Market Overview

PFD, PFO, FFC, FLC and DFP Announce January 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 January and set
payment dates as follows:

    Dividend     Payment Date     Record Date     Ex-Dividend Date
PFD $0.082/share     Jan. 31, 2018     Jan. 24, 2018     Jan. 23, 2018
PFO $0.069/share Jan. 31, 2018 Jan. 24, 2018 Jan. 23, 2018
FFC $0.119/share Jan. 31, 2018 Jan. 24, 2018 Jan. 23, 2018
FLC $0.126/share Jan. 31, 2018 Jan. 24, 2018 Jan. 23, 2018
DFP $0.155/share Jan. 31, 2018 Jan. 24, 2018 Jan. 23, 2018

The tax breakdown of all 2018 distributions will be available early in
2019, but at this point the funds anticipate that all dividends paid in
2018 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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