<SEC-DOCUMENT>0001013594-19-000662.txt : 20200123
<SEC-HEADER>0001013594-19-000662.hdr.sgml : 20200123

<ACCEPTANCE-DATETIME>20191030141216

<PRIVATE-TO-PUBLIC>

ACCESSION NUMBER:		0001013594-19-000662

CONFORMED SUBMISSION TYPE:	PRRN14A

PUBLIC DOCUMENT COUNT:		5

FILED AS OF DATE:		20191030

DATE AS OF CHANGE:		20191107


SUBJECT COMPANY:	


	COMPANY DATA:	

		COMPANY CONFORMED NAME:			PIMCO NEW YORK MUNICIPAL INCOME FUND II

		CENTRAL INDEX KEY:			0001170311

		IRS NUMBER:				000000000

		STATE OF INCORPORATION:			MA

		FISCAL YEAR END:			1231



	FILING VALUES:

		FORM TYPE:		PRRN14A

		SEC ACT:		1934 Act

		SEC FILE NUMBER:	811-21078

		FILM NUMBER:		191179321



	BUSINESS ADDRESS:	

		STREET 1:		1633 BROADWAY

		CITY:			NEW YORK

		STATE:			NY

		ZIP:			10019

		BUSINESS PHONE:		212-739-3000



	MAIL ADDRESS:	

		STREET 1:		1633 BROADWAY

		CITY:			NEW YORK

		STATE:			NY

		ZIP:			10019




FILED BY:		


	COMPANY DATA:	

		COMPANY CONFORMED NAME:			Dryden Capital Fund, LP

		CENTRAL INDEX KEY:			0001572780

		IRS NUMBER:				462136535

		STATE OF INCORPORATION:			DE

		FISCAL YEAR END:			1231



	FILING VALUES:

		FORM TYPE:		PRRN14A



	BUSINESS ADDRESS:	

		STREET 1:		777 BRICKELL AVENUE

		STREET 2:		SUITE 500

		CITY:			MIAMI

		STATE:			FL

		ZIP:			33133

		BUSINESS PHONE:		(305) 788-2413



	MAIL ADDRESS:	

		STREET 1:		777 BRICKELL AVENUE

		STREET 2:		SUITE 500

		CITY:			MIAMI

		STATE:			FL

		ZIP:			33133



</SEC-HEADER>

<DOCUMENT>
<TYPE>PRRN14A
<SEQUENCE>1
<FILENAME>nymuniincome2prrn14a-103019.htm
<DESCRIPTION>DATED: OCTOBER 30, 2019
<TEXT>
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    <div style="line-height: 18.25pt; background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;"><br style="line-height: 18.25pt;">
    </div>
    <div style="text-align: center; line-height: 18.25pt; font-family: 'Times New Roman',Times,serif; font-size: 14pt; font-weight: bold; background-color: rgb(255, 255, 255); font-style: normal; font-variant: normal; text-transform: none;">SCHEDULE 14A</div>
    <div style="text-align: center; line-height: 11.4pt; font-family: 'Times New Roman',Times,serif; font-weight: bold; background-color: rgb(255, 255, 255); font-style: normal; font-variant: normal; text-transform: none;">(Rule 14a-101)</div>
    <div style="text-align: center; line-height: 11.4pt; font-family: 'Times New Roman',Times,serif; font-weight: bold; background-color: rgb(255, 255, 255); font-style: normal; font-variant: normal; text-transform: none;">INFORMATION REQUIRED IN PROXY
      STATEMENT</div>
    <div style="text-align: center; line-height: 18.25pt; font-family: 'Times New Roman',Times,serif; font-size: 14pt; font-weight: bold; background-color: rgb(255, 255, 255); font-style: normal; font-variant: normal; text-transform: none;">SCHEDULE 14A
      INFORMATION</div>
    <div style="text-align: center; line-height: 11.4pt; font-family: 'Times New Roman',Times,serif; font-weight: bold; background-color: rgb(255, 255, 255); font-style: normal; font-variant: normal; text-transform: none;">PROXY STATEMENT PURSUANT TO
      SECTION 14(a) OF</div>
    <div style="text-align: center; line-height: 11.4pt; font-family: 'Times New Roman',Times,serif; font-weight: bold; background-color: rgb(255, 255, 255); font-style: normal; font-variant: normal; text-transform: none;">THE SECURITIES EXCHANGE ACT OF
      1934</div>
    <div style="line-height: 11.4pt; background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;"><br style="line-height: 11.4pt;">
    </div>
    <div style="text-align: center; line-height: 11.4pt; font-family: 'Times New Roman',Times,serif; font-weight: bold; background-color: rgb(255, 255, 255); font-style: normal; font-variant: normal; text-transform: none;"> (Amendment No. 1) </div>
    <div style="line-height: 11.4pt; background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;"><br style="line-height: 11.4pt;">
    </div>
    <div style="line-height: 11.4pt; font-family: 'Times New Roman',Times,serif; font-weight: bold; background-color: rgb(255, 255, 255); font-style: normal; font-variant: normal; text-transform: none;">Filed by the Registrant [&#160; ]</div>
    <div style="line-height: 11.4pt; background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;"><br style="line-height: 11.4pt;">
    </div>
    <div style="line-height: 11.4pt; font-family: 'Times New Roman',Times,serif; font-weight: bold; background-color: rgb(255, 255, 255); font-style: normal; font-variant: normal; text-transform: none;">Filed by a Party Other than the Registrant [X]</div>
    <div style="line-height: 11.4pt; background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;"><br style="line-height: 11.4pt;">
    </div>
    <div style="line-height: 11.4pt; font-family: 'Times New Roman',Times,serif; font-weight: bold; background-color: rgb(255, 255, 255); font-style: normal; font-variant: normal; text-transform: none;">Check the Appropriate Box:</div>
    <div style="line-height: 11.4pt; background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;"><br style="line-height: 11.4pt;">
    </div>
    <div style="margin-left: 19.2pt; line-height: 11.4pt; font-family: 'Times New Roman',Times,serif; background-color: rgb(255, 255, 255); font-style: normal; font-variant: normal; text-transform: none;">[X] Preliminary Proxy Statement</div>
    <div style="text-indent: -14.4pt; margin-left: 33.6pt; line-height: 11.4pt; font-family: 'Times New Roman',Times,serif; background-color: rgb(255, 255, 255); font-style: normal; font-variant: normal; text-transform: none;">[&#160; ] Confidential, for Use of
      the Commission Only (as permitted by<br>
      Rule 14a-6(e)(2))</div>
    <div style="margin-left: 19.2pt; line-height: 11.4pt; font-family: 'Times New Roman',Times,serif; background-color: rgb(255, 255, 255); font-style: normal; font-variant: normal; text-transform: none;">[&#160; ] Definitive Proxy Statement</div>
    <div style="margin-left: 19.2pt; line-height: 11.4pt; font-family: 'Times New Roman',Times,serif; background-color: rgb(255, 255, 255); font-style: normal; font-variant: normal; text-transform: none;">[&#160; ] Definitive Additional Materials</div>
    <div style="margin-left: 19.2pt; line-height: 11.4pt; font-family: 'Times New Roman',Times,serif; background-color: rgb(255, 255, 255); font-style: normal; font-variant: normal; text-transform: none;">[&#160; ] Soliciting Material Pursuant to Rule 14a-11(c)
      or Rule 14a-12</div>
    <div style="line-height: 11.4pt; background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;"><br style="line-height: 11.4pt;">
    </div>
    <div style="text-align: center; line-height: 18.25pt; font-family: 'Times New Roman',Times,serif; font-size: 14pt; font-weight: bold; background-color: rgb(255, 255, 255); font-style: normal; font-variant: normal; text-transform: none;">PIMCO MUNICIPAL
      INCOME FUND</div>
    <div style="text-align: center; line-height: 18.25pt; font-family: 'Times New Roman',Times,serif; font-size: 14pt; font-weight: bold; background-color: rgb(255, 255, 255); font-style: normal; font-variant: normal; text-transform: none;">PIMCO
      CALIFORNIA MUNICIPAL INCOME FUND</div>
    <div style="text-align: center; line-height: 18.25pt; font-family: 'Times New Roman',Times,serif; font-size: 14pt; font-weight: bold; background-color: rgb(255, 255, 255); font-style: normal; font-variant: normal; text-transform: none;">PIMCO NEW YORK
      MUNICIPAL INCOME FUND</div>
    <div style="text-align: center; line-height: 18.25pt; font-family: 'Times New Roman',Times,serif; font-size: 14pt; font-weight: bold; background-color: rgb(255, 255, 255); font-style: normal; font-variant: normal; text-transform: none;">PIMCO MUNICIPAL
      INCOME FUND II</div>
    <div style="text-align: center; line-height: 18.25pt; font-family: 'Times New Roman',Times,serif; font-size: 14pt; font-weight: bold; background-color: rgb(255, 255, 255); font-style: normal; font-variant: normal; text-transform: none;">PIMCO
      CALIFORNIA MUNICIPAL INCOME FUND II</div>
    <div style="text-align: center; line-height: 18.25pt; font-family: 'Times New Roman',Times,serif; font-size: 14pt; font-weight: bold; background-color: rgb(255, 255, 255); font-style: normal; font-variant: normal; text-transform: none;">PIMCO NEW YORK
      MUNICIPAL INCOME FUND II</div>
    <div style="text-align: center; line-height: 18.25pt; font-family: 'Times New Roman',Times,serif; font-size: 14pt; font-weight: bold; background-color: rgb(255, 255, 255); font-style: normal; font-variant: normal; text-transform: none;">PIMCO MUNICIPAL
      INCOME FUND III</div>
    <div style="text-align: center; line-height: 18.25pt; font-family: 'Times New Roman',Times,serif; font-size: 14pt; font-weight: bold; background-color: rgb(255, 255, 255); font-style: normal; font-variant: normal; text-transform: none;">PIMCO
      CALIFORNIA MUNICIPAL INCOME FUND III</div>
    <div style="line-height: 11.4pt; background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;"><br style="line-height: 11.4pt;">
    </div>
    <div style="text-align: center; line-height: 11.4pt; font-family: 'Times New Roman',Times,serif; font-weight: bold; background-color: rgb(255, 255, 255); font-style: normal; font-variant: normal; text-transform: none;">(Name of registrant as specified
      in its charter)</div>
    <div style="line-height: 11.4pt; background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;"><br style="line-height: 11.4pt;">
    </div>
    <div style="text-align: center; line-height: 13.7pt; font-family: 'Times New Roman',Times,serif; font-size: 12pt; font-weight: bold; background-color: rgb(255, 255, 255); font-style: normal; font-variant: normal; text-transform: none;">DRYDEN CAPITAL
      FUND, LP</div>
    <div style="text-align: center; line-height: 13.7pt; font-family: 'Times New Roman',Times,serif; font-size: 12pt; font-weight: bold; background-color: rgb(255, 255, 255); font-style: normal; font-variant: normal; text-transform: none;">DRYDEN CAPITAL,
      LLC</div>
    <div style="text-align: center; line-height: 13.7pt; font-family: 'Times New Roman',Times,serif; font-size: 12pt; font-weight: bold; background-color: rgb(255, 255, 255); font-style: normal; font-variant: normal; text-transform: none;">DRYDEN CAPITAL
      GP, LLC</div>
    <div style="text-align: center; line-height: 13.7pt; font-family: 'Times New Roman',Times,serif; font-size: 12pt; font-weight: bold; background-color: rgb(255, 255, 255); font-style: normal; font-variant: normal; text-transform: none;">T. MATTHEW
      BUFFINGTON</div>
    <div style="text-align: center; line-height: 13.7pt; font-family: 'Times New Roman',Times,serif; font-size: 12pt; font-weight: bold; background-color: rgb(255, 255, 255); font-style: normal; font-variant: normal; text-transform: none;">MATTHEW C.
      LEAVITT</div>
    <div style="text-align: center; line-height: 13.7pt; font-family: 'Times New Roman',Times,serif; font-size: 12pt; font-weight: bold; background-color: rgb(255, 255, 255); font-style: normal; font-variant: normal; text-transform: none;">DERRICK A. CLARK</div>
    <div style="text-align: center; line-height: 11.4pt; margin-bottom: 6pt; font-family: 'Times New Roman',Times,serif; font-weight: bold; background-color: rgb(255, 255, 255); font-style: normal; font-variant: normal; text-transform: none;">(Name of
      person(s) filing proxy statement, if other than the registrant)</div>
    <div style="text-align: center; line-height: 11.4pt; margin-bottom: 6pt; font-family: 'Times New Roman',Times,serif; font-weight: bold; background-color: rgb(255, 255, 255); font-style: normal; font-variant: normal; text-transform: none;">Copies to:</div>
    <div style="text-align: center; line-height: 11.4pt; font-family: 'Times New Roman',Times,serif; font-weight: bold; background-color: rgb(255, 255, 255); font-style: normal; font-variant: normal; text-transform: none;">Christopher P. Davis, Esq.</div>
    <div style="text-align: center; line-height: 11.4pt; font-family: 'Times New Roman',Times,serif; font-weight: bold; background-color: rgb(255, 255, 255); font-style: normal; font-variant: normal; text-transform: none;">Kleinberg, Kaplan, Wolff &amp;
      Cohen, P.C.</div>
    <div style="text-align: center; line-height: 11.4pt; font-family: 'Times New Roman',Times,serif; font-weight: bold; background-color: rgb(255, 255, 255); font-style: normal; font-variant: normal; text-transform: none;">551 Fifth Avenue, New York, New
      York 10176</div>
    <div style="text-align: center; line-height: 11.4pt; font-family: 'Times New Roman',Times,serif; font-weight: bold; background-color: rgb(255, 255, 255); font-style: normal; font-variant: normal; text-transform: none;">(212) 986-6000</div>
    <div style="line-height: 11.4pt; background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;"><br style="line-height: 11.4pt;">
    </div>
    <div style="text-align: justify; line-height: 11.4pt; font-family: 'Times New Roman',Times,serif; background-color: rgb(255, 255, 255); font-style: normal; font-variant: normal; text-transform: none;">Payment of Filing Fee (Check the Appropriate Box):</div>
    <div style="line-height: 11.4pt; background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;"><br style="line-height: 11.4pt;">
    </div>
    <div style="margin-left: 12pt; line-height: 11.4pt; font-family: 'Times New Roman',Times,serif; background-color: rgb(255, 255, 255); font-style: normal; font-variant: normal; text-transform: none;">[X] No fee required.</div>
    <div style="text-align: justify; margin-left: 12pt; line-height: 11.4pt; font-family: 'Times New Roman',Times,serif; background-color: rgb(255, 255, 255); font-style: normal; font-variant: normal; text-transform: none;">[&#160; ] Fee computed on table below
      per Exchange Act Rules 14a-6(i)(1) and 0-11.</div>
    <div style="line-height: 11.4pt; background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;"><br style="line-height: 11.4pt;">
    </div>
    <div style="text-align: justify; margin-left: 20pt; line-height: 11.4pt; font-family: 'Times New Roman',Times,serif; background-color: rgb(255, 255, 255); font-style: normal; font-variant: normal; text-transform: none;">(1) Title of each class of
      securities to which transaction applies:</div>
    <div style="text-align: justify; margin-left: 20pt; line-height: 11.4pt; font-family: 'Times New Roman',Times,serif; background-color: rgb(255, 255, 255); font-style: normal; font-variant: normal; text-transform: none;">(2) Aggregate number of
      securities to which transaction applies:</div>
    <div style="text-indent: -15.6pt; margin-left: 35.65pt; line-height: 11.4pt; font-family: 'Times New Roman',Times,serif; background-color: rgb(255, 255, 255); font-style: normal; font-variant: normal; text-transform: none;">(3) Per unit price or other
      underlying value of transaction computed pursuant to<br>
      Exchange Act Rule 0-11 (set forth the amount on which the filing fee is<br>
      calculated and state how it is determined):</div>
    <div style="text-align: justify; margin-left: 20pt; line-height: 11.4pt; font-family: 'Times New Roman',Times,serif; background-color: rgb(255, 255, 255); font-style: normal; font-variant: normal; text-transform: none;">(4) Proposed maximum aggregate
      value of transaction:</div>
    <div style="text-align: justify; margin-left: 20pt; line-height: 11.4pt; font-family: 'Times New Roman',Times,serif; background-color: rgb(255, 255, 255); font-style: normal; font-variant: normal; text-transform: none;">(5) Total fee paid:</div>
    <div style="line-height: 11.4pt; background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;"><br style="line-height: 11.4pt;">
    </div>
    <div style="text-align: justify; margin-left: 12pt; line-height: 11.4pt; font-family: 'Times New Roman',Times,serif; background-color: rgb(255, 255, 255); font-style: normal; font-variant: normal; text-transform: none;">[&#160; ] Fee paid previously with
      preliminary materials:</div>
    <div style="line-height: 11.4pt;">
      <div>
        <table cellspacing="0" cellpadding="0" id="zb5ff9a36f0a64794907c9dcd72febc38" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 12pt; background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;"><br>
              </td>
              <td style="width: 9pt; vertical-align: top; font-family: 'Times New Roman',Times,serif; background-color: rgb(255, 255, 255); font-style: normal; font-variant: normal; text-transform: none;">[</td>
              <td style="width: auto; vertical-align: top; background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;">
                <div>] Check box if any part of the fee is offset as provided by Exchange Act<br>
                  Rule 0-11(a)(2) and identify the filing for which the offsetting fee was paid previously. Identify the previous filing by registration statement number, or the form or schedule and the date of its filing.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; margin-left: 20pt; line-height: 11.4pt; font-family: 'Times New Roman',Times,serif; background-color: rgb(255, 255, 255); font-style: normal; font-variant: normal; text-transform: none;">(1) Amount Previously Paid:</div>
    <div style="text-align: justify; margin-left: 20pt; line-height: 11.4pt; font-family: 'Times New Roman',Times,serif; background-color: rgb(255, 255, 255); font-style: normal; font-variant: normal; text-transform: none;">(2) Form, Schedule or
      Registration Statement no.:</div>
    <div style="text-align: justify; margin-left: 20pt; line-height: 11.4pt; font-family: 'Times New Roman',Times,serif; background-color: rgb(255, 255, 255); font-style: normal; font-variant: normal; text-transform: none;">(3) Filing Party:</div>
    <div style="text-align: justify; margin-left: 20pt; line-height: 11.4pt; font-family: 'Times New Roman',Times,serif; background-color: rgb(255, 255, 255); font-style: normal; font-variant: normal; text-transform: none;">(4) Date Filed:</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageBreak" style="page-break-after:always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-align: center; line-height: 13.7pt; font-family: 'Times New Roman',Times,serif; font-size: 12pt; font-weight: bold; background-color: rgb(255, 255, 255); font-style: normal; font-variant: normal; text-transform: none;"> PRELIMINARY
        COPY SUBJECT TO COMPLETION DATED OCTOBER 30, 2019 </div>
    <div style="line-height: 13.7pt; background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;"><br style="line-height: 13.7pt;">
    </div>
    <div style="text-align: center; line-height: 13.7pt; font-family: 'Times New Roman',Times,serif; font-size: 12pt; font-weight: bold; background-color: rgb(255, 255, 255); font-style: normal; font-variant: normal; text-transform: none;">DRYDEN CAPITAL
      FUND, LP</div>
    <div style="line-height: 20.5pt; background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;"><br style="line-height: 20.5pt;">
    </div>
    <div style="text-align: center; line-height: 20.5pt; font-family: 'Times New Roman',Times,serif; font-size: 12pt; background-color: rgb(255, 255, 255); font-style: normal; font-variant: normal; text-transform: none;">October [&#160; ], 2019</div>
    <div style="line-height: 20.5pt; font-family: 'Times New Roman',Times,serif; font-size: 12pt; background-color: rgb(255, 255, 255); font-style: normal; font-variant: normal; text-transform: none;">Dear Fellow Shareholder:</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 13.7pt; font-size: 12pt;"> <font style="font-family: 'Times New Roman',Times,serif; background-color: rgb(255, 255, 255); font-style: normal; font-variant: normal; text-transform: none;">Dryden Capital Fund, LP, together with the other participants in this solicitation (collectively, &#8220;Dryden&#8221; or &#8220;we&#8221;), is </font><font style="background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;">a concerned shareholder of PIMCO Municipal Income Fund (&#8220;PMF&#8221;); PIMCO Municipal Income Fund II (&#8220;PML&#8221;); PIMCO Municipal Income Fund III (&#8220;PMX&#8221;); PIMCO New York Municipal Income Fund (&#8220;PNF&#8221;);
          PIMCO New York Municipal Income Fund II (&#8220;PNI&#8221;); PIMCO California Municipal Income Fund (&#8220;PCQ&#8221;); PIMCO California Municipal Income Fund II (&#8220;PCK&#8221;); and PIMCO California Municipal Income Fund III (&#8220;PZC&#8221;) (each a &#8220;Fund&#8221; and, collectively, &#8220;PIMCO&#8221;
          or the &#8220;Funds&#8221;).&#160; Dryden beneficially owns a total of 147 shares of Auction Rate Preferred Stock, $25,000 liquidation preference per share in the aggregate across the Funds (&#8220;ARPS&#8221;), and is seeking your support for the election of <font style="font-weight: bold;">Derrick A. Clark</font> as a trustee to the Board of Trustees for each of the Funds (each, a &#8220;Board&#8221;, and together, the &#8220;Boards&#8221;) at the 2019 joint annual meeting of stockholders of each Fund, currently scheduled to
          be held at 1633 Broadway, between West 50th and West 51st Streets, 42nd Floor, New York, New York 10019 at 11:00 A.M., Eastern Time on December 17, 2019. The term &#8220;Annual Meeting&#8221; is used throughout this joint proxy statement to refer to the
          annual meeting of shareholders of each Fund, as dictated by the context (including any adjournment or postponement thereof or any special meeting held in lieu thereof). </font> </div>
    <div style="line-height: 13.7pt; background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;"><br style="line-height: 13.7pt;">
    </div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 13.7pt; font-size: 12pt;"> <font style="font-family: 'Times New Roman',Times,serif; background-color: rgb(255, 255, 255); font-style: normal; font-variant: normal; text-transform: none;">Holders of ARPS or Variable Rate Municipal Term Preferred Shares (&#8220;VMTPS&#8221; and together with ARPS, the &#8220;Preferred Shares&#8221;; and holders of either ARPS or VMTPS, &#8220;Preferred Shareholders&#8221;) are entitled, as a class and to the exclusion of the
          holder of all other securities and classes of capital stock of the Funds, to elect </font><font style="background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;">two trustees to the Board of the Funds (the &#8220;Preferred Trustees&#8221;). Dryden has owned ARPS of the Funds continuously since 2016.<font style="font-weight: bold;">&#160;</font>Dryden still believes that now is the time that the Funds&#8217; ARPS should
          be redeemed because (i) there are better financing alternatives available to the Funds and (ii) the Funds have not kept pace with the rest of the municipal closed-end fund industry in providing ARPS Shareholders with much needed liquidity.&#160; Over
          90% of the outstanding ARPS across the municipal closed-end fund industry have been redeemed since 2008<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup> and PIMCO has lagged behind its peers in the municipal closed-end industry by failing to provide liquidity to holders of ARPS at a
          pace commensurate with those peers.</font> </div>
    <div style="line-height: 13.7pt; background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;"><br style="line-height: 13.7pt;">
    </div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 13.7pt; font-family: 'Times New Roman',Times,serif; font-size: 12pt; background-color: rgb(255, 255, 255); font-style: normal; font-variant: normal; text-transform: none;"> Last year&#8217;s
        tender offer, announced on July 20, 2018 and completed on September 11, 2018, for the ARPS at 85% of their liquidation preference was, in our opinion, inadequate.&#160; Not only was the tender offer price below the level where the ARPS were trading in
        the secondary market, it was also significantly below the price where PIMCO&#8217;s peers have provided liquidity to their own ARPS Shareholders.&#160; Pursuing a tender offer at a low price is not a sufficient offer of liquidity to holders of ARPS.&#160; It
        appears our fellow holders of ARPS agreed as the vast majority of ARPS were not tendered.&#160; Preferred Shareholders also made their voice heard by successfully electing T. Matthew Buffington to one of the two Preferred Trustee positions at last
        year&#8217;s annual meeting. However, PIMCO responded to his election by increasing the size of the board by two and adding back the Preferred Trustee that the Preferred Shareholders voted to replace.<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">2</sup>&#160; This had the mathematical effect of
        diluting the voting impact of the Dyden nominee.&#160; Thus, we are asking our fellow Preferred Shareholders to counteract PIMCO&#8217;s dilution of our collective voice and elect an additional trustee to the Boards who will advocate for liquidity for the
        holders of the ARPS that is similar to the liquidity provided to PIMCO&#8217;s peers. </div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 13.7pt; font-size: 12pt;"> <font style="background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;"><br>
      </font></div>
    <div style="text-align: justify; line-height: 13.7pt; font-family: 'Times New Roman',Times,serif; font-size: 12pt;"> <font style="background-color: rgb(255, 255, 255); font-style: normal; font-variant: normal; text-transform: none;"><br>
      </font>
      <hr noshade="noshade" align="left" style="text-align: left; background-color: #000000; border: 0px; height: 1px; width: 2in; margin-left: 0pt; margin-right: auto; color: #000000;">
      <div style="text-align: left; line-height: 10.25pt; margin-bottom: 6pt; font-size: 10pt; background-color: rgb(255, 255, 255); font-style: normal; font-variant: normal; text-transform: none;"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup> Source:&#160; Fitch Ratings presentation dated May
        17, 2018 at the 17th Annual Capital Link Closed-End Funds and ETFs Forum.</div>
      <div style="text-align: left; line-height: 10.25pt; margin-bottom: 6pt; font-size: 10pt; background-color: rgb(255, 255, 255); font-style: normal; font-variant: normal; text-transform: none;"> <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">2</sup> In their Definitive Proxy Statement for
          their 2018 Annual General Meetings, each Fund stated that: </div>
      <div style="text-align: left; text-indent: 4.5pt; line-height: 10.25pt; margin-bottom: 6pt; font-size: 10pt; background-color: rgb(255, 255, 255); font-style: normal; font-variant: normal; text-transform: none;"> &#8220;In the event that Messrs. Kertess
          and/or Rappaport are not re-elected by Preferred Shareholders of each Fund, as applicable, the Board of that Fund may increase its size to add one or more non-Preferred Shares Trustee positions, and may determine to appoint Messrs. Kertess and/or
          Rappaport to fill a vacancy.&#8221; </div>
      <div style="text-align: left; line-height: 10.25pt; margin-bottom: 6pt; font-size: 10pt; background-color: rgb(255, 255, 255); font-style: normal; font-variant: normal; text-transform: none;"> The Board of each Fund responded as indicated after the
          applicable election.&#160; See, e.g., PIMCO Municipal Income Fund&#8217;s Definitive Proxy Statement on Form DEF 14A, page 11, filed with the Securities Exchange Commission on November 2, 2018. </div>
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    <div style="text-align: justify; text-indent: 36pt; line-height: 13.7pt; font-size: 12pt;"> <font style="background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;"><br>
      </font></div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 13.7pt; font-family: 'Times New Roman',Times,serif; font-size: 12pt; background-color: rgb(255, 255, 255); font-style: normal; font-variant: normal; text-transform: none;"> Based solely
        on publicly available information, including that contained in the [Preliminary] Proxy Statement on Schedule 14A filed by the Funds with the Securities and Exchange Commission (the &#8220;SEC&#8221;) on [October 29, 2019] in connection with the Annual Meeting,
        the current Board of each Fund consists of ten trustees, divided into three classes, including two trustees that have been designated by the Board to serve as the two Preferred Trustees.&#160; Based on public disclosures by the Funds, we believe that
        the current Preferred Trustees for PMF, PML, PNI, PCQ, PCK, PNF, PMX, PZC, Messrs. T. Matthew Buffington and James A. Jacobson, are presently serving three-year terms that end in 2021 and 2019, respectively.&#160; Therefore, one of the two designated
        Preferred Trustees for each Fund is to be elected at the Annual Meeting. In addition, two trustees who are not Preferred Trustees are to be elected at the Annual Meetings by holders of the shares of common stock, par value $0.001, of the Funds (the
        &#8220;Common Stock&#8221;) and the holders of Preferred Shares, voting together as a single class. </div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 13.7pt;"><font style="font-size: 12pt; font-family: 'Times New Roman',Times,serif; background-color: rgb(255, 255, 255); font-style: normal; font-variant: normal; text-transform: none;">
      </font><font style="background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;"><br style="line-height: 13.7pt;">
      </font></div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 13.7pt; font-size: 12pt;"><font style="font-family: 'Times New Roman',Times,serif; background-color: rgb(255, 255, 255); font-style: normal; font-variant: normal; text-transform: none;">We

        are therefore seeking your </font><font style="background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;">support to vote <font style="font-weight: bold;">FOR</font>
        the election of our nominee&#8212;<font style="font-weight: bold;">Derrick A. Clark&#8212;</font>as a trustee at the Annual Meeting.&#160; Our proxy solicitation gives shareholders a mechanism to express their views regarding the Funds and to influence the Board
        with respect to any decisions regarding Board composition and accountability at the Funds. We believe you should have a Preferred Trustee who is an advocate for liquidity. YOU have an important opportunity as shareholders to have your voices heard
        at the upcoming Annual Meeting.</font></div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 13.7pt;"><font style="font-size: 12pt; font-family: 'Times New Roman',Times,serif; background-color: rgb(255, 255, 255); font-style: normal; font-variant: normal; text-transform: none;">
      </font><font style="background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;"><br style="line-height: 13.7pt;">
      </font></div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 13.7pt; font-size: 12pt;"> <font style="font-family: 'Times New Roman',Times,serif; background-color: rgb(255, 255, 255); font-style: normal; font-variant: normal; text-transform: none;">We urge you to consider carefully the information contained in the attached proxy statement and then support our efforts by signing, dating and returning the enclosed </font><font style="font-family: 'Times New Roman',Times,serif; font-weight: bold; background-color: rgb(255, 255, 255); font-style: normal; font-variant: normal; text-transform: none;">GOLD</font><font style="font-family: 'Times New Roman',Times,serif; background-color: rgb(255, 255, 255); font-style: normal; font-variant: normal; text-transform: none;"> proxy card today. The attached proxy statement and the enclosed </font><font style="font-family: 'Times New Roman',Times,serif; font-weight: bold; background-color: rgb(255, 255, 255); font-style: normal; font-variant: normal; text-transform: none;">GOLD</font><font style="font-family: 'Times New Roman',Times,serif; background-color: rgb(255, 255, 255); font-style: normal; font-variant: normal; text-transform: none;"> proxy          card are first being furnished to the shareholders on or about </font><font style="background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;">[_______________],

          2019.</font> </div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 13.7pt; margin-top: 12pt; font-size: 12pt;"> <font style="font-family: 'Times New Roman',Times,serif; background-color: rgb(255, 255, 255); font-style: normal; font-variant: normal; text-transform: none;">If you have already submitted a different color proxy card in relation to the Annual Meeting, you have every right to revoke or change the voting instructions set out therein by signing, dating and returning a later dated </font><font style="font-family: 'Times New Roman',Times,serif; font-weight: bold; background-color: rgb(255, 255, 255); font-style: normal; font-variant: normal; text-transform: none;">GOLD</font><font style="font-family: 'Times New Roman',Times,serif; background-color: rgb(255, 255, 255); font-style: normal; font-variant: normal; text-transform: none;"> proxy card or by voting in person at the Annual Meeting. The delivery of a subsequently dated proxy which is properly completed will
          constitute a revocation of any earlier proxy. The revocation may be delivered to us in care of </font><font style="background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;">InvestorCom or to the Funds. Although a revocation is effective if delivered to the Funds, we request that either the original or photostatic copies of all revocations be mailed to us in care of InvestorCom at 19 Old Kings
          Highway S. &#8211; Suite 210, Darien, CT 06820.&#160; If you have already submitted a difference color proxy card, we urge you to send a later dated <font style="font-weight: bold;">GOLD</font> proxy card immediately, as there is little time before the
          Annual Meeting.&#160; Only your final proxy card will count.</font> </div>
    <div style="text-indent: 36pt; line-height: 13.7pt; margin-top: 12pt; font-family: 'Times New Roman',Times,serif; font-size: 12pt; background-color: rgb(255, 255, 255); font-style: normal; font-variant: normal; text-transform: none;">If you have any
      questions or require any assistance with your vote, please contact InvestorCom, which is assisting us, at its address and toll-free number listed on the following page.</div>
    <div style="text-indent: 36pt; line-height: 13.7pt; margin-top: 12pt; font-family: 'Times New Roman',Times,serif; font-size: 12pt; background-color: rgb(255, 255, 255); font-style: normal; font-variant: normal; text-transform: none;">Thank you for your
      support.</div>
    <div style="line-height: 13.7pt; margin-top: 12pt; background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;"><br style="line-height: 13.7pt;">
    </div>
    <div style="line-height: 13.7pt; margin-top: 12pt; background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;"><br style="line-height: 13.7pt;">
    </div>
    <div style="text-indent: 36pt; line-height: 13.7pt; font-family: 'Times New Roman',Times,serif; font-size: 12pt; background-color: rgb(255, 255, 255); font-style: normal; font-variant: normal; text-transform: none;">Dryden Capital Fund, LP</div>
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    <font style="background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;"><br>
      <br>
    </font>
    <div style="line-height: 13.7pt; background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;"><br style="line-height: 13.7pt;">
    </div>
    <div style="line-height: 13.7pt; background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;"><br style="line-height: 13.7pt;">
    </div>
    <div style="text-align: center; line-height: 13.7pt; font-family: 'Times New Roman',Times,serif; font-size: 12pt; font-weight: bold; background-color: rgb(255, 255, 255); font-style: normal; font-variant: normal; text-transform: none;">Important Notice
      Regarding the Availability of Proxy Materials for the Annual Meeting</div>
    <div style="line-height: 13.7pt; font-family: 'Times New Roman',Times,serif; font-size: 12pt; background-color: rgb(255, 255, 255); font-style: normal; font-variant: normal; text-transform: none;">&#160;</div>
    <div style="text-align: center; line-height: 13.7pt; font-size: 12pt;"> <font style="font-family: 'Times New Roman',Times,serif; font-weight: bold; background-color: rgb(255, 255, 255); font-style: normal; font-variant: normal; text-transform: none;">The

          attached Proxy Statement and GOLD</font><font style="font-family: 'Times New Roman',Times,serif; background-color: rgb(255, 255, 255); font-style: normal; font-variant: normal; text-transform: none;">&#160;</font><font style="font-family: 'Times New Roman',Times,serif; font-weight: bold; background-color: rgb(255, 255, 255); font-style: normal; font-variant: normal; text-transform: none;">proxy card are available at</font><font style="background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;">:</font> </div>
    <div style="line-height: 13.7pt; font-family: 'Times New Roman',Times,serif; font-size: 12pt; background-color: rgb(255, 255, 255); font-style: normal; font-variant: normal; text-transform: none;">&#160;</div>
    <div style="text-align: center; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif; background-color: rgb(255, 255, 255); font-style: normal; font-variant: normal; text-transform: none;">[_________________________]</div>
    <div style="line-height: 13.7pt; background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;"><br style="line-height: 13.7pt;">
    </div>
    <div style="line-height: 13.7pt; background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;"><br style="line-height: 13.7pt;">
    </div>
    <div style="text-align: center; line-height: 13.7pt; background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;"><img width="235" height="70" src="image0.jpg"></div>
    <div style="line-height: 13.7pt; background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;"><br style="line-height: 13.7pt;">
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    <div style="text-align: center; line-height: 13.7pt; font-family: 'Times New Roman',Times,serif; font-size: 12pt; background-color: rgb(255, 255, 255); font-style: normal; font-variant: normal; text-transform: none;">19 Old Kings Highway S. &#8211; Suite 210</div>
    <div style="text-align: center; line-height: 13.7pt; font-family: 'Times New Roman',Times,serif; font-size: 12pt; background-color: rgb(255, 255, 255); font-style: normal; font-variant: normal; text-transform: none;">Darien, CT&#160; 06820</div>
    <div style="text-align: center; line-height: 13.7pt; font-family: 'Times New Roman',Times,serif; font-size: 12pt; background-color: rgb(255, 255, 255); font-style: normal; font-variant: normal; text-transform: none;">Toll Free (877) 972-0090</div>
    <div style="text-align: center; line-height: 13.7pt; font-family: 'Times New Roman',Times,serif; font-size: 12pt; background-color: rgb(255, 255, 255); font-style: normal; font-variant: normal; text-transform: none;">Banks and Brokers call collect
      (203) 972-9300</div>
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      <div style="line-height: 0pt; background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;"><br style="line-height: 0pt;">
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    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageBreak" style="page-break-after:always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-align: center; line-height: 20.5pt; font-family: 'Times New Roman',Times,serif; font-size: 12pt; font-weight: bold; background-color: rgb(255, 255, 255); font-style: normal; font-variant: normal; text-transform: none;"> PRELIMINARY
        COPY SUBJECT TO COMPLETION DATED OCTOBER 30, 2019 </div>
    <div style="text-align: center; line-height: 20.5pt; font-family: 'Times New Roman',Times,serif; font-size: 12pt; font-weight: bold; background-color: rgb(255, 255, 255); font-style: normal; font-variant: normal; text-transform: none;">---------------------------</div>
    <div style="text-align: center; line-height: 13.7pt; font-family: 'Times New Roman',Times,serif; font-size: 12pt; font-weight: bold; background-color: rgb(255, 255, 255); font-style: normal; font-variant: normal; text-transform: none;">ANNUAL MEETING
      OF SHAREHOLDERS</div>
    <div style="line-height: 13.7pt; background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;"><br style="line-height: 13.7pt;">
    </div>
    <div style="text-align: center; line-height: 20.5pt; font-family: 'Times New Roman',Times,serif; font-size: 12pt; font-weight: bold; background-color: rgb(255, 255, 255); font-style: normal; font-variant: normal; text-transform: none;">OF</div>
    <div style="line-height: 13.7pt; background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;"><br style="line-height: 13.7pt;">
    </div>
    <div style="text-align: center; line-height: 13.7pt; font-family: 'Times New Roman',Times,serif; font-size: 12pt; font-weight: bold; background-color: rgb(255, 255, 255); font-style: normal; font-variant: normal; text-transform: none;">PIMCO MUNICIPAL
      INCOME FUND</div>
    <div style="text-align: center; line-height: 13.7pt; font-family: 'Times New Roman',Times,serif; font-size: 12pt; font-weight: bold; background-color: rgb(255, 255, 255); font-style: normal; font-variant: normal; text-transform: none;">PIMCO CALIFORNIA
      MUNICIPAL INCOME FUND</div>
    <div style="text-align: center; line-height: 13.7pt; font-family: 'Times New Roman',Times,serif; font-size: 12pt; font-weight: bold; background-color: rgb(255, 255, 255); font-style: normal; font-variant: normal; text-transform: none;">PIMCO NEW YORK
      MUNICIPAL INCOME FUND</div>
    <div style="text-align: center; line-height: 13.7pt; font-family: 'Times New Roman',Times,serif; font-size: 12pt; font-weight: bold; background-color: rgb(255, 255, 255); font-style: normal; font-variant: normal; text-transform: none;">PIMCO MUNICIPAL
      INCOME FUND II</div>
    <div style="text-align: center; line-height: 13.7pt; font-family: 'Times New Roman',Times,serif; font-size: 12pt; font-weight: bold; background-color: rgb(255, 255, 255); font-style: normal; font-variant: normal; text-transform: none;">PIMCO CALIFORNIA
      MUNICIPAL INCOME FUND II</div>
    <div style="text-align: center; line-height: 13.7pt; font-family: 'Times New Roman',Times,serif; font-size: 12pt; font-weight: bold; background-color: rgb(255, 255, 255); font-style: normal; font-variant: normal; text-transform: none;">PIMCO NEW YORK
      MUNICIPAL INCOME FUND II</div>
    <div style="text-align: center; line-height: 13.7pt; font-family: 'Times New Roman',Times,serif; font-size: 12pt; font-weight: bold; background-color: rgb(255, 255, 255); font-style: normal; font-variant: normal; text-transform: none;">PIMCO MUNICIPAL
      INCOME FUND III</div>
    <div style="text-align: center; line-height: 13.7pt; font-family: 'Times New Roman',Times,serif; font-size: 12pt; font-weight: bold; background-color: rgb(255, 255, 255); font-style: normal; font-variant: normal; text-transform: none;">PIMCO CALIFORNIA
      MUNICIPAL INCOME FUND III</div>
    <div style="text-align: center; line-height: 20.5pt; font-family: 'Times New Roman',Times,serif; font-size: 12pt; font-weight: bold; background-color: rgb(255, 255, 255); font-style: normal; font-variant: normal; text-transform: none;">---------------------------</div>
    <div style="text-align: center; line-height: 20.5pt; font-family: 'Times New Roman',Times,serif; font-size: 12pt; font-weight: bold; background-color: rgb(255, 255, 255); font-style: normal; font-variant: normal; text-transform: none;">PROXY STATEMENT</div>
    <div style="text-align: center; line-height: 20.5pt; font-family: 'Times New Roman',Times,serif; font-size: 12pt; font-weight: bold; background-color: rgb(255, 255, 255); font-style: normal; font-variant: normal; text-transform: none;">OF</div>
    <div style="text-align: center; line-height: 13.7pt; font-family: 'Times New Roman',Times,serif; font-size: 12pt; font-weight: bold; background-color: rgb(255, 255, 255); font-style: normal; font-variant: normal; text-transform: none;">DRYDEN CAPITAL
      FUND, LP</div>
    <div style="text-align: center; line-height: 20.5pt; font-family: 'Times New Roman',Times,serif; font-size: 12pt; font-weight: bold; background-color: rgb(255, 255, 255); font-style: normal; font-variant: normal; text-transform: none;">---------------------------</div>
    <div style="text-align: center; line-height: 20.5pt; font-size: 12pt;"> <font style="font-family: 'Times New Roman',Times,serif; font-weight: bold; background-color: rgb(255, 255, 255); font-style: normal; font-variant: normal; text-transform: none;">PLEASE

          SIGN, DATE AND MAIL THE ENCLOSED </font><font style="font-family: 'Times New Roman',Times,serif; font-weight: bold; background-color: rgb(255, 255, 255); font-style: normal; font-variant: normal; text-transform: none;">GOLD</font><font style="font-family: 'Times New Roman',Times,serif; background-color: rgb(255, 255, 255); font-style: normal; font-variant: normal; text-transform: none;">&#160;</font><font style="font-family: 'Times New Roman',Times,serif; font-weight: bold; background-color: rgb(255, 255, 255); font-style: normal; font-variant: normal; text-transform: none;">PROXY CARD TODAY</font> </div>
    <div style="line-height: 13.7pt; background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;"><br style="line-height: 13.7pt;">
    </div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 13.7pt; font-size: 12pt;"> <font style="font-family: 'Times New Roman',Times,serif; font-style: normal; background-color: rgb(255, 255, 255); font-variant: normal; text-transform: none;">&#160;</font><font style="font-family: 'Times New Roman',Times,serif; background-color: rgb(255, 255, 255); font-style: normal; font-variant: normal; text-transform: none;">Dryden Capital Fund, LP together with the other participants in this
          solicitation (collectively, &#8220;Dryden&#8221; or &#8220;we&#8221;), is a concerned shareholder of </font><font style="background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;">PIMCO

          Municipal Income Fund (&#8220;PMF&#8221;); PIMCO Municipal Income Fund II (&#8220;PML&#8221;); PIMCO Municipal Income Fund III (&#8220;PMX&#8221;); PIMCO New York Municipal Income Fund (&#8220;PNF&#8221;); PIMCO New York Municipal Income Fund II (&#8220;PNI&#8221;);; PIMCO California Municipal Income Fund
          (&#8220;PCQ&#8221;); PIMCO California Municipal Income Fund II (&#8220;PCK&#8221;); and PIMCO California Municipal Income Fund III (&#8220;PZC&#8221;) (each a &#8220;Fund&#8221; and, collectively, &#8220;PIMCO&#8221; or the &#8220;Funds&#8221;). Dryden beneficially owns a total of 147 shares of Auction Rate Preferred
          Stock, $25,000 liquidation preference per share in the aggregate across the Funds (&#8220;ARPS&#8221;). Dryden has owned ARPS of the Funds continuously since 2016.</font> </div>
    <div style="line-height: 13.7pt; background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;"><br style="line-height: 13.7pt;">
    </div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 13.7pt; font-size: 12pt;"> <font style="font-family: 'Times New Roman',Times,serif; background-color: rgb(255, 255, 255); font-style: normal; font-variant: normal; text-transform: none;">We are writing to you today because we believe that a new trustee and another advocate for the holders of ARPS is needed to spearhead meaningful changes at PIMCO to address the Funds&#8217; refusal to provide liquidity to holders of ARPS at a
          price commensurate with those offered by industry peers.</font><font style="font-family: 'Times New Roman',Times,serif; background-color: rgb(255, 255, 255); font-style: normal; font-variant: normal; text-transform: none;"> Over the last 10
          years, the only action taken has been last year&#8217;s below-market tender offer, in spite of industry trends towards liquidity and repeated good faith arguments from Dryden in 2018 and 2019 for liquidity.&#160; We have nominated a highly-qualified,
          capable and committed individual who has the relevant skill set we believe is key to best position the Funds to maximize value for all stakeholders in the coming years while also addressing the liquidity concerns of holders of ARPS. We are
          seeking your support and your vote at the 2019 joint annual meeting of stockholders of each Fund, currently scheduled to be held at 1633 Broadway, between West 50</font><font style="background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;">th and West 51st Streets, 42nd Floor, New York, New York 10019 at 11:00 A.M., Eastern Time on December 17, 2019 (the term &#8220;Annual Meeting&#8221; is used throughout
          this joint proxy statement to refer to the annual meeting of shareholders of each Fund, as dictated by the context, including any adjournment or postponement thereof or any special meeting held in lieu thereof) for the following:</font> </div>
    <div style="line-height: 13.7pt; background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;"><br style="line-height: 13.7pt;">
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" id="z2a02d621ba534c70a08d5443824c4fb5" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

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            <td style="width: 72pt; vertical-align: top; background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;">
              <div style="margin-left: 54pt; line-height: 13.7pt; font-size: 12pt;">1.</div>
            </td>
            <td style="width: auto; vertical-align: top; background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;">
              <div style="text-align: justify; line-height: 13.7pt; font-size: 12pt;">to elect <font style="font-weight: bold;">Derrick A. Clark</font> (the &#8220;Nominee&#8221;), as trustee for each of the Funds; and</div>
            </td>
          </tr>

      </table>
    </div>
    <div style="line-height: 13.7pt; background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;"><br style="line-height: 13.7pt;">
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div style="page-break-after: always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" id="z28a6986210d848dca81588dab32219d2" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 72pt; vertical-align: top; background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;">
              <div style="margin-left: 54pt; line-height: 13.7pt; font-size: 12pt;">2.</div>
            </td>
            <td style="width: auto; vertical-align: top; background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;">
              <div style="text-align: justify; line-height: 13.7pt; font-size: 12pt;">to transact such other business as may properly come before the meeting or any adjournments thereof.</div>
            </td>
          </tr>

      </table>
    </div>
    <div style="line-height: 13.7pt; background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;"><br style="line-height: 13.7pt;">
    </div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 13.7pt; font-size: 12pt;"><font style="font-family: 'Times New Roman',Times,serif; background-color: rgb(255, 255, 255); font-style: normal; font-variant: normal; text-transform: none;">Dryden

        is composed of </font><font style="background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;">(i) Dryden Capital Fund, LP, a Delaware limited partnership
        (&#8220;Dryden Capital Fund&#8221;); (ii) Dryden Capital, LLC, a Delaware limited liability company (&#8220;Dryden Capital&#8221;); (iii) Dryden Capital GP, LLC, a Delaware limited liability company and general partner of Dryden Capital Fund (&#8220;Dryden Capital GP&#8221;); (iv) T.
        Matthew Buffington and Matthew C. Leavitt, each a managing member of Dryden Capital and Dryden Capital GP and each a United States citizen (&#8220;Mr. Buffington&#8221; and &#8220;Mr. Leavitt&#8221;, respectively, and together with Dryden Capital Fund, Dryden Capital and
        Dryden Capital GP, the &#8220;Dryden Parties&#8221;) and (v) the Nominee (the entities and individuals listed in this paragraph, each a &#8220;Participant&#8221; and, collectively, the &#8220;Participants&#8221;).</font></div>
    <div style="line-height: 13.7pt; background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;"><br style="line-height: 13.7pt;">
    </div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 13.7pt; font-family: 'Times New Roman',Times,serif; font-size: 12pt; background-color: rgb(255, 255, 255); font-style: normal; font-variant: normal; text-transform: none;">This Proxy
      Statement and the enclosed <font style="font-weight: bold;">GOLD</font>&#160;proxy card are first being furnished to shareholders on or about [_______________], 2019.</div>
    <div style="line-height: 13.7pt; background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;"><br style="line-height: 13.7pt;">
    </div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 13.7pt; font-family: 'Times New Roman',Times,serif; font-size: 12pt; background-color: rgb(255, 255, 255); font-style: normal; font-variant: normal; text-transform: none;">As of the date
      hereof, Dryden collectively owns an aggregate of 147 shares of ARPS. In addition, the Funds have issued Variable Rate Municipal Term Preferred Shares (&#8220;VMTPS&#8221; and together with ARPS, the &#8220;Preferred Shares&#8221;) and shares of common stock, par value
      $0.001, of the Funds (the &#8220;Common Stock&#8221; and together with the Preferred Shares, the &#8220;Stock&#8221;). We intend to vote such shares of ARPS, and all proxies delivered to Dryden, as follows:</div>
    <div style="line-height: 13.7pt; background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;"><br style="line-height: 13.7pt;">
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" id="z19f4f00747864c799587d3478c39b61d" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-bottom: 12pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 72pt; vertical-align: top; background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;">
              <div style="margin-left: 36pt; line-height: 13.7pt; margin-bottom: 12pt; font-size: 12pt; font-weight: bold;">&#8226;</div>
            </td>
            <td style="width: auto; vertical-align: top;">
              <div style="text-align: justify; line-height: 13.7pt; margin-bottom: 12pt; font-size: 12pt;"><font style="font-family: 'Times New Roman',Times,serif; font-weight: bold; background-color: rgb(255, 255, 255); font-style: normal; font-variant: normal; text-transform: none;">FOR</font><font style="background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;"> the election of <font style="font-weight: bold;">Mr.</font>&#160;<font style="font-weight: bold;">Clark.</font></font></div>
            </td>
          </tr>

      </table>
    </div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 13.7pt; font-family: 'Times New Roman',Times,serif; font-size: 12pt; background-color: rgb(255, 255, 255); font-style: normal; font-variant: normal; text-transform: none;"> The Board
        has fixed October 18, 2019 as the record date for determining holders of Stock who are entitled to vote at the Annual Meeting (the &#8220;Record Date&#8221;). According to PIMCO, as of the Record Date each Fund had outstanding the following shares of Common
        Stock and Preferred Shares entitled to be voted:<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">3</sup> </div>
    <div style="line-height: 13.7pt; background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;"><br style="line-height: 13.7pt;">
    </div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 13.7pt;"><font style="font-size: 12pt; font-family: 'Times New Roman',Times,serif; background-color: rgb(255, 255, 255); font-style: normal; font-variant: normal; text-transform: none;">
      </font><font style="background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;"><br style="line-height: 13.7pt;">
      </font></div>
    <table cellspacing="0" cellpadding="0" id="z78a796376f6c42e19a68a2aac6fccc2a" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

        <tr>
          <td style="width: 25%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;" rowspan="2">
            <div style="text-align: center; line-height: 13.7pt; font-size: 12pt; font-weight: bold;"> Fund </div>
          </td>
          <td style="width: 25%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;" rowspan="2">
            <div style="text-align: center; line-height: 13.7pt; font-size: 12pt; font-weight: bold;"> Outstanding Common Shares </div>
          </td>
          <td style="width: 50%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;" colspan="2">
            <div style="text-align: center; line-height: 13.7pt; font-size: 12pt; font-weight: bold;"> Outstanding Preferred Shares </div>
          </td>
        </tr>
        <tr>
          <td style="width: 25%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;">
            <div style="text-align: center; line-height: 13.7pt; font-size: 12pt; font-weight: bold;"> ARPS </div>
          </td>
          <td style="width: 25%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;">
            <div style="text-align: center; line-height: 13.7pt; font-size: 12pt; font-weight: bold;"> VMTPS </div>
          </td>
        </tr>
        <tr>
          <td style="width: 25%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;">
            <div style="text-align: justify; line-height: 13.7pt; font-size: 12pt;"> PMF </div>
          </td>
          <td style="width: 25%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;">
            <div style="text-align: center; line-height: 13.7pt; font-size: 12pt;"> &#160;[&#160; ] </div>
          </td>
          <td style="width: 25%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;">
            <div style="text-align: center; line-height: 13.7pt; font-size: 12pt;"> 6,668 </div>
          </td>
          <td style="width: 25%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;">
            <div style="text-align: center; line-height: 13.7pt; font-size: 12pt;"> 233 </div>
          </td>
        </tr>
        <tr>
          <td style="width: 25%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;">
            <div style="text-align: justify; line-height: 13.7pt; font-size: 12pt;"> PCQ </div>
          </td>
          <td style="width: 25%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;">
            <div style="text-align: center; line-height: 13.7pt; font-size: 12pt;"> &#160;[&#160; ] </div>
          </td>
          <td style="width: 25%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;">
            <div style="text-align: center; line-height: 13.7pt; font-size: 12pt;"> 4,825 </div>
          </td>
          <td style="width: 25%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;">
            <div style="text-align: center; line-height: 13.7pt; font-size: 12pt;"> 293 </div>
          </td>
        </tr>
        <tr>
          <td style="width: 25%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;">
            <div style="text-align: justify; line-height: 13.7pt; font-size: 12pt;"> PNF </div>
          </td>
          <td style="width: 25%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;">
            <div style="text-align: center; line-height: 13.7pt; font-size: 12pt;"> &#160;[&#160; ] </div>
          </td>
          <td style="width: 25%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;">
            <div style="text-align: center; line-height: 13.7pt; font-size: 12pt;"> 1,641 </div>
          </td>
          <td style="width: 25%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;">
            <div style="text-align: center; line-height: 13.7pt; font-size: 12pt;"> None </div>
          </td>
        </tr>
        <tr>
          <td style="width: 25%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;">
            <div style="text-align: justify; line-height: 13.7pt; font-size: 12pt;"> PML </div>
          </td>
          <td style="width: 25%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;">
            <div style="text-align: center; line-height: 13.7pt; font-size: 12pt;"> &#160;[&#160; ] </div>
          </td>
          <td style="width: 25%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;">
            <div style="text-align: center; line-height: 13.7pt; font-size: 12pt;"> 11,931 </div>
          </td>
          <td style="width: 25%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;">
            <div style="text-align: center; line-height: 13.7pt; font-size: 12pt;"> 687 </div>
          </td>
        </tr>
        <tr>
          <td style="width: 25%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;">
            <div style="text-align: justify; line-height: 13.7pt; font-size: 12pt;"> PCK </div>
          </td>
          <td style="width: 25%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;">
            <div style="text-align: center; line-height: 13.7pt; font-size: 12pt;"> &#160;[&#160; ] </div>
          </td>
          <td style="width: 25%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;">
            <div style="text-align: center; line-height: 13.7pt; font-size: 12pt;"> 5,147 </div>
          </td>
          <td style="width: 25%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;">
            <div style="text-align: center; line-height: 13.7pt; font-size: 12pt;"> 343 </div>
          </td>
        </tr>
        <tr>
          <td style="width: 25%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;">
            <div style="text-align: justify; line-height: 13.7pt; font-size: 12pt;"> PNI </div>
          </td>
          <td style="width: 25%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;">
            <div style="text-align: center; line-height: 13.7pt; font-size: 12pt;"> &#160;[&#160; ] </div>
          </td>
          <td style="width: 25%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;">
            <div style="text-align: center; line-height: 13.7pt; font-size: 12pt;"> 2,320 </div>
          </td>
          <td style="width: 25%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;">
            <div style="text-align: center; line-height: 13.7pt; font-size: 12pt;"> 210 </div>
          </td>
        </tr>
        <tr>
          <td style="width: 25%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;">
            <div style="text-align: justify; line-height: 13.7pt; font-size: 12pt;"> PMX </div>
          </td>
          <td style="width: 25%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;">
            <div style="text-align: center; line-height: 13.7pt; font-size: 12pt;"> &#160;[&#160; ] </div>
          </td>
          <td style="width: 25%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;">
            <div style="text-align: center; line-height: 13.7pt; font-size: 12pt;"> 6,188 </div>
          </td>
          <td style="width: 25%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;">
            <div style="text-align: center; line-height: 13.7pt; font-size: 12pt;"> 343 </div>
          </td>
        </tr>
        <tr>
          <td style="width: 25%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;">
            <div style="text-align: justify; line-height: 13.7pt; font-size: 12pt;"> PZC </div>
          </td>
          <td style="width: 25%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;">
            <div style="text-align: center; line-height: 13.7pt; font-size: 12pt;"> &#160;[&#160; ] </div>
          </td>
          <td style="width: 25%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;">
            <div style="text-align: center; line-height: 13.7pt; font-size: 12pt;"> 3,915 </div>
          </td>
          <td style="width: 25%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;">
            <div style="text-align: center; line-height: 13.7pt; font-size: 12pt;"> 271 </div>
          </td>
        </tr>

    </table>
    <div style="line-height: 13.7pt; background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;"><br style="line-height: 13.7pt;">
    </div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 13.7pt; font-family: 'Times New Roman',Times,serif; font-size: 12pt; background-color: rgb(255, 255, 255); font-style: normal; font-variant: normal; text-transform: none;"> According to
        the Funds&#8217; [preliminary] proxy statement, at the Annual Meeting, the election of one Trustee (the &#8220;Preferred Trustee&#8221;) of each Fund will be voted on exclusively by the Preferred Shareholders (including holders of ARPS and, for each Fund other than
        PNF, holders of VMTPS, voting together as a single class) of that Fund. Holders of ARPS and VMTPS will be entitled to one vote per share, regardless of the relative liquidation preference of the Preferred Shares. According to the Funds&#8217;
        [preliminary] proxy statement, on each other proposal to be brought before the Annual Meeting (including the election of the nominees other than the Preferred Trustee by all Shareholders), the Preferred Shareholders, if any, will have equal voting
        rights (i.e., one vote per Share) with the applicable Fund&#8217;s holders of Common Stock (the &#8220;Common Shareholders&#8221;) and will vote together with Common Shareholders as a single class. The mailing address of the principal executive offices of each of
        the Funds is 1633 Broadway, New York, New York 10019. Shareholders of record at the close of business on the Record Date will be entitled to vote at the Annual Meeting. </div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 13.7pt; font-size: 12pt;"> <font style="background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;"><br>
      </font></div>
    <div style="text-align: justify; line-height: 13.7pt; font-family: 'Times New Roman',Times,serif; font-size: 12pt;"> <font style="background-color: rgb(255, 255, 255); font-style: normal; font-variant: normal; text-transform: none;"><br>
      </font>
      <hr noshade="noshade" align="left" style="text-align: left; background-color: #000000; border: 0px; height: 1px; width: 2in; margin-left: 0pt; margin-right: auto; color: #000000;">
      <div style="text-align: left; line-height: 10.25pt; margin-bottom: 6pt; font-size: 10pt; background-color: rgb(255, 255, 255); font-style: normal; font-variant: normal; text-transform: none;"> <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">3</sup> [To be updated and conformed to the Funds&#8217;
          definitive proxy statement.] </div>
    </div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div style="page-break-after: always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
    </div>
    <div style="line-height: 13.7pt; background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;"><br style="line-height: 13.7pt;">
    </div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 13.7pt; font-family: 'Times New Roman',Times,serif; font-size: 12pt; background-color: rgb(255, 255, 255); font-style: normal; font-variant: normal; text-transform: none;"> THIS
        SOLICITATION IS BEING MADE BY DRYDEN AND NOT ON BEHALF OF THE BOARD OF TRUSTEES OR MANAGEMENT OF THE FUNDS. WE ARE NOT AWARE OF ANY OTHER MATTERS TO BE BROUGHT BEFORE THE ANNUAL MEETING OTHER THAN AS SET FORTH IN THIS PROXY STATEMENT. SHOULD OTHER
        MATTERS, WHICH WE ARE NOT AWARE OF A REASONABLE TIME BEFORE THIS SOLICITATION, BE BROUGHT BEFORE THE ANNUAL MEETING, THE PERSONS NAMED AS PROXIES IN THE ENCLOSED <font style="font-weight: bold;">GOLD</font>&#160;PROXY CARD WILL VOTE ON SUCH MATTERS IN
        THEIR DISCRETION. </div>
    <div style="line-height: 13.7pt; background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;"> <br style="line-height: 13.7pt;">
      </div>
    <div style="text-indent: 36pt; line-height: 13.7pt; font-family: 'Times New Roman',Times,serif; font-size: 12pt; background-color: rgb(255, 255, 255); font-style: normal; font-variant: normal; text-transform: none;"> DRYDEN URGES YOU TO SIGN, DATE
        AND RETURN THE <font style="font-weight: bold;">GOLD</font>&#160;PROXY CARD <font style="font-weight: bold;">TODAY</font> TO VOTE <font style="font-weight: bold;">FOR</font> THE ELECTION OF OUR NOMINEE. </div>
    <div style="line-height: 13.7pt; background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;"><br style="line-height: 13.7pt;">
    </div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 13.7pt; font-family: 'Times New Roman',Times,serif; font-size: 12pt; background-color: rgb(255, 255, 255); font-style: normal; font-variant: normal; text-transform: none;"> IF YOU HAVE
        ALREADY SENT A PROXY CARD FURNISHED BY THE FUNDS&#8217; MANAGEMENT OR THE BOARD, YOU MAY REVOKE THAT PROXY AND VOTE ON EACH OF THE PROPOSALS DESCRIBED IN THIS PROXY STATEMENT BY SIGNING, DATING AND RETURNING THE ENCLOSED <font style="font-weight: bold;">GOLD

        </font>PROXY CARD. WE STRONGLY URGE YOU TO DO SO WITHOUT DELAY BECAUSE THERE IS LITTLE TIME BEFORE THE ANNUAL MEETING. THE LATEST DATED PROXY IS THE ONLY ONE THAT COUNTS. ANY PROXY MAY BE REVOKED AT ANY TIME PRIOR TO THE ANNUAL MEETING BY
        DELIVERING A WRITTEN NOTICE OF REVOCATION OR A LATER DATED PROXY FOR THE ANNUAL MEETING OR BY VOTING IN PERSON AT THE ANNUAL MEETING. </div>
    <div style="line-height: 13.7pt; background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;"><br style="line-height: 13.7pt;">
    </div>
    <div style="line-height: 13.7pt; background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;"><br style="line-height: 13.7pt;">
    </div>
    <div style="line-height: 13.7pt; background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;"><br style="line-height: 13.7pt;">
    </div>
    <div style="text-align: center; line-height: 13.7pt; font-family: 'Times New Roman',Times,serif; font-size: 12pt; font-weight: bold; background-color: rgb(255, 255, 255); font-style: normal; font-variant: normal; text-transform: none;">Important Notice
      Regarding the Availability of Proxy Materials for the Annual Meeting</div>
    <div style="line-height: 13.7pt; background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;"><br style="line-height: 13.7pt;">
    </div>
    <div style="text-align: center; line-height: 13.7pt; font-family: 'Times New Roman',Times,serif; font-size: 12pt; font-weight: bold; background-color: rgb(255, 255, 255); font-style: normal; font-variant: normal; text-transform: none;">This Proxy
      Statement and our proxy card are available at:</div>
    <div style="line-height: 13.7pt; background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;"><br style="line-height: 13.7pt;">
    </div>
    <div style="text-align: center; line-height: 12.55pt; font-family: 'Times New Roman',Times,serif; background-color: rgb(255, 255, 255); font-style: normal; font-variant: normal; text-transform: none;">[__________________________]</div>
    <div style="line-height: 13.7pt; background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;"><br style="line-height: 13.7pt;">
    </div>
    <font style="background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;"><br>
      <br>
    </font>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageBreak" style="page-break-after:always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-align: center; line-height: 13.7pt; font-family: 'Times New Roman',Times,serif; font-size: 12pt; font-weight: bold; background-color: rgb(255, 255, 255); font-style: normal; font-variant: normal; text-transform: none;">IMPORTANT</div>
    <div style="background-color: rgb(255, 255, 255); line-height: 14.4pt; font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;">
      <div style="line-height: 13.7pt; font-size: 12pt;">&#160;</div>
    </div>
    <div style="background-color: #FFFFFF; line-height: 14.4pt;">
      <div style="text-indent: 36pt; line-height: 13.7pt; font-size: 12pt;"> <font style="font-family: 'Times New Roman',Times,serif; font-weight: bold; background-color: rgb(255, 255, 255); font-style: normal; font-variant: normal; text-transform: none;">Your vote is important, no matter how many or how few shares of Stock you own. Your vote matters. Dryden urges you to sign, date, and return the enclosed GOLD proxy card TODAY&#160;to vote FOR the election of Mr. Clark</font><font style="background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;">&#160;<font style="font-weight: bold;">to the Board</font><font style="font-weight: bold;">.</font></font> </div>
    </div>
    <div style="background-color: rgb(255, 255, 255); line-height: 14.4pt; font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;">
      <div style="line-height: 13.7pt; font-size: 12pt;">&#160;</div>
    </div>
    <table cellspacing="0" cellpadding="0" id="z17f98b42445d4a62b03821418b28ac45" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

        <tr>
          <td style="width: 6.67%; vertical-align: top; background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;">
            <div style="line-height: 13.7pt; font-size: 12pt;">&#9679;</div>
          </td>
          <td style="width: 93.33%; vertical-align: top; background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;">
            <div style="line-height: 13.7pt; font-size: 12pt;"> If you are a &#8220;registered shareholder&#8221;, please sign and date the enclosed <font style="font-weight: bold;">GOLD</font>&#160;proxy card and return it to Dryden, c/o InvestorCom, in the enclosed
                postage-paid envelope today. </div>
          </td>
        </tr>

    </table>
    <div style="background-color: rgb(255, 255, 255); line-height: 14.4pt; font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;">
      <div style="line-height: 13.7pt; font-size: 12pt;">&#160;</div>
    </div>
    <table cellspacing="0" cellpadding="0" id="z9a1e81ec24b4403f8f6b81acf5a916a6" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

        <tr>
          <td style="width: 6.67%; vertical-align: top; background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;">
            <div style="line-height: 13.7pt; font-size: 12pt;">&#9679;</div>
          </td>
          <td style="width: 93.33%; vertical-align: top; background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;">
            <div style="line-height: 13.7pt; font-size: 12pt;">If you own shares in a brokerage account or through a bank, you are considered a &#8220;beneficial shareholder&#8221;, and the Dryden proxy materials, together with a voting instruction form (VIF), are
              being forwarded to you by your broker or bank. As a &#8220;beneficial owner&#8221;, you must instruct your broker, trustee or other representative on how to vote your shares. Your broker cannot vote your shares on your behalf without receiving
              instructions from you.</div>
          </td>
        </tr>

    </table>
    <div style="background-color: rgb(255, 255, 255); line-height: 14.4pt; font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;">
      <div style="line-height: 13.7pt; font-size: 12pt;">&#160;</div>
    </div>
    <table cellspacing="0" cellpadding="0" id="z85bac81785ad47f8ae37271ccce65075" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

        <tr>
          <td style="width: 6.67%; vertical-align: top; background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;">
            <div style="line-height: 13.7pt; font-size: 12pt;">&#9679;</div>
          </td>
          <td style="width: 93.33%; vertical-align: top; background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;">
            <div style="line-height: 13.7pt; font-size: 12pt;"> Depending upon your broker or custodian&#8217;s voting policy, you may be able to vote either by toll-free telephone or by using the Internet. Please refer to the enclosed voting form for
                instructions on how to vote electronically. You may also vote by signing, dating and returning the enclosed voting form in the pre-paid envelope provided to you. </div>
          </td>
        </tr>

    </table>
    <div style="background-color: rgb(255, 255, 255); line-height: 14.4pt; font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;">
      <div style="line-height: 13.7pt; font-size: 12pt;">&#160;</div>
    </div>
    <table cellspacing="0" cellpadding="0" id="zd9c13bc024de4a1987a11591e6dcb242" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

        <tr>
          <td style="width: 6.67%; vertical-align: top; background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;">
            <div style="line-height: 13.7pt; font-size: 12pt;">&#9679;</div>
          </td>
          <td style="width: 93.33%; vertical-align: top; background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;">
            <div style="line-height: 13.7pt; font-size: 12pt;"> Please <font style="font-weight: bold;">DO NOT</font> sign or return any <font style="font-weight: bold;">WHITE</font> proxy card you may receive from the Funds. If you have already
                submitted a <font style="font-weight: bold;">WHITE </font>proxy card, you have every right to change your vote &#8212; please use the <font style="font-weight: bold;">GOLD</font>&#160;proxy card to vote by Internet or telephone or simply sign, date
                and return the <font style="font-weight: bold;">GOLD</font>&#160;proxy card. Only your latest dated proxy will be counted. </div>
          </td>
        </tr>

    </table>
    <div style="line-height: 13.7pt; background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;"><br style="line-height: 13.7pt;">
    </div>
    <div style="line-height: 13.7pt; background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;"><br style="line-height: 13.7pt;">
    </div>
    <div style="line-height: 13.7pt; background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;"><br style="line-height: 13.7pt;">
    </div>
    <div style="text-align: center; line-height: 13.7pt; background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;"><img width="235" height="70" src="image0.jpg"></div>
    <div style="line-height: 13.7pt; background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;"><br style="line-height: 13.7pt;">
    </div>
    <div style="text-align: center; line-height: 13.7pt; font-family: 'Times New Roman',Times,serif; font-size: 12pt; background-color: rgb(255, 255, 255); font-style: normal; font-variant: normal; text-transform: none;">19 Old Kings Highway S. &#8211; Suite 210</div>
    <div style="text-align: center; line-height: 13.7pt; font-family: 'Times New Roman',Times,serif; font-size: 12pt; background-color: rgb(255, 255, 255); font-style: normal; font-variant: normal; text-transform: none;">Darien, CT&#160; 06820</div>
    <div style="text-align: center; line-height: 13.7pt; font-family: 'Times New Roman',Times,serif; font-size: 12pt; background-color: rgb(255, 255, 255); font-style: normal; font-variant: normal; text-transform: none;">Toll Free (877) 972-0090</div>
    <div style="text-align: center; line-height: 13.7pt; font-family: 'Times New Roman',Times,serif; font-size: 12pt; background-color: rgb(255, 255, 255); font-style: normal; font-variant: normal; text-transform: none;">Banks and Brokers call collect
      (203) 972-9300</div>
    <div style="background-color: #FFFFFF; line-height: 14.4pt;">
      <div style="line-height: 0pt; background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;"><br style="line-height: 0pt;">
      </div>
      <div style="text-align: center; line-height: 13.7pt; margin-top: 12pt; margin-bottom: 12pt; font-family: 'Times New Roman',Times,serif; font-size: 12pt; background-color: rgb(255, 255, 255); font-style: normal; font-variant: normal; text-transform: none;">info@investor-com.com</div>
      <div style="line-height: 0pt; background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;"><br style="line-height: 0pt;">
      </div>
    </div>
    <div style="text-align: center; line-height: 13.7pt;"><font style="font-size: 12pt; font-family: 'Times New Roman',Times,serif; font-weight: bold; background-color: rgb(255, 255, 255); font-style: normal; font-variant: normal; text-transform: none;"> </font><font style="background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;"><br style="line-height: 13.7pt;">
      </font></div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageBreak" style="page-break-after:always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-align: center; line-height: 13.7pt; font-family: 'Times New Roman',Times,serif; font-size: 12pt; font-weight: bold; background-color: rgb(255, 255, 255); font-style: normal; font-variant: normal; text-transform: none;">BACKGROUND TO
      THE SOLICITATION</div>
    <div style="line-height: 13.7pt; background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;"><br style="line-height: 13.7pt;">
    </div>
    <div style="text-align: justify; line-height: 13.7pt; font-family: 'Times New Roman',Times,serif; font-size: 12pt; background-color: rgb(255, 255, 255); font-style: normal; font-variant: normal; text-transform: none;">A chronology of our interactions
      with the Funds as it pertains to the Annual Meeting is as follows:</div>
    <div style="line-height: 13.7pt; background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;"><br style="line-height: 13.7pt;">
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" id="z1f5f29bba0834a28b919dd052fb39c3d" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-bottom: 12pt; width: 100%; text-align: left; color: #000000;">

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            <td style="width: 72pt; vertical-align: top; background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;">
              <div style="margin-left: 36pt; line-height: 13.7pt; margin-bottom: 12pt; font-size: 12pt;">&#8226;</div>
            </td>
            <td style="width: auto; vertical-align: top; background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;">
              <div style="text-align: justify; line-height: 13.7pt; margin-bottom: 12pt; font-size: 12pt;">Dryden began purchasing the Funds&#8217; ARPS in 2016.</div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" id="z825ddc5adc5b41d4bf9400964d427f5f" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-bottom: 12pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 72pt; vertical-align: top; background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;">
              <div style="margin-left: 36pt; line-height: 13.7pt; margin-bottom: 12pt; font-size: 12pt;">&#8226;</div>
            </td>
            <td style="width: auto; vertical-align: top; background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;">
              <div style="text-align: justify; line-height: 13.7pt; margin-bottom: 12pt; font-size: 12pt;"> On April 17, 2018, Dryden began expressing its concerns about the ARPS to representatives of PIMCO who are not members of the Board
                  (&#8220;Management&#8221;). </div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" id="z5e4ad62ad18744188a529d1251e76fa7" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-bottom: 12pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 72pt; vertical-align: top; background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;">
              <div style="margin-left: 36pt; line-height: 13.7pt; margin-bottom: 12pt; font-size: 12pt;">&#8226;</div>
            </td>
            <td style="width: auto; vertical-align: top; background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;">
              <div style="text-align: justify; line-height: 13.7pt; margin-bottom: 12pt; font-size: 12pt;">On April 27, 2018, Dryden sent Management a presentation that specifically laid out our concerns in more detail.</div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" id="z813ec8eaae5946309578c5a8f05566eb" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-bottom: 12pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 72pt; vertical-align: top; background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;">
              <div style="margin-left: 36pt; line-height: 13.7pt; margin-bottom: 12pt; font-size: 12pt;">&#8226;</div>
            </td>
            <td style="width: auto; vertical-align: top; background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;">
              <div style="text-align: justify; line-height: 13.7pt; margin-bottom: 12pt; font-size: 12pt;">On May 7, 2018, Dryden and Management held a conference call to discuss the materials Dryden had sent.&#160; Again, Management refused substantive
                engagement.&#160; Given the lack of progress, Dryden alerted Management that Dryden planned to raise its concerns to the Board level and the Preferred Trustees.</div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" id="z71bafc7944824f1187607d88742648cd" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-bottom: 12pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 72pt; vertical-align: top; background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;">
              <div style="margin-left: 36pt; line-height: 13.7pt; margin-bottom: 12pt; font-size: 12pt;">&#8226;</div>
            </td>
            <td style="width: auto; vertical-align: top; background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;">
              <div style="text-align: justify; line-height: 13.7pt; margin-bottom: 12pt; font-size: 12pt;">On May 18, 2018, Dryden e-mailed Management and members of the Boards, informally declaring an intent to nominate T. Matthew Buffington as a
                Preferred Trustee at the Annual Meeting while also suggesting a meeting to search for a more cooperative solution.</div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" id="z44bf4c14e0c7425991f49b994001e3d0" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-bottom: 12pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 72pt; vertical-align: top; background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;">
              <div style="margin-left: 36pt; line-height: 13.7pt; margin-bottom: 12pt; font-size: 12pt;">&#8226;</div>
            </td>
            <td style="width: auto; vertical-align: top; background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;">
              <div style="text-align: justify; line-height: 13.7pt; margin-bottom: 12pt; font-size: 12pt;">On June 20, 2018, Dryden e-mailed Management and the Preferred Trustees to follow up on scheduling the meeting to search for a more cooperative
                solution, but Dryden did not receive a response.</div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" id="z2bda87a92e514823809b10519dad2fcd" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-bottom: 12pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 72pt; vertical-align: top; background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;">
              <div style="margin-left: 36pt; line-height: 13.7pt; margin-bottom: 12pt; font-size: 12pt;">&#8226;</div>
            </td>
            <td style="width: auto; vertical-align: top; background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;">
              <div style="text-align: justify; line-height: 13.7pt; margin-bottom: 12pt; font-size: 12pt;">On July 9, 2018, Dryden e-mailed Management and the Preferred Trustees to again follow up on scheduling the meeting, but Dryden, again, did not
                receive a response.</div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" id="z36b6976d5cbf47b9901f2aa4108fa227" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-bottom: 12pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 72pt; vertical-align: top; background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;">
              <div style="margin-left: 36pt; line-height: 13.7pt; margin-bottom: 12pt; font-size: 12pt;">&#8226;</div>
            </td>
            <td style="width: auto; vertical-align: top; background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;">
              <div style="text-align: justify; line-height: 13.7pt; margin-bottom: 12pt; font-size: 12pt;">On July 20, 2018 PIMCO announced the tender offer at 85% of Par and on July 23, 2018, PIMCO subsequently e-mailed Dryden offering a phone call with
                members of Management (but denied Dryden&#8217;s request to involve the Preferred Trustees).</div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" id="z71cbc8c9cdf743b2aaead6dc262f9d27" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-bottom: 12pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 72pt; vertical-align: top; background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;">
              <div style="margin-left: 36pt; line-height: 13.7pt; margin-bottom: 12pt; font-size: 12pt;">&#8226;</div>
            </td>
            <td style="width: auto; vertical-align: top; background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;">
              <div style="text-align: justify; line-height: 13.7pt; margin-bottom: 12pt; font-size: 12pt;"> On July 25, 2018, Dryden held a call with Management, discussed the tender offer dated July 20, 2018, and expressed Dryden&#8217;s displeasure with the
                  price; the tender offer price was below then recent prices seen in the secondary market and it represented a meaningful discount to where PIMCO&#8217;s peers had tendered.&#160; In the absence of a cooperative solution from Management, Dryden
                  alerted Management that it intended to formally nominate its own trustee candidate to the Boards. </div>
            </td>
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      </table>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" id="z3067fec4e4c24cabba460fd4f76fb8fd" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-bottom: 12pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 72pt; vertical-align: top; background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;">
              <div style="margin-left: 36pt; line-height: 13.7pt; margin-bottom: 12pt; font-size: 12pt;">&#8226;</div>
            </td>
            <td style="width: auto; vertical-align: top; background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;">
              <div style="text-align: justify; line-height: 13.7pt; margin-bottom: 12pt; font-size: 12pt;">On August 21, 2018, after<font style="font-weight: bold;">&#160;</font>not responding to all our previous attempts to engage, the Funds&#8217; Preferred
                Trustees finally requested to meet with Dryden.&#160; Dryden accepted that same day.</div>
            </td>
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      </table>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" id="z03c7c6b66b0f4009ae95f30dd2ba61b7" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-bottom: 12pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 72pt; vertical-align: top; background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;">
              <div style="margin-left: 36pt; line-height: 13.7pt; margin-bottom: 12pt; font-size: 12pt;">&#8226;</div>
            </td>
            <td style="width: auto; vertical-align: top; background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;">
              <div style="text-align: justify; line-height: 13.7pt; margin-bottom: 12pt; font-size: 12pt;">The meeting occurred August 30, 2018 and Dryden, again, did not receive responses to simple questions about the ARPS.</div>
            </td>
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      </table>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" id="zddb240ecefd441b8a88a181dbe670874" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-bottom: 12pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 72pt; vertical-align: top; background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;">
              <div style="margin-left: 36pt; line-height: 13.7pt; margin-bottom: 12pt; font-size: 12pt;">&#8226;</div>
            </td>
            <td style="width: auto; vertical-align: top; background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;">
              <div style="text-align: justify; line-height: 13.7pt; margin-bottom: 12pt; font-size: 12pt;">On September 11, 2018, Dryden sent its formal notice nominating T. Matthew Buffington for election.</div>
            </td>
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      </table>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" id="zfd9ea621447e49849f920027f160d9fa" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-bottom: 12pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 72pt; vertical-align: top; background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;">
              <div style="margin-left: 36pt; line-height: 13.7pt; margin-bottom: 12pt; font-size: 12pt;">&#8226;</div>
            </td>
            <td style="width: auto; vertical-align: top; background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;">
              <div style="text-align: justify; line-height: 13.7pt; margin-bottom: 12pt; font-size: 12pt;">On September 12, 2018, PIMCO announced the results of its tender offer.&#160; The majority of ARPS Shareholders did not participate in the tender offer.&#160;
                Participation was dominated by a single holder of ARPS (Wells Fargo, which also happened to be the firm providing the new VMTPS financing for any tendered ARPS).</div>
            </td>
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      </table>
    </div>
    <div>
      <div> <font style="background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;"><br>
        </font></div>
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        <div style="page-break-after: always;" id="DSPFPageBreak">
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      </div>
      <table cellspacing="0" cellpadding="0" id="z7ab11567efef4e0380cc4ec1b293ec11" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-bottom: 12pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 72pt; vertical-align: top; background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;">
              <div style="margin-left: 36pt; line-height: 13.7pt; margin-bottom: 12pt; font-size: 12pt;">&#8226;</div>
            </td>
            <td style="width: auto; vertical-align: top; background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;">
              <div style="text-align: justify; line-height: 13.7pt; margin-bottom: 12pt; font-size: 12pt;">On September 27, 2018, PIMCO notified Dryden it would not be nominating Dryden&#8217;s proposed candidate for election.</div>
            </td>
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      </table>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" id="z0703ed709fc24c1e8f33e8c4f24fce11" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-bottom: 12pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 72pt; vertical-align: top; background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;">
              <div style="margin-left: 36pt; line-height: 13.7pt; margin-bottom: 12pt; font-size: 12pt;">&#8226;</div>
            </td>
            <td style="width: auto; vertical-align: top; background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;">
              <div style="text-align: justify; line-height: 13.7pt; margin-bottom: 12pt; font-size: 12pt;">On November 5, 2018, Dryden filed a definitive proxy statement with respect to the Funds&#8217; 2018 Joint Annual General Meeting, soliciting support for
                its nominee, T. Matthew Buffington.</div>
            </td>
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      </table>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" id="z0dc3575d351f43a7b12880fa7c165fda" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-bottom: 12pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 72pt; vertical-align: top; background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;">
              <div style="margin-left: 36pt; line-height: 13.7pt; margin-bottom: 12pt; font-size: 12pt;">&#8226;</div>
            </td>
            <td style="width: auto; vertical-align: top; background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;">
              <div style="text-align: justify; line-height: 13.7pt; margin-bottom: 12pt; font-size: 12pt;">At the Joint Annual Meeting held December 19, 2018, Preferred Shareholders elected T. Matthew Buffington to one of the two Preferred Trustee
                positions on each of the Boards, replacing Hans W. Kertess for PMF, PML, PNI, PCQ, PCK, PNF and Alan Rappaport for PMX and PZC.</div>
            </td>
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      </table>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" id="zc8e254f237214ac09ec6d13ba810597b" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-bottom: 12pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 72pt; vertical-align: top; background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;">
              <div style="margin-left: 36pt; line-height: 13.7pt; margin-bottom: 12pt; font-size: 12pt;">&#8226;</div>
            </td>
            <td style="width: auto; vertical-align: top; background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;">
              <div style="text-align: justify; line-height: 13.7pt; margin-bottom: 12pt; font-size: 12pt;">On December 20, 2018, PIMCO responded to Mr. Buffington&#8217;s election by increasing the size of the Boards of each Fund by two seats and reappointing
                Mr. Kertess or Mr. Rappaport (as relevant) as a Trustee to each of the Boards along with newly appointed Sarah Cogan (effective January 1, 2019).</div>
            </td>
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      </table>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" id="zaf916b633ff7479b942ab8f8ac58e3ba" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-bottom: 12pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 72pt; vertical-align: top; background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;">
              <div style="margin-left: 36pt; line-height: 13.7pt; margin-bottom: 12pt; font-size: 12pt;">&#8226;</div>
            </td>
            <td style="width: auto; vertical-align: top; background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;">
              <div style="text-align: justify; line-height: 13.7pt; margin-bottom: 12pt; font-size: 12pt;">On June 18, 2019, Dryden verbally notified the Funds&#8217; Boards that it was exploring the possibility of nominating another candidate for the Preferred
                Trustee position for election at the upcoming joint annual meeting.</div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" id="za8dc5360a83f438c847849720a9075bb" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-bottom: 12pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 72pt; vertical-align: top; background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;">
              <div style="margin-left: 36pt; line-height: 13.7pt; margin-bottom: 12pt; font-size: 12pt;">&#8226;</div>
            </td>
            <td style="width: auto; vertical-align: top; background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;">
              <div style="text-align: justify; line-height: 13.7pt; margin-bottom: 12pt; font-size: 12pt;">On September 10, 2019, Dryden sent its formal notice nominating Derrick A. Clark for election.</div>
            </td>
          </tr>

      </table>
    </div>
    <div>
      <table cellspacing="0" cellpadding="0" id="zce88fd2fc5994bbba07dc9066fe13c48" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-bottom: 12pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 72pt; vertical-align: top; background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;">
              <div style="margin-left: 36pt; line-height: 13.7pt; margin-bottom: 12pt; font-size: 12pt;">&#8226;</div>
            </td>
            <td style="width: auto; vertical-align: top; background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;">
              <div style="text-align: justify; line-height: 13.7pt; margin-bottom: 12pt; font-size: 12pt;">On September 19, 2019, PIMCO notified Dryden it would not be nominating Dryden&#8217;s proposed candidate for election.</div>
            </td>
          </tr>

      </table>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageBreak" style="page-break-after:always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-align: center; line-height: 13.7pt; font-family: 'Times New Roman',Times,serif; font-size: 12pt; font-weight: bold; background-color: rgb(255, 255, 255); font-style: normal; font-variant: normal; text-transform: none;">REASONS FOR THE
      SOLICITATION</div>
    <div style="background-color: rgb(255, 255, 255); line-height: 14.4pt; font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;">
      <div style="line-height: 13.7pt;"><br style="line-height: 13.7pt;">
      </div>
    </div>
    <div style="background-color: #FFFFFF; line-height: 14.4pt;">
      <div style="text-align: justify; text-indent: 36pt; line-height: 13.7pt; font-size: 12pt;"> <font style="font-family: 'Times New Roman',Times,serif; background-color: rgb(255, 255, 255); font-style: normal; font-variant: normal; text-transform: none;">Dryden is a long-term and concerned investor in the Funds, having made its initial investment in the Funds in 2016. Dryden has owned ARPS of the Funds continuously since </font><font style="background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;">2016.&#160; In our opinion, our ownership aligns us well with the interests of the holders of ARPS because we share their economic risks and
            would share in their economic upside if the Funds prosper from our strategic vision for liquidity. Dryden has been an involved shareholder of the Funds for an extended period of time and T. Matthew Buffington, a managing member of Dryden
            Capital and Dryden Capital GP, currently serves as one of the Preferred Trustees on the Boards.&#160; Dryden and Mr. Buffington have repeatedly attempted to engage in a constructive dialogue with the other members of the Boards and Management on the
            future composition of the Boards and liquidity.</font> </div>
      <div style="line-height: 13.7pt; background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;"><br style="line-height: 13.7pt;">
      </div>
    </div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 13.7pt; font-size: 12pt;"><font style="font-family: 'Times New Roman',Times,serif; background-color: rgb(255, 255, 255); font-style: normal; font-variant: normal; text-transform: none;">&#160;</font><font style="background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;">Dryden believes now is the time that the Funds&#8217; ARPS should be redeemed.&#160; Now is the time that
        the Funds&#8217; ARPS should be redeemed because (i) there are better financing alternatives available to the Funds and (ii) the Funds have not kept pace with the rest of the municipal closed-end fund industry in providing Preferred Shareholders with
        much needed liquidity.</font></div>
    <div style="line-height: 13.7pt; background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;"><br style="line-height: 13.7pt;">
    </div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 13.7pt; font-family: 'Times New Roman',Times,serif; font-size: 12pt; background-color: rgb(255, 255, 255); font-style: normal; font-variant: normal; text-transform: none;"> Last year&#8217;s
        tender offer, announced on July 20, 2018 and completed on September 11, 2018, for the ARPS at 85% of their liquidation preference was, in our opinion, inadequate.&#160; Not only was the tender offer price below the level where the ARPS were trading in
        the secondary market, it was also significantly below the price where PIMCO&#8217;s peers have provided liquidity to their own ARPS Shareholders.&#160; Pursuing a tender offer at a low price is not a sufficient offer of liquidity to holders of ARPS.&#160; It
        appears our fellow holders of ARPS agreed as the vast majority of ARPS were not tendered.&#160; Preferred Shareholders also made their voice heard by successfully electing T. Matthew Buffington to one of the two Preferred Trustee positions at last
        year&#8217;s annual meeting.&#160; However, PIMCO responded to his election by increasing the size of the board by two and adding back the Preferred Trustee that the Preferred Shareholders voted to replace.&#160; This had the mathematical effect of diluting the
        voting impact of the Dyden nominee.&#160; Thus, we are asking our fellow Preferred Shareholders to counteract PIMCO&#8217;s dilution of our collective voice and elect an additional trustee to the Boards who will advocate for liquidity for the holders of the
        ARPS that is similar to the liquidity provided to PIMCO&#8217;s peers. </div>
    <div style="line-height: 13.7pt; background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;"><br style="line-height: 13.7pt;">
    </div>
    <div style="background-color: rgb(255, 255, 255); line-height: 14.4pt; font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;">
      <div style="line-height: 13.7pt;"><br style="line-height: 13.7pt;">
      </div>
    </div>
    <div style="text-align: center; text-indent: 36pt; line-height: 13.7pt; margin-bottom: 12pt; font-family: 'Times New Roman',Times,serif; font-size: 12pt; font-weight: bold; background-color: rgb(255, 255, 255); font-style: normal; font-variant: normal; text-transform: none;">TIME IS OF THE ESSENCE. WE BELIEVE THAT SIGNIFICANT IMPROVEMENT TO THE BOARDS IS NEEDED NOW!</div>
    <div style="background-color: rgb(255, 255, 255); line-height: 14.4pt; font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;">
      <div style="line-height: 13.7pt;"><br style="line-height: 13.7pt;">
      </div>
    </div>
    <div style="background-color: #FFFFFF; line-height: 14.4pt;">
      <div style="line-height: 13.7pt; background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;"><br style="line-height: 13.7pt;">
      </div>
      <div style="line-height: 13.7pt; background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;"><br style="line-height: 13.7pt;">
      </div>
    </div>
    <div style="background-color: #FFFFFF; line-height: 14.4pt;">
      <div style="line-height: 13.7pt; background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;"><br style="line-height: 13.7pt;">
      </div>
      <div style="line-height: 13.7pt; background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;"><br style="line-height: 13.7pt;">
      </div>
      <div style="line-height: 13.7pt; background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;"><br style="line-height: 13.7pt;">
      </div>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageBreak" style="page-break-after:always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-align: center; line-height: 13.7pt; font-family: 'Times New Roman',Times,serif; font-size: 12pt; font-weight: bold; background-color: rgb(255, 255, 255); font-style: normal; font-variant: normal; text-transform: none;">PROPOSAL NO.1</div>
    <div style="line-height: 13.7pt; background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;"><br style="line-height: 13.7pt;">
    </div>
    <div style="text-align: center; line-height: 13.7pt; margin-bottom: 12pt; font-family: 'Times New Roman',Times,serif; font-size: 12pt; font-weight: bold; background-color: rgb(255, 255, 255); font-style: normal; font-variant: normal; text-transform: none;">ELECTION OF TRUSTEE</div>
    <div style="line-height: 13.7pt; background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;"><br style="line-height: 13.7pt;">
    </div>
    <div style="background-color: #FFFFFF; line-height: 14.4pt;">
      <div style="text-align: justify; text-indent: 36pt; line-height: 13.7pt; font-family: 'Times New Roman',Times,serif; font-size: 12pt; background-color: rgb(255, 255, 255); font-style: normal; font-variant: normal; text-transform: none;"> According
          to the Funds&#8217; [preliminary] proxy statement, the current Board of each Fund consists of ten trustees, divided into three classes, including two trustees that have been designated by the Board to serve as the two Preferred Trustees.&#160; Based on
          public disclosures by the Funds, we believe that the current Preferred Trustees for PMF, PML, PNI, PCQ, PCK, PNF, PMX, PZC, Messrs. T. Matthew Buffington and James A. Jacobson, are presently serving three-year terms that end in 2021 and 2019,
          respectively.&#160; Therefore, one of the two designated Preferred Trustees for each Fund is to be elected at the Annual Meeting. In addition, two trustees who are not Preferred Trustees are to be elected at the Annual Meetings by holders of the
          shares of Common Stock and the holders of Preferred Shares, voting together as a single class. </div>
      <div style="line-height: 13.7pt; background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;"><br style="line-height: 13.7pt;">
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 13.7pt; font-size: 12pt;"> <font style="font-family: 'Times New Roman',Times,serif; background-color: rgb(255, 255, 255); font-style: normal; font-variant: normal; text-transform: none;">According to the Funds&#8217; </font><font style="background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;">[preliminary] proxy statement, the election
            of Mr. Clark to the Boards of each of the Funds will require the affirmative vote of a plurality of the votes of the Preferred Shareholders (voting as a separate class) of the relevant Fund cast in the election of Trustees at the Annual
            Meeting, in person or by proxy. The re-election of the trustees other than the Preferred Trustees to the Boards of each of the Funds will require the affirmative vote of a plurality of the votes of the Common Shareholders and Preferred
            Shareholders (voting together as a single class) of the relevant Fund cast in the election of Trustees at the Meeting, in person or by proxy.</font> </div>
    </div>
    <div style="background-color: #FFFFFF; line-height: 14.4pt;">
      <div style="line-height: 13.7pt; background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;"><br style="line-height: 13.7pt;">
      </div>
      <div style="text-align: justify; line-height: 13.7pt; font-family: 'Times New Roman',Times,serif; font-size: 12pt; font-weight: bold; background-color: rgb(255, 255, 255); font-style: normal; font-variant: normal; text-transform: none;">Our Nominee:</div>
      <div style="line-height: 13.7pt; background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;"><br style="line-height: 13.7pt;">
      </div>
    </div>
    <table cellspacing="0" cellpadding="0" id="z494ead74623242679afad50515c39269" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

        <tr>
          <td style="width: 10.63%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="text-align: center; line-height: 11.4pt; margin-bottom: 12pt; font-family: 'Times New Roman',Times,serif; background-color: rgb(255, 255, 255); font-style: normal; font-variant: normal; text-transform: none;">(1)</div>
            <div style="line-height: 0pt; background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;"><font style="line-height: 0pt;">&#160;</font></div>
          </td>
          <td style="width: 11.89%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="text-align: center; line-height: 13.7pt; margin-bottom: 12pt; font-family: 'Times New Roman',Times,serif; font-size: 12pt; background-color: rgb(255, 255, 255); font-style: normal; font-variant: normal; text-transform: none;">(2)</div>
            <div style="line-height: 0pt; background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;"><font style="line-height: 0pt;">&#160;</font></div>
          </td>
          <td style="width: 12.94%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="text-align: center; line-height: 13.7pt; margin-bottom: 12pt; font-family: 'Times New Roman',Times,serif; font-size: 12pt; background-color: rgb(255, 255, 255); font-style: normal; font-variant: normal; text-transform: none;">(3)</div>
            <div style="line-height: 0pt; background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;"><font style="line-height: 0pt;">&#160;</font></div>
          </td>
          <td style="width: 29.98%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="text-align: center; line-height: 13.7pt; margin-bottom: 12pt; font-family: 'Times New Roman',Times,serif; font-size: 12pt; background-color: rgb(255, 255, 255); font-style: normal; font-variant: normal; text-transform: none;">(4)</div>
            <div style="line-height: 0pt; background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;"><font style="line-height: 0pt;">&#160;</font></div>
          </td>
          <td style="width: 17.48%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="text-align: center; line-height: 13.7pt; margin-bottom: 12pt; font-family: 'Times New Roman',Times,serif; font-size: 12pt; background-color: rgb(255, 255, 255); font-style: normal; font-variant: normal; text-transform: none;">(5)</div>
            <div style="line-height: 0pt; background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;"><font style="line-height: 0pt;">&#160;</font></div>
          </td>
          <td style="width: 17.07%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="text-align: center; line-height: 13.7pt; margin-bottom: 12pt; font-family: 'Times New Roman',Times,serif; font-size: 12pt; background-color: rgb(255, 255, 255); font-style: normal; font-variant: normal; text-transform: none;">(6)</div>
            <div style="line-height: 0pt; background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;"><font style="line-height: 0pt;">&#160;</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 10.63%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="line-height: 11.4pt; margin-bottom: 12pt; font-family: 'Times New Roman',Times,serif; background-color: rgb(255, 255, 255); font-style: normal; font-variant: normal; text-transform: none;">Name, Address, and Age</div>
            <div style="line-height: 0pt; background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;"><font style="line-height: 0pt;">&#160;</font></div>
          </td>
          <td style="width: 11.89%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="line-height: 11.4pt; margin-bottom: 12pt; font-family: 'Times New Roman',Times,serif; background-color: rgb(255, 255, 255); font-style: normal; font-variant: normal; text-transform: none;">Position(s) Held with Fund(s)</div>
            <div style="line-height: 0pt; background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;"><font style="line-height: 0pt;">&#160;</font></div>
          </td>
          <td style="width: 12.94%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="line-height: 11.4pt; margin-bottom: 12pt; font-family: 'Times New Roman',Times,serif; background-color: rgb(255, 255, 255); font-style: normal; font-variant: normal; text-transform: none;">Term of Office and Length of Time Served
              with Fund(s)</div>
            <div style="line-height: 0pt; background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;"><font style="line-height: 0pt;">&#160;</font></div>
          </td>
          <td style="width: 29.98%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="line-height: 11.4pt; margin-bottom: 12pt; font-family: 'Times New Roman',Times,serif; background-color: rgb(255, 255, 255); font-style: normal; font-variant: normal; text-transform: none;">Principal Occupation(s) During Past 5 Years</div>
            <div style="line-height: 0pt; background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;"><font style="line-height: 0pt;">&#160;</font></div>
          </td>
          <td style="width: 17.48%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="line-height: 11.4pt; margin-bottom: 12pt; font-family: 'Times New Roman',Times,serif; background-color: rgb(255, 255, 255); font-style: normal; font-variant: normal; text-transform: none;">Number of Portfolios in Fund Complex
              Overseen by Director or Nominee for Director</div>
            <div style="line-height: 0pt; background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;"><font style="line-height: 0pt;">&#160;</font></div>
          </td>
          <td style="width: 17.07%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="line-height: 11.4pt; margin-bottom: 12pt; font-family: 'Times New Roman',Times,serif; background-color: rgb(255, 255, 255); font-style: normal; font-variant: normal; text-transform: none;">Other Directorships Held by Director or
              Nominee for Director</div>
            <div style="line-height: 0pt; background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;"><font style="line-height: 0pt;">&#160;</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 10.63%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="line-height: 11.4pt; margin-bottom: 6pt; font-family: 'Times New Roman',Times,serif; background-color: rgb(255, 255, 255); font-style: normal; font-variant: normal; text-transform: none;">Derrick A. Clark</div>
            <div style="line-height: 11.4pt; margin-bottom: 12pt; font-family: 'Times New Roman',Times,serif; background-color: rgb(255, 255, 255); font-style: normal; font-variant: normal; text-transform: none;">Business Address:</div>
            <div style="line-height: 11.4pt; font-family: 'Times New Roman',Times,serif; background-color: rgb(255, 255, 255); font-style: normal; font-variant: normal; text-transform: none;">Junto Capital</div>
            <div style="line-height: 11.4pt; font-family: 'Times New Roman',Times,serif; background-color: rgb(255, 255, 255); font-style: normal; font-variant: normal; text-transform: none;">450 Park Avenue, Suite 25</div>
            <div style="line-height: 11.4pt; margin-bottom: 12pt; font-family: 'Times New Roman',Times,serif; background-color: rgb(255, 255, 255); font-style: normal; font-variant: normal; text-transform: none;">New York, New York 10022</div>
            <div style="line-height: 0pt; background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;"><font style="line-height: 0pt;">&#160;</font></div>
          </td>
          <td style="width: 11.89%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="line-height: 11.4pt; margin-bottom: 12pt; font-family: 'Times New Roman',Times,serif; background-color: rgb(255, 255, 255); font-style: normal; font-variant: normal; text-transform: none;">None</div>
            <div style="line-height: 0pt; background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;"><font style="line-height: 0pt;">&#160;</font></div>
          </td>
          <td style="width: 12.94%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="line-height: 11.4pt; margin-bottom: 12pt; font-family: 'Times New Roman',Times,serif; background-color: rgb(255, 255, 255); font-style: normal; font-variant: normal; text-transform: none;">N/A</div>
            <div style="line-height: 0pt; background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;"><font style="line-height: 0pt;">&#160;</font></div>
          </td>
          <td style="width: 29.98%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="line-height: 11.4pt; margin-bottom: 12pt; font-family: 'Times New Roman',Times,serif; background-color: rgb(255, 255, 255); font-style: normal; font-variant: normal; text-transform: none;">Analyst and Portfolio Manager at Junto
              Capital since July 2013.</div>
            <div style="line-height: 11.4pt; margin-bottom: 12pt; font-family: 'Times New Roman',Times,serif; background-color: rgb(255, 255, 255); font-style: normal; font-variant: normal; text-transform: none;">The principal business of Junto Capital is
              to provide investment advisory, portfolio and wealth management, consulting, financial planning, and investment supervisory services.</div>
            <div style="line-height: 0pt; background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;"><font style="line-height: 0pt;">&#160;</font></div>
          </td>
          <td style="width: 17.48%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="line-height: 11.4pt; margin-bottom: 12pt; font-family: 'Times New Roman',Times,serif; background-color: rgb(255, 255, 255); font-style: normal; font-variant: normal; text-transform: none;">None</div>
            <div style="line-height: 0pt; background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;"><font style="line-height: 0pt;">&#160;</font></div>
          </td>
          <td style="width: 17.07%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="line-height: 11.4pt; margin-bottom: 12pt; font-family: 'Times New Roman',Times,serif; background-color: rgb(255, 255, 255); font-style: normal; font-variant: normal; text-transform: none;">None</div>
            <div style="line-height: 0pt; background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;"><font style="line-height: 0pt;">&#160;</font></div>
          </td>
        </tr>

    </table>
    <div style="background-color: rgb(255, 255, 255); line-height: 14.4pt; font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;">
      <div style="line-height: 13.7pt;"><br style="line-height: 13.7pt;">
      </div>
    </div>
    <div style="background-color: #FFFFFF; line-height: 14.4pt;">
      <div style="text-align: justify; text-indent: 36pt; line-height: 13.7pt; color: #000000; font-size: 12pt;"><font style="font-family: 'Times New Roman',Times,serif; font-weight: bold; background-color: rgb(255, 255, 255); font-style: normal; font-variant: normal; text-transform: none;">Derrick A. Clark</font><font style="background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;">, age 35, has
          served as an Analyst and a Portfolio Manager at Junto Capital Management LP since July 2013.&#160; &#160; Previously, Mr. Clark was a Senior Analyst at Glenview Capital Management, where he was responsible for identifying investment opportunities within
          the Industrials sector. Prior to joining Glenview, Mr. Clark was an Associate at the private equity fund Clayton, Dubilier &amp; Rice, and an Investment Banking Analyst at Goldman Sachs. Mr. Clark earned his BS in Business Administration and
          graduated with high distinction from Indiana University&#8217;s Kelley School of Business, where he concentrated in Finance and Economics.</font></div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div style="page-break-after: always;" id="DSPFPageBreak">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
    </div>
    <div style="background-color: #FFFFFF; line-height: 14.4pt;">
      <div style="line-height: 13.7pt; background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;"><br style="line-height: 13.7pt;">
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 13.7pt; font-size: 12pt;"><font style="font-family: 'Times New Roman',Times,serif; background-color: rgb(255, 255, 255); font-style: normal; font-variant: normal; text-transform: none;">The

          principal business address of Mr. Clark is Junto Capital, 450 Park Avenue, Suite 25, New York, New York 10022.</font><font style="background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;"> Mr. Clark has not held any positions, including as an officer, employee, director, or general partner, with any affiliated persons or principal underwriters of the Funds. The Nominee has not held any (i) positions,
          including as an officer, employee, director, or general partner or (ii) directorships, during the past five year that would require disclosure under paragraph (b)(4) of Item 22 of Rule 14a-101 (Schedule 14A) under the Securities Act of 1933
          (&#8220;Rule 14a-101&#8221;).</font></div>
      <div style="line-height: 13.7pt; background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;"><br style="line-height: 13.7pt;">
      </div>
      <div style="line-height: 13.7pt; background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;"><br style="line-height: 13.7pt;">
      </div>
      <div style="line-height: 13.7pt; background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;"><br style="line-height: 13.7pt;">
      </div>
    </div>
    <table cellspacing="0" cellpadding="0" id="z2adc45d98de34d7db08c2c9046e465a8" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

        <tr>
          <td style="width: 33.33%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="text-align: center; line-height: 11.4pt; margin-bottom: 12pt; font-family: 'Times New Roman',Times,serif; background-color: rgb(255, 255, 255); font-style: normal; font-variant: normal; text-transform: none;">(1)</div>
            <div style="line-height: 0pt; background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;"><font style="line-height: 0pt;">&#160;</font></div>
          </td>
          <td style="width: 33.33%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="text-align: center; line-height: 11.4pt; margin-bottom: 12pt; font-family: 'Times New Roman',Times,serif; background-color: rgb(255, 255, 255); font-style: normal; font-variant: normal; text-transform: none;">(2)</div>
            <div style="line-height: 0pt; background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;"><font style="line-height: 0pt;">&#160;</font></div>
          </td>
          <td style="width: 33.33%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="text-align: center; line-height: 11.4pt; margin-bottom: 12pt; font-family: 'Times New Roman',Times,serif; background-color: rgb(255, 255, 255); font-style: normal; font-variant: normal; text-transform: none;">(3)</div>
            <div style="line-height: 0pt; background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;"><font style="line-height: 0pt;">&#160;</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 33.33%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="text-align: justify; line-height: 11.4pt; margin-bottom: 12pt; font-family: 'Times New Roman',Times,serif; background-color: rgb(255, 255, 255); font-style: normal; font-variant: normal; text-transform: none;">Name of Director or
              Nominee</div>
            <div style="line-height: 0pt; background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;"><font style="line-height: 0pt;">&#160;</font></div>
          </td>
          <td style="width: 33.33%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="text-align: justify; line-height: 11.4pt; margin-bottom: 12pt; font-family: 'Times New Roman',Times,serif; background-color: rgb(255, 255, 255); font-style: normal; font-variant: normal; text-transform: none;">Dollar Range of Equity
              Securities in the Funds</div>
            <div style="line-height: 0pt; background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;"><font style="line-height: 0pt;">&#160;</font></div>
          </td>
          <td style="width: 33.33%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="text-align: justify; line-height: 11.4pt; margin-bottom: 12pt; font-family: 'Times New Roman',Times,serif; background-color: rgb(255, 255, 255); font-style: normal; font-variant: normal; text-transform: none;">Aggregate Dollar Range
              of Equity Securities in All Funds Overseen or to be Overseen by Director or Nominee in Family of Investment Companies</div>
            <div style="line-height: 0pt; background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;"><font style="line-height: 0pt;">&#160;</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 33.33%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="text-align: justify; line-height: 11.4pt; margin-bottom: 12pt; font-family: 'Times New Roman',Times,serif; background-color: rgb(255, 255, 255); font-style: normal; font-variant: normal; text-transform: none;">Derrick A. Clark</div>
            <div style="line-height: 0pt; background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;"><font style="line-height: 0pt;">&#160;</font></div>
          </td>
          <td style="width: 33.33%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0); background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;">
            <div style="text-align: justify; line-height: 11.4pt;">None</div>
          </td>
          <td style="width: 33.33%; vertical-align: top; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="text-align: justify; line-height: 11.4pt; margin-bottom: 12pt; font-family: 'Times New Roman',Times,serif; background-color: rgb(255, 255, 255); font-style: normal; font-variant: normal; text-transform: none;">None</div>
            <div style="line-height: 0pt; background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;"><font style="line-height: 0pt;">&#160;</font></div>
          </td>
        </tr>

    </table>
    <div style="background-color: rgb(255, 255, 255); line-height: 14.4pt; font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;">
      <div style="text-align: justify; line-height: 13.7pt; font-size: 12pt;">&#160;</div>
    </div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 13.7pt; font-family: 'Times New Roman',Times,serif; font-size: 12pt; background-color: rgb(255, 255, 255); font-style: normal; font-variant: normal; text-transform: none;">Mr. Clark does
      not beneficially own any securities of (i) an investment adviser, principal underwriter, or Sponsoring Insurance Company of the Funds; or (ii) a person (other than a registered investment company) directly or indirectly controlling, controlled by, or
      under common control with an investment adviser, principal underwriter, or Sponsoring Insurance Company of the Funds.</div>
    <div style="line-height: 13.7pt; background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;"><br style="line-height: 13.7pt;">
    </div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 13.7pt; font-family: 'Times New Roman',Times,serif; font-size: 12pt; background-color: rgb(255, 255, 255); font-style: normal; font-variant: normal; text-transform: none;">The Nominee
      will not receive any compensation from Dryden Capital for his services as a Nominee or Trustee of the Funds if elected.&#160; If elected, the Nominee will be entitled to such compensation from the Funds as is consistent with the Funds&#8217; practices for
      services of non-employee Trustees, but has agreed to forfeit such compensation to Dryden Capital Fund.</div>
    <div style="line-height: 13.7pt; background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;"><br style="line-height: 13.7pt;">
    </div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 13.7pt; font-family: 'Times New Roman',Times,serif; font-size: 12pt; background-color: rgb(255, 255, 255); font-style: normal; font-variant: normal; text-transform: none;">Other than as
      identified herein, there are no arrangements or understandings between members of Dryden or any other person or persons pursuant to which the nomination of the Nominee described herein is to be made, other than the consent by the Nominee to be named
      in this Proxy Statement and to serve as a trustee of the Funds if elected as such at the Annual Meeting. The Nominee is not a party adverse to the Funds or any of its subsidiaries or has a material interest adverse to the Funds or any of its
      subsidiaries in any material pending legal proceedings.</div>
    <div style="line-height: 13.7pt; background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;"><br style="line-height: 13.7pt;">
    </div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 13.7pt; font-family: 'Times New Roman',Times,serif; font-size: 12pt; background-color: rgb(255, 255, 255); font-style: normal; font-variant: normal; text-transform: none;">Dryden believes
      that the Nominee presently is, and if elected as a trustee of the Funds the Nominee (a) would be, an &#8220;independent trustee&#8221; within the meaning of (i) the NYSE Listed Company Manual and (ii) paragraph (a)(1) of Item 407 of Regulation S-K under the
      Securities Act of 1933, as amended (&#8220;Regulation S&#8209;K&#8221;) and (b) would not be considered an &#8220;interested person&#8221; of the Funds as defined in Section 2(a)(19) of the Investment Company Act of 1940, as amended.</div>
    <div style="line-height: 13.7pt; background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;"><br style="line-height: 13.7pt;">
    </div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 13.7pt; font-family: 'Times New Roman',Times,serif; font-size: 12pt; background-color: rgb(255, 255, 255); font-style: normal; font-variant: normal; text-transform: none;">Neither the
      Nominee nor any of his Immediate Family Members (i) has any direct or indirect interest, the value of which exceeds $120,000 during the past five years in (x) an investment adviser, principal underwriter, or Sponsoring Insurance Company of the Funds;
      or (y) a person (other than a registered investment company) directly or indirectly controlling, controlled by, or under common control with an investment adviser, principal underwriter, or Sponsoring Insurance Company of the Funds; (ii) has any
      material interest, direct or indirect, in any transaction, or series or similar transactions, since January 1, 2016 or in any currently proposed transaction, or series of similar transaction requiring disclosure under paragraph (b)(8) of Item 22 of
      Rule 14a-101; (iii) has had since January 1, 2016 or is currently proposed to have, any direct or indirect relationship requiring disclosure under paragraph (b)(9) of Item 22 of Rule 14a-101; (iv) since January 1, 2016, has served on the board of
      directors where an Officer of an investment adviser, principal underwriter, or Sponsoring Insurance Company of the Funds, or an Officer of a person directly or indirectly controlling, controlled by, or under common control with an investment adviser,
      principal underwriter, or Sponsoring Insurance Company of the Funds, serves, or has served.</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div style="page-break-after: always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
    </div>
    <div style="line-height: 13.7pt; background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;"><br style="line-height: 13.7pt;">
    </div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 13.7pt; font-family: 'Times New Roman',Times,serif; font-size: 12pt; background-color: rgb(255, 255, 255); font-style: normal; font-variant: normal; text-transform: none;">There are no
      events required to be disclosed under Item 401(f) of Regulation S-K that have occurred during the past ten years or are material to an evaluation of the ability or integrity of the Nominee and (ii) there were no transactions since January 1, 2018,
      nor are there any currently proposed, involving any Participant or any of its or his associates in which the Funds was or is to be a participant and in which such Participant, any of its or his associates, or any of their respective immediate family
      members or any persons sharing their respective households, have or will have a direct or indirect material interest that would require disclosure under Item 404(a) of Regulation S-K.</div>
    <div style="line-height: 13.7pt; background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;"><br style="line-height: 13.7pt;">
    </div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 13.7pt; font-family: 'Times New Roman',Times,serif; font-size: 12pt; background-color: rgb(255, 255, 255); font-style: normal; font-variant: normal; text-transform: none;"> We do not
        expect that the Nominee will be unable to stand for election, but, in the event that the Nominee is unable to serve or for good cause will not serve, the shares of Stock represented by the enclosed <font style="font-weight: bold;">GOLD</font>
        proxy card will be voted for a substitute nominee, to the extent (i) this is not expressly prohibited under the Funds&#8217; bylaws and applicable law and (ii) notice of the substitute nominee has been made in accordance with the Funds&#8217; bylaws and
        applicable law. In addition, we reserve the right to nominate substitute person(s) if the Funds make or announce any changes to their bylaws or take or announce any other action that has, or if consummated would have, the effect of disqualifying
        the Nominee, to the extent this is not prohibited under the Funds&#8217; bylaws and applicable law. In any such case, we would identify and properly nominate such substitute nominee(s) in accordance with the Funds&#8217; bylaws and shares of Stock represented
        by the enclosed <font style="font-weight: bold;">GOLD </font>proxy card will be voted for such substitute nominee(s). We reserve the right to nominate additional person(s), to the extent this is not prohibited under the Funds&#8217; bylaws and
        applicable law, if the Funds increase the size of any Board above its existing size or increases the number of trustees whose terms expire at the Annual Meeting or reconstitute or reconfigure the classes on which the current trustees serve.
        Additional nominations made pursuant to the preceding sentence are without prejudice to the position of Dryden that any attempt to increase the size of the current Boards or to reconfigure the classes of the Boards other than as currently proposed
        constitutes an unlawful manipulation of the Funds&#8217; corporate machinery. To the extent Dryden nominates any substitute nominee under the above provisions and pursuant to the Funds&#8217; bylaws, Dryden confirms that it will file an amended proxy statement
        that (i) identifies such substitute nominee, (ii) discloses whether the substitute nominee has consented (x) to being named as a nominee in the proxy materials and (y) to serving as a Trustee, if elected, and (iii) provides the disclosure of the
        information required under Items 5(b) and 7 of Rule 14a-101. </div>
    <div style="line-height: 13.7pt; background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;"><br style="line-height: 13.7pt;">
    </div>
    <div style="text-align: center; line-height: 13.7pt; font-family: 'Times New Roman',Times,serif; font-size: 12pt; font-weight: bold; background-color: rgb(255, 255, 255); font-style: normal; font-variant: normal; text-transform: none;"> WE URGE YOU
        TO VOTE FOR THE ELECTION OF THE NOMINEE ON THE ENCLOSED GOLD PROXY CARD. </div>
    <div style="line-height: 13.7pt; background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;"><br style="line-height: 13.7pt;">
    </div>
    <div style="text-align: center; line-height: 13.7pt; font-family: 'Times New Roman',Times,serif; font-size: 12pt; font-weight: bold; background-color: rgb(255, 255, 255); font-style: normal; font-variant: normal; text-transform: none;">WE INTEND TO
      VOTE OUR SHARES FOR THE ELECTION OF THE NOMINEE.</div>
    <div style="line-height: 13.7pt; background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;"><br style="line-height: 13.7pt;">
    </div>
    <div style="text-align: center; line-height: 13.7pt; font-family: 'Times New Roman',Times,serif; font-size: 12pt; font-weight: bold; background-color: rgb(255, 255, 255); font-style: normal; font-variant: normal; text-transform: none;"> SHARES OF
        STOCK REPRESENTED BY PROPERLY EXECUTED GOLD PROXY CARDS WILL BE VOTED AT THE ANNUAL MEETING AS MARKED AND, IN THE ABSENCE OF SPECIFIC INSTRUCTIONS, &#8220;FOR&#8221; THE NOMINEE. </div>
    <div style="background-color: #FFFFFF; line-height: 14.4pt;">
      <div style="line-height: 13.7pt; background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;"><br style="line-height: 13.7pt;">
      </div>
      <div style="line-height: 13.7pt; background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;"><br style="line-height: 13.7pt;">
      </div>
    </div>
    <div style="background-color: rgb(255, 255, 255); line-height: 14.4pt; font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;">
      <div style="line-height: 13.7pt; font-size: 12pt;">&#160;</div>
    </div>
    <div style="line-height: 13.7pt; background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;"><br style="line-height: 13.7pt;">
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageBreak" style="page-break-after:always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="background-color: rgb(255, 255, 255); line-height: 14.4pt; font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;">
      <div style="text-align: center; line-height: 13.7pt; font-size: 12pt; font-weight: bold;">VOTING AND PROXY PROCEDURES</div>
    </div>
    <div style="line-height: 13.7pt; background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;"><br style="line-height: 13.7pt;">
    </div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 13.7pt; font-family: 'Times New Roman',Times,serif; font-size: 12pt; background-color: rgb(255, 255, 255); font-style: normal; font-variant: normal; text-transform: none;">Only
      shareholders of record on the Record Date will be entitled to notice of and to vote at the Annual Meeting. Shareholders who sell their shares of Stock before the Record Date (or acquire them without voting rights after the Record Date) may not vote
      such shares. Shareholders of record on the Record Date will retain their voting rights in connection with the Annual Meeting even if they sell such shares of Common Stock after the Record Date. Based on publicly available information, Dryden believes
      that the only outstanding classes of securities of the Funds entitled to vote at the Annual Meeting are the Common Stock, ARPS and VMTPS.</div>
    <div style="line-height: 13.7pt; background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;"><br style="line-height: 13.7pt;">
    </div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 13.7pt; font-family: 'Times New Roman',Times,serif; font-size: 12pt; background-color: rgb(255, 255, 255); font-style: normal; font-variant: normal; text-transform: none;"> Shares of
        Stock represented by properly executed <font style="font-weight: bold;">GOLD</font>&#160;proxy cards will be voted at the Annual Meeting as marked and, in the absence of specific instructions, will be voted as follows: FOR the election of Mr. Clark to
        the Boards of each Fund&#160;and in the discretion of the persons named as proxies on all other matters as may properly come before the Annual Meeting, as described herein and for the election of trustees as set forth below. </div>
    <div style="line-height: 13.7pt; background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;"><br style="line-height: 13.7pt;">
    </div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 13.7pt; font-family: 'Times New Roman',Times,serif; font-size: 12pt; background-color: rgb(255, 255, 255); font-style: normal; font-variant: normal; text-transform: none;"> According to
        the Funds&#8217; [preliminary] proxy statement, the current Boards of each of the Funds consist of ten trustees, divided into three classes, including two trustees that have been designated by the Board to serve as the two Preferred Trustees.&#160; Based on
        prior public disclosures by the Funds, we believe that the current Preferred Trustees for PMF, PML, PNI, PCQ, PCK, PNF, PMX, PZC, Messrs. T. Matthew Buffington and James A. Jacobson, are presently serving three-year terms that end in 2021 and 2019,
        respectively.&#160; Therefore, one of the two designated Preferred Trustees for each Fund is to be elected at the Annual Meeting. In addition, two trustees who are not Preferred Trustees are to be elected at the Annual Meetings by holders of the shares
        of Common Stock of the Funds and the holders of Preferred Shares, voting together as a single class.&#160; We are not seeking control of the Boards. If our Nominee is elected we could not control the Boards absent the resignation of the other members of
        the Board, and any claim to the contrary would be entirely false and misleading. </div>
    <div style="line-height: 13.7pt; background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;"><br style="line-height: 13.7pt;">
    </div>
    <div style="text-align: justify; line-height: 13.7pt; font-family: 'Times New Roman',Times,serif; font-size: 12pt; font-weight: bold; background-color: rgb(255, 255, 255); font-style: normal; font-variant: normal; text-transform: none;"> Quorum;
        Broker Non-Votes; </div>
    <div style="background-color: rgb(255, 255, 255); line-height: 14.4pt; font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;">
      <div style="line-height: 13.7pt;"> <br style="line-height: 13.7pt;">
        </div>
    </div>
    <div style="background-color: rgb(255, 255, 255); line-height: 14.4pt; font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;">
      <div style="text-align: justify; text-indent: 24.5pt; line-height: 13.7pt; font-size: 12pt;"> According to the Funds&#8217; [preliminary] proxy statement, a quorum for each Fund at the Annual Meeting will consist of the presence in person or by proxy of
          thirty percent (30%) of the total Shares of the Fund entitled to vote at such Meeting, except that, where the Preferred Shares or Common Shares will vote as separate classes, then thirty percent (30%) of the shares of each class entitled to vote
          will be necessary to constitute a quorum for the transaction of business by that class. By way of clarification, in the case of Preferred Shares voting as a separate class, thirty percent (30%) of the total number of ARPS and VMTPS entitled to
          vote (regardless of the relative liquidation preference of the shares) will be necessary to constitute a quorum. </div>
    </div>
    <div style="background-color: #FFFFFF; line-height: 14.4pt;">
      <div style="line-height: 0pt; background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;"> <br style="line-height: 0pt;">
        </div>
      <div style="text-align: justify; text-indent: 24.5pt; line-height: 13.7pt; margin-top: 12pt; margin-bottom: 12pt; font-size: 12pt;"> <font style="font-family: 'Times New Roman',Times,serif; background-color: rgb(255, 255, 255); font-style: normal; font-variant: normal; text-transform: none;">According to the Funds&#8217; [preliminary] proxy statement, votes cast by proxy or in person at the Annual Meeting will be counted by persons appointed by the Funds as tellers (the &#8220;Tellers&#8221;) for the
            Annual Meeting. For purposes of determining the presence of a quorum for each Fund, the Tellers will include the total number of Shares present at the Annual Meeting in person or by proxy, including Shares represented by proxies that reflect
            abstentions and &#8220;broker non-votes&#8221; (</font><font style="font-family: 'Times New Roman',Times,serif; font-style: normal; background-color: rgb(255, 255, 255); font-variant: normal; text-transform: none;">i.e.</font><font style="font-family: 'Times New Roman',Times,serif; background-color: rgb(255, 255, 255); font-style: normal; font-variant: normal; text-transform: none;">, shares held by brokers or nominees as to which instructions have not been received from the beneficial
            owners or the persons entitled to vote and the broker or nominee does not have the discretionary voting power on a particular matter). </font><font style="background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;">For a proposal requiring approval of a plurality of the votes cast, such as the election of Trustees, abstention and broker non-votes will not be counted towards the achievement
            of a plurality of votes cast for a nominee.&#160; In the case of a contested election, abstentions and non-votes may require a nominee to receive a higher percentage of the votes cast in order to achieve a plurality of the votes cast, but will not
            be counted as votes against such nominee&#8217;s election.</font> </div>
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          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <div style="line-height: 0pt; background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;"><br style="line-height: 0pt;">
      </div>
    </div>
    <div style="line-height: 13.7pt; background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;"><br style="line-height: 13.7pt;">
    </div>
    <div style="line-height: 13.7pt; margin-bottom: 12pt; font-family: 'Times New Roman',Times,serif; font-size: 12pt; font-weight: bold; background-color: rgb(255, 255, 255); font-style: normal; font-variant: normal; text-transform: none;">Votes Required
      for Approval</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 13.7pt; font-size: 12pt;"><font style="font-family: 'Times New Roman',Times,serif; background-color: rgb(255, 255, 255); font-style: normal; font-variant: normal; text-transform: none;">Each

        share of Stock entitles the holder thereof to one vote on the election of each of the nominees for trustee other than the </font><font style="background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;">Preferred Trustees and on any other matter that may properly come before the Annual Meeting. Each share of Preferred Stock entitles the holder thereof to one vote on the election of each of the nominees
        for the Preferred Trustees. Shareholders are not entitled to cumulative voting in the election of Trustees.</font></div>
    <div style="line-height: 13.7pt; background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;"><br style="line-height: 13.7pt;">
    </div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 13.7pt; font-size: 12pt;"><font style="font-family: 'Times New Roman',Times,serif; font-style: normal; background-color: rgb(255, 255, 255); font-variant: normal; text-transform: none;">Election

        of Trustees</font><font style="font-family: 'Times New Roman',Times,serif; background-color: rgb(255, 255, 255); font-style: normal; font-variant: normal; text-transform: none;"> &#9472; Each Funds&#8217;&#160;Bylaws provide that the&#160;</font><font style="background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;">Preferred Trustees will be elected by the affirmative vote of a plurality of the votes of the
        Preferred Shareholders (voting as a separate class) of the relevant Fund cast in the election of Trustees at the Meeting, in person or by proxy. Each Funds&#8217; Bylaws provide that the remaining trustees will be elected by the affirmative vote of a
        plurality of the votes of the Common Shareholders and Preferred Shareholders (voting together as a single class) of the relevant Fund cast in the election of Trustees at the Meeting, in person or by proxy.</font></div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 13.7pt;"><font style="font-size: 12pt; font-family: 'Times New Roman',Times,serif; background-color: rgb(255, 255, 255); font-style: normal; font-variant: normal; text-transform: none;">
      </font><font style="background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;"><br style="line-height: 13.7pt;">
      </font></div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 13.7pt; font-family: 'Times New Roman',Times,serif; font-size: 12pt; background-color: rgb(255, 255, 255); font-style: normal; font-variant: normal; text-transform: none;"> To vote,
        please complete, sign, date and return the enclosed <font style="font-weight: bold;">GOLD</font> proxy card or, to appoint a proxy over the Internet or by telephone, follow the instructions provided herein. If you attend the Annual Meeting and
        wish to vote in person, you may withdraw your proxy and vote in person. If your shares of Stock are held in the name of your broker, bank or other nominee, as it appears from public information that most shares of Stock are, you must obtain a
        proxy, executed in your favor, from the holder of record to be able to vote at the Annual Meeting. Dryden&#8217;s proxy solicitors at InvestorCom can help answer your voting and proxy questions. </div>
    <div style="line-height: 13.7pt; background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;"><br style="line-height: 13.7pt;">
    </div>
    <div style="text-align: justify; line-height: 13.7pt; margin-bottom: 12pt; font-family: 'Times New Roman',Times,serif; font-size: 12pt; font-weight: bold; background-color: rgb(255, 255, 255); font-style: normal; font-variant: normal; text-transform: none;">Revocation of Proxies</div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 13.7pt; font-size: 12pt;"> <font style="font-family: 'Times New Roman',Times,serif; background-color: rgb(255, 255, 255); font-style: normal; font-variant: normal; text-transform: none;">Shareholders of the Funds may revoke their proxies at any time prior to exercise by attending the Annual Meeting and voting in person (although attendance at the Annual Meeting will not in and of itself constitute revocation of a proxy) or
          by delivering a written notice of revocation. The delivery of a subsequently dated proxy which is properly completed will constitute a revocation of any earlier proxy. The revocation may be delivered either to us in care of </font><font style="background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;">InvestorCom at 19 Old Kings Highway S. &#8211; Suite 210, Darien, CT 06820 or to PIMCO at 1633
          Broadway, New York, New York 10019, or any other address provided by the Funds. Although a revocation is effective if delivered to the Funds, we request that either the original or photostatic copies of all revocations be mailed to us in care of
          InvestorCom at 19 Old Kings Highway S. &#8211; Suite 210, Darien, CT 06820. <font style="font-weight: bold;">IF YOU WISH TO VOTE FOR THE ELECTION OF OUR NOMINEES TO THE BOARD, PLEASE SIGN, DATE AND RETURN PROMPTLY THE ENCLOSED GOLD PROXY CARD IN THE
            POSTAGE-PAID ENVELOPE PROVIDED.</font></font> </div>
    <div style="line-height: 13.7pt; background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;"><br style="line-height: 13.7pt;">
    </div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 13.7pt; font-family: 'Times New Roman',Times,serif; font-size: 12pt; font-weight: bold; background-color: rgb(255, 255, 255); font-style: normal; font-variant: normal; text-transform: none;"> To ensure that your shares are voted in accordance with your wishes, you should also contact the person responsible for your account and give instructions for a GOLD proxy card to be issued representing your shares of Stock. </div>
    <div style="line-height: 13.7pt; background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;"><br style="line-height: 13.7pt;">
    </div>
    <div style="text-align: center; line-height: 13.7pt;"><font style="font-size: 12pt; font-family: 'Times New Roman',Times,serif; font-weight: bold; background-color: rgb(255, 255, 255); font-style: normal; font-variant: normal; text-transform: none;"> </font><font style="background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;"><br style="line-height: 13.7pt;">
      </font></div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageBreak" style="page-break-after:always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-align: center; line-height: 13.7pt; font-family: 'Times New Roman',Times,serif; font-size: 12pt; font-weight: bold; background-color: rgb(255, 255, 255); font-style: normal; font-variant: normal; text-transform: none;">SOLICITATION OF
      PROXIES</div>
    <div style="line-height: 13.7pt; background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;"><br style="line-height: 13.7pt;">
    </div>
    <div style="background-color: rgb(255, 255, 255); line-height: 14.4pt; font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;">
      <div style="text-align: justify; text-indent: 36pt; line-height: 13.7pt; font-size: 12pt;">The solicitation of proxies pursuant to this Proxy Statement is being made by Dryden. Proxies may be solicited by mail, facsimile, telephone, telegraph,
        Internet, in person and by advertisements.</div>
    </div>
    <div style="background-color: rgb(255, 255, 255); line-height: 14.4pt; font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;">
      <div style="text-align: justify; line-height: 13.7pt; font-size: 12pt;">&#160;</div>
    </div>
    <div style="background-color: #FFFFFF; line-height: 14.4pt;">
      <div style="text-align: justify; text-indent: 36pt; line-height: 13.7pt; font-size: 12pt;"><font style="font-family: 'Times New Roman',Times,serif; background-color: rgb(255, 255, 255); font-style: normal; font-variant: normal; text-transform: none;">We

          have entered into an agreement with </font><font style="background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;">InvestorCom for solicitation and advisory
          services in connection with this solicitation, for which InvestorCom will receive a fee not to exceed $[________], together with reimbursement for its reasonable out-of-pocket expenses. InvestorCom will solicit proxies from individuals, brokers,
          banks, bank nominees and other institutional holders. We have requested banks, brokerage houses and other custodians, nominees and fiduciaries to forward all solicitation materials to the beneficial owners of the shares of Stock they hold of
          record. We will reimburse these record holders for their reasonable out-of-pocket expenses in so doing. It is anticipated that InvestorCom will employ approximately [__] persons to solicit shareholders for the Annual Meeting.</font></div>
    </div>
    <div style="background-color: rgb(255, 255, 255); line-height: 14.4pt; font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;">
      <div style="text-align: justify; line-height: 13.7pt; font-size: 12pt;">&#160;</div>
    </div>
    <div style="background-color: rgb(255, 255, 255); line-height: 14.4pt; font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;">
      <div style="text-align: justify; text-indent: 36pt; line-height: 13.7pt; font-size: 12pt;">The entire expense of soliciting proxies is being borne by us. Costs of this solicitation of proxies are currently estimated to be approximately $[________].
        We estimate that through the date hereof, the expenses incurred in connection with this solicitation are approximately $[________].</div>
    </div>
    <div style="background-color: rgb(255, 255, 255); line-height: 14.4pt; font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;">
      <div style="text-align: justify; line-height: 13.7pt; font-size: 12pt;">&#160;</div>
    </div>
    <div style="background-color: rgb(255, 255, 255); line-height: 14.4pt; font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;">
      <div style="text-align: justify; text-indent: 36pt; line-height: 13.7pt; font-size: 12pt;">Dryden will initially pay all costs associated with the solicitation of proxies, but we will seek reimbursement of such costs from the Funds and will not
        submit such reimbursement to a vote of shareholders.</div>
    </div>
    <div style="line-height: 13.7pt; background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;"><br style="line-height: 13.7pt;">
    </div>
    <div style="background-color: rgb(255, 255, 255); line-height: 14.4pt; font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;">
      <div style="text-align: center; line-height: 13.7pt; font-size: 12pt; font-weight: bold;">ADDITIONAL PARTICIPANT INFORMATION</div>
    </div>
    <div style="background-color: rgb(255, 255, 255); line-height: 14.4pt; font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;">
      <div style="line-height: 13.7pt;"><br style="line-height: 13.7pt;">
      </div>
    </div>
    <div style="background-color: #FFFFFF; line-height: 14.4pt;">
      <div style="text-align: justify; text-indent: 36pt; line-height: 13.7pt; font-family: 'Times New Roman',Times,serif; font-size: 12pt; background-color: rgb(255, 255, 255); font-style: normal; font-variant: normal; text-transform: none;">The
        participants in this solicitation are: (i) Dryden Capital Fund, LP, a Delaware limited partnership (&#8220;Dryden Capital Fund&#8221;); (ii) Dryden Capital, LLC, a Delaware limited liability company (&#8220;Dryden Capital&#8221;); (iii) Dryden Capital GP, LLC, a Delaware
        limited liability company and general partner of Dryden Capital Fund (&#8220;Dryden Capital GP&#8221;); (iv) T. Matthew Buffington and Matthew C. Leavitt, each a managing member of Dryden Capital and Dryden Capital GP and each a United States citizen (&#8220;Mr.
        Buffington&#8221; and &#8220;Mr. Leavitt&#8221;, respectively, and together with Dryden Capital Fund, Dryden Capital and Dryden Capital GP, the &#8220;Dryden Parties&#8221;) and (v) the Nominee (the entities and individuals listed in this paragraph, each a &#8220;Participant&#8221; and,
        collectively, the &#8220;Participants&#8221;).</div>
      <div style="line-height: 13.7pt; background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;"><br style="line-height: 13.7pt;">
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 13.7pt; font-family: 'Times New Roman',Times,serif; font-size: 12pt; background-color: rgb(255, 255, 255); font-style: normal; font-variant: normal; text-transform: none;">The principal
        business address of each of the Dryden Parties is 777 Brickell Avenue, Suite 500, Miami, Florida 33131.&#160; The Dryden Parties also maintain a secondary business address at 641 Lexington Avenue, 13th Floor, New York, New York 10022.&#160; The principal
        business address of the Nominee is Junto Capital, 450 Park Avenue, Suite 25, New York, New York 10022.</div>
      <div style="line-height: 13.7pt; background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;"><br style="line-height: 13.7pt;">
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 13.7pt; font-family: 'Times New Roman',Times,serif; font-size: 12pt; background-color: rgb(255, 255, 255); font-style: normal; font-variant: normal; text-transform: none;">The principal
        business of: (i) Dryden Capital Fund is investing in securities; (ii) Dryden Capital is investing for funds and accounts under its management; (iii) Dryden Capital GP is serving as the general partner of Dryden Capital Fund; (iv) each of Mr.
        Buffington and Mr. Leavitt is serving as the managing members of Dryden Capital and Dryden Capital GP and (v) the Nominee is serving as an analyst at Junto Capital.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 13.7pt;"><font style="font-size: 12pt; font-family: 'Times New Roman',Times,serif; background-color: rgb(255, 255, 255); font-style: normal; font-variant: normal; text-transform: none;">
        </font><font style="background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;"><br style="line-height: 13.7pt;">
        </font></div>
    </div>
    <div style="text-align: justify; text-indent: 36pt; line-height: 13.7pt; font-size: 12pt;"><font style="font-family: 'Times New Roman',Times,serif; background-color: rgb(255, 255, 255); font-style: normal; font-variant: normal; text-transform: none;">As

        of the date hereof, the Participants may be deemed to beneficially own (within the meaning of Rule 13d-3 under the Exchange Act), in the aggregate, </font><font style="background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;">147 ARPS.&#160; Of the 147 ARPS beneficially owned in the aggregate by the Dryden Parties, such Preferred Shares may be deemed to be beneficially owned as follows:</font></div>
    <div style="line-height: 13.7pt; background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;"><br style="line-height: 13.7pt;">
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; line-height: 13.7pt; font-family: 'Times New Roman',Times,serif; font-size: 12pt; background-color: rgb(255, 255, 255); font-style: normal; font-variant: normal; text-transform: none;">(a) 147 ARPS may be deemed to be beneficially owned by Dryden Capital, by virtue of it being the investment advisor to certain investment funds, including Dryden Capital Fund;</div>
    <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
      <div style="page-break-after: always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
    </div>
    <div style="line-height: 13.7pt; background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;"><br style="line-height: 13.7pt;">
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; line-height: 13.7pt; font-family: 'Times New Roman',Times,serif; font-size: 12pt; background-color: rgb(255, 255, 255); font-style: normal; font-variant: normal; text-transform: none;">(b) 147 ARPS may be deemed to be beneficially owned by Dryden Capital GP, by virtue of it being the general partner of Dryden Capital Fund; and</div>
    <div style="line-height: 13.7pt; background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;"><br style="line-height: 13.7pt;">
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-left: 36pt; line-height: 13.7pt; font-family: 'Times New Roman',Times,serif; font-size: 12pt; background-color: rgb(255, 255, 255); font-style: normal; font-variant: normal; text-transform: none;">(c) 147 ARPS may be deemed to be beneficially owned by each of Mr. Buffington and Mr. Leavitt by virtue of each being the managing members of Dryden Capital and Dryden Capital GP.</div>
    <div style="line-height: 13.7pt; background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;"><br style="line-height: 13.7pt;">
    </div>
    <div style="text-align: justify; text-indent: 36pt; margin-right: 36pt; line-height: 13.7pt; margin-bottom: 12pt; font-family: 'Times New Roman',Times,serif; font-size: 12pt; background-color: rgb(255, 255, 255); font-style: normal; font-variant: normal; text-transform: none;">The 147 PIMCO ARPS beneficially owned by Dryden Capital are held in each Fund as follows:</div>
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          <td style="width: 50%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="line-height: 0pt; background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;"><font style="line-height: 0pt;">&#160;</font></div>
            <div style="text-align: center; margin-right: 36pt; line-height: 13.1pt; margin-top: 6pt; margin-bottom: 6pt; font-family: 'Times New Roman',Times,serif; font-weight: bold; background-color: rgb(255, 255, 255); font-style: normal; font-variant: normal; text-transform: none;">Fund</div>
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          <td style="width: 50%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="line-height: 0pt; background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;"><font style="line-height: 0pt;">&#160;</font></div>
            <div style="text-align: center; margin-right: 36pt; line-height: 13.1pt; margin-top: 6pt; margin-bottom: 6pt; font-family: 'Times New Roman',Times,serif; font-weight: bold; background-color: rgb(255, 255, 255); font-style: normal; font-variant: normal; text-transform: none;">Number of ARPS</div>
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          </td>
        </tr>
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          <td style="width: 50%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="line-height: 0pt; background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;"><font style="line-height: 0pt;">&#160;</font></div>
            <div style="text-align: center; margin-right: 36pt; line-height: 13.1pt; margin-top: 6pt; margin-bottom: 6pt; font-family: 'Times New Roman',Times,serif; background-color: rgb(255, 255, 255); font-style: normal; font-variant: normal; text-transform: none;">PMF</div>
            <div style="line-height: 0pt; background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;"><font style="line-height: 0pt;">&#160;</font></div>
          </td>
          <td style="width: 50%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="line-height: 0pt; background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;"><font style="line-height: 0pt;">&#160;</font></div>
            <div style="text-align: center; margin-right: 36pt; line-height: 13.1pt; margin-top: 6pt; margin-bottom: 6pt; font-family: 'Times New Roman',Times,serif; background-color: rgb(255, 255, 255); font-style: normal; font-variant: normal; text-transform: none;">41</div>
            <div style="line-height: 0pt; background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;"><font style="line-height: 0pt;">&#160;</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="line-height: 0pt; background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;"><font style="line-height: 0pt;">&#160;</font></div>
            <div style="text-align: center; margin-right: 36pt; line-height: 13.1pt; margin-top: 6pt; margin-bottom: 6pt; font-family: 'Times New Roman',Times,serif; background-color: rgb(255, 255, 255); font-style: normal; font-variant: normal; text-transform: none;">PML</div>
            <div style="line-height: 0pt; background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;"><font style="line-height: 0pt;">&#160;</font></div>
          </td>
          <td style="width: 50%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="line-height: 0pt; background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;"><font style="line-height: 0pt;">&#160;</font></div>
            <div style="text-align: center; margin-right: 36pt; line-height: 13.1pt; margin-top: 6pt; margin-bottom: 6pt; font-family: 'Times New Roman',Times,serif; background-color: rgb(255, 255, 255); font-style: normal; font-variant: normal; text-transform: none;">42</div>
            <div style="line-height: 0pt; background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;"><font style="line-height: 0pt;">&#160;</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="line-height: 0pt; background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;"><font style="line-height: 0pt;">&#160;</font></div>
            <div style="text-align: center; margin-right: 36pt; line-height: 13.1pt; margin-top: 6pt; margin-bottom: 6pt; font-family: 'Times New Roman',Times,serif; background-color: rgb(255, 255, 255); font-style: normal; font-variant: normal; text-transform: none;">PMX</div>
            <div style="line-height: 0pt; background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;"><font style="line-height: 0pt;">&#160;</font></div>
          </td>
          <td style="width: 50%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="line-height: 0pt; background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;"><font style="line-height: 0pt;">&#160;</font></div>
            <div style="text-align: center; margin-right: 36pt; line-height: 13.1pt; margin-top: 6pt; margin-bottom: 6pt; font-family: 'Times New Roman',Times,serif; background-color: rgb(255, 255, 255); font-style: normal; font-variant: normal; text-transform: none;">25</div>
            <div style="line-height: 0pt; background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;"><font style="line-height: 0pt;">&#160;</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="line-height: 0pt; background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;"><font style="line-height: 0pt;">&#160;</font></div>
            <div style="text-align: center; margin-right: 36pt; line-height: 13.1pt; margin-top: 6pt; margin-bottom: 6pt; font-family: 'Times New Roman',Times,serif; background-color: rgb(255, 255, 255); font-style: normal; font-variant: normal; text-transform: none;">PCK</div>
            <div style="line-height: 0pt; background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;"><font style="line-height: 0pt;">&#160;</font></div>
          </td>
          <td style="width: 50%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="line-height: 0pt; background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;"><font style="line-height: 0pt;">&#160;</font></div>
            <div style="text-align: center; margin-right: 36pt; line-height: 13.1pt; margin-top: 6pt; margin-bottom: 6pt; font-family: 'Times New Roman',Times,serif; background-color: rgb(255, 255, 255); font-style: normal; font-variant: normal; text-transform: none;">2</div>
            <div style="line-height: 0pt; background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;"><font style="line-height: 0pt;">&#160;</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="line-height: 0pt; background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;"><font style="line-height: 0pt;">&#160;</font></div>
            <div style="text-align: center; margin-right: 36pt; line-height: 13.1pt; margin-top: 6pt; margin-bottom: 6pt; font-family: 'Times New Roman',Times,serif; background-color: rgb(255, 255, 255); font-style: normal; font-variant: normal; text-transform: none;">PCQ</div>
            <div style="line-height: 0pt; background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;"><font style="line-height: 0pt;">&#160;</font></div>
          </td>
          <td style="width: 50%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="line-height: 0pt; background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;"><font style="line-height: 0pt;">&#160;</font></div>
            <div style="text-align: center; margin-right: 36pt; line-height: 13.1pt; margin-top: 6pt; margin-bottom: 6pt; font-family: 'Times New Roman',Times,serif; background-color: rgb(255, 255, 255); font-style: normal; font-variant: normal; text-transform: none;">5</div>
            <div style="line-height: 0pt; background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;"><font style="line-height: 0pt;">&#160;</font></div>
          </td>
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        <tr>
          <td style="width: 50%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="line-height: 0pt; background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;"><font style="line-height: 0pt;">&#160;</font></div>
            <div style="text-align: center; margin-right: 36pt; line-height: 13.1pt; margin-top: 6pt; margin-bottom: 6pt; font-family: 'Times New Roman',Times,serif; background-color: rgb(255, 255, 255); font-style: normal; font-variant: normal; text-transform: none;">PZC</div>
            <div style="line-height: 0pt; background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;"><font style="line-height: 0pt;">&#160;</font></div>
          </td>
          <td style="width: 50%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="line-height: 0pt; background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;"><font style="line-height: 0pt;">&#160;</font></div>
            <div style="text-align: center; margin-right: 36pt; line-height: 13.1pt; margin-top: 6pt; margin-bottom: 6pt; font-family: 'Times New Roman',Times,serif; background-color: rgb(255, 255, 255); font-style: normal; font-variant: normal; text-transform: none;">14</div>
            <div style="line-height: 0pt; background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;"><font style="line-height: 0pt;">&#160;</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
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            <div style="text-align: center; margin-right: 36pt; line-height: 13.1pt; margin-top: 6pt; margin-bottom: 6pt; font-family: 'Times New Roman',Times,serif; background-color: rgb(255, 255, 255); font-style: normal; font-variant: normal; text-transform: none;">PNF</div>
            <div style="line-height: 0pt; background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;"><font style="line-height: 0pt;">&#160;</font></div>
          </td>
          <td style="width: 50%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="line-height: 0pt; background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;"><font style="line-height: 0pt;">&#160;</font></div>
            <div style="text-align: center; margin-right: 36pt; line-height: 13.1pt; margin-top: 6pt; margin-bottom: 6pt; font-family: 'Times New Roman',Times,serif; background-color: rgb(255, 255, 255); font-style: normal; font-variant: normal; text-transform: none;">10</div>
            <div style="line-height: 0pt; background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;"><font style="line-height: 0pt;">&#160;</font></div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
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            <div style="text-align: center; margin-right: 36pt; line-height: 13.1pt; margin-top: 6pt; margin-bottom: 6pt; font-family: 'Times New Roman',Times,serif; background-color: rgb(255, 255, 255); font-style: normal; font-variant: normal; text-transform: none;">PNI</div>
            <div style="line-height: 0pt; background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;"><font style="line-height: 0pt;">&#160;</font></div>
          </td>
          <td style="width: 50%; vertical-align: middle; border-left: #000000 2px solid; border-right: #000000 2px solid; border-top: #000000 2px solid; border-bottom: #000000 2px solid;">
            <div style="line-height: 0pt; background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;"><font style="line-height: 0pt;">&#160;</font></div>
            <div style="text-align: center; margin-right: 36pt; line-height: 13.1pt; margin-top: 6pt; margin-bottom: 6pt; font-family: 'Times New Roman',Times,serif; background-color: rgb(255, 255, 255); font-style: normal; font-variant: normal; text-transform: none;">8</div>
            <div style="line-height: 0pt; background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;"><font style="line-height: 0pt;">&#160;</font></div>
          </td>
        </tr>

    </table>
    <div style="line-height: 13.7pt; background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;"><br style="line-height: 13.7pt;">
    </div>
    <div style="background-color: rgb(255, 255, 255); line-height: 14.4pt; font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;">
      <div style="line-height: 13.7pt;"><br style="line-height: 13.7pt;">
      </div>
    </div>
    <div style="background-color: rgb(255, 255, 255); line-height: 14.4pt; font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;">
      <div style="text-align: justify; text-indent: 36pt; line-height: 13.7pt; font-size: 12pt;">Based on publicly available information from the Funds, the 147 ARPS beneficially owned in the aggregate by the Dryden Parties, constitute less than 1% of the
        Preferred Shares outstanding in each of the Funds, as applicable and as further described on Schedule II, attached hereto.</div>
    </div>
    <div style="background-color: rgb(255, 255, 255); line-height: 14.4pt; font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;">
      <div style="line-height: 13.7pt;"><br style="line-height: 13.7pt;">
      </div>
    </div>
    <div style="background-color: #FFFFFF; line-height: 14.4pt;">
      <div style="text-align: justify; text-indent: 36pt; line-height: 13.7pt; font-size: 12pt;"><font style="font-family: 'Times New Roman',Times,serif; background-color: rgb(255, 255, 255); font-style: normal; font-variant: normal; text-transform: none;">The

          shares of ARPS beneficially owned by the Participants </font><font style="background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;">were funded by Dryden&#8217;s
          or its affiliates&#8217; cash on hand. As of the date hereof, none of the shares of Common Stock held in margin accounts were pledged as collateral security.&#160;For information regarding purchases and sales of securities of the Funds during the past two
          years by the Participants in this solicitation, see Schedule I.</font></div>
    </div>
    <div style="background-color: rgb(255, 255, 255); line-height: 14.4pt; font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;">
      <div style="line-height: 13.7pt;"><br style="line-height: 13.7pt;">
      </div>
    </div>
    <div style="background-color: #FFFFFF; line-height: 14.4pt;">
      <div style="text-align: justify; text-indent: 36pt; line-height: 13.7pt; font-family: 'Times New Roman',Times,serif; font-size: 12pt; background-color: rgb(255, 255, 255); font-style: normal; font-variant: normal; text-transform: none;">Except as set
        forth in this Proxy Statement (including the Schedules hereto), (i) during the past 10 years, no Participant in this solicitation has been convicted in a criminal proceeding (excluding traffic violations or similar misdemeanors); (ii) no
        Participant in this solicitation directly or indirectly beneficially owns any securities of the Funds; (iii) no Participant in this solicitation owns any securities of the Funds which are owned of record but not beneficially; (iv) no Participant in
        this solicitation has purchased or sold any securities of the Funds during the past two years; (v) no part of the purchase price or market value of the securities of the Funds owned by any Participant in this solicitation is represented by funds
        borrowed or otherwise obtained for the purpose of acquiring or holding such securities; (vi) no Participant in this solicitation is, or within the past year was, a party to any contract, arrangements or understandings with any person with respect
        to any securities of the Funds, including, but not limited to, joint ventures, loan or option arrangements, puts or calls, guarantees against loss or guarantees of profit, division of losses or profits, or the giving or withholding of proxies;
        (vii) no associate of any Participant in this solicitation owns beneficially, directly or indirectly, any securities of the Funds; (viii) no Participant in this solicitation owns beneficially, directly or indirectly, any securities of any parent or
        subsidiary of the Funds; (ix) no Participant in this solicitation or any of his or its associates was a party to any transaction, or series of similar transactions, since the beginning of the Funds&#8217; last fiscal year, or is a party to any currently
        proposed transaction, or series of similar transactions, to which the Funds or any of their subsidiaries was or is to be a party, in which the amount involved exceeds $120,000; (x) no Participant in this solicitation or any of his or its associates
        has any arrangement or understanding with any person with respect to any future employment by the Funds or their affiliates, or with respect to any future transactions to which the Funds or any of their affiliates will or may be a party; and (xi)
        no Participant in this solicitation has a substantial interest, direct or indirect, by securities holdings or otherwise, in any matter to be acted on at the Annual Meeting.</div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div style="page-break-after: always;" id="DSPFPageBreak">
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      </div>
    </div>
    <div style="background-color: #FFFFFF; line-height: 14.4pt;">
      <div style="text-indent: 36pt; line-height: 13.7pt;"><font style="font-size: 12pt; font-family: 'Times New Roman',Times,serif; background-color: rgb(255, 255, 255); font-style: normal; font-variant: normal; text-transform: none;"> </font><font style="background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;"><br style="line-height: 13.7pt;">
        </font></div>
    </div>
    <div style="background-color: rgb(255, 255, 255); line-height: 14.4pt; font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;">
      <div style="text-align: justify; text-indent: 36pt; line-height: 13.7pt; font-size: 12pt;">There are no material proceedings to which any Participant in this solicitation or any of his or its associates is a party adverse to the Funds or any of their
        subsidiaries or has a material interest adverse to the Funds or any of their subsidiaries. With respect to each of the Nominees, none of the events enumerated in Item 401(f)(1)-(8) of Regulation S-K of the Exchange Act occurred during the past 10
        years.</div>
    </div>
    <div style="background-color: rgb(255, 255, 255); line-height: 14.4pt; font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;">
      <div style="line-height: 13.7pt;"><br style="line-height: 13.7pt;">
      </div>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageBreak" style="page-break-after:always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="background-color: rgb(255, 255, 255); line-height: 14.4pt; font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;">
      <div style="text-align: center; line-height: 13.7pt; font-size: 12pt; font-weight: bold;">OTHER MATTERS AND ADDITIONAL INFORMATION</div>
    </div>
    <div style="background-color: rgb(255, 255, 255); line-height: 14.4pt; font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;">
      <div style="line-height: 13.7pt; font-size: 12pt;">&#160;</div>
    </div>
    <div style="background-color: rgb(255, 255, 255); line-height: 14.4pt; font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;">
      <div style="text-align: justify; text-indent: 36pt; line-height: 13.7pt; font-size: 12pt;">We are unaware of any other matters to be considered at the Annual Meeting other than as set forth in this Proxy Statement. However, should other matters,
        which we are not aware of a reasonable time before this solicitation, be brought before the Annual Meeting, the persons named as proxies on the enclosed <font style="font-weight: bold;">GOLD</font> proxy card will vote on such matters in their
        discretion.</div>
    </div>
    <div style="background-color: rgb(255, 255, 255); line-height: 14.4pt; font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;">
      <div style="line-height: 13.7pt;"><br style="line-height: 13.7pt;">
      </div>
    </div>
    <div style="background-color: rgb(255, 255, 255); line-height: 14.4pt; font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;">
      <div style="text-align: center; line-height: 13.7pt; font-size: 12pt; font-weight: bold;">SHAREHOLDER PROPOSALS</div>
    </div>
    <div style="background-color: rgb(255, 255, 255); line-height: 14.4pt; font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;">
      <div style="line-height: 13.7pt;"><br style="line-height: 13.7pt;">
      </div>
    </div>
    <div style="background-color: #FFFFFF; line-height: 14.4pt;">
      <div style="text-align: justify; text-indent: 36pt; line-height: 13.7pt; margin-bottom: 6pt; font-size: 12pt;"> <font style="font-family: 'Times New Roman',Times,serif; background-color: rgb(255, 255, 255); font-style: normal; font-variant: normal; text-transform: none;">According to the Funds&#8217; proxy statement,</font><font style="background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;"> shareholders
            may nominate trustee candidates and make proposals to be considered at the Annual Meeting of Shareholders to be held in 2020 (the &#8220;2020 Annual Meeting&#8221;). It is currently anticipated that the 2020 Annual Meeting will be held in December 2020.
            Proposals of Shareholders intended to be presented at that annual meeting of each Fund must be received by each Fund no later than July 15, 2020 for inclusion in each Fund&#8217;s proxy statement and proxy cards relating to that meeting. The
            submission by a Shareholder of a proposal for inclusion in the proxy materials does not guarantee that it will be included. Shareholder proposals are subject to certain requirements under the federal securities laws and must be submitted in
            accordance with the applicable Fund&#8217;s Bylaws.</font> </div>
      <div style="line-height: 0pt; background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;"><br style="line-height: 0pt;">
      </div>
    </div>
    <div style="background-color: #FFFFFF; line-height: 14.4pt;">
      <div style="line-height: 0pt; background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;"><br style="line-height: 0pt;">
      </div>
      <div style="text-align: justify; text-indent: 24.5pt; line-height: 13.7pt; margin-top: 12pt; font-family: 'Times New Roman',Times,serif; font-size: 12pt; background-color: rgb(255, 255, 255); font-style: normal; font-variant: normal; text-transform: none;"> Shareholders submitting any other proposals (including proposals to elect Trustee nominees) for each Fund intended to be presented at the annual meeting held during the 2020 fiscal year (i.e., other than those to be included in the Funds&#8217;
          proxy materials) must ensure that such proposals are received by each Fund, in good order and complying with all applicable legal requirements and requirements set forth in each Fund&#8217;s Bylaws. Each Fund&#8217;s Bylaws provide that any such proposal,
          among other requirements, must be received in writing by each Fund not less than 45 days nor more than 60 days prior to the first anniversary date of the date on which each Fund first mailed its proxy materials for the prior year&#8217;s shareholder
          meeting; provided that, if, in accordance with applicable law, the upcoming shareholder meeting is set for a date that is not within 30 days from the anniversary of each Fund&#8217;s prior shareholder meeting, such proposal must be received by the
          later of the close of business on (i) the date 45 days prior to such upcoming shareholder meeting date or (ii) the 10th business day following the date such upcoming shareholder meeting date is first publicly announced or disclosed. Assuming the
          next annual meeting is ultimately scheduled to be within 30 days of the one-year anniversary of this year&#8217;s December 17th meeting, such proposals must be received no earlier than September&#160;13, 2020 and no later than September 28, 2020 for each
          Fund. If a Shareholder who wishes to present a proposal fails to notify the Fund within these dates described above, the proxies solicited for the meeting will be voted on the Shareholder&#8217;s proposal, if it is properly brought before the meeting,
          in accordance with the judgment of the persons named in the enclosed proxy card(s). If a Shareholder makes a timely notification, the proxies may still exercise discretionary voting authority under circumstances consistent with the SEC&#8217;s proxy
          rules. Shareholder proposals should be addressed to the attention of the Secretary of the applicable Fund, at the address of the principal executive offices of the Fund, with a copy to David C. Sullivan, Ropes &amp; Gray LLP, Prudential Tower,
          800 Boylston Street, Boston, Massachusetts 02199-3600. </div>
      <div style="text-align: justify; text-indent: 24.5pt; line-height: 13.7pt; margin-top: 12pt; font-family: 'Times New Roman',Times,serif; font-size: 12pt; background-color: rgb(255, 255, 255); font-style: normal; font-variant: normal; text-transform: none;"> A shareholder who proposes to nominate an individual for election to the Board at the 2020 Annual Meeting must also follow the &#8220;Procedures for Shareholders to Submit Nominee Candidates for the PIMCO Sponsored Closed-End Funds,&#8221; which are
          set forth as Appendix B to the Funds&#8217; Nominating Committee Charter, which is attached as Exhibit B to the Fund&#8217;s [preliminary] proxy statement. Any recommendation must include certain biographical and other information regarding the candidate and
          the recommending shareholder, and must include a written and signed consent of the candidate to be named as a nominee and to serve as a trustee if elected. The foregoing description of the requirements is only a summary. Please refer to Appendix
          B to the Nominating Committee Charter for each Fund, which is attached to the Funds&#8217; Proxy Statement as Exhibit B for details. </div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div style="page-break-after: always;" id="DSPFPageBreak">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <div style="text-align: justify; text-indent: 24.5pt; line-height: 13.7pt; margin-top: 12pt; font-family: 'Times New Roman',Times,serif; font-size: 12pt; background-color: rgb(255, 255, 255); font-style: normal; font-variant: normal; text-transform: none;">The information set forth above regarding the procedures for submitting shareholder proposals for consideration at the 2020 Annual Meeting of shareholders is based on information contained in the Funds&#8217; proxy statement and organizational
        documents. The incorporation of this information in this Proxy Statement should not be construed as an admission by Dryden that such procedures are legal, valid or binding</div>
    </div>
    <div style="background-color: rgb(255, 255, 255); line-height: 14.4pt; font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;">
      <div style="line-height: 13.7pt;"><br style="line-height: 13.7pt;">
      </div>
    </div>
    <div style="background-color: rgb(255, 255, 255); line-height: 14.4pt; font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;">
      <div style="text-align: center; line-height: 13.7pt; font-size: 12pt; font-weight: bold;">ADDITIONAL INFORMATION</div>
    </div>
    <div style="background-color: rgb(255, 255, 255); line-height: 14.4pt; font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;">
      <div style="line-height: 13.7pt; font-size: 12pt;">&#160;</div>
    </div>
    <div style="background-color: rgb(255, 255, 255); line-height: 14.4pt; font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;">
      <div style="text-align: justify; text-indent: 36pt; line-height: 13.7pt; font-size: 12pt;">WE HAVE OMITTED FROM THIS PROXY STATEMENT CERTAIN DISCLOSURE REQUIRED BY APPLICABLE LAW THAT IS EXPECTED TO BE INCLUDED IN THE FUNDS&#8217; PROXY STATEMENT RELATING
        TO THE ANNUAL MEETING. THIS DISCLOSURE IS EXPECTED TO INCLUDE, AMONG OTHER THINGS, CURRENT BIOGRAPHICAL INFORMATION ON THE FUNDS&#8217; TRUSTEES, INFORMATION CONCERNING EXECUTIVE COMPENSATION AND OTHER IMPORTANT INFORMATION. SEE SCHEDULE II FOR
        INFORMATION REGARDING PERSONS WHO BENEFICIALLY OWN MORE THAN 5% OF A CLASS OF SHARES OF A FUND AND THE STOCK OWNERSHIP OF THE TRUSTEES AND MANAGEMENT OF THE FUNDS.</div>
    </div>
    <div style="background-color: rgb(255, 255, 255); line-height: 14.4pt; font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;">
      <div style="line-height: 13.7pt;"><br style="line-height: 13.7pt;">
      </div>
    </div>
    <div style="background-color: rgb(255, 255, 255); line-height: 14.4pt; font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;">
      <div style="text-align: justify; text-indent: 36pt; line-height: 13.7pt; font-size: 12pt;">The information concerning the Funds contained in this Proxy Statement and the Schedules attached hereto has been taken from, or is based upon, publicly
        available information.</div>
    </div>
    <div style="background-color: rgb(255, 255, 255); line-height: 14.4pt; font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;">
      <div style="line-height: 13.7pt;"><br style="line-height: 13.7pt;">
      </div>
    </div>
    <div style="text-align: center; margin-left: 35pt; line-height: 13.7pt;"><font style="font-size: 12pt; font-family: 'Times New Roman',Times,serif; font-weight: bold; background-color: rgb(255, 255, 255); font-style: normal; font-variant: normal; text-transform: none;"> </font><font style="background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;"><br style="line-height: 13.7pt;">
      </font></div>
    <div style="line-height: 13.7pt; background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;"><br style="line-height: 13.7pt;">
    </div>
    <div style="line-height: 13.7pt; background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;"><br style="line-height: 13.7pt;">
    </div>
    <div style="line-height: 13.7pt; background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;"><br style="line-height: 13.7pt;">
    </div>
    <div style="text-align: justify; line-height: 13.7pt; font-family: 'Times New Roman',Times,serif; font-size: 12pt; background-color: rgb(255, 255, 255); font-style: normal; font-variant: normal; text-transform: none;">Dryden Capital Fund, LP</div>
    <div style="line-height: 13.7pt; font-family: 'Times New Roman',Times,serif; font-size: 12pt; background-color: rgb(255, 255, 255); font-style: normal; font-variant: normal; text-transform: none;">October [&#160; ], 2019</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageBreak" style="page-break-after:always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-align: right; line-height: 13.7pt; font-family: 'Times New Roman',Times,serif; font-size: 12pt; font-weight: bold; background-color: rgb(255, 255, 255); font-style: normal; font-variant: normal; text-transform: none;">SCHEDULE I</div>
    <div style="line-height: 13.7pt; background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;"><br style="line-height: 13.7pt;">
    </div>
    <div style="text-align: center; line-height: 13.7pt; margin-bottom: 12pt; font-family: 'Times New Roman',Times,serif; font-size: 12pt; font-weight: bold; background-color: rgb(255, 255, 255); font-style: normal; font-variant: normal; text-transform: none;">TRANSACTIONS IN SECURITIES OF THE FUNDS<br>
      DURING THE PAST TWO YEARS</div>
    <div style="text-align: center; line-height: 13.7pt; font-family: 'Times New Roman',Times,serif; font-size: 12pt; font-weight: bold; background-color: rgb(255, 255, 255); font-style: normal; font-variant: normal; text-transform: none;">Two year
      transaction history of each Participant in the Funds&#8217; Securities</div>
    <div style="line-height: 13.7pt; background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;"><br style="line-height: 13.7pt;">
    </div>
    <div style="text-align: justify; line-height: 13.7pt; font-family: 'Times New Roman',Times,serif; font-size: 12pt; background-color: rgb(255, 255, 255); font-style: normal; font-variant: normal; text-transform: none;">The following transaction history
      shows those trades of each Participant in securities of the Funds during the past two years.&#160; All transactions were effected in the open market.</div>
    <div style="line-height: 13.7pt; background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;"><br style="line-height: 13.7pt;">
    </div>
    <div style="text-align: center; line-height: 13.7pt; font-family: 'Times New Roman',Times,serif; font-size: 12pt; font-weight: bold; background-color: rgb(255, 255, 255); font-style: normal; font-variant: normal; text-transform: none;">ARPS Shares</div>
    <div style="line-height: 13.7pt; background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;"><br style="line-height: 13.7pt;">
    </div>
    <div style="text-align: center; line-height: 13.7pt; font-family: 'Times New Roman',Times,serif; font-size: 12pt; font-weight: bold; background-color: rgb(255, 255, 255); font-style: normal; font-variant: normal; text-transform: none;">Dryden Capital
      Fund, LP</div>
    <div style="line-height: 13.7pt; background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;"><br style="line-height: 13.7pt;">
    </div>
    <table cellspacing="0" cellpadding="0" id="zd9cd95177bfb46b2ac73f6c5782d9a82" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

        <tr>
          <td style="width: 25%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;">
            <div style="text-align: center; line-height: 13.7pt; font-size: 12pt; font-weight: bold;">Fund</div>
          </td>
          <td style="width: 25%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;">
            <div style="text-align: center; line-height: 13.7pt; font-size: 12pt; font-weight: bold;">&#160;Series</div>
          </td>
          <td style="width: 25%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;">
            <div style="text-align: center; line-height: 13.7pt; font-size: 12pt; font-weight: bold;">Trade Date</div>
          </td>
          <td style="width: 25%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;">
            <div style="text-align: center; line-height: 13.7pt; font-size: 12pt; font-weight: bold;">Securities Purchased</div>
          </td>
        </tr>
        <tr>
          <td style="width: 25%; vertical-align: bottom; background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;">
            <div style="text-align: center; line-height: 13.7pt; font-size: 12pt;">PMF</div>
          </td>
          <td style="width: 25%; vertical-align: bottom; background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;">
            <div style="text-align: center; line-height: 13.7pt; font-size: 12pt;">D</div>
          </td>
          <td style="width: 25%; vertical-align: bottom; background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;">
            <div style="text-align: center; line-height: 13.7pt; font-size: 12pt;">1/23/2018</div>
          </td>
          <td style="width: 25%; vertical-align: bottom; background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;">
            <div style="text-align: center; line-height: 13.7pt; font-size: 12pt;">3</div>
          </td>
        </tr>
        <tr>
          <td style="width: 25%; vertical-align: bottom; background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;">
            <div style="text-align: center; line-height: 13.7pt; font-size: 12pt;">PMF</div>
          </td>
          <td style="width: 25%; vertical-align: bottom; background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;">
            <div style="text-align: center; line-height: 13.7pt; font-size: 12pt;">E</div>
          </td>
          <td style="width: 25%; vertical-align: bottom; background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;">
            <div style="text-align: center; line-height: 13.7pt; font-size: 12pt;">1/23/2018</div>
          </td>
          <td style="width: 25%; vertical-align: bottom; background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;">
            <div style="text-align: center; line-height: 13.7pt; font-size: 12pt;">6</div>
          </td>
        </tr>
        <tr>
          <td style="width: 25%; vertical-align: bottom; background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;">
            <div style="text-align: center; line-height: 13.7pt; font-size: 12pt;">PML</div>
          </td>
          <td style="width: 25%; vertical-align: bottom; background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;">
            <div style="text-align: center; line-height: 13.7pt; font-size: 12pt;">A</div>
          </td>
          <td style="width: 25%; vertical-align: bottom; background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;">
            <div style="text-align: center; line-height: 13.7pt; font-size: 12pt;">10/24/2017</div>
          </td>
          <td style="width: 25%; vertical-align: bottom; background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;">
            <div style="text-align: center; line-height: 13.7pt; font-size: 12pt;">2</div>
          </td>
        </tr>
        <tr>
          <td style="width: 25%; vertical-align: bottom; background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;">
            <div style="text-align: center; line-height: 13.7pt; font-size: 12pt;">PML</div>
          </td>
          <td style="width: 25%; vertical-align: bottom; background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;">
            <div style="text-align: center; line-height: 13.7pt; font-size: 12pt;">A</div>
          </td>
          <td style="width: 25%; vertical-align: bottom; background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;">
            <div style="text-align: center; line-height: 13.7pt; font-size: 12pt;">10/26/2017</div>
          </td>
          <td style="width: 25%; vertical-align: bottom; background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;">
            <div style="text-align: center; line-height: 13.7pt; font-size: 12pt;">1</div>
          </td>
        </tr>
        <tr>
          <td style="width: 25%; vertical-align: bottom; background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;">
            <div style="text-align: center; line-height: 13.7pt; font-size: 12pt;">PML</div>
          </td>
          <td style="width: 25%; vertical-align: bottom; background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;">
            <div style="text-align: center; line-height: 13.7pt; font-size: 12pt;">A</div>
          </td>
          <td style="width: 25%; vertical-align: bottom; background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;">
            <div style="text-align: center; line-height: 13.7pt; font-size: 12pt;">6/13/2018</div>
          </td>
          <td style="width: 25%; vertical-align: bottom; background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;">
            <div style="text-align: center; line-height: 13.7pt; font-size: 12pt;">1</div>
          </td>
        </tr>
        <tr>
          <td style="width: 25%; vertical-align: bottom; background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;">
            <div style="text-align: center; line-height: 13.7pt; font-size: 12pt;">PML</div>
          </td>
          <td style="width: 25%; vertical-align: bottom; background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;">
            <div style="text-align: center; line-height: 13.7pt; font-size: 12pt;">C</div>
          </td>
          <td style="width: 25%; vertical-align: bottom; background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;">
            <div style="text-align: center; line-height: 13.7pt; font-size: 12pt;">6/13/2018</div>
          </td>
          <td style="width: 25%; vertical-align: bottom; background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;">
            <div style="text-align: center; line-height: 13.7pt; font-size: 12pt;">1</div>
          </td>
        </tr>
        <tr>
          <td style="width: 25%; vertical-align: bottom; background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;">
            <div style="text-align: center; line-height: 13.7pt; font-size: 12pt;">PML</div>
          </td>
          <td style="width: 25%; vertical-align: bottom; background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;">
            <div style="text-align: center; line-height: 13.7pt; font-size: 12pt;">D</div>
          </td>
          <td style="width: 25%; vertical-align: bottom; background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;">
            <div style="text-align: center; line-height: 13.7pt; font-size: 12pt;">2/8/2018</div>
          </td>
          <td style="width: 25%; vertical-align: bottom; background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;">
            <div style="text-align: center; line-height: 13.7pt; font-size: 12pt;">3</div>
          </td>
        </tr>
        <tr>
          <td style="width: 25%; vertical-align: bottom; background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;">
            <div style="text-align: center; line-height: 13.7pt; font-size: 12pt;">PML</div>
          </td>
          <td style="width: 25%; vertical-align: bottom; background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;">
            <div style="text-align: center; line-height: 13.7pt; font-size: 12pt;">E</div>
          </td>
          <td style="width: 25%; vertical-align: bottom; background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;">
            <div style="text-align: center; line-height: 13.7pt; font-size: 12pt;">2/7/2018</div>
          </td>
          <td style="width: 25%; vertical-align: bottom; background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;">
            <div style="text-align: center; line-height: 13.7pt; font-size: 12pt;">9</div>
          </td>
        </tr>
        <tr>
          <td style="width: 25%; vertical-align: bottom; background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;">
            <div style="text-align: center; line-height: 13.7pt; font-size: 12pt;">PZC</div>
          </td>
          <td style="width: 25%; vertical-align: bottom; background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;">
            <div style="text-align: center; line-height: 13.7pt; font-size: 12pt;">A</div>
          </td>
          <td style="width: 25%; vertical-align: bottom; background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;">
            <div style="text-align: center; line-height: 13.7pt; font-size: 12pt;">1/3/2018</div>
          </td>
          <td style="width: 25%; vertical-align: bottom; background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;">
            <div style="text-align: center; line-height: 13.7pt; font-size: 12pt;">4</div>
          </td>
        </tr>
        <tr>
          <td style="width: 25%; vertical-align: bottom; background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;">
            <div style="text-align: center; line-height: 13.7pt; font-size: 12pt;">PZC</div>
          </td>
          <td style="width: 25%; vertical-align: bottom; background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;">
            <div style="text-align: center; line-height: 13.7pt; font-size: 12pt;">A</div>
          </td>
          <td style="width: 25%; vertical-align: bottom; background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;">
            <div style="text-align: center; line-height: 13.7pt; font-size: 12pt;">3/5/2018</div>
          </td>
          <td style="width: 25%; vertical-align: bottom; background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;">
            <div style="text-align: center; line-height: 13.7pt; font-size: 12pt;">2</div>
          </td>
        </tr>
        <tr>
          <td style="width: 25%; vertical-align: bottom; background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;">
            <div style="text-align: center; line-height: 13.7pt; font-size: 12pt;">PZC</div>
          </td>
          <td style="width: 25%; vertical-align: bottom; background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;">
            <div style="text-align: center; line-height: 13.7pt; font-size: 12pt;">B</div>
          </td>
          <td style="width: 25%; vertical-align: bottom; background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;">
            <div style="text-align: center; line-height: 13.7pt; font-size: 12pt;">12/28/2017</div>
          </td>
          <td style="width: 25%; vertical-align: bottom; background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;">
            <div style="text-align: center; line-height: 13.7pt; font-size: 12pt;">2</div>
          </td>
        </tr>
        <tr>
          <td style="width: 25%; vertical-align: bottom; background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;">
            <div style="text-align: center; line-height: 13.7pt; font-size: 12pt;">PZC</div>
          </td>
          <td style="width: 25%; vertical-align: bottom; background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;">
            <div style="text-align: center; line-height: 13.7pt; font-size: 12pt;">B</div>
          </td>
          <td style="width: 25%; vertical-align: bottom; background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;">
            <div style="text-align: center; line-height: 13.7pt; font-size: 12pt;">1/3/2018</div>
          </td>
          <td style="width: 25%; vertical-align: bottom; background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;">
            <div style="text-align: center; line-height: 13.7pt; font-size: 12pt;">2</div>
          </td>
        </tr>
        <tr>
          <td style="width: 25%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;">
            <div style="text-align: center; line-height: 13.7pt; font-size: 12pt;">PNI</div>
          </td>
          <td style="width: 25%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;">
            <div style="text-align: center; line-height: 13.7pt; font-size: 12pt;">B</div>
          </td>
          <td style="width: 25%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;">
            <div style="text-align: center; line-height: 13.7pt; font-size: 12pt;">3/13/2018</div>
          </td>
          <td style="width: 25%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0); background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;">
            <div style="text-align: center; line-height: 13.7pt; font-size: 12pt;">1</div>
          </td>
        </tr>

    </table>
    <div style="line-height: 13.7pt; background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;"><br style="line-height: 13.7pt;">
    </div>
    <div style="line-height: 13.7pt; background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;"><br style="line-height: 13.7pt;">
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageBreak" style="page-break-after:always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-align: right; line-height: 13.7pt; font-family: 'Times New Roman',Times,serif; font-size: 12pt; font-weight: bold; background-color: rgb(255, 255, 255); font-style: normal; font-variant: normal; text-transform: none;">SCHEDULE II</div>
    <div style="line-height: 13.7pt; background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;"><br style="line-height: 13.7pt;">
    </div>
    <div style="text-align: center; line-height: 13.7pt; font-family: 'Times New Roman',Times,serif; font-size: 12pt; font-weight: bold; background-color: rgb(255, 255, 255); font-style: normal; font-variant: normal; text-transform: none;"> The following
        table is reprinted from the [preliminary] proxy statement filed by the Funds with the Securities and Exchange Commission on [&#160; ].<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">4</sup> </div>
    <div style="text-align: justify; line-height: 13.7pt; background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;"><br style="line-height: 13.7pt;">
    </div>
    <div style="line-height: 13.7pt; background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;"><br style="line-height: 13.7pt;">
    </div>
    <font style="background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;"><br>
      <br>
    </font>
    <hr noshade="noshade" align="left" style="background-color: #000000; border: 0px; height: 1px; width: 2in; margin-left: 0pt; margin-right: auto; color: #000000;">
    <div style="line-height: 10.25pt; margin-bottom: 6pt; font-family: 'Times New Roman',Times,serif; background-color: rgb(255, 255, 255); font-style: normal; font-variant: normal; text-transform: none;"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">4</sup> [To be updated and conformed to the
      Funds&#8217; definitive proxy statement.]</div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageBreak" style="page-break-after:always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-align: center; line-height: 13.7pt; font-family: 'Times New Roman',Times,serif; font-size: 12pt; font-weight: bold; background-color: rgb(255, 255, 255); font-style: normal; font-variant: normal; text-transform: none;">IMPORTANT</div>
    <div style="text-align: center; line-height: 13.7pt;"><font style="font-size: 12pt; font-family: 'Times New Roman',Times,serif; font-weight: bold; background-color: rgb(255, 255, 255); font-style: normal; font-variant: normal; text-transform: none;"> </font><font style="background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;"><br style="line-height: 13.7pt;">
      </font></div>
    <div style="background-color: #FFFFFF; line-height: 14.4pt;">
      <div style="text-align: justify; text-indent: 36pt; line-height: 13.7pt; font-size: 12pt;"><font style="font-family: 'Times New Roman',Times,serif; background-color: rgb(255, 255, 255); font-style: normal; font-variant: normal; text-transform: none;">Tell

          the Board what you think! Your vote is important. No matter how many shares of Stock you own, please give Dryden your proxy </font><font style="font-family: 'Times New Roman',Times,serif; font-weight: bold; background-color: rgb(255, 255, 255); font-style: normal; font-variant: normal; text-transform: none;">FOR</font><font style="font-family: 'Times New Roman',Times,serif; background-color: rgb(255, 255, 255); font-style: normal; font-variant: normal; text-transform: none;"> the
          election of </font><font style="font-family: 'Times New Roman',Times,serif; font-weight: bold; background-color: rgb(255, 255, 255); font-style: normal; font-variant: normal; text-transform: none;">Mr. Clark</font><font style="background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;">, by:</font></div>
    </div>
    <div style="background-color: rgb(255, 255, 255); line-height: 14.4pt; font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;">
      <div style="text-align: justify; line-height: 13.7pt; font-size: 12pt;">&#160;</div>
    </div>
    <table cellspacing="0" cellpadding="0" id="z5c9668af3ddc4446a53a0d9192bc2294" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

        <tr>
          <td style="width: 6.67%; vertical-align: top; background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;">
            <div style="text-align: justify; line-height: 13.7pt; font-size: 12pt;">&#160;</div>
          </td>
          <td style="width: 6.67%; vertical-align: top; background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;">
            <div style="text-align: justify; line-height: 13.7pt; font-size: 12pt;">&#9679;</div>
          </td>
          <td style="width: 86.67%; vertical-align: top;">
            <div style="text-align: justify; line-height: 13.7pt; font-size: 12pt;"> <font style="font-family: 'Times New Roman',Times,serif; font-weight: bold; background-color: rgb(255, 255, 255); font-style: normal; font-variant: normal; text-transform: none;">SIGNING</font><font style="background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;">&#160;the enclosed <font style="font-weight: bold;">GOLD</font><font style="font-weight: bold;">&#160;</font>proxy card,</font> </div>
          </td>
        </tr>

    </table>
    <div style="background-color: rgb(255, 255, 255); line-height: 14.4pt; font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;">
      <div style="text-align: justify; line-height: 13.7pt; font-size: 12pt;">&#160;</div>
    </div>
    <table cellspacing="0" cellpadding="0" id="zb2935850bec84f55b5b44c155a87be51" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

        <tr>
          <td style="width: 6.67%; vertical-align: top; background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;">
            <div style="text-align: justify; line-height: 13.7pt; font-size: 12pt;">&#160;</div>
          </td>
          <td style="width: 6.67%; vertical-align: top; background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;">
            <div style="text-align: justify; line-height: 13.7pt; font-size: 12pt;">&#9679;</div>
          </td>
          <td style="width: 86.67%; vertical-align: top;">
            <div style="text-align: justify; line-height: 13.7pt; font-size: 12pt;"> <font style="font-family: 'Times New Roman',Times,serif; font-weight: bold; background-color: rgb(255, 255, 255); font-style: normal; font-variant: normal; text-transform: none;">DATING</font><font style="background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;">&#160;the enclosed <font style="font-weight: bold;">GOLD</font> proxy card, and</font> </div>
          </td>
        </tr>

    </table>
    <div style="background-color: rgb(255, 255, 255); line-height: 14.4pt; font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;">
      <div style="text-align: justify; line-height: 13.7pt; font-size: 12pt;">&#160;</div>
    </div>
    <table cellspacing="0" cellpadding="0" id="z3b3465a64e4f43e5ae0ec37323db4ae9" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

        <tr>
          <td style="width: 6.67%; vertical-align: top; background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;">
            <div style="text-align: justify; line-height: 13.7pt; font-size: 12pt;">&#160;</div>
          </td>
          <td style="width: 6.67%; vertical-align: top; background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;">
            <div style="text-align: justify; line-height: 13.7pt; font-size: 12pt;">&#9679;</div>
          </td>
          <td style="width: 86.67%; vertical-align: top;">
            <div style="text-align: justify; line-height: 13.7pt; font-size: 12pt;"> <font style="font-family: 'Times New Roman',Times,serif; font-weight: bold; background-color: rgb(255, 255, 255); font-style: normal; font-variant: normal; text-transform: none;">MAILING</font><font style="background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;">&#160;the enclosed <font style="font-weight: bold;">GOLD</font> proxy card&#160;<font style="font-weight: bold;">TODAY</font>&#160;in the envelope provided (no postage is required if mailed in the United States).</font> </div>
          </td>
        </tr>

    </table>
    <div style="background-color: rgb(255, 255, 255); line-height: 14.4pt; font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;">
      <div style="text-align: justify; line-height: 13.7pt; font-size: 12pt;">&#160;</div>
    </div>
    <div style="background-color: #FFFFFF; line-height: 14.4pt;">
      <div style="text-align: justify; text-indent: 36pt; line-height: 13.7pt; font-size: 12pt;"><font style="font-family: 'Times New Roman',Times,serif; font-weight: bold; background-color: rgb(255, 255, 255); font-style: normal; font-variant: normal; text-transform: none;">If any of your shares of Stock are held in the name of a brokerage firm, bank, bank nominee or other institution, only it can vote such shares and only upon receipt of your specific instructions.</font><font style="font-family: 'Times New Roman',Times,serif; background-color: rgb(255, 255, 255); font-style: normal; font-variant: normal; text-transform: none;"> Accordingly, please contact the person responsible for your account and instruct that
          person to execute the proxy card representing your shares of Stock. Dryden urges you to confirm in writing your instructions to Dryden in care of </font><font style="background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;">InvestorCom at the address provided below so that Dryden will be aware of all instructions given and can attempt to ensure that such instructions are followed.</font></div>
    </div>
    <div style="background-color: rgb(255, 255, 255); line-height: 14.4pt; font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;">
      <div style="text-align: justify; line-height: 13.7pt; font-size: 12pt;">&#160;</div>
    </div>
    <div style="background-color: #FFFFFF; line-height: 14.4pt;">
      <div style="text-align: justify; text-indent: 36pt; line-height: 13.7pt; font-size: 12pt;"><font style="font-family: 'Times New Roman',Times,serif; background-color: rgb(255, 255, 255); font-style: normal; font-variant: normal; text-transform: none;">If

          you have any questions or require any additional information concerning this Proxy Statement, please contact </font><font style="background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;">InvestorCom at the address set forth below.</font></div>
    </div>
    <div style="line-height: 13.7pt; background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;"><br style="line-height: 13.7pt;">
    </div>
    <div style="line-height: 13.7pt; background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;"><br style="line-height: 13.7pt;">
    </div>
    <div style="text-align: center; line-height: 13.7pt; background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;"><img width="235" height="70" src="image0.jpg"></div>
    <div style="line-height: 13.7pt; background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;"><br style="line-height: 13.7pt;">
    </div>
    <div style="text-align: center; line-height: 13.7pt; font-family: 'Times New Roman',Times,serif; font-size: 12pt; background-color: rgb(255, 255, 255); font-style: normal; font-variant: normal; text-transform: none;">19 Old Kings Highway S. &#8211; Suite 210</div>
    <div style="text-align: center; line-height: 13.7pt; font-family: 'Times New Roman',Times,serif; font-size: 12pt; background-color: rgb(255, 255, 255); font-style: normal; font-variant: normal; text-transform: none;">Darien, CT&#160; 06820</div>
    <div style="text-align: center; line-height: 13.7pt; font-family: 'Times New Roman',Times,serif; font-size: 12pt; background-color: rgb(255, 255, 255); font-style: normal; font-variant: normal; text-transform: none;">Toll Free (877) 972-0090</div>
    <div style="text-align: center; line-height: 13.7pt; font-family: 'Times New Roman',Times,serif; font-size: 12pt; background-color: rgb(255, 255, 255); font-style: normal; font-variant: normal; text-transform: none;">Banks and Brokers call collect
      (203) 972-9300</div>
    <div style="background-color: #FFFFFF; line-height: 14.4pt;">
      <div style="line-height: 0pt; background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;"><br style="line-height: 0pt;">
      </div>
      <div style="text-align: center; line-height: 13.7pt; margin-top: 12pt; margin-bottom: 12pt; font-family: 'Times New Roman',Times,serif; font-size: 12pt; background-color: rgb(255, 255, 255); font-style: normal; font-variant: normal; text-transform: none;">info@investor-com.com</div>
      <div style="line-height: 0pt; background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;"><br style="line-height: 0pt;">
      </div>
    </div>
    <div style="line-height: 13.7pt; background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;"><br style="line-height: 13.7pt;">
    </div>
    <div style="line-height: 13.7pt; background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;"><br style="line-height: 13.7pt;">
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageBreak" style="page-break-after:always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
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        COPY SUBJECT TO COMPLETION DATED OCTOBER 30, 2019 </div>
    <div style="line-height: 13.7pt; background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;"><br style="line-height: 13.7pt;">
    </div>
    <div style="text-align: center; line-height: 13.7pt; font-family: 'Times New Roman',Times,serif; font-size: 12pt; font-weight: bold; background-color: rgb(255, 255, 255); font-style: normal; font-variant: normal; text-transform: none;"> GOLD PROXY
        CARD </div>
    <div style="line-height: 13.7pt; background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;"><br style="line-height: 13.7pt;">
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    <div style="text-align: center; line-height: 13.7pt; font-family: 'Times New Roman',Times,serif; font-size: 12pt; font-weight: bold; background-color: rgb(255, 255, 255); font-style: normal; font-variant: normal; text-transform: none;">ANNUAL MEETING
      OF SHAREHOLDERS</div>
    <div style="text-align: center; text-indent: 36pt; line-height: 13.7pt; font-family: 'Times New Roman',Times,serif; font-size: 12pt; font-weight: bold; background-color: rgb(255, 255, 255); font-style: normal; font-variant: normal; text-transform: none;">PIMCO MUNICIPAL INCOME FUND</div>
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      MUNICIPAL INCOME FUND</div>
    <div style="text-align: center; line-height: 13.7pt; font-family: 'Times New Roman',Times,serif; font-size: 12pt; font-weight: bold; background-color: rgb(255, 255, 255); font-style: normal; font-variant: normal; text-transform: none;">PIMCO NEW YORK
      MUNICIPAL INCOME FUND</div>
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      INCOME FUND II</div>
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      MUNICIPAL INCOME FUND II</div>
    <div style="text-align: center; line-height: 13.7pt; font-family: 'Times New Roman',Times,serif; font-size: 12pt; font-weight: bold; background-color: rgb(255, 255, 255); font-style: normal; font-variant: normal; text-transform: none;">PIMCO NEW YORK
      MUNICIPAL INCOME FUND II</div>
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      INCOME FUND III</div>
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      MUNICIPAL INCOME FUND III</div>
    <div style="line-height: 13.7pt; background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;"><br style="line-height: 13.7pt;">
    </div>
    <div style="text-align: center; line-height: 13.7pt; font-family: 'Times New Roman',Times,serif; font-size: 12pt; font-weight: bold; background-color: rgb(255, 255, 255); font-style: normal; font-variant: normal; text-transform: none;">ANNUAL MEETING
      OF SHAREHOLDERS</div>
    <div style="line-height: 13.7pt; background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;"><br style="line-height: 13.7pt;">
    </div>
    <div style="text-align: center; line-height: 20.5pt; font-family: 'Times New Roman',Times,serif; font-size: 12pt; font-weight: bold; background-color: rgb(255, 255, 255); font-style: normal; font-variant: normal; text-transform: none;">THIS PROXY IS
      SOLICITED ON BEHALF OF</div>
    <div style="text-align: center; line-height: 13.7pt; font-family: 'Times New Roman',Times,serif; font-size: 12pt; font-weight: bold; background-color: rgb(255, 255, 255); font-style: normal; font-variant: normal; text-transform: none;">DRYDEN CAPITAL
      FUND, LP</div>
    <div style="line-height: 13.7pt; background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;"><br style="line-height: 13.7pt;">
    </div>
    <div style="line-height: 13.7pt; background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;"><br style="line-height: 13.7pt;">
    </div>
    <div style="text-align: center; line-height: 13.7pt; font-family: 'Times New Roman',Times,serif; font-size: 12pt; font-weight: bold; background-color: rgb(255, 255, 255); font-style: normal; font-variant: normal; text-transform: none;">THE BOARD OF
      TRUSTEES OF EACH OF THE FUNDS<br>
      IS NOT SOLICITING THIS PROXY</div>
    <div style="line-height: 13.7pt; background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;"><br style="line-height: 13.7pt;">
    </div>
    <div style="text-align: center; line-height: 13.7pt; font-family: 'Times New Roman',Times,serif; font-size: 12pt; font-weight: bold; background-color: rgb(255, 255, 255); font-style: normal; font-variant: normal; text-transform: none;">P&#160;&#160; R&#160;&#160; O&#160;&#160; X&#160;&#160;
      Y</div>
    <div style="line-height: 13.7pt; background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;"><br style="line-height: 13.7pt;">
    </div>
    <div style="background-color: #FFFFFF; line-height: 14.4pt;">
      <div style="text-align: justify; line-height: 13.7pt; font-size: 12pt;"> <font style="font-family: 'Times New Roman',Times,serif; background-color: rgb(255, 255, 255); font-style: normal; font-variant: normal; text-transform: none;">The undersigned
            appoints Matt Leavitt and John Grau, and each of them, its proxy, attorney and agent (the &#8220;Proxies&#8221;) with full power of substitution to vote all shares </font><font style="background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;">of Auction Rate Preferred Stock, $25,000 liquidation preference per share of each of the Funds (the &#8220;ARPS&#8221;), Variable Rate Municipal Term Preferred Shares
            (&#8220;VMTPS&#8221; and together with ARPS, the &#8220;Preferred Shares&#8221;), and shares of common stock, par value $0.001, of the Funds (the &#8220;Common Stock&#8221;; together with the Preferred Shares, the &#8220;Stock&#8221;) of PIMCO Municipal Income Fund (&#8220;PMF&#8221;); PIMCO Municipal
            Income Fund II (&#8220;PML&#8221;); PIMCO Municipal Income Fund III (&#8220;PMX&#8221;); PIMCO New York Municipal Income Fund (&#8220;PNF&#8221;); PIMCO New York Municipal Income Fund II (&#8220;PNI&#8221;);; PIMCO California Municipal Income Fund (&#8220;PCQ&#8221;); PIMCO California Municipal Income
            Fund II (&#8220;PCK&#8221;); and PIMCO California Municipal Income Fund III (&#8220;PZC&#8221;) (each a &#8220;Fund&#8221; and, collectively, the &#8220;Funds&#8221;), which the undersigned would be entitled to vote if personally present at the upcoming joint annual meeting of the
            shareholders of the Funds, to be held at 1633 Broadway, between West 50th and West 51st Streets, 42nd Floor, New York, New York 10019 at 11:00 A.M., Eastern Time on December 17, 2019.&#160; The term &#8220;Annual Meeting&#8221; is used throughout this joint
            proxy to refer to the annual meeting of shareholders of each Fund, as dictated by the context (including any adjournment or postponement thereof or any special meeting held in lieu thereof). </font> </div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div style="page-break-after: always;" id="DSPFPageBreak">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <div style="text-align: justify; line-height: 13.7pt; font-family: 'Times New Roman',Times,serif; font-size: 12pt; background-color: rgb(255, 255, 255); font-style: normal; font-variant: normal; text-transform: none;"><br>
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        any other proxy or proxies heretofore given to vote or act with respect to the shares of Stock held by the undersigned, and hereby ratifies and confirms all action the Proxies, their substitutes, or any of them may lawfully take by virtue hereof.
        If properly executed, this Proxy will be voted as directed on the reverse and in their discretion with respect to any other matters as may properly come before the Annual Meeting that are unknown to Dryden Capital Fund, LP (&#8220;Dryden Capital Fund&#8221;) a
        reasonable time before this solicitation.</div>
    </div>
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      <div style="line-height: 13.7pt; font-family: 'Times New Roman',Times,serif; font-size: 12pt; background-color: rgb(255, 255, 255); font-style: normal; font-variant: normal; text-transform: none;">&#160;</div>
      <div style="line-height: 13.7pt; font-family: 'Times New Roman',Times,serif; font-size: 12pt; font-weight: bold; background-color: rgb(255, 255, 255); font-style: normal; font-variant: normal; text-transform: none;">IF NO DIRECTION IS INDICATED WITH
        RESPECT TO THE PROPOSALS ON THE REVERSE, THIS PROXY WILL BE VOTED &#8220;FOR&#8221; THE ELECTION OF DERRICK A. CLARK.</div>
      <div style="line-height: 13.7pt; font-family: 'Times New Roman',Times,serif; font-size: 12pt; background-color: rgb(255, 255, 255); font-style: normal; font-variant: normal; text-transform: none;">&#160;</div>
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    <div style="background-color: rgb(255, 255, 255); line-height: 14.4pt; font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;">
      <div style="text-align: justify; line-height: 13.7pt; font-size: 12pt;">This Proxy will be valid until the sooner of one year from the date indicated on the reverse side and the completion of the Annual Meeting.</div>
    </div>
    <div style="background-color: rgb(255, 255, 255); line-height: 14.4pt; font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;">
      <div style="line-height: 13.7pt; font-size: 12pt;">&#160;</div>
    </div>
    <div style="background-color: rgb(255, 255, 255); line-height: 14.4pt; font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;">
      <div style="text-align: center; line-height: 13.7pt; font-size: 12pt; font-weight: bold;">IMPORTANT: PLEASE SIGN, DATE AND MAIL THIS PROXY CARD PROMPTLY!</div>
    </div>
    <div style="background-color: rgb(255, 255, 255); line-height: 14.4pt; font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;">
      <div style="line-height: 13.7pt; font-size: 12pt;">&#160;</div>
    </div>
    <div style="background-color: rgb(255, 255, 255); line-height: 14.4pt; font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;">
      <div style="text-align: center; line-height: 13.7pt; font-size: 12pt; font-weight: bold;">CONTINUED AND TO BE SIGNED ON REVERSE SIDE</div>
    </div>
    <div style="line-height: 13.7pt; background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;"><br style="line-height: 13.7pt;">
    </div>
    <div style="line-height: 13.7pt; background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;"><br style="line-height: 13.7pt;">
    </div>
    <div style="line-height: 13.7pt; background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;"><br style="line-height: 13.7pt;">
    </div>
    <div style="line-height: 13.7pt; margin-bottom: 6pt; background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;"><br style="line-height: 13.7pt;">
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageBreak" style="page-break-after:always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="line-height: 13.7pt; margin-bottom: 6pt; background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;"><br style="line-height: 13.7pt;">
    </div>
    <div style="background-color: #FFFFFF; line-height: 14.4pt;">
      <div style="line-height: 13.7pt; color: #000000; font-size: 12pt;"><font style="font-family: 'Times New Roman',Times,serif; font-weight: bold; background-color: rgb(255, 255, 255); font-style: normal; font-variant: normal; text-transform: none;">[X]</font><font style="background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;">&#160;<font style="font-weight: bold;">Please mark vote as in this example.</font></font></div>
      <div style="line-height: 13.7pt; background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;"><br style="line-height: 13.7pt;">
      </div>
      <div style="line-height: 13.7pt; font-family: 'Times New Roman',Times,serif; font-size: 12pt; font-weight: bold; background-color: rgb(255, 255, 255); font-style: normal; font-variant: normal; text-transform: none;">DRYDEN CAPITAL FUND STRONGLY
        RECOMMENDS THAT SHAREHOLDERS VOTE FOR THE ELECTION OF DERRICK A. CLARK.</div>
      <div style="line-height: 13.7pt; background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;"><br style="line-height: 13.7pt;">
      </div>
      <div style="line-height: 13.7pt; background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;"><br style="line-height: 13.7pt;">
      </div>
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        <tr>
          <td style="width: 6.67%; vertical-align: top; background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;">
            <div style="line-height: 13.7pt; font-size: 12pt;">1.</div>
          </td>
          <td style="width: 93.33%; vertical-align: top; background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;">
            <div style="line-height: 13.7pt; font-size: 12pt;">Election of Derrick A. Clark:</div>
          </td>
        </tr>

    </table>
    <div style="background-color: rgb(255, 255, 255); line-height: 14.4pt; font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;">
      <div style="line-height: 13.7pt; font-size: 12pt;">&#160;</div>
    </div>
    <table cellspacing="0" cellpadding="0" id="z592a8d7f861e4767896d8a7709ed615e" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;">

        <tr>
          <td style="width: 17.96%; vertical-align: top; background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;"> &#160; </td>
          <td style="width: 48.72%; vertical-align: top; background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;"> &#160; </td>
          <td style="width: 8.16%; vertical-align: top;">
            <div style="text-align: center; line-height: 13.7pt; font-family: 'Times New Roman',Times,serif; font-size: 12pt; font-weight: bold; background-color: rgb(255, 255, 255); font-style: normal; font-variant: normal; text-transform: none;"> FOR </div>
            <div style="line-height: 13.7pt; background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;"> <font style="line-height: 13.7pt;">&#160;</font> </div>
          </td>
          <td style="width: 25.16%; vertical-align: top; background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;">
            <div style="text-align: center; line-height: 13.7pt; font-size: 12pt; font-weight: bold;"> WITHHOLD </div>
          </td>
        </tr>
        <tr>
          <td style="width: 17.96%; vertical-align: top; background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;">
            <div style="line-height: 13.7pt; font-size: 12pt;"> Nominee: </div>
          </td>
          <td style="width: 48.72%; vertical-align: top;">
            <div style="line-height: 13.7pt; font-family: 'Times New Roman',Times,serif; font-size: 12pt; background-color: rgb(255, 255, 255); font-style: normal; font-variant: normal; text-transform: none;"> Derrick A. Clark </div>
            <div style="line-height: 13.7pt; background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;"> <font style="line-height: 13.7pt;">&#160;</font> </div>
          </td>
          <td style="width: 8.16%; vertical-align: top;">
            <div style="text-align: center; line-height: 13.7pt; font-family: 'Times New Roman',Times,serif; font-size: 12pt; background-color: rgb(255, 255, 255); font-style: normal; font-variant: normal; text-transform: none;"> [&#160;&#160;&#160;&#160;&#160;] </div>
            <div style="line-height: 13.7pt; background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;"> <font style="line-height: 13.7pt;">&#160;</font> </div>
            <div style="line-height: 13.7pt; background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;"> <font style="line-height: 13.7pt;">&#160;</font> </div>
            <div style="line-height: 13.7pt; background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;"> <font style="line-height: 13.7pt;">&#160;</font> </div>
          </td>
          <td style="width: 25.16%; vertical-align: top;">
            <div style="text-align: center; line-height: 13.7pt; font-family: 'Times New Roman',Times,serif; font-size: 12pt; background-color: rgb(255, 255, 255); font-style: normal; font-variant: normal; text-transform: none;"> [&#160;&#160;&#160;&#160;&#160;] </div>
            <div style="line-height: 13.7pt; background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;"> <font style="line-height: 13.7pt;">&#160;</font> </div>
          </td>
        </tr>

    </table>
    <div style="background-color: #FFFFFF; line-height: 14.4pt;">
      <div style="line-height: 13.7pt; font-family: 'Times New Roman',Times,serif; font-size: 12pt; background-color: rgb(255, 255, 255); font-style: normal; font-variant: normal; text-transform: none;">&#160;</div>
      <div style="line-height: 13.7pt; background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;"><br style="line-height: 13.7pt;">
      </div>
      <div style="line-height: 13.7pt; background-color: rgb(255, 255, 255); font-family: 'Times New Roman',Times,serif; font-style: normal; font-variant: normal; text-transform: none;"><br style="line-height: 13.7pt;">
      </div>
      <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
        <div id="DSPFPageBreak" style="page-break-after:always;">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
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      <div style="line-height: 13.7pt; font-family: 'Times New Roman',Times,serif; font-size: 12pt; font-weight: bold; background-color: rgb(255, 255, 255); font-style: normal; font-variant: normal; text-transform: none;">IN THEIR DISCRETION, THE PROXIES
        ARE AUTHORIZED TO VOTE UPON SUCH OTHER MATTERS AS MAY PROPERLY COME BEFORE THE ANNUAL MEETING.</div>
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      <div style="line-height: 13.7pt; font-family: 'Times New Roman',Times,serif; font-size: 12pt; background-color: rgb(255, 255, 255); font-style: normal; font-variant: normal; text-transform: none;">DATED:&#160;&#160;____________________________</div>
      <div style="line-height: 13.7pt; font-family: 'Times New Roman',Times,serif; font-size: 12pt; background-color: rgb(255, 255, 255); font-style: normal; font-variant: normal; text-transform: none;">&#160;</div>
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      <div style="line-height: 13.7pt; font-family: 'Times New Roman',Times,serif; font-size: 12pt; background-color: rgb(255, 255, 255); font-style: normal; font-variant: normal; text-transform: none;">(Signature)</div>
      <div style="line-height: 13.7pt; font-family: 'Times New Roman',Times,serif; font-size: 12pt; background-color: rgb(255, 255, 255); font-style: normal; font-variant: normal; text-transform: none;">&#160;</div>
      <div style="line-height: 13.7pt; font-family: 'Times New Roman',Times,serif; font-size: 12pt; background-color: rgb(255, 255, 255); font-style: normal; font-variant: normal; text-transform: none;">____________________________________</div>
      <div style="line-height: 13.7pt; font-family: 'Times New Roman',Times,serif; font-size: 12pt; background-color: rgb(255, 255, 255); font-style: normal; font-variant: normal; text-transform: none;">(Signature, if held jointly)</div>
      <div style="line-height: 13.7pt; font-family: 'Times New Roman',Times,serif; font-size: 12pt; background-color: rgb(255, 255, 255); font-style: normal; font-variant: normal; text-transform: none;">&#160;</div>
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      <div style="line-height: 13.7pt; font-family: 'Times New Roman',Times,serif; font-size: 12pt; background-color: rgb(255, 255, 255); font-style: normal; font-variant: normal; text-transform: none;">(Title)</div>
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        JOINT OWNERS SHOULD EACH SIGN. EXECUTORS, ADMINISTRATORS, TRUSTEES, ETC., SHOULD INDICATE THE CAPACITY IN WHICH SIGNING. PLEASE SIGN EXACTLY AS NAME APPEARS ON THIS PROXY.</div>
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  <div style="text-align: justify; margin-left: 342pt; line-height: 13.7pt; margin-bottom: 12pt; font-family: 'Times New Roman',Times,serif; font-size: 12pt; background-color: rgb(255, 255, 255); font-weight: normal; font-variant: normal; text-transform: none;">October 30, 2019</div>
  <div style="text-align: justify; line-height: 13.7pt; font-family: 'Times New Roman',Times,serif; font-size: 12pt; font-weight: normal; background-color: rgb(255, 255, 255); font-variant: normal; text-transform: none;">VIA EMAIL AND EDGAR</div>
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  <div style="line-height: 13.7pt; font-family: 'Times New Roman',Times,serif; font-size: 12pt; background-color: rgb(255, 255, 255); font-weight: normal; font-variant: normal; text-transform: none;">Ms. Anu Dubey</div>
  <div style="line-height: 13.7pt; font-family: 'Times New Roman',Times,serif; font-size: 12pt; background-color: rgb(255, 255, 255); font-weight: normal; font-variant: normal; text-transform: none;">Division of Investment Management</div>
  <div style="line-height: 13.7pt; font-family: 'Times New Roman',Times,serif; font-size: 12pt; background-color: rgb(255, 255, 255); font-weight: normal; font-variant: normal; text-transform: none;">U.S. Securities and Exchange Commission</div>
  <div style="line-height: 13.7pt; font-family: 'Times New Roman',Times,serif; font-size: 12pt; background-color: rgb(255, 255, 255); font-weight: normal; font-variant: normal; text-transform: none;">100 F Street, NE</div>
  <div style="text-align: justify; line-height: 13.7pt; font-family: 'Times New Roman',Times,serif; font-size: 12pt; background-color: rgb(255, 255, 255); font-weight: normal; font-variant: normal; text-transform: none;">Washington D.C. 20549-3628</div>
  <div style="line-height: 13.7pt; background-color: rgb(255, 255, 255); font-weight: normal; font-family: 'Times New Roman',Times,serif; font-variant: normal; text-transform: none;"><br style="line-height: 13.7pt;">
  </div>
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    <div>
      <table cellspacing="0" cellpadding="0" id="z696d9268053c4e81a4025fb195c57a03" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 36pt; background-color: rgb(255, 255, 255); font-weight: normal; font-family: 'Times New Roman',Times,serif; font-variant: normal; text-transform: none;"><br>
            </td>
            <td style="width: 27.9pt; vertical-align: top; font-family: 'Times New Roman',Times,serif; font-size: 12pt; font-weight: normal; background-color: rgb(255, 255, 255); font-variant: normal; text-transform: none;">Re:</td>
            <td style="width: auto; vertical-align: top; text-align: justify; background-color: rgb(255, 255, 255); font-weight: normal; font-family: 'Times New Roman',Times,serif; font-variant: normal; text-transform: none;">
              <div style="font-size: 12pt;">PIMCO Municipal Income Fund (&#8220;PMF&#8221;); PIMCO Municipal Income Fund II (&#8220;PML&#8221;); PIMCO Municipal Income Fund III (&#8220;PMX&#8221;); PIMCO New York Municipal Income Fund (&#8220;PNF&#8221;); PIMCO New York Municipal Income Fund II (&#8220;PNI&#8221;);
                PIMCO California Municipal Income Fund (&#8220;PCQ&#8221;); PIMCO California Municipal Income Fund II (&#8220;PCK&#8221;); and PIMCO California Municipal Income Fund III (&#8220;PZC&#8221;) (each a &#8220;Fund&#8221; and, collectively, &#8220;PIMCO&#8221; or the &#8220;Funds&#8221;)</div>
            </td>
          </tr>

      </table>
    </div>
  </div>
  <div style="text-align: justify; text-indent: 0pt; margin-left: 63.9pt; line-height: 13.7pt; margin-bottom: 3pt; font-family: 'Times New Roman',Times,serif; font-size: 12pt; font-weight: normal; background-color: rgb(255, 255, 255); font-variant: normal; text-transform: none;">Preliminary Proxy Statement filed for each Fund October 15, 2019<br>
    Filed by Dryden Capital Fund, LP, a Delaware limited partnership (&#8220;Dryden Capital Fund&#8221;); Dryden Capital, LLC, a Delaware limited liability company (&#8220;Dryden Capital&#8221;); Dryden Capital GP, LLC, a Delaware limited liability company and general partner of
    Dryden Capital Fund (&#8220;Dryden Capital GP&#8221;); T. Matthew Buffington, Matthew C. Leavitt and Derrick A. Clark.</div>
  <div style="text-align: justify; margin-left: 63.9pt; line-height: 13.7pt; font-family: 'Times New Roman',Times,serif; font-size: 12pt; font-weight: normal; background-color: rgb(255, 255, 255); font-variant: normal; text-transform: none;">File Nos.&#160;
    811-10377, 811-21076, 811-21187, 811-10381, 811-21078, 811-10379, 811-21077, 811-21188</div>
  <div style="text-align: justify; line-height: 13.7pt; margin-top: 12pt; font-family: 'Times New Roman',Times,serif; font-size: 12pt; background-color: rgb(255, 255, 255); font-weight: normal; font-variant: normal; text-transform: none;">Dear Ms. Dubey:</div>
  <div style="line-height: 13.7pt; background-color: rgb(255, 255, 255); font-weight: normal; font-family: 'Times New Roman',Times,serif; font-variant: normal; text-transform: none;"><br style="line-height: 13.7pt;">
  </div>
  <div style="text-align: justify; text-indent: 36pt; line-height: 13.7pt; font-family: 'Times New Roman',Times,serif; font-size: 12pt; background-color: rgb(255, 255, 255); font-weight: normal; font-variant: normal; text-transform: none;">Thank you for
    speaking with us telephonically on October 25, 2019 concerning the Staff of the Securities and Exchange Commission&#8217;s (the &#8220;Staff&#8221;) comments with regard to the above-referenced matter (the &#8220;Comment Conversation&#8221;). We have discussed the Comment
    Conversation with Dryden Capital Fund, LP and the other participants named in the Proxy Statement (collectively, &#8220;Dryden&#8221;) as necessary and hereby provide the following supplemental responses on their behalf. Unless otherwise indicated, the page
    references below are to the marked version of the attached copy of the Revised Preliminary Proxy Statement on Schedule 14A filed on the date hereof (the &#8220;Proxy Statement&#8221;). To facilitate the Staff&#8217;s review, we have reproduced the substance of the
    Staff&#8217;s comments (as we have them in our notes) in italics below, and our responses appear immediately below each comment.</div>
  <font style="font-weight: normal; font-family: 'Times New Roman',Times,serif; font-size: 12pt; font-variant: normal; text-transform: none; color: rgb(0, 0, 0); background-color: rgb(255, 255, 255);"></font>
  <div style="text-align: justify; text-indent: 36pt; line-height: 13.7pt; font-size: 12pt;"> <font style="font-weight: normal; font-family: 'Times New Roman',Times,serif; font-variant: normal; text-transform: none; color: rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><br>
    </font> </div>
  <font style="font-weight: normal; font-family: 'Times New Roman',Times,serif; font-size: 12pt; font-variant: normal; text-transform: none; color: rgb(0, 0, 0); background-color: rgb(255, 255, 255);"> </font>
  <div style="text-align: justify; text-indent: 36pt; line-height: 13.7pt; font-size: 12pt;"> <font style="font-weight: normal; font-family: 'Times New Roman',Times,serif; font-variant: normal; text-transform: none; color: rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><br>
    </font> </div>
  <font style="font-weight: normal; font-family: 'Times New Roman',Times,serif; font-size: 12pt; font-variant: normal; text-transform: none; color: rgb(0, 0, 0); background-color: rgb(255, 255, 255);"> </font>
  <div style="text-align: justify; text-indent: 36pt; line-height: 13.7pt; font-size: 12pt;"> </div>
  <font style="font-weight: normal; font-family: 'Times New Roman',Times,serif; font-size: 12pt; font-variant: normal; text-transform: none; color: rgb(0, 0, 0); background-color: rgb(255, 255, 255);"> </font>
  <div style="text-align: center; line-height: 13.7pt; font-family: 'Times New Roman',Times,serif; font-size: 12pt;"><font style="font-weight: normal; font-variant: normal; text-transform: none; color: rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><img width="716" border="0" height="29" src="kkwc-btm.jpg"></font>
    <div><font style="font-weight: normal; font-variant: normal; text-transform: none; color: rgb(0, 0, 0); background-color: rgb(255, 255, 255);"><br>
      </font> </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageBreak" style="page-break-after: always;">
        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
    </div>
    <div style="text-align: left;"><font style="background-color: rgb(255, 255, 255); font-weight: normal; font-variant: normal; text-transform: none;"><br>
      </font></div>
    <div style="text-align: left;">
      <div style="text-align: justify; line-height: 13.7pt; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;"><u>General</u></div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-bottom: 12pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="za20b25bd26b24823abef4b2a3473e5a0">

            <tr>
              <td style="width: 45pt; vertical-align: top; font-size: 12pt;">
                <div style="margin-left: 27pt; line-height: 13.7pt; margin-bottom: 12pt; font-family: 'Times New Roman',Times,serif; font-style: italic;">1.</div>
              </td>
              <td style="width: auto; vertical-align: top; font-size: 12pt;">
                <div style="text-align: justify; line-height: 13.7pt; margin-bottom: 12pt; font-family: 'Times New Roman',Times,serif; font-style: italic;">Please clarify, in each instance, that Dryden owns 147 of ARPS in the aggregate across the Funds.</div>
              </td>
            </tr>

        </table>
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 13.7pt; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">Dryden acknowledges the Staff&#8217;s comment and directs the Staff to PDF Pages 3 and 6 of the Proxy Statement,
        where Dryden has revised this statement, in each instance, to read:&#160; &#8220;Dryden beneficially owns a total of 147 shares of Auction Rate Preferred Stock, $25,000 liquidation preference per share <font style="font-family: 'Times New Roman',Times,serif;"><strike>of each of</strike></font>&#160;<font style="font-family: 'Times New Roman',Times,serif;"><u>in the aggregate across</u></font> the Funds&#8221;</div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-bottom: 12pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z2332bcbe58574dd480b2a1f6e26c3c00">

            <tr>
              <td style="width: 45pt; vertical-align: top; font-size: 12pt;">
                <div style="margin-left: 27pt; line-height: 13.7pt; margin-bottom: 12pt; font-family: 'Times New Roman',Times,serif; font-style: italic;">2.</div>
              </td>
              <td style="width: auto; vertical-align: top; font-size: 12pt;">
                <div style="text-align: justify; line-height: 13.7pt; margin-bottom: 12pt; font-family: 'Times New Roman',Times,serif; font-style: italic;">Please clarify, in each instance, that the Funds have a preliminary proxy statement on file.</div>
              </td>
            </tr>

        </table>
      </div>
      <div style="text-align: justify; text-indent: 27pt; line-height: 13.7pt; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">Dryden acknowledges the Staff&#8217;s comment and directs the Staff to PDF Pages 4, 7, 13, 16, 21 and 24 of the
        Proxy Statement, where Dryden has revised each reference to refer to the Funds&#8217; preliminary proxy statement on file.</div>
      <div style="text-align: justify; line-height: 13.7pt; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;"><u>Cover Letter</u></div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-bottom: 12pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z259e3d656850457da4d273ff3a3a2b6e">

            <tr>
              <td style="width: 45pt; vertical-align: top; font-size: 12pt;">
                <div style="margin-left: 27pt; line-height: 13.1pt; margin-bottom: 12pt; font-family: 'Times New Roman',Times,serif; font-style: italic;">3.</div>
              </td>
              <td style="width: auto; vertical-align: top; font-size: 12pt;">
                <div style="text-align: justify; line-height: 13.1pt; margin-bottom: 12pt; font-family: 'Times New Roman',Times,serif; font-style: italic;">&#160;Please provide the factual basis for your statement on PDF Page 3 of the Proxy Statement that
                  &#8220;PIMCO <font style="font-weight: bold;">responded</font> to his election by increasing&#8230; &#8221;.(emphasis added)&#8221;</div>
              </td>
            </tr>

        </table>
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 13.7pt; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">Dryden acknowledges the Staff&#8217;s comment and directs the Staff to Page 11 of each Funds&#8217; Definitive Proxy
        Statement for the 2018 Annual Meeting each filed with the Staff on November 2, 2018, where each Fund states:</div>
      <div style="text-align: justify; margin-right: 36pt; margin-left: 36pt; line-height: 13.7pt; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">&#8220;In the event that Messrs. Kertess and/or Rappaport are not re-elected by Preferred
        Shareholders of each Fund, as applicable, the Board of that Fund may increase its size to add one or more non-Preferred Shares Trustee positions, and may determine to appoint Messrs. Kertess and/or Rappaport to fill a vacancy.&#8221;</div>
      <div style="text-align: justify; text-indent: 36pt; margin-right: 36pt; line-height: 13.7pt; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">Dryden also directs the Staff to PDF Page 3 of the Proxy Statement, where Dryden has now
        referenced this statement.</div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-bottom: 12pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z3a7f84bc247d4f96b51ce1a9df06e177">

            <tr>
              <td style="width: 45pt; vertical-align: top; font-size: 12pt;">
                <div style="margin-left: 27pt; line-height: 13.1pt; margin-bottom: 12pt; font-family: 'Times New Roman',Times,serif; font-style: italic;">4.</div>
              </td>
              <td style="width: auto; vertical-align: top; font-size: 12pt;">
                <div style="text-align: justify; line-height: 13.1pt; margin-bottom: 12pt; font-family: 'Times New Roman',Times,serif; font-style: italic;">&#160;Please provide the factual basis for your statement on PDF Page 3 of the Proxy Statement
                  referencing &#8220;PIMCO&#8217;s attempts to dilute our collective voice&#8221;.</div>
              </td>
            </tr>

        </table>
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 13.7pt; font-family: 'Times New Roman', Times, serif;">Dryden acknowledges the Staff&#8217;s comment and directs the Staff to PDF Pages 3-4 and 12 of the Proxy Statement, where Dryden has
        revised this statement, in each instance, to read:&#160; &#8220;<font style="font-family: 'Times New Roman',Times,serif;"><u>This had the mathematical effect of diluting the voting impact of the Dryden nominee.&#160; </u></font>Thus, we are asking our fellow
        Preferred Shareholders to <font style="font-family: 'Times New Roman',Times,serif;"><strike>refute</strike></font>&#160;<font style="font-family: 'Times New Roman',Times,serif;"><u>counteract </u></font>PIMCO&#8217;s<font style="font-family: 'Times New Roman',Times,serif;"><strike> attempts to dilute </strike></font><font style="font-family: 'Times New Roman',Times,serif;"><u>dilution of </u></font>our collective voice and elect <font style="font-family: 'Times New Roman',Times,serif;"><strike>a</strike></font>&#160;<font style="font-family: 'Times New Roman',Times,serif;"><u>an additional</u></font> trustee to the Boards who will advocate for liquidity for the holders of the ARPS that is similar to the liquidity provided to PIMCO&#8217;s peers.&#8221;</div>
      <div style="line-height: 13.7pt;"><br style="line-height: 13.7pt;">
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-bottom: 12pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z1b72476d9c7a4b1c83942c8fa970623f">

            <tr>
              <td style="width: 45.35pt; vertical-align: top; font-size: 12pt;">
                <div style="margin-left: 27.35pt; line-height: 13.1pt; margin-bottom: 12pt; font-family: 'Times New Roman',Times,serif; font-style: italic;">5.</div>
              </td>
              <td style="width: auto; vertical-align: top; font-size: 12pt;">
                <div style="text-align: justify; line-height: 13.1pt; margin-bottom: 12pt; font-family: 'Times New Roman',Times,serif; font-style: italic;">&#160;Please provide the factual basis for your statement on PDF Page 3 of the Proxy Statement
                  referencing &#8220;<font style="font-weight: bold;">real</font> liquidity.&#8221; (emphasis added)&#8221;</div>
              </td>
            </tr>

        </table>
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 13.7pt; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">Dryden acknowledges the Staff&#8217;s comment and directs the Staff to PDF Pages 4 and 12 of the Proxy Statement,
        where Dryden has revised this statement, in each instance, to read:&#160; &#8220;Thus, we are asking our fellow Preferred Shareholders to counteract PIMCO&#8217;s dilution of our collective voice and elect an additional trustee to the Boards <font style="font-family: 'Times New Roman',Times,serif;"><strike>to</strike></font>&#160;<font style="font-family: 'Times New Roman',Times,serif;"><u>who will </u></font>advocate for <font style="font-family: 'Times New Roman',Times,serif;"><strike>real</strike></font>
        liquidity for the holders of the ARPS <font style="font-family: 'Times New Roman',Times,serif;"><u>that is similar to the liquidity provided to PIMCO&#8217;s peers</u></font>.&#8221;</div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-bottom: 12pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z1d62efd17cb94d078c638b08eb204a69">

            <tr>
              <td style="width: 45pt; vertical-align: top; font-size: 12pt;">
                <div style="margin-left: 27pt; line-height: 13.7pt; margin-bottom: 12pt; font-family: 'Times New Roman',Times,serif; font-style: italic;">6.</div>
              </td>
              <td style="width: auto; vertical-align: top; font-size: 12pt;">
                <div style="text-align: justify; line-height: 13.7pt; margin-bottom: 12pt; font-family: 'Times New Roman',Times,serif; font-style: italic;">Please clarify, that shareholders may revoke an earlier proxy card by sending a later dated proxy
                  card to either Dryden or the Funds.</div>
              </td>
            </tr>

        </table>
      </div>
      <div style="text-align: justify; text-indent: 27pt; line-height: 13.7pt; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">Dryden acknowledges the Staff&#8217;s comment and directs the Staff to PDF Page 4 of the Proxy Statement, where
        Dryden has included the requested language.</div>
      <div style="text-align: justify; line-height: 13.1pt; margin-bottom: 12pt;"><u>Background to the Solicitation</u></div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-bottom: 12pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z27b6269d8e564f659cbe35211db244bb">

            <tr>
              <td style="width: 36pt; vertical-align: top; font-size: 12pt;">
                <div style="margin-left: 27pt; line-height: 13.1pt; margin-bottom: 12pt; font-family: 'Times New Roman',Times,serif; font-style: italic;">7.</div>
              </td>
              <td style="width: auto; vertical-align: top; font-size: 12pt;">
                <div style="text-align: justify; text-indent: 36pt; line-height: 13.1pt; margin-bottom: 12pt; font-family: 'Times New Roman',Times,serif; font-style: italic;">&#160;Please provide basis for the statement made in description of Dryden&#8217;s
                  interactions with the Funds on April 17, 2018 that &#8220;Management&#8217;s responses to our concerns lacked substance.&#8221;</div>
              </td>
            </tr>

        </table>
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 13.7pt; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">Dryden acknowledges the Staff&#8217;s comment and directs the Staff to PDF Page 10 of the Proxy Statement, where
        due to length of time since these interactions and their informal nature, Dryden has elected to delete this reference.</div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-bottom: 12pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zd8a36d18a67c42b9a1d91d9b4ad2363d">

            <tr>
              <td style="width: 36pt; vertical-align: top; font-size: 12pt;">
                <div style="margin-left: 27pt; line-height: 13.1pt; margin-bottom: 12pt; font-family: 'Times New Roman',Times,serif; font-style: italic;">8.</div>
              </td>
              <td style="width: auto; vertical-align: top; font-size: 12pt;">
                <div style="text-align: justify; text-indent: 36pt; line-height: 13.1pt; margin-bottom: 12pt; font-family: 'Times New Roman',Times,serif; font-style: italic;">&#160;Please provide basis for the statement made in description of Dryden&#8217;s
                  interactions with the Funds on July 25, 2018 that &#8220;the tender price was below recent prices seen in the secondary market.&#8221;</div>
              </td>
            </tr>

        </table>
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 13.7pt; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">Dryden acknowledges the Staff&#8217;s comment and directs the Staff to Appendix A, which summarizes trade prices of
        the Funds&#8217; ARPS in the second market around July 25, 2018:&#160; This data was sourced from FINRA TRACE.</div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 13.7pt; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">Dryden also directs the Staff&#8217;s attention to PDF Page 10 of the Proxy Statement, which has been revised to
        clarify that the secondary market prices were recent as of July 2018.</div>
      <div style="text-align: justify; line-height: 13.1pt; margin-bottom: 12pt;"><u>Reasons for the Solicitation</u></div>
      <div>
        <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-bottom: 12pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zde7fe8e696e84fc2bad9847baa3a435b">

            <tr>
              <td style="width: 45pt; vertical-align: top; font-size: 12pt;">
                <div style="margin-left: 27pt; line-height: 13.1pt; margin-bottom: 12pt; font-family: 'Times New Roman',Times,serif; font-style: italic;">9.</div>
              </td>
              <td style="width: auto; vertical-align: top; font-size: 12pt;">
                <div style="text-align: justify; line-height: 13.1pt; margin-bottom: 12pt; font-family: 'Times New Roman',Times,serif; font-style: italic;">&#160;Please clarify that Dryden owns &#8220;ARPS&#8221; not &#8220;shares&#8221; of PIMCO.</div>
              </td>
            </tr>

        </table>
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 13.7pt; margin-bottom: 12pt; font-family: 'Times New Roman', Times, serif;">Dryden acknowledges the Staff&#8217;s comment and directs the Staff to PDF Pages 3, 6 and 12 of the Proxy
        Statement, where Dryden has revised this statement, in each instance, to read:&#160; &#8220;Dryden has owned <font style="font-family: 'Times New Roman',Times,serif;"><strike>shares of PIMCO</strike></font>&#160;<font style="font-family: 'Times New Roman',Times,serif;"><u>ARPS of the Funds </u></font>continuously since 2016.&#8221;</div>
      <div style="line-height: 13.1pt; margin-bottom: 12pt;"><br style="line-height: 13.1pt;">
      </div>
      <div style="text-align: center; line-height: 13.7pt; margin-bottom: 12pt;"><font style="font-family: 'Times New Roman', Times, serif;">*</font><font style="text-indent: 0px;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="font-family: 'Times New Roman', Times, serif;"><font style="font-family: 'Times New Roman',Times,serif;">*</font><font style="text-indent: 0px;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>*</font></div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div style="page-break-after:always;" id="DSPFPageBreak">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div style="text-align: justify; text-indent: 36pt; line-height: 13.7pt; font-family: 'Times New Roman', Times, serif;">The Staff is invited to contact the undersigned at (212) 880-9865 or Rebecca L. Van&#160;Derlaske at (212) 880-9849, with any comments
        or questions it may have.&#160; We would appreciate your prompt advice as to whether the Staff has any further comments.</div>
      <div style="line-height: 13.7pt;"><br style="line-height: 13.7pt;">
      </div>
      <div style="text-indent: 36pt; margin-left: 216pt; line-height: 13.7pt; font-family: 'Times New Roman', Times, serif;">Very truly yours,</div>
      <div style="line-height: 13.7pt;"><br style="line-height: 13.7pt;">
      </div>
      <div style="text-indent: 36pt; margin-left: 216pt; line-height: 13.7pt; font-family: 'Times New Roman', Times, serif;"><u>/s/ Christopher P. Davis</u></div>
      <div style="line-height: 13.7pt;"><br style="line-height: 13.7pt;">
      </div>
      <div style="text-indent: 36pt; margin-left: 216pt; line-height: 13.7pt; font-family: 'Times New Roman', Times, serif;">Christopher P. Davis</div>
      <div style="line-height: 13.7pt;"><br style="line-height: 13.7pt;">
      </div>
      <div style="line-height: 13.7pt;"><br style="line-height: 13.7pt;">
      </div>
      <div style="line-height: 13.1pt;"><font style="font-family: 'Times New Roman', Times, serif;">Cc:</font><font style="text-indent: 0px;" id="TRGRRTFtoHTMLTab">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>Rebecca L. Van Derlaske</div>
      <div style="line-height: 13.1pt;"><br style="line-height: 13.1pt;">
      </div>
      <div style="line-height: 13.7pt;"><br style="line-height: 13.7pt;">
      </div>
      <div style="text-align: justify; line-height: 13.7pt; font-family: 'Times New Roman', Times, serif;">Attachment</div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div style="page-break-after:always;" id="DSPFPageBreak">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div style="line-height: 13.7pt;"><br style="line-height: 13.7pt;">
      </div>
      <div style="text-align: center; line-height: 13.7pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"><u>Appendix A</u></div>
      <div style="line-height: 13.7pt;"><br style="line-height: 13.7pt;">
      </div>
      <div style="line-height: 13.7pt;"><br style="line-height: 13.7pt;">
      </div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" id="DSPFPageBreakArea">
        <div style="page-break-after:always;" id="DSPFPageBreak">
          <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
      </div>
      <div style="line-height: 13.7pt;"><br style="line-height: 13.7pt;">
      </div>
      <div style="text-align: center; line-height: 13.7pt; font-family: 'Times New Roman', Times, serif; font-weight: bold;"><u>Revised Preliminary Proxy</u></div>
    </div>
  </div>
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