Company Press Release

*PIMCO Launches Intermediate Municipal Bond Strategy Fund, an Actively Managed ETF

* ‘/MUNI’ Taps PIMCO’s Muni and Credit Expertise to Seek High-Quality, Tax-Exempt Income

/ *NEWPORT BEACH, CA (December 1, 2009)*—PIMCO, a leading global investment management firm, has launched the PIMCO Intermediate Municipal Bond Strategy Fund (NYSE: MUNI), an actively managed exchange-traded fund (ETF) that accesses PIMCO’s municipal bond expertise in building a portfolio of primarily high-quality, intermediate maturity, AMT-free municipal bonds whose income is exempt from federal and, in some cases, state tax. MUNI also seeks national diversification. The ETF will be managed by John Cummings, executive vice president and head of PIMCO’s municipal bond desk.

“The U.S. fiscal outlook will likely include higher marginal tax rates in the years to come, raising the need for tax-efficient investments. At the same time, however, municipalities and states face a host of challenges in managing their budgets, so the importance of credit analysis is heightened,” said Mr. Cummings. “With MUNI, PIMCO aims to provide investors with a carefully selected, diversified portfolio of municipal bonds with the complete transparency and accessibility of an ETF.”

Credit analysis is critical in the municipal bond market. Unlike index funds that may rely solely on ratings agencies for credit analysis, PIMCO analyzes each municipality’s ability to pay obligations, collect taxes, benefit from federal stimulus and other factors, along with a detailed evaluation of each issue’s structure before a decision is made to purchase a security. In addition, the firm’s size, presence and relationships in municipal bond markets work to ensure institutional pricing and execution, which may not be directly accessible to an individual investor. Active management also allows PIMCO to focus on adjusting the portfolio as credit conditions change, and harvest losses in efforts to balance against future gains, further minimizing tax liabilities.

As with all of PIMCO’s ETF offerings, MUNI is part of an effort to broaden access to PIMCO’s investment process, market expertise and risk management by offering strategies and vehicles that appeal to a wide range of investor preferences while also complementing the firm’s other offerings.

*About PIMCO

* PIMCO, founded in 1971, is a global asset management firm that manages investments for an array of clients, including retirement and other assets that reach more than 8 million people in the U.S. and millions more around the world. Our clients include state, municipal and union pension and retirement plans whose beneficiaries come from all walks of life, from educators to healthcare workers to public safety employees. We have a substantial individual investor client base, and work in partnership with financial intermediaries such as Registered Investment Advisors, broker/dealers, trust banks and insurance companies. We are also advisors and asset managers to central banks, corporations, universities, foundations and endowments. With offices in North America, Europe, Asia and Australia, we manage investments across a full spectrum of global financial markets. PIMCO is owned by Allianz Global Investors, a subsidiary of the Munich-based Allianz Group, a leading global insurance company.