PFD and PFO Announce Special Year-End Dividends

The Boards of Directors of Flaherty & Crumrine Preferred Income Fund Incorporated

and Flaherty & Crumrine Preferred Income Opportunity Fund Incorporated

today declared the regular monthly dividend and a special year-end dividend to be paid in December. The regular monthly dividend rate for PFD will continue to be $0.093 per share, which equates to an annual dividend of $1.116 per share. In addition, shareholders will receive a special year-end dividend from net investment income of $0.047 per share. The regular monthly dividend rate for PFO will continue to be $0.0755 per share, which equates to an annual dividend of $0.906 per share. In addition, shareholders will receive a special year-end dividend from net investment income of $0.045 per share.