Company Press Release

NEWPORT BEACH, CA--(March 23, 2011) - PIMCO, a leading global investment management firm, has announced that Elizabeth (Beth) MacLean and Jason Duko will join the firm and become members of PIMCO's bank loan portfolio management team. Upon joining PIMCO in early April, Ms. MacLean will become an Executive Vice President and Portfolio Manager, and Mr. Duko will become a Senior Vice President and Portfolio Manager. They will be based in the firm's Newport Beach office and will report to Marc Seidner, a Managing Director and senior member of the Portfolio Management Group.

"Beth and Jason are experienced, highly regarded portfolio managers in the bank loan space and they will further strengthen PIMCO's already deep expertise in this important area," said Mr. Seidner.

Ms. MacLean has more than 20 years of experience in the financial services industry and was previously a Portfolio Manager with Lord Abbett where she oversaw that firm's bank loan and structured product areas. Previously, Ms. MacLean was a Managing Director/Portfolio Manager for Leveraged Loan Investments at Nomura Corporate Research and Asset Management, Inc. Before that, she was Vice President/Portfolio Manager at Pilgrim Investments and also held senior corporate lending officer roles at the Bank of Hawaii and the Bank of New York. Ms. MacLean earned her BA in economics and Spanish from Vanderbilt University and her MBA from Arizona State University.

Mr. Duko has more than 11 years of investment experience, most recently as an Associate Portfolio Manager at Lord Abbett, where he has focused on bank loan and structured product portfolio management efforts. Prior to joining Lord Abbett in 2006, Mr. Duko was a Vice President and Assistant Portfolio Manager with Nomura Corporate Research and Asset Management in New York. Earlier in his career Mr. Duko was a research analyst with ING Pilgrim Research. He earned his BS in finance from Arizona State University.

About PIMCO

PIMCO is a leading global investment management firm, with offices in 10 countries throughout North America, Europe and Asia. Founded in 1971, PIMCO offers a wide range of innovative solutions to help millions of investors worldwide meet their needs. Our goal is to provide attractive returns while maintaining a strong culture of risk management and long-term discipline. PIMCO is owned by Allianz Global Investors, a subsidiary of the Munich-based Allianz S.E., a leading global diversified financial services provider.

Except for the historical information and discussions contained herein, statements contained in this news release constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements may involve a number of risks, uncertainties and other factors that could cause actual results to differ materially, including the performance of financial markets, the investment performance of PIMCO's sponsored investment products and separately managed accounts, general economic conditions, future acquisitions, competitive conditions and government regulations, including changes in tax laws. Readers should carefully consider such factors. Further, such forward-looking statements speak only on the date at which such statements are made. PIMCO undertakes no obligation to update any forward-looking statements to reflect events or circumstances after the date of such statement.


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