PFD, PFO, FFC, FLC and DFP Announce Regular December and January Dividends; PFD, PFO, FFC and FLC Announce Special Year-End Distributions

The Boards of Directors of Flaherty & Crumrine Preferred and Income Fund Incorporated PFD, Flaherty & Crumrine Preferred and Income Opportunity Fund Incorporated PFO, Flaherty & Crumrine Preferred and Income Securities Fund Incorporated FFC, Flaherty & Crumrine Total Return Fund Incorporated FLC and Flaherty & Crumrine Dynamic Preferred and Income Fund Incorporated DFP today announced that they have declared per share dividends for December 2019 and January 2020. In addition, PFD, PFO, FFC and FLC announced special year-end dividends to be paid in December. These dividends are detailed below:

Each fund's fiscal year ended on November 30, 2019. The tax breakdown of all 2019 distributions will be available early in 2020, but at this point each fund anticipates that each of its dividends detailed above, including the special year-end dividend, will consist of net investment income and not capital gains or return of capital.

Website: www.preferredincome.com

Past performance is not indicative of future performance. An investor should consider the fund's investment objective, risks, charges and expenses carefully before investing.

To the extent any portion of the distribution is estimated to be sourced from something other than income, such as return of capital, the source would be disclosed on a Section 19(a)-1 letter located under the "SEC Filings and News" section of the funds' website, www.preferredincome.com. The actual amounts and sources of the amounts for tax reporting purposes will depend upon a fund's investment performance during the remainder of its fiscal year and may be subject to change based on tax regulations. A distribution rate that is largely comprised of sources other than income may not be reflective of a fund's performance.

PFD, PFO and FFC invest primarily in preferred and other-income producing securities with an investment objective of high current income consistent with preservation of capital. FLC invests primarily in preferred and other income-producing securities with a primary investment objective of high current income and a secondary objective of capital appreciation. DFP invests primarily in preferred and other income-producing securities with an investment objective of total return, with an emphasis on high current income. PFD, PFO, FFC, FLC and DFP are managed by Flaherty & Crumrine Incorporated, an independent investment adviser which was founded in 1983 to specialize in the management of portfolios of preferred and related income-producing securities.

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