Transaction Details

Footnotes

In connection with the reorganization of PIMCO California Municipal Income Fund II and PIMCO California Municipal Income Fund III (the "Target Funds") into the Issuer, 1,710 remarketable variable rate munifund term preferred shares (the "RVMTP Shares") of the Target Funds beneficially owned by Banc of America Preferred Funding Corporation ("PFC") were exchanged for an equal number of RVMTP Shares of the Issuer in a cashless transaction. The 1,710 RVMTP shares reported as acquired in Table I represent shares beneficially owned by PFC. PFC is a wholly owned subsidiary of Bank of America Corporation. | This statement is jointly filed by Bank of America Corporation and PFC. Bank of America Corporation holds an indirect interest in the securities listed in Table I by virtue of its indirect ownership of PFC. | Each reporting person declares that neither the filing of this statement nor anything herein shall be construed as an admission that such person is, for the purposes of Section 13(d) of the US Securities Exchange Act of 1934 or any other purpose, (i) acting (or has agreed or is agreeing to act together with any other person) as a partnership, limited partnership, syndicate or other group for the purpose of acquiring, holding or disposing of securities of the Issuer or otherwise with respect to the Issuer or any securities of the Issuer or (ii) a member of any group with respect to the Issuer or any securities of the Issuer.