Bradford Stone

Flaherty & Crumrine Preferred Income Fund, Inc. is a closed-end diversified investment company. It focuses on its investments in the financial sector such as bank, thrifts and mortgage finance, diversified financial services, finance, consumer finance, capital markets, asset management and custody, investment banking and brokerage, insurance, insurance brokers, and real estate investment trust industries. The funds investment objective is to provide its common shareholders with high current income consistent with the preservation of capital. The company was founded on September 28, 1990 and is headquartered in Pasadena, CA.

Flaherty & Crumrine Preferred & Income Opportunity Fund, Inc. is a closed-end investment company, which engages in the investment in preferred stocks. It concentrates its investments in the financial services sector. The company was founded on December 10, 1991 and is headquartered in Pasadena, CA.

Flaherty & Crumrine, Inc. is an independent, SEC-registered investment advisor headquartered in Pasadena, California. The firm was founded by Robert Flaherty and Donald Crumrine in 1983. Flaherty & Crumrine offers investment supervisory services to corporations and other business entities, charitable organizations, closed-end funds, mutual funds and similar pooled investment vehicles and individuals.

Flaherty & Crumrine Preferred & Income Securities Fund, Inc. is a mutual fund, closed-end investment. Its objective is to provide high current income for holders of its common stock consistent with preservation of capital. The company was founded on May 23, 2002 and is headquartered in Pasadena, CA.

Goldman Sachs & Co. LLC (GS&Co.) is a securities brokerage firm headquartered in New York City. Founded in 1927, the firm is a subsidiary of The Goldman Sachs Group, Inc. (NYSE: GS). GS&Co. provides services to help hedge funds manage risk, monitor portfolios, maintain liquidity and build their businesses. They offer clients access to global equity and derivatives markets, as well as foreign exchange, commodities, European Lefts, rates and credit across the Americas, Europe and Asia. The firm proactively monitors capital markets, searching for pockets of liquidity and news that may require changes to those strategies. Integration with the Goldman Sachs network gives clients access to the firm's sectored block trades and their insights into price discovery. Their electronic trading program provides clients with tools to manage their trades from pre-trade analytics to post-trade analysis.

Barclays Capital, Inc. is a registered broker/dealer headquartered in New York City. The firm was founded in 1997 and is a subsidiary of Barclays Group US, Inc., ultimately owned by Barclays plc (LON: BARC) in Great Britain. Barclays Capital provides large corporate, government and institutional clients a full spectrum of prime brokerage services which includes equities and fixed income financing, OTC Clearing, Futures and Foreign Exchange Prime Brokerage and access to industry insights and analytics from their Strategic Consulting team.

Flaherty & Crumrine Total Return Fund, Inc. is a closed-end investment fund. Its investment objective is to provide high current income for holders of its common stock. The company invests in traditional preferred stock, trust preferred securities, and hybrid securities that have characteristics of both equity, and debt securities. Flaherty & Crumrine Total Return Fund was founded on August 26, 2003 and is headquartered in Pasadena, CA.

Flaherty & Crumrine Investment Grade Preferred Income Fund is a closed-end investment trust, which investment objective is to provide unitholders with a stable stream of monthly distributions by investing in a portfolio of fixed income securities consisting primarily of US-dollar-denominated corporate debt and preferred securities of North American issuers. The company was founded on October 29, 2004 and is headquartered in Toronto, Canada.