Flaherty & Crumrine Preferred Income Fund and Flaherty & Crumrine Preferred Income Opportunity Fund Announces Management Appointments

Flaherty & Crumrine Preferred & Income Fund Inc. (the Fund) is a diversified, closed-end management investment company. The Fund’s investment objective is to provide its common shareholders with high current income consistent with the preservation of capital. The Fund's invests in a portfolio of preferred securities. Under normal market conditions, the Fund invests at least 80% of its managed assets in a portfolio of preferred and other income-producing securities. Preferred and other income-producing securities include traditional preferred stock, trust preferred securities, hybrid securities that have characteristics of both equity and debt securities, contingent capital securities (CoCos), subordinated debt and senior debt. The Fund invests at least 25% of its total assets in the financial sector, which comprises banks, financial services, consumer finance, and brokerage and real estate investment trust industries. Flaherty & Crumrine Incorporated is the Fund's investment advisor.