"In conjunction with the Tender Offers and to replace a portion of the
leverage previously obtained through tendered ARPS, PCQ, PCK, PZC, PMF, PML and PMX have issued
102, 292, 105, 204, 555, and 239 Remarketable Variable Rate MuniFund Term Preferred Shares,
respectively, each with a liquidation preference of $100,000 per share at a price of $100,000 per share,
resulting in total proceeds of $10,200,000, $29,200,000, $10,500,000, $20,400,000, $55,500,000, and
$23,900,000, respectively."