pt"><FONT face="Times New Roman" size=2 >D</FONT></TD>
    <TD NOWRAP STYLE="border-left: #000000 1pt solid; border-bottom: #000000 1pt solid; text-align: left; width: 7%; padding-right: 4pt; padding-left: 4pt"><FONT face="Times New Roman" size=2 >C</FONT></TD>
    <TD NOWRAP STYLE="border-right: #000000 1pt solid; border-bottom: #000000 1pt solid; border-left: #000000 1pt solid; text-align: left; width: 46%; padding-right: 4pt; padding-left: 4pt"><FONT face="Times New Roman" size=2 >E</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="border-left: Black 1pt solid; border-bottom: Black 1pt none; text-align: left; width: 17%; padding-right: 4pt; padding-left: 4pt"><FONT face="Times New Roman" size=2 >Karen H.</FONT></TD>
    <TD NOWRAP STYLE="border-left: Black 1pt solid; border-bottom: Black 1pt none; text-align: left; width: 7%; padding-right: 4pt; padding-left: 4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-left: Black 1pt solid; border-bottom: Black 1pt none; text-align: left; width: 7%; padding-right: 4pt; padding-left: 4pt"></TD>
    <TD NOWRAP STYLE="border-left: Black 1pt solid; border-bottom: Black 1pt none; text-align: left; width: 8%; padding-right: 4pt; padding-left: 4pt"></TD>
    <TD NOWRAP STYLE="border-left: Black 1pt solid; border-bottom: Black 1pt none; text-align: left; width: 7%; padding-right: 4pt; padding-left: 4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-left: Black 1pt solid; border-bottom: Black 1pt none; text-align: left; width: 7%; padding-right: 4pt; padding-left: 4pt"></TD>
    <TD NOWRAP STYLE="border-right: #000000 1pt solid; border-bottom: Black 1pt none; border-left: Black 1pt solid; text-align: left; width: 46%; padding-right: 4pt; padding-left: 4pt"></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="border-left: #000000 1pt solid; border-bottom: #000000 1pt solid; text-align: left; width: 17%; padding-right: 4pt; padding-left: 4pt"><FONT face="Times New Roman" size=2 >Hogan</FONT></TD>
    <TD NOWRAP STYLE="border-left: #000000 1pt solid; border-bottom: #000000 1pt solid; text-align: left; width: 7%; padding-right: 4pt; padding-left: 4pt"><FONT face="Times New Roman" size=2 >C</FONT></TD>
    <TD NOWRAP STYLE="border-left: #000000 1pt solid; border-bottom: #000000 1pt solid; text-align: left; width: 7%; padding-right: 4pt; padding-left: 4pt"><FONT face="Times New Roman" size=2 >C</FONT></TD>
    <TD NOWRAP STYLE="border-left: #000000 1pt solid; border-bottom: #000000 1pt solid; text-align: left; width: 8%; padding-right: 4pt; padding-left: 4pt"><FONT face="Times New Roman" size=2 >C</FONT></TD>
    <TD NOWRAP STYLE="border-left: #000000 1pt solid; border-bottom: #000000 1pt solid; text-align: left; width: 7%; padding-right: 4pt; padding-left: 4pt"><FONT face="Times New Roman" size=2 >C</FONT></TD>
    <TD NOWRAP STYLE="border-left: #000000 1pt solid; border-bottom: #000000 1pt solid; text-align: left; width: 7%; padding-right: 4pt; padding-left: 4pt"><FONT face="Times New Roman" size=2 >C</FONT></TD>
    <TD NOWRAP STYLE="border-right: #000000 1pt solid; border-bottom: #000000 1pt solid; border-left: #000000 1pt solid; text-align: left; width: 46%; padding-right: 4pt; padding-left: 4pt"><FONT face="Times New Roman" size=2 >D</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP COLSPAN="7" STYLE="border-right: #000000 1pt solid; border-bottom: #000000 1pt solid; border-left: #000000 1pt solid; text-align: left; width: 99%; padding-right: 4pt; padding-left: 4pt"><B><FONT face="Times New Roman" size=2 >INTERESTED
      DIRECTOR:</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="border-left: #000000 1pt solid; text-align: left; width: 17%; padding-right: 4pt; padding-left: 4pt"><FONT face="Times New Roman" size=2 >R.
      Eric</FONT></TD>
    <TD NOWRAP STYLE="border-left: #000000 1pt solid; text-align: left; width: 7%; padding-right: 4pt; padding-left: 4pt"></TD>
    <TD NOWRAP STYLE="border-left: #000000 1pt solid; text-align: left; width: 7%; padding-right: 4pt; padding-left: 4pt"></TD>
    <TD NOWRAP STYLE="border-left: #000000 1pt solid; text-align: left; width: 8%; padding-right: 4pt; padding-left: 4pt"></TD>
    <TD NOWRAP STYLE="border-left: #000000 1pt solid; text-align: left; width: 7%; padding-right: 4pt; padding-left: 4pt"></TD>
    <TD NOWRAP STYLE="border-left: #000000 1pt solid; text-align: left; width: 7%; padding-right: 4pt; padding-left: 4pt"></TD>
    <TD NOWRAP STYLE="border-right: #000000 1pt solid; border-left: #000000 1pt solid; text-align: left; width: 46%; padding-right: 4pt; padding-left: 4pt"></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="border-left: #000000 1pt solid; border-bottom: #000000 1pt solid; text-align: left; width: 17%; padding-right: 4pt; padding-left: 4pt"><FONT face="Times New Roman" size=2 >Chadwick</FONT></TD>
    <TD NOWRAP STYLE="border-left: #000000 1pt solid; border-bottom: #000000 1pt solid; text-align: left; width: 7%; padding-right: 4pt; padding-left: 4pt"><FONT face="Times New Roman" size=2 >C</FONT></TD>
    <TD NOWRAP STYLE="border-left: #000000 1pt solid; border-bottom: #000000 1pt solid; text-align: left; width: 7%; padding-right: 4pt; padding-left: 4pt"><FONT face="Times New Roman" size=2 >E</FONT></TD>
    <TD NOWRAP STYLE="border-left: #000000 1pt solid; border-bottom: #000000 1pt solid; text-align: left; width: 8%; padding-right: 4pt; padding-left: 4pt"><FONT face="Times New Roman" size=2 >E</FONT></TD>
    <TD NOWRAP STYLE="border-left: #000000 1pt solid; border-bottom: #000000 1pt solid; text-align: left; width: 7%; padding-right: 4pt; padding-left: 4pt"><FONT face="Times New Roman" size=2 >C</FONT></TD>
    <TD NOWRAP STYLE="border-left: #000000 1pt solid; border-bottom: #000000 1pt solid; text-align: left; width: 7%; padding-right: 4pt; padding-left: 4pt"><FONT face="Times New Roman" size=2 >E</FONT></TD>
    <TD NOWRAP STYLE="border-right: #000000 1pt solid; border-bottom: #000000 1pt solid; border-left: #000000 1pt solid; text-align: left; width: 46%; padding-right: 4pt; padding-left: 4pt"><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 vAlign=top noWrap align=left width="1%"><FONT face="Times New Roman" size=2>*</FONT></TD>
    <TD vAlign=top align=left width="99%"><FONT face="Times New Roman" size=2>Key to Dollar Ranges</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top align=left width="100%" colSpan=2><FONT face="Times New Roman" size=2>A.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;None</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top align=left width="100%" colSpan=2><FONT face="Times New Roman" size=2></FONT><FONT face="Times New Roman" size=2>B.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1 - $10,000</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top align=left width="100%" colSpan=2><FONT face="Times New Roman" size=2></FONT><FONT face="Times New Roman" size=2>C.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$10,001 -$50,000</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top align=left width="100%" colSpan=2><FONT face="Times New Roman" size=2></FONT><FONT face="Times New Roman" size=2>D.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$50,001 - $100,000</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top align=left width="100%" colSpan=2><FONT face="Times New Roman" size=2>E.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;over
      $100,000</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top align=left width="100%" colSpan=2><FONT face="Times New Roman" size=2>All Shares were valued as of December 31,
      2016.</FONT></TD></TR>
  <TR>
    <TD vAlign=top noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD vAlign=top align=left width="99%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%"><FONT face="Times New Roman" size=2><SUP>(1)</SUP></FONT></TD>
    <TD vAlign=top align=left width="99%"><FONT face="Times New Roman" size=2>This information has been furnished by each Director/Nominee as of
      December 31, 2016. &#147;Beneficial ownership&#148; is determined in accordance with
      Rule 16a-1(a)(2) under the 1934 Act.</FONT></TD></TR>
  <TR>
    <TD vAlign=top noWrap align=left width="1%"></TD>
    <TD vAlign=top align=left width="99%">&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top noWrap align=left width="1%"><FONT face="Times New Roman" size=2><SUP>(2)</SUP></FONT></TD>
    <TD vAlign=top align=left width="99%">
      <P align=left><FONT face="Times New Roman" size=2>The Directors, Nominees
      and executive officers of each Fund, as a group, own less than 1% of each
      Fund. </FONT></P></TD></TR></TABLE>
<BR>
<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=left><B><FONT face="Times New Roman" size=2>Officers of the
Funds</FONT></B><FONT face="Times New Roman" size=2> </FONT></P>
<P ALIGN="LEFT" 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="39%"></TD>
    <TD noWrap align=left width="19%"></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</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="19%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="39%"></TD>
    <TD noWrap align=left width="19%"><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 >Length
      of</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="19%"><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="39%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left; width: 19%; border-bottom: Black 1pt solid"><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 NOWRAP STYLE="text-align: left; width: 19%; border-bottom: Black 1pt solid"><FONT face="Times New Roman" size=2 >Time
      Served<SUP>*</SUP></FONT></TD>
    <TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left; width: 19%; border-bottom: Black 1pt solid"><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="39%" bgColor=#c0c0c0></TD>
    <TD NOWRAP STYLE="text-align: left; width: 19%; background-color: #c0c0c0"><FONT face="Times New Roman" size=2 >Chief Compliance</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT size=2 face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 19%; background-color: #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 STYLE="text-align: left; width: 19%; background-color: #c0c0c0"><FONT face="Times New Roman" size=2 >Executive Vice President of
    Flaherty</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2 >301 E.
      Colorado</FONT></TD>
    <TD noWrap align=left width="39%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="19%" 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="19%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2 >&amp;
      Crumrine since September 2014;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2 >Boulevard</FONT></TD>
    <TD noWrap align=left width="39%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="19%" 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="19%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2 >Chief
      Compliance Officer and 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="39%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="19%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2 >Secretary</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="19%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2 >FLC &#150; since
      2005</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="19%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2 >Legal
      Officer 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 >Pasadena, CA
      91101</FONT></TD>
    <TD noWrap align=left width="39%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="19%" 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="19%" bgColor=#c0c0c0><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%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2 >Age:
      44</FONT></TD>
    <TD noWrap align=left width="39%" 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="19%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2 ></FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="19%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2 >until September
2014    </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0>&nbsp;</TD>
    <TD noWrap align=left width="39%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="19%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="19%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="19%" bgColor=#c0c0c0></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="39%"></TD>
    <TD noWrap align=left width="19%"><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="19%"><FONT face="Times New Roman" size=2 >Portfolio
      Manager of Flaherty &amp;</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="39%"></TD>
    <TD noWrap align=left width="19%"><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%"></TD>
    <TD noWrap align=left width="19%"><FONT face="Times New Roman" size=2 >Crumrine;
      Executive Vice President</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="39%"></TD>
    <TD noWrap align=left width="19%"><FONT face="Times New Roman" size=2 >President
      and</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
      2003</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="19%"><FONT face="Times New Roman" size=2 >of Flaherty
      &amp; Crumrine since</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="39%"></TD>
    <TD noWrap align=left width="19%"><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="19%"><FONT face="Times New Roman" size=2 >September
      2014; Vice
      President of</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2 >Age:
      57</FONT></TD>
    <TD noWrap align=left width="39%"></TD>
    <TD noWrap align=left width="19%"></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="19%"><FONT face="Times New Roman" size=2 > Flaherty &amp; Crumrine
      until September 2014</FONT></TD></TR>

  <TR vAlign=bottom>
    <TD style="text-align: center" width="99%" colSpan=7>&nbsp;</TD></TR>
  <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="39%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="19%" 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
      2014</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 >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</FONT></TD>
    <TD noWrap align=left width="39%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="19%" 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
      2014</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 >September
      2013; Director at Deutsche</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2 >Boulevard</FONT></TD>
    <TD noWrap align=left width="39%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="19%" 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
      2014</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 >Bank
      Securities from 2099 to July</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="39%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="19%" 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
      2014</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 >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="39%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="19%" 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
      2014</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="19%" bgColor=#c0c0c0></TD></TR>
  <TR>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2 >Age:
      42</FONT></TD>
    <TD noWrap align=left width="39%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="19%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="19%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="19%" bgColor=#c0c0c0></TD></TR>
    <TR>
    <TD NOWRAP STYLE="text-align: left; background-color: #c0c0c0">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left; background-color: #c0c0c0">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left; background-color: #c0c0c0">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left; background-color: #c0c0c0">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left; background-color: #c0c0c0">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left; background-color: #c0c0c0">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left; background-color: #c0c0c0">&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="39%"></TD>
    <TD noWrap align=left width="19%"><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="19%"><FONT face="Times New Roman" size=2 >Assistant
      Compliance Officer and</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2 >301 E.
      Colorado</FONT></TD>
    <TD noWrap align=left width="39%"></TD>
    <TD noWrap align=left width="19%"><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="19%"><FONT face="Times New Roman" size=2 >Secretary of
      Flaherty &amp; Crumrine</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2 >Boulevard</FONT></TD>
    <TD noWrap align=left width="39%"></TD>
    <TD noWrap align=left width="19%"><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="19%"></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="39%"></TD>
    <TD noWrap align=left width="19%"><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="19%"></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="39%"></TD>
    <TD noWrap align=left width="19%"><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="19%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%"><FONT face="Times New Roman" size=2 >Age:
      53</FONT></TD>
    <TD noWrap align=left width="39%"></TD>
    <TD noWrap align=left width="19%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="19%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="19%"></TD></TR>
  <TR>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="39%"></TD>
    <TD noWrap align=left width="19%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="19%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="19%"></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="39%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="19%" 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="19%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2 >Administrator 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</FONT></TD>
    <TD noWrap align=left width="39%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="19%" 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="19%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2 >Crumrine</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2 >Boulevard</FONT></TD>
    <TD noWrap align=left width="39%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="19%" 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="19%" 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="39%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="19%" 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="19%" 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="39%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="19%" 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="19%" bgColor=#c0c0c0></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2 >Age:
      60</FONT></TD>
    <TD noWrap align=left width="39%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="19%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="19%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="19%" bgColor=#c0c0c0></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="1%"><FONT face="Times New Roman" size=2 >*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD noWrap align=left width="100%"><FONT face="Times New Roman" size=2 >Each officer
      serves until his or her successor is elected and qualifies or until his or
      her earlier resignation or removal.</FONT></TD></TR></TABLE><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>
<P align=left><B><FONT face="Times New Roman" size=2>Audit
Committee</FONT></B><FONT face="Times New Roman" size=2> </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The role of each Fund&#146;s Audit
Committee is to assist the Board of Directors in its oversight of: (i) the
integrity of the Fund&#146;s financial statements and the independent audit thereof;
(ii) the Fund&#146;s accounting and financial reporting policies and
practices, and its internal control over financial reporting; (iii) the Fund&#146;s
compliance with legal and regulatory requirements; and (iv) the independent
auditor&#146;s qualifications, independence and performance. Each Fund&#146;s Audit
Committee is also required to prepare an audit committee report pursuant to
applicable laws and regulations for inclusion in the Fund&#146;s annual proxy
statement. Each Audit Committee operates pursuant to a charter (the &#147;Audit
Committee Charter&#148; or &#147;Charter&#148;) that was most recently reviewed and approved by
the Board of Directors of each Fund on January 23, 2017, 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=left><B><FONT face="Times New Roman" size=2>Audit Committee
Report</FONT></B><FONT face="Times New Roman" size=2> </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>In performing its oversight
function, at a meeting held on January 23, 2017, 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, 2016, and discussed the audit of such financial statements with the
independent accountants. </FONT></P>
<P ALIGN="LEFT" 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="LEFT" 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="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The members of each Audit
Committee are not, and do not represent themselves to be, professionally engaged
in the practice of auditing or accounting and are not employed by the Fund for
accounting, financial management or internal control. Moreover, the Audit
Committee relies on and makes no independent verification of the facts presented
to it or representations made by Fund management or the independent accountants.
Accordingly, the Audit Committee&#146;s oversight does not provide an independent
basis to determine that Fund management has maintained appropriate accounting
and financial reporting principles and policies, or internal controls and
procedures, designed to assure compliance with accounting standards and
applicable laws and regulations. Furthermore, the Audit Committee&#146;s
considerations and discussions referred to above do not provide assurance that
the audit of each Fund&#146;s financial statements has been carried out in accordance
with generally accepted accounting standards or that the financial statements
are presented in accordance with generally accepted accounting
principles.</FONT></P>
<P ALIGN="LEFT" 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, 2016. </FONT></P>
<P align=left><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><FONT face="Times New Roman" size=2> </FONT></P>
<P align=left><FONT face="Times New Roman" size=2>David Gale <BR>Morgan Gust
<BR></FONT><FONT face="Times New Roman" size=2>Karen H. Hogan (Chair)
<BR>January 23, 2017 </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="LEFT" 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, 2016. 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 and Gust. </FONT></P>
<P align=left><B><FONT face="Times New Roman" size=2>Nominating
Committee</FONT></B><FONT face="Times New Roman" size=2> </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Each Board of Directors has a
Nominating 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 and Gust. The Nominating Committee of each
Fund met three times during the fiscal year ended November 30, 2016. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The Nominating Committee is
responsible for identifying individuals believed to be qualified to become Board
members; for recommending to the Board such nominees to stand for election as
Directors at each Fund&#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 Committee has a charter which is available on its
website, www.preferredincome.com. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Each Fund&#146;s Nominating
Committee believes that it is in the best interest of each Fund and its
shareholders to obtain highly qualified candidates to serve as members of the
Board. The Nominating Committees have not established a formal process for
identifying candidates where a vacancy exists on the Board. In nominating
candidates, each Nominating Committee shall take into consideration such factors
as it deems appropriate, including educational background; business,
professional training or practice (e.g., accounting or law); public service or
academic positions; experience from service as a board member (including the
Boards of the Funds) or as an executive of investment funds, public companies or
significant private or not-for-profit entities or other organizations; and other
life experiences. Each Fund&#146;s Nominating 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 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; 2018 Annual Meetings&#148;
below). </FONT></P>
<P align=left><B><FONT face="Times New Roman" size=2>Other Board-Related
Matters</FONT></B><FONT face="Times New Roman" size=2> </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Shareholders who wish to send
communications to the Board should send them to the address of their Fund(s) and
to the attention of the Board. All such communications will be directed to the
Board&#146;s attention. </FONT></P>
<P ALIGN="LEFT" 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 20, 2016 Annual
Meetings of Shareholders. </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=left><B><FONT face="Times New Roman" size=2>Board
Compensation</FONT></B><FONT face="Times New Roman" size=2> </FONT></P>
<P ALIGN="LEFT" 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 Committee meeting attended, and $250 for each telephone meeting
attended. In addition, the Audit Committee Chair receives from each Fund an
annual fee of $3,000. Each Director of each Fund is reimbursed for travel and
out-of-pocket expenses associated with attending Board and committee meetings.
During the fiscal year ended November 30, 2016, 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 (including its retired Director) for the
fiscal year ended November 30, 2016 is set forth below: </FONT></P>

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

  <TR vAlign=bottom>
    <TD NOWRAP STYLE="border-top: #000000 1pt solid; border-left: #000000 1pt solid; text-align: left; width: 90%; padding-right: 4pt; padding-left: 4pt"></TD>
    <TD NOWRAP STYLE="border-top: #000000 1pt solid; border-left: #000000 1pt solid; text-align: center; width: 3%; padding-right: 4pt; padding-left: 4pt"></TD>
    <TD NOWRAP STYLE="border-top: #000000 1pt solid; border-left: #000000 1pt solid; text-align: center; width: 3%; padding-right: 4pt; padding-left: 4pt"><FONT face="Times New Roman" size=2 >Board
      Meeting and</FONT></TD>
    <TD NOWRAP STYLE="border-right: #000000 1pt solid; border-left: #000000 1pt solid; border-top: #000000 1pt solid; text-align: center; width: 3%; padding-right: 4pt; padding-left: 4pt"><FONT size=2 face="Times New Roman">Travel and
      Out-of-</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="border-left: #000000 1pt solid; text-align: left; width: 90%; padding-right: 4pt; padding-left: 4pt"></TD>
    <TD NOWRAP STYLE="border-left: #000000 1pt solid; text-align: center; width: 3%; padding-right: 4pt; padding-left: 4pt"><FONT face="Times New Roman" size=2 >Annual Director</FONT></TD>
    <TD NOWRAP STYLE="border-left: #000000 1pt solid; text-align: center; width: 3%; padding-right: 4pt; padding-left: 4pt"><FONT face="Times New Roman" size=2 >Committee Meeting</FONT></TD>
    <TD NOWRAP STYLE="border-right: #000000 1pt solid; border-left: #000000 1pt solid; text-align: center; width: 3%; padding-right: 4pt; padding-left: 4pt"><FONT size=2 face="Times New Roman">Pocket</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="border-left: #000000 1pt solid; border-bottom: #000000 1pt solid; text-align: left; width: 90%; padding-right: 4pt; padding-left: 4pt"></TD>
    <TD NOWRAP STYLE="border-left: #000000 1pt solid; border-bottom: #000000 1pt solid; text-align: center; width: 3%; padding-right: 4pt; padding-left: 4pt"><FONT face="Times New Roman" size=2 >Fees</FONT></TD>
    <TD NOWRAP STYLE="border-left: #000000 1pt solid; border-bottom: #000000 1pt solid; text-align: center; width: 3%; padding-right: 4pt; padding-left: 4pt"><FONT face="Times New Roman" size=2 >Fees</FONT></TD>
    <TD NOWRAP STYLE="border-right: #000000 1pt solid; border-bottom: #000000 1pt solid; border-left: #000000 1pt solid; text-align: center; width: 3%; padding-right: 4pt; padding-left: 4pt"><FONT size=2 face="Times New Roman">Expenses*</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="border-left: #000000 1pt solid; border-bottom: #000000 1pt solid; text-align: left; width: 90%; background-color: #c0c0c0; padding-right: 4pt; padding-left: 4pt"><FONT face="Times New Roman" size=2 >PFD</FONT></TD>
    <TD NOWRAP STYLE="border-left: #000000 1pt solid; border-bottom: #000000 1pt solid; text-align: left; width: 3%; background-color: #c0c0c0; padding-right: 4pt; padding-left: 4pt"><FONT face="Times New Roman" size=2 >$33,750</FONT></TD>
    <TD NOWRAP STYLE="border-left: #000000 1pt solid; border-bottom: #000000 1pt solid; text-align: left; width: 3%; background-color: #c0c0c0; padding-right: 4pt; padding-left: 4pt"><FONT face="Times New Roman" size=2 >$33,000</FONT></TD>
    <TD NOWRAP STYLE="border-right: #000000 1pt solid; border-bottom: #000000 1pt solid; border-left: #000000 1pt solid; text-align: left; width: 3%; background-color: #c0c0c0; padding-right: 4pt; padding-left: 4pt"><FONT face="Times New Roman" size=2 >$1,321</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="border-left: #000000 1pt solid; border-bottom: #000000 1pt solid; text-align: left; width: 90%; padding-right: 4pt; padding-left: 4pt"><FONT face="Times New Roman" size=2 >PFO</FONT></TD>
    <TD NOWRAP STYLE="border-left: #000000 1pt solid; border-bottom: #000000 1pt solid; text-align: left; width: 3%; padding-right: 4pt; padding-left: 4pt"><FONT face="Times New Roman" size=2 >$33,750</FONT></TD>
    <TD NOWRAP STYLE="border-left: #000000 1pt solid; border-bottom: #000000 1pt solid; text-align: left; width: 3%; padding-right: 4pt; padding-left: 4pt"><FONT face="Times New Roman" size=2 >$33,000</FONT></TD>
    <TD NOWRAP STYLE="border-right: #000000 1pt solid; border-bottom: #000000 1pt solid; border-left: #000000 1pt solid; text-align: left; width: 3%; padding-right: 4pt; padding-left: 4pt"><FONT face="Times New Roman" size=2 >$1,321</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="border-left: #000000 1pt solid; border-bottom: #000000 1pt solid; text-align: left; width: 90%; background-color: #c0c0c0; padding-right: 4pt; padding-left: 4pt"><FONT face="Times New Roman" size=2 >FFC</FONT></TD>
    <TD NOWRAP STYLE="border-left: #000000 1pt solid; border-bottom: #000000 1pt solid; text-align: left; width: 3%; background-color: #c0c0c0; padding-right: 4pt; padding-left: 4pt"><FONT face="Times New Roman" size=2 >$33,750</FONT></TD>
    <TD NOWRAP STYLE="border-left: #000000 1pt solid; border-bottom: #000000 1pt solid; text-align: left; width: 3%; background-color: #c0c0c0; padding-right: 4pt; padding-left: 4pt"><FONT face="Times New Roman" size=2 >$33,000</FONT></TD>
    <TD NOWRAP STYLE="border-right: #000000 1pt solid; border-bottom: #000000 1pt solid; border-left: #000000 1pt solid; text-align: left; width: 3%; background-color: #c0c0c0; padding-right: 4pt; padding-left: 4pt"><FONT face="Times New Roman" size=2 >$1,321</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="border-left: #000000 1pt solid; border-bottom: #000000 1pt solid; text-align: left; width: 90%; padding-right: 4pt; padding-left: 4pt"><FONT face="Times New Roman" size=2 >FLC</FONT></TD>
    <TD NOWRAP STYLE="border-left: #000000 1pt solid; border-bottom: #000000 1pt solid; text-align: left; width: 3%; padding-right: 4pt; padding-left: 4pt"><FONT face="Times New Roman" size=2 >$33,750</FONT></TD>
    <TD NOWRAP STYLE="border-left: #000000 1pt solid; border-bottom: #000000 1pt solid; text-align: left; width: 3%; padding-right: 4pt; padding-left: 4pt"><FONT face="Times New Roman" size=2 >$33,000</FONT></TD>
    <TD NOWRAP STYLE="border-right: #000000 1pt solid; border-bottom: #000000 1pt solid; border-left: #000000 1pt solid; text-align: left; width: 3%; padding-right: 4pt; padding-left: 4pt"><FONT face="Times New Roman" size=2 >$1,321</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="border-left: #000000 1pt solid; border-bottom: #000000 1pt solid; text-align: left; width: 90%; background-color: #c0c0c0; padding-right: 4pt; padding-left: 4pt"><FONT face="Times New Roman" size=2 >DFP</FONT></TD>
    <TD NOWRAP STYLE="border-left: #000000 1pt solid; border-bottom: #000000 1pt solid; text-align: left; width: 3%; background-color: #c0c0c0; padding-right: 4pt; padding-left: 4pt"><FONT face="Times New Roman" size=2 >$33,750</FONT></TD>
    <TD NOWRAP STYLE="border-left: #000000 1pt solid; border-bottom: #000000 1pt solid; text-align: left; width: 3%; background-color: #c0c0c0; padding-right: 4pt; padding-left: 4pt"><FONT face="Times New Roman" size=2 >$33,000</FONT></TD>
    <TD NOWRAP STYLE="border-right: #000000 1pt solid; border-bottom: #000000 1pt solid; border-left: #000000 1pt solid; text-align: left; width: 3%; background-color: #c0c0c0; padding-right: 4pt; padding-left: 4pt"><FONT face="Times New Roman" size=2 >$1,321</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="2%"><FONT face="Times New Roman" size=2 >*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD 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="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The following table sets forth
additional information regarding the compensation of each Fund&#146;s Directors for
the fiscal year ended November 30, 2016. No executive officer or person
affiliated with a Fund received compensation from a Fund during the fiscal year
ended November 30, 2016 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><FONT face="Times New Roman" size=2> </FONT></P>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD NOWRAP STYLE="border-top: #000000 1pt solid; border-left: #000000 1pt solid; text-align: center; width: 94%; padding-right: 4pt; padding-left: 4pt"><FONT face="Times New Roman" size=2 >Name
      of</FONT></TD>
    <TD NOWRAP STYLE="border-top: #000000 1pt solid; border-left: #000000 1pt solid; text-align: left; width: 3%; padding-right: 4pt; padding-left: 4pt"><FONT face="Times New Roman" size=2 >Aggregate</FONT></TD>
    <TD NOWRAP STYLE="border-right: #000000 1pt solid; border-left: #000000 1pt solid; border-top: #000000 1pt solid; text-align: left; width: 3%; padding-right: 4pt; padding-left: 4pt"><FONT face="Times New Roman" size=2 >Total
      Compensation from</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="border-left: #000000 1pt solid; text-align: center; width: 94%; padding-right: 4pt; padding-left: 4pt"><FONT face="Times New Roman" size=2 >Person and</FONT></TD>
    <TD NOWRAP STYLE="border-left: #000000 1pt solid; text-align: left; width: 3%; padding-right: 4pt; padding-left: 4pt"><FONT face="Times New Roman" size=2 >Compensation</FONT></TD>
    <TD NOWRAP STYLE="border-right: #000000 1pt solid; border-left: #000000 1pt solid; text-align: left; width: 3%; padding-right: 4pt; padding-left: 4pt"><FONT face="Times New Roman" size=2 >the Funds
      and Fund</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="border-left: #000000 1pt solid; border-bottom: #000000 1pt solid; text-align: center; width: 94%; padding-right: 4pt; padding-left: 4pt"><FONT face="Times New Roman" size=2 >Position</FONT></TD>
    <TD NOWRAP STYLE="border-left: #000000 1pt solid; border-bottom: #000000 1pt solid; text-align: left; width: 3%; padding-right: 4pt; padding-left: 4pt"><FONT face="Times New Roman" size=2 >from each Fund</FONT></TD>
    <TD NOWRAP STYLE="border-right: #000000 1pt solid; border-bottom: #000000 1pt solid; border-left: #000000 1pt solid; text-align: left; width: 3%; padding-right: 4pt; padding-left: 4pt"><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 STYLE="border-left: #000000 1pt solid; text-align: left; width: 94%; padding-right: 4pt; padding-left: 4pt"><FONT face="Times New Roman" size=2 >Eric Chadwick</FONT></TD>
    <TD NOWRAP STYLE="border-left: #000000 1pt solid; text-align: left; width: 3%; padding-right: 4pt; padding-left: 4pt"><FONT face="Times New Roman" size=2 >$0</FONT></TD>
    <TD NOWRAP STYLE="border-right: #000000 1pt solid; border-left: #000000 1pt solid; text-align: left; width: 3%; padding-right: 4pt; padding-left: 4pt"><FONT face="Times New Roman" size=2 >$0
    (5)</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="border-left: #000000 1pt solid; text-align: left; width: 94%; padding-right: 4pt; padding-left: 4pt"><FONT face="Times New Roman" size=2 >Director, Chair of the Board, Chief Executive
      Officer</FONT></TD>
    <TD NOWRAP STYLE="border-left: #000000 1pt solid; text-align: left; width: 3%; padding-right: 4pt; padding-left: 4pt"></TD>
    <TD NOWRAP STYLE="border-right: #000000 1pt solid; border-left: #000000 1pt solid; text-align: left; width: 3%; padding-right: 4pt; padding-left: 4pt">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="border-left: #000000 1pt solid; text-align: left; width: 94%; padding-right: 4pt; padding-left: 4pt"><FONT face="Times New Roman" size=2 >and President</FONT></TD>
    <TD NOWRAP STYLE="border-left: #000000 1pt solid; text-align: left; width: 3%; padding-right: 4pt; padding-left: 4pt"></TD>
    <TD NOWRAP STYLE="border-right: #000000 1pt solid; border-left: #000000 1pt solid; text-align: left; width: 3%; padding-right: 4pt; padding-left: 4pt"></TD></TR>
  <TR>
    <TD NOWRAP STYLE="border-left: Black 1pt solid; text-align: left; width: 94%; padding-right: 4pt; padding-left: 4pt; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD NOWRAP STYLE="border-left: Black 1pt solid; text-align: left; width: 3%; padding-right: 4pt; padding-left: 4pt; border-bottom: Black 1pt solid"></TD>
    <TD NOWRAP STYLE="border-right: #000000 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: left; width: 3%; padding-right: 4pt; padding-left: 4pt"></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="border-left: #000000 1pt solid; text-align: left; width: 94%; padding-right: 4pt; padding-left: 4pt"><FONT face="Times New Roman" size=2 >David Gale</FONT></TD>
    <TD NOWRAP STYLE="border-left: #000000 1pt solid; text-align: left; width: 3%; padding-right: 4pt; padding-left: 4pt"><FONT face="Times New Roman" size=2 >$
    17,000 &#150; PFD</FONT></TD>
    <TD NOWRAP STYLE="border-right: #000000 1pt solid; border-left: #000000 1pt solid; text-align: left; width: 3%; padding-right: 4pt; padding-left: 4pt"><FONT face="Times New Roman" size=2 >$85,000
    (5)</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="border-left: #000000 1pt solid; text-align: left; width: 94%; padding-right: 4pt; padding-left: 4pt"><FONT face="Times New Roman" size=2 >Director</FONT></TD>
    <TD NOWRAP STYLE="border-left: #000000 1pt solid; text-align: left; width: 3%; padding-right: 4pt; padding-left: 4pt"><FONT face="Times New Roman" size=2 >$
    17,000 &#150; PFO</FONT></TD>
    <TD NOWRAP STYLE="border-right: #000000 1pt solid; border-left: #000000 1pt solid; text-align: left; width: 3%; padding-right: 4pt; padding-left: 4pt"></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="border-left: #000000 1pt solid; text-align: left; width: 94%; padding-right: 4pt; padding-left: 4pt"></TD>
    <TD NOWRAP STYLE="border-left: #000000 1pt solid; text-align: left; width: 3%; padding-right: 4pt; padding-left: 4pt"><FONT face="Times New Roman" size=2 >$
    17,000 &#150; FFC</FONT></TD>
    <TD NOWRAP STYLE="border-right: #000000 1pt solid; border-left: #000000 1pt solid; text-align: left; width: 3%; padding-right: 4pt; padding-left: 4pt"></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="border-left: #000000 1pt solid; text-align: left; width: 94%; padding-right: 4pt; padding-left: 4pt"></TD>
    <TD NOWRAP STYLE="border-left: #000000 1pt solid; text-align: left; width: 3%; padding-right: 4pt; padding-left: 4pt"><FONT face="Times New Roman" size=2 >$
    17,000 &#150; FLC</FONT></TD>
    <TD NOWRAP STYLE="border-right: #000000 1pt solid; border-left: #000000 1pt solid; text-align: left; width: 3%; padding-right: 4pt; padding-left: 4pt"></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="border-left: #000000 1pt solid; text-align: left; width: 94%; padding-right: 4pt; padding-left: 4pt"></TD>
    <TD NOWRAP STYLE="border-left: #000000 1pt solid; text-align: left; width: 3%; padding-right: 4pt; padding-left: 4pt"><FONT face="Times New Roman" size=2 >$
    17,000 &#150; DFP</FONT></TD>
    <TD NOWRAP STYLE="border-right: #000000 1pt solid; border-left: #000000 1pt solid; text-align: left; width: 3%; padding-right: 4pt; padding-left: 4pt"></TD></TR>
  <TR>
    <TD NOWRAP STYLE="border-left: #000000 1pt solid; border-bottom: #000000 1pt solid; text-align: left; width: 94%; padding-right: 4pt; padding-left: 4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-left: #000000 1pt solid; border-bottom: #000000 1pt solid; text-align: left; width: 3%; padding-right: 4pt; padding-left: 4pt"></TD>
    <TD NOWRAP STYLE="border-right: #000000 1pt solid; border-bottom: #000000 1pt solid; border-left: #000000 1pt solid; text-align: left; width: 3%; padding-right: 4pt; padding-left: 4pt"></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="border-left: #000000 1pt solid; text-align: left; width: 94%; padding-right: 4pt; padding-left: 4pt"><FONT face="Times New Roman" size=2 >Morgan Gust</FONT></TD>
    <TD NOWRAP STYLE="border-left: #000000 1pt solid; text-align: left; width: 3%; padding-right: 4pt; padding-left: 4pt"></TD>
    <TD NOWRAP STYLE="border-right: #000000 1pt solid; border-left: #000000 1pt solid; text-align: left; width: 3%; padding-right: 4pt; padding-left: 4pt"><FONT face="Times New Roman" size=2 >$85,000
    (5)</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="border-left: #000000 1pt solid; text-align: left; width: 94%; padding-right: 4pt; padding-left: 4pt"><FONT face="Times New Roman" size=2 >Lead Director, Nominating Committee
    Chair</FONT></TD>
    <TD NOWRAP STYLE="border-left: #000000 1pt solid; text-align: left; width: 3%; padding-right: 4pt; padding-left: 4pt"><FONT face="Times New Roman" size=2 >$
    17,000 &#150; PFD</FONT></TD>
    <TD NOWRAP STYLE="border-right: #000000 1pt solid; border-left: #000000 1pt solid; text-align: left; width: 3%; padding-right: 4pt; padding-left: 4pt"></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="border-left: #000000 1pt solid; text-align: left; width: 94%; padding-right: 4pt; padding-left: 4pt"></TD>
    <TD NOWRAP STYLE="border-left: #000000 1pt solid; text-align: left; width: 3%; padding-right: 4pt; padding-left: 4pt"><FONT face="Times New Roman" size=2 >$
    17,000 &#150; PFO</FONT></TD>
    <TD NOWRAP STYLE="border-right: #000000 1pt solid; border-left: #000000 1pt solid; text-align: left; width: 3%; padding-right: 4pt; padding-left: 4pt"></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="border-left: #000000 1pt solid; text-align: left; width: 94%; padding-right: 4pt; padding-left: 4pt"></TD>
    <TD NOWRAP STYLE="border-left: #000000 1pt solid; text-align: left; width: 3%; padding-right: 4pt; padding-left: 4pt"><FONT face="Times New Roman" size=2 >$
    17,000 &#150; FFC</FONT></TD>
    <TD NOWRAP STYLE="border-right: #000000 1pt solid; border-left: #000000 1pt solid; text-align: left; width: 3%; padding-right: 4pt; padding-left: 4pt"></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="border-left: #000000 1pt solid; text-align: left; width: 94%; padding-right: 4pt; padding-left: 4pt"></TD>
    <TD NOWRAP STYLE="border-left: #000000 1pt solid; text-align: left; width: 3%; padding-right: 4pt; padding-left: 4pt"><FONT face="Times New Roman" size=2 >$
    17,000 &#150; FLC</FONT></TD>
    <TD NOWRAP STYLE="border-right: #000000 1pt solid; border-left: #000000 1pt solid; text-align: left; width: 3%; padding-right: 4pt; padding-left: 4pt"></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="border-left: #000000 1pt solid; text-align: left; width: 94%; padding-right: 4pt; padding-left: 4pt"></TD>
    <TD NOWRAP STYLE="border-left: #000000 1pt solid; text-align: left; width: 3%; padding-right: 4pt; padding-left: 4pt"><FONT face="Times New Roman" size=2 >$
    17,000 &#150; DFP</FONT></TD>
    <TD NOWRAP STYLE="border-right: #000000 1pt solid; border-left: #000000 1pt solid; text-align: left; width: 3%; padding-right: 4pt; padding-left: 4pt"></TD></TR>
  <TR>
    <TD NOWRAP STYLE="border-left: #000000 1pt solid; border-bottom: #000000 1pt solid; text-align: left; width: 94%; padding-right: 4pt; padding-left: 4pt">&nbsp;</TD>
    <TD NOWRAP STYLE="border-left: #000000 1pt solid; border-bottom: #000000 1pt solid; text-align: left; width: 3%; padding-right: 4pt; padding-left: 4pt"></TD>
    <TD NOWRAP STYLE="border-right: #000000 1pt solid; border-bottom: #000000 1pt solid; border-left: #000000 1pt solid; text-align: left; width: 3%; padding-right: 4pt; padding-left: 4pt"></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="border-left: #000000 1pt solid; text-align: left; width: 94%; padding-right: 4pt; padding-left: 4pt"><FONT face="Times New Roman" size=2 >Karen H. Hogan **</FONT></TD>
    <TD NOWRAP STYLE="border-left: #000000 1pt solid; text-align: left; width: 3%; padding-right: 4pt; padding-left: 4pt"><FONT face="Times New Roman" size=2 >$
    19,500 &#150; PFD</FONT></TD>
    <TD NOWRAP STYLE="border-right: #000000 1pt solid; border-left: #000000 1pt solid; text-align: left; width: 3%; padding-right: 4pt; padding-left: 4pt"><FONT face="Times New Roman" size=2 >$97,500
    (5)</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="border-left: #000000 1pt solid; text-align: left; width: 94%; padding-right: 4pt; padding-left: 4pt"><FONT face="Times New Roman" size=2 >Director, Audit Committee Chair</FONT></TD>
    <TD NOWRAP STYLE="border-left: #000000 1pt solid; text-align: left; width: 3%; padding-right: 4pt; padding-left: 4pt"><FONT face="Times New Roman" size=2 >$
    19,500 &#150; PFO</FONT></TD>
    <TD NOWRAP STYLE="border-right: #000000 1pt solid; border-left: #000000 1pt solid; text-align: left; width: 3%; padding-right: 4pt; padding-left: 4pt"></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="border-left: #000000 1pt solid; text-align: left; width: 94%; padding-right: 4pt; padding-left: 4pt"></TD>
    <TD NOWRAP STYLE="border-left: #000000 1pt solid; text-align: left; width: 3%; padding-right: 4pt; padding-left: 4pt"><FONT face="Times New Roman" size=2 >$
    19,500 &#150; FFC</FONT></TD>
    <TD NOWRAP STYLE="border-right: #000000 1pt solid; border-left: #000000 1pt solid; text-align: left; width: 3%; padding-right: 4pt; padding-left: 4pt"></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="border-left: #000000 1pt solid; text-align: left; width: 94%; padding-right: 4pt; padding-left: 4pt"></TD>
    <TD NOWRAP STYLE="border-left: #000000 1pt solid; text-align: left; width: 3%; padding-right: 4pt; padding-left: 4pt"><FONT face="Times New Roman" size=2 >$
    19,500 &#150; FLC</FONT></TD>
    <TD NOWRAP STYLE="border-right: #000000 1pt solid; border-left: #000000 1pt solid; text-align: left; width: 3%; padding-right: 4pt; padding-left: 4pt"></TD></TR>
  <TR vAlign=bottom>
    <TD NOWRAP STYLE="border-left: #000000 1pt solid; border-bottom: #000000 1pt solid; text-align: left; width: 94%; padding-right: 4pt; padding-left: 4pt"></TD>
    <TD NOWRAP STYLE="border-left: #000000 1pt solid; border-bottom: #000000 1pt solid; text-align: left; width: 3%; padding-right: 4pt; padding-left: 4pt"><FONT face="Times New Roman" size=2 >$
    19,500 &#150;        DFP</FONT></TD>
    <TD NOWRAP STYLE="border-right: #000000 1pt solid; border-bottom: #000000 1pt solid; border-left: #000000 1pt solid; text-align: left; width: 3%; padding-right: 4pt; padding-left: 4pt"></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=2 >*</FONT></TD>
    <TD vAlign=top align=left width="99%"><FONT face="Times New Roman" size=2 >Represents
      the total compensation paid for the fiscal year ended November 30, 2016 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&nbsp;of November 30,
      2016.</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=top noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD vAlign=top align=left width="99%"><FONT face="Times New Roman" size=2 ></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 align=left width="99%"><FONT face="Times New Roman" size=2 >Ms. Hogan
      became the Chair of each Fund&#146;s Audit Committee effective as of February
      1, 2016.</FONT></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>
<P align=left><B><FONT face="Times New Roman" size=2>Required
Vote</FONT></B></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>The election of Mr. Gale as
Director of PFD, FFC and FLC, the election of Mr. Gust as Director of PFO and
the election of Ms. Hogan as Director of DFP will require the affirmative vote
of a plurality of the votes cast by holders of the Shares of each such Fund at
the Annual Meeting in person or by proxy. </FONT></P>
<P align=left><B><FONT face="Times New Roman" size=2>Independent Registered
Public Accounting Firm</FONT></B></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>KPMG, Two Financial Center, 60
South Street, Boston, Massachusetts 02111, has been selected to serve as each
Fund&#146;s independent accountants for each Fund&#146;s fiscal year ending November 30,
2017. KPMG acted as the independent accountants for each Fund for the fiscal
year ended November 30, 2016. The Funds know of no direct financial or material
indirect financial interest of KPMG in the Funds. A representative of KPMG will
not be present at the Annual Meetings, but will be available by telephone to
respond to appropriate questions and will have an opportunity to make a
statement. </FONT></P>
<P ALIGN="LEFT" 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, 2015 and November
30, 2016, 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="81%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"><FONT face="Times New Roman" size=2 >Fiscal
      Year</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="2%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="81%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"><FONT face="Times New Roman" size=2 >Ended</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="2%"><FONT face="Times New Roman" size=2 >Audit-Related</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="81%"><FONT face="Times New Roman" size=2 >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="3%"><FONT face="Times New Roman" size=2 >November 30</FONT></TD>
    <TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="3%"><FONT face="Times New Roman" size=2 >Audit Fees</FONT></TD>
    <TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="2%"><FONT face="Times New Roman" size=2 >Fees</FONT></TD>
    <TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="3%"><FONT face="Times New Roman" size=2 >Tax Fees*</FONT></TD>
    <TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1pt solid" noWrap align=left width="3%"><FONT face="Times New Roman" size=2 >All Other Fees</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="81%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2 >PFD</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2 >2015</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2 >$47,500</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2 >$0</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2 >$8,910</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2 >$0</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="81%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2 >2016</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2 >$48,500</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2 >$0</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2 >$9,100</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2 >$0</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="81%"><FONT face="Times New Roman" size=2 >PFO</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"><FONT face="Times New Roman" size=2 >2015</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"><FONT face="Times New Roman" size=2 >$47,500</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="2%"><FONT face="Times New Roman" size=2 >$0</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"><FONT face="Times New Roman" size=2 >$8,910</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"><FONT face="Times New Roman" size=2 >$0</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="81%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"><FONT face="Times New Roman" size=2 >2016</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"><FONT face="Times New Roman" size=2 >$48,500</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="2%"><FONT face="Times New Roman" size=2 >$0</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"><FONT face="Times New Roman" size=2 >$9,100</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"><FONT face="Times New Roman" size=2 >$0</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="81%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2 >FFC</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2 >2015</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2 >$47,500</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2 >$0</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2 >$8,910</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2 >$0</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="81%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2 >2016</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2 >$48,500</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2 >$0</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2 >$9,100</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2 >$0</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="81%"><FONT face="Times New Roman" size=2 >FLC</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"><FONT face="Times New Roman" size=2 >2015</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"><FONT face="Times New Roman" size=2 >$47,500</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="2%"><FONT face="Times New Roman" size=2 >$0</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"><FONT face="Times New Roman" size=2 >$8,910</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"><FONT face="Times New Roman" size=2 >$0</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="81%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"><FONT face="Times New Roman" size=2 >2016</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"><FONT face="Times New Roman" size=2 >$48,500</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="2%"><FONT face="Times New Roman" size=2 >$0</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"><FONT face="Times New Roman" size=2 >$9,100</FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="3%"><FONT face="Times New Roman" size=2 >$0</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="81%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2 >DFP</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2 >2015</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2 >$47,500</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2 >$0</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2 >$8,910</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2 >$0</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD noWrap align=left width="81%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2 >2016</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2 >$48,500</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="2%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2 >$0</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2 >$9,100</FONT></TD>
    <TD noWrap align=left width="1%" bgColor=#c0c0c0></TD>
    <TD noWrap align=left width="3%" bgColor=#c0c0c0><FONT face="Times New Roman" size=2 >$0</FONT></TD></TR></TABLE>

    <DIV>____________________</DIV><BR>
<TABLE style="LINE-HEIGHT: normal; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD NOWRAP WIDTH="1%" STYLE="text-align: left; vertical-align: top"><FONT size=2 face="Times New Roman">*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD align=left width="99%"><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><BR>
<P ALIGN="LEFT" 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, 2015 and November 30, 2016,
respectively, were pre-approved by the Audit Committee. </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>For each Fund&#146;s fiscal years
ended November 30, 2015 and November 30, 2016, 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><FONT face="Times New Roman" size=2>
</FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Each Fund does not intend to
present any other business at the relevant Annual Meeting, nor is any Fund aware
that any shareholder intends to do so. If, however, any other matters are
properly brought before the Annual Meeting, the persons named in the
accompanying form of proxy will vote thereon in accordance with their judgment.
</FONT></P>
<P align=center><FONT face="Times New Roman" size=2>12 </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>ADDITIONAL
INFORMATION</FONT></B><FONT face="Times New Roman" size=2> </FONT></P>
<P align=left><B><FONT face="Times New Roman" size=2>Investment Adviser,
Administrator and Servicing Agent</FONT></B><FONT face="Times New Roman" size=2>
</FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Flaherty &amp; Crumrine serves
as the investment adviser to each Fund, and its business address is 301 E.
Colorado Boulevard, Suite 720, Pasadena, California 91101. BNY Mellon acts as
the administrator to each Fund and is located at 4400 Computer Drive,
Westborough, Massachusetts 01581. Destra Capital Investments LLC acts as the
servicing agent to FFC, FLC and DFP and is located at One North Wacker Drive,
48<SUP>th</SUP> Floor, Chicago, Illinois 60606. </FONT></P>
<P align=left><B><FONT face="Times New Roman" size=2>Compliance with the
Securities Exchange Act of 1934</FONT></B><FONT face="Times New Roman" size=2>
</FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Section 16(a) of the 1934 Act
and Section 30(h) of the 1940 Act require each Fund&#146;s Directors and executive
officers, certain persons affiliated with Flaherty &amp; Crumrine and persons
who beneficially own more than 10% of a registered class of a Fund&#146;s securities
to file reports of ownership and changes of ownership with the SEC and the NYSE
and to furnish each Fund with copies of such forms they file. Based solely upon
its review of the copies of such forms received by it and written
representations from certain of such persons, each Fund believes that during
2016 all such filing requirements applicable to such persons were met in a
timely manner, except that Bradford S. Stone, an officer of the Funds and an
affiliated person of each Fund&#146;s investment adviser, failed to file a Form 4
with respect to DFP in a timely manner. </FONT></P>
<P align=left><B><FONT face="Times New Roman" size=2>Submission of Shareholder
Proposals - 2018 Annual Meetings</FONT></B><FONT face="Times New Roman" size=2>
</FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>All proposals by shareholders
of each Fund that are intended to be presented at each Fund&#146;s next Annual
Meeting of Shareholders to be held in 2018 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 10, 2017, and must satisfy the
requirements of federal securities laws. </FONT></P>
<P ALIGN="LEFT" 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="LEFT" 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=left><B><FONT face="Times New Roman" size=2>&#147;Householding&#148;</FONT></B><FONT face="Times New Roman" size=2> </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Please note that only one
annual or semi-annual report or Joint Proxy Statement may be delivered to two or
more shareholders of a Fund who share an address, unless the Fund has received
instructions to the contrary. To request a separate copy of an annual report or
semi-annual report or this Joint Proxy Statement, or for instructions regarding
how to request a separate copy of these documents or regarding how to request a
single copy if multiple copies of these documents are received, shareholders
should contact BNY Mellon C/O Computershare, P.O. Box 30170, College Station,
Texas 77842-3170 or by phone at 1-866-351-7446. </FONT></P>
<P align=left><B><FONT face="Times New Roman" size=2>Voting
Results</FONT></B><FONT face="Times New Roman" size=2> </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>Each Fund will advise its
shareholders of the voting results of the matters voted upon at its Annual
Meeting in its next Semi-Annual Report to Shareholders. </FONT></P>
<P align=left><B><FONT face="Times New Roman" size=2>Broker Non-Votes and
Abstentions</FONT></B><FONT face="Times New Roman" size=2> </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><FONT face="Times New Roman" size=2>A proxy which is properly
executed and returned accompanied by instructions to withhold authority to vote
represents a broker &#147;non-vote&#148; (i.e., Shares held by brokers or nominees as to
which (i) instructions have not been received from the beneficial owners or the
persons entitled to vote and (ii) the broker or nominee does not have
discretionary voting power on a particular matter). Proxies that withhold
authority or broker non-votes (collectively, &#147;abstentions&#148;) will be counted as
Shares that are present and entitled to vote at the meeting for purposes of
determining the presence of a Quorum. </FONT></P>
<P align=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="LEFT" 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><FONT face="Times New Roman" size=2> </FONT></P>
<P ALIGN="LEFT" STYLE="text-indent: 15pt"><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=left><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><FONT face="Times New Roman" size=2> </FONT></P>
<P align=center><FONT face="Times New Roman" size=2>14 </FONT></P>

<HR align=center width="100%" noShade size="2">

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

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

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

  <TR vAlign=bottom>
    <TD noWrap align=left width="100%" colSpan=3><B><FONT face="times new roman" size=4>EASY VOTING OPTIONS:</FONT></B></TD></TR>
    <TR>
    <TD NOWRAP STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: left">&nbsp;</TD></TR>
<TR>
    <TD vAlign=top noWrap align=center width="19%"><IMG src="fandcpfo3217185-def14ax1x1.jpg" border=0></TD>
    <TD vAlign=top noWrap align=left width="1%">&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD vAlign=top noWrap align=left width="80%">
      <P align=center><B><FONT face="times new roman" size=2>VOTE BY
      MAIL<BR>Vote, sign and date this Proxy<BR>Card and return in
      the<BR>postage-paid envelope</FONT></B></P></TD></TR>
    <TR>
    <TD NOWRAP STYLE="vertical-align: top; text-align: center">&nbsp;</TD>
    <TD NOWRAP STYLE="vertical-align: top; text-align: left">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: left">&nbsp;</TD></TR>
<TR>
    <TD vAlign=top noWrap align=center width="19%"><IMG src="fandcpfo3217185-def14ax1x2.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 19,
  2017</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.&nbsp; </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 19, 2017</FONT></B></TD>
    <TD vAlign=top noWrap align=right width="5%"><B><FONT face="times new roman" size=2>&nbsp;</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 R. Eric Chadwick, Bradford S. Stone and Chad C.
Conwell, proxies for the undersigned, each with full powers of substitution and
revocation, to represent the undersigned and to vote on behalf of the
undersigned all shares of Common Stock which the undersigned is entitled to vote
at the Annual Meeting of Shareholders of the Fund to be held at the offices of
Flaherty &amp; Crumrine Incorporated, 301 East Colorado Boulevard, Suite 720,
Pasadena, California 91101 at 8:00 a.m. PT, on April 19, 2017, 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>&nbsp;&nbsp;
</FONT></B></P>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD noWrap align=left width="100%"><STRONG><FONT size=2 face="Times New Roman">CHANGE OF ADDRESS</FONT></STRONG></TD></TR>
  <TR>
    <TD noWrap align=left width="100%">&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-TOP: #000000 1pt solid" noWrap align=left width="100%"><FONT face="times new roman" size=1>&nbsp;&nbsp;&nbsp;
    </FONT></TD></TR></TABLE>
<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>&nbsp;&nbsp;
  </FONT></TD></TR></TABLE>
<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>&nbsp;&nbsp; </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 size=4></FONT></STRONG>&nbsp;</P>
<P align=center><STRONG><FONT 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 19, 2017.<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><FONT face="Times New Roman"><u>www.preferredincome.com</u></FONT></B></P>
<P align=justify><B><FONT face="Times New Roman" size=2></FONT></B>&nbsp;</P>
<P align=justify><B><FONT face="Times New Roman" size=2></FONT></B>&nbsp;</P>
<P align=justify><B><FONT face="Times New Roman" size=2></FONT></B>&nbsp;</P>
<P align=justify><B><FONT face="Times New Roman" size=2></FONT></B>&nbsp;</P>
<P align=center><B><FONT face="Times New Roman" size=2>Please fold along the
perforation, detach and return the bottom portion in the enclosed envelope.
</FONT></B></P>
<DIV align=left><B><FONT face="times new roman" size=2>TO VOTE MARK BLOCKS BELOW
IN BLUE OR BLACK INK AS SHOWN IN THIS EXAMPLE: </FONT></B><B><FONT face="times new roman" size=5>&#9746;</FONT></B></DIV>
<TABLE style="LINE-HEIGHT: 14pt; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=bottom>
    <TD style="TEXT-ALIGN: center" noWrap width="2%" bgColor=#000000><FONT color=#ffffff><B><FONT face="Times New Roman" size=2>&nbsp;&nbsp;A&nbsp;&nbsp;</FONT></B></FONT></TD>
    <TD noWrap align=left width="1%">&nbsp;&nbsp;&nbsp; </TD>
    <TD noWrap align=left width="5%"><B><FONT face="Times New Roman" size=2>Proposal&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></B></TD>
    <TD style="WIDTH: 87%; TEXT-ALIGN: left" width="91%" colSpan=5><B><FONT face="Times New Roman" size=2>THE BOARD OF DIRECTORS RECOMMENDS A VOTE
      &#147;FOR&#148; THE NOMINEE
  LISTED.</FONT></B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=middle noWrap align=center width="2%"><B><FONT face="Times New Roman" size=2>1.</FONT></B></TD>
    <TD noWrap align=left width="1%"><B><FONT face="Times New Roman" size=2></FONT></B></TD>
    <TD noWrap align=left width="89%" colSpan=2><B><FONT face="Times New Roman" size=2>Election of Director:</FONT></B></TD>
    <TD noWrap width="1%" ></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="3%"><B><FONT face="Times New Roman" size=1>FOR</FONT></B></TD>
    <TD style="TEXT-ALIGN: center" noWrap width="1%">&nbsp;&nbsp;&nbsp;&nbsp;
    &nbsp;</TD>
    <TD style="TEXT-ALIGN: center" noWrap width="2%"><B><FONT face="Times New Roman" size=1>WITHHOLD</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD vAlign=middle noWrap align=center width="2%"></TD>
    <TD noWrap align=left width="1%">&nbsp;</TD>
    <TD noWrap align=left width="89%" colSpan=2><FONT face="Times New Roman" size=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;01 Morgan Gust</FONT></TD>
    <TD noWrap width="1%" >&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="TEXT-ALIGN: center" noWrap width="3%"><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="2%"><FONT face="Times New Roman" size=2>&#9744;</FONT></TD></TR>
  <TR>
    <TD vAlign=middle align=center width="99%" colSpan=8>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=middle align=center width="99%" colSpan=8>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="VERTICAL-ALIGN: top; TEXT-ALIGN: center" noWrap width="2%"><B><FONT face="Times New Roman" size=2>2.</FONT></B></TD>
    <TD noWrap align=left width="1%"><B><FONT face="Times New Roman" size=2></FONT></B></TD>
    <TD style="VERTICAL-ALIGN: middle; WIDTH: 89%; LINE-HEIGHT: normal; TEXT-ALIGN: justify" width="89%" colSpan=2><FONT face="Times New Roman" size=2>To vote and
      otherwise represent the undersigned on any other matter that may properly
      come before the Meeting or any adjournment or postponement thereof in the
      discretion of the Proxy holder.</FONT></TD>
    <TD noWrap align=left width="1%" >&nbsp;</TD>
    <TD noWrap align=left width="3%"></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD noWrap align=left width="2%"></TD></TR>
  <TR>
    <TD width="99%" colSpan=8>&nbsp;</TD></TR>
  <TR>
    <TD width="99%" colSpan=8>&nbsp;</TD></TR>
  <TR>
    <TD width="99%" colSpan=8>&nbsp;</TD></TR>
  <TR>
    <TD width="99%" colSpan=8>&nbsp;</TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-ALIGN: center" noWrap width="2%" bgColor=#000000><FONT color=#ffffff><B><FONT face="Times New Roman" size=2>&nbsp;&nbsp;B&nbsp;&nbsp;</FONT></B></FONT></TD>
    <TD noWrap align=left width="1%"></TD>
    <TD style="WIDTH: 89%; TEXT-ALIGN: left" width="96%" colSpan=6><FONT face="Times New Roman" size=2><STRONG>Authorized Signatures <FONT face=Arial><STRONG>&#9472;</STRONG> </FONT>This section must be completed for your vote to be
      counted.<FONT face=Arial><STRONG>&#9472;</STRONG> </FONT>Sign and Date
  Below</STRONG></FONT></TD></TR></TABLE>
<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD STYLE="width: 32%; text-align: left; width: 32%; padding-top: 4pt; padding-bottom: 4pt"><STRONG><FONT face="times new roman" size=1>Date (mm/dd/yyyy) &#9472; Please print date
      below</FONT></STRONG></TD>
    <TD STYLE="text-align: left; width: 1%; padding-top: 4pt; padding-bottom: 4pt"></TD>
    <TD STYLE="width: 33%; text-align: left; width: 33%; padding-top: 4pt; padding-bottom: 4pt"><STRONG><FONT face="times new roman" size=1>Signature 1 &#9472; Please keep signature within
      the box</FONT></STRONG></TD>
    <TD STYLE="text-align: left; width: 1%; padding-top: 4pt; padding-bottom: 4pt"></TD>
    <TD STYLE="width: 33%; text-align: left; width: 33%; padding-top: 4pt; padding-bottom: 4pt"><STRONG><FONT face="times new roman" size=1>Signature 2 &#9472; Please keep signature within
      the box</FONT></STRONG></TD></TR>
  <TR>
    <TD style="BORDER-RIGHT: #000000 1.5pt solid; BORDER-TOP: #000000 1.5pt solid; BORDER-LEFT: #000000 1.5pt solid; BORDER-BOTTOM: #000000 1.5pt solid" vAlign=middle align=center width="32%">&nbsp;<IMG SRC="fandcpfo3217185-def14a3.jpg"></TD>
    <TD width="1%">&nbsp;&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1.5pt solid; BORDER-TOP: #000000 1.5pt solid; BORDER-LEFT: #000000 1.5pt solid; BORDER-BOTTOM: #000000 1.5pt solid" width="33%">&nbsp;</TD>
    <TD width="1%">&nbsp;&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1.5pt solid; BORDER-TOP: #000000 1.5pt solid; BORDER-LEFT: #000000 1.5pt solid; BORDER-BOTTOM: #000000 1.5pt solid" width="33%">&nbsp;</TD></TR></TABLE><BR>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
