Peter C. Stimes

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 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 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.

Duff & Phelps Investment Management Co. (Duff & Phelps) is a SEC-registered investment advisor headquartered in Chicago, Illinois. The firm was established in 1979, evolving from the Duff & Phelps investment research firm founded in 1932. They are a wholly-owned subsidiary of Virtus Partners, Inc., which is wholly-owned by Virtus Investment Partners, Inc. (NASDAQ: VRTS). Duff & Phelps provides investment advisory services to institutional clients, mutual funds, closed-end funds, and other pooled investment vehicles as well as to retail clients. Duff & Phelps is a signatory to the United Nations Principles for Responsible Investment (UN PRI).

Peoples Energy Corp. used to produce and distribute gas, power and oil. It was also engaged in acquisition and development of onshore natural gas reserves with upside potential in a limited number of strategic supply basins. The company was located in Chicago, IL.

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.