Market Overview

PFD, PFO, FFC, FLC and DFP Announce December Dividends

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The Boards of Directors of Flaherty & Crumrine Preferred Income Fund
Incorporated (NYSE: PFD), Flaherty & Crumrine Preferred
Income Opportunity Fund Incorporated (NYSE:PFO), Flaherty &
Crumrine Preferred Securities Income Fund Incorporated (NYSE: FFC),
Flaherty & Crumrine Total Return Fund Incorporated (NYSE:FLC)
and Flaherty & Crumrine Dynamic Preferred and Income Fund Incorporated (NYSE:
DFP
) have declared dividends for the month of December and set
payment dates as follows:

      Dividend       Payment Date       Record Date       Ex-Dividend Date
PFD $0.082/share       Dec. 29, 2017       Dec. 21, 2017       Dec. 20, 2017
PFO $0.069/share Dec. 29, 2017 Dec. 21, 2017 Dec. 20, 2017
FFC $0.119/share Dec. 29, 2017 Dec. 21, 2017 Dec. 20, 2017
FLC $0.126/share Dec. 29, 2017 Dec. 21, 2017 Dec. 20, 2017
DFP $0.155/share Dec. 29, 2017 Dec. 21, 2017 Dec. 20, 2017

The tax breakdown of all 2017 distributions will be available early next
year, but at this point the funds anticipate that all dividends paid in
2017 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. 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.
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 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 securities.

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