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PIMCO Announces Promotions

NEWPORT BEACH, Calif., March 22, 2005 (PRIMEZONE) -- PIMCO, one of the world's leading fixed-income asset managers, has announced the promotion of four employees to the position of executive vice president, 16 to the position of senior vice president and 30 to the position of vice president.

The new executive vice presidents are:

 -- Akinori Matsui, account manager for PIMCO Japan in Tokyo.
    Mr. Matsui joined PIMCO in 2001, previously having been a
    chief portfolio manager of international fixed income and
    international equity investments at Nippon Life and Nissay
    Asset Management where he managed the general accounts of
    Nippon Life and Japanese pension funds respectively. He has
    twenty years of investment experience, holds a bachelor's
    degree in economics from Kyoto University, and is a chartered
    member of the Security Analysts Association of Japan.

 -- Mark J. Porterfield, head of PIMCO's Media and Public
    Affairs activities. In addition, he is a founding board
    member of The PIMCO Foundation and presently serves as its
    Executive Director. Mr. Porterfield has been associated
    with PIMCO since 1986. Prior to that, he worked as a systems
    analyst with Andersen Consulting in Chicago. Mr. Porterfield
    holds a bachelor's degree in international relations from
    Duquesne University and a masters in business administration in
    computer science from the University of California, Irvine.

 -- Richard E. Tyson Jr., Senior Global Operations Manger for
    PIMCO. He is charged with the responsibilities of operational
    risk management, as well as broker, bank and SSIMS support
    relations. Prior to his current assignment, Mr. Tyson was senior
    global operations manager, with responsibilities in Germany
    and Asia Pacific. Prior to joining PIMCO in 1996, Tyson spent
    over 13 years with Salomon Brothers. While there, he had
    operational responsibilities in Los Angeles, San Francisco,
    New York, Tampa, and Toronto.

 -- David Young, CFA, head of PIMCO's London based account
    management group. Mr. Young is responsible for building and
    managing client servicing efforts covering the UK, Europe,
    Middle East, and Africa. Mr. Young joined the firm in 1994,
    previously having held positions as portfolio manager with
    Analytic Investment Management and account manager at Smith
    Barney and Harris Upham. He has sixteen years of investment
    experience and holds both a bachelor's degree in political
    science and economics and a masters in business administration
    from the University of California, Irvine. Prior to relocating
    to London, Mr. Young was a visiting professor at the University
    of California, Irvine MBA program and has instructed fixed
    income courses for CFA review programs with the Los Angeles
    and UK AIMR chapters as well as the Financial Times Knowledge
    program.

The new senior vice presidents are:

  Newport Beach
  Joshua M. Anderson, Erik C. Brown, John B. Cummings,
  Jennifer E. Durham, Kristine L. Foss, Gregory T. Gore,
  Shailesh Gupta, Henrik P. Larsen, Gail Mitchell, Ric Okun,
  Ronald M. Reimer, and Paul W. Reisz.

  London
  Richard F. Fulford III

  Singapore
  Joseph A. Fournier

  Sydney
  Julian Foxall

  Tokyo
  Kenji Kawamura

The new vice presidents are:

Newport Beach Stacie D. Anctil, Kwame A. Anochie, Donna E. Barnes, Christopher P. Brune, Giang H. Bui, John R. Cavalieri, Mary De Bellis, Vernon Edler, Thomas C. Gibson, Julie A. Meggers, Gregory S. Miller, Monika Nemeth, Rudy Pimentel, Susan Raessler, Rahul M. Seksaria, Don Suskind, Erik A. Velicer, Rosa J. Yi, Donald A. Yocham, Lori Zarutsky, and David Zhang.

 London  
 William A. Blackwell Jr., Sofia Ramos, and Dominique Tersin

 Munich  
 Kristion T. Mierau

 New York  
 Eric J. Mogelof

 Sydney  
 Matthew J. Mulcahy

 Tokyo  
 Sachiko Nojima, Yoshimitsu Saito, and Ichiro Takeuchi 

With more than $445 billion in fixed-income assets under management, PIMCO is one of the world's leading fixed-income fund-management companies. Founded in 1971 and based in Newport Beach, California, the company is majority owned by Munich-based Allianz Group, a leading global insurance company with nearly $1 trillion in assets and represented in 70 countries around the globe.

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 statements.

CONTACT:  PIMCO
          Mark Porterfield
          949-720-6397
          www.pimco.com