PREFERRED INCOME GROUP ANNOUNCES SPECIAL YEAR-END DIVIDEND

Business Editors

PASADENA, CALIF. - Dec. 10, 2001 - The Preferred Income Group of closed-end funds announced that its regular monthly dividend rates will be doubled for the month of December, 2001. The previous regular monthly dividend rates will be reinstated in January, 2002. The two funds involved are Preferred Income Fund (PFD) and Preferred Income Opportunity Fund (PFO).

On December 31, 2001, PFD and PFO will pay $0.164 per share and $0.136 per share, respectively, to holders of their common stock of record on December 24, 2001. The ex-dividend date for the distributions is expected to be December 19, 2001. In January, 2002, the funds' previous regular monthly dividend rates of $0.082 per share for PFD and $0.068 per share for PFO will be reinstated.

The special December dividends consist entirely of net investment income and will be treated as ordinary income for Federal tax purposes. The increase in the payout rates for December reflects primarily the accumulation of additional income caused by the decline in short-term interest rates and the corresponding savings to the funds on the cost of their leverage. No capital gains are included in these distributions.

For additional information, contact the funds' investment adviser, Flaherty & Crumrine Incorporated, at 626-795-7300.

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