PIMCO Municipal Advantage Fund Inc. Reports Results for the Fiscal Quarter and Nine Months Ended July 31, 2008

NEW YORK, Oct. 6, 2008 (GLOBE NEWSWIRE) -- PIMCO Municipal Advantage Fund Inc. (the "Fund") , a closed-end management investment company which seeks a high level of current income exempt from regular federal income taxes, consistent with the preservation of capital, today announced its results for the fiscal quarter and nine months ended July 31, 2008.

                                              At July 31,           
                                              -----------           
                                          2008           2007        
                                     -------------   ------------    
 Net Assets (a)                       $144,327,983   $158,104,398    
 Common Shares Outstanding               7,258,006      7,257,093    
 Net Asset Value ("NAV")                    $12.31         $14.21    
 Market Price                               $12.00         $13.45    
 Discount to NAV                             (2.52)%        (5.35)%  
                                                                     
                                                                     
                                        Quarter ended July 31,       
                                        ----------------------       
                                          2008           2007        
                                     -------------   ------------    
 Net Investment Income                  $1,661,317     $1,596,529    
 Per Common Share                            $0.23          $0.22    
 Net Realized and Change in                                          
  Unrealized Loss                      $(3,219,568)   $(3,004,079)   
 Per Common Share                           ($0.45)        ($0.41)   
 Undistributed (Overdistributed)                                     
  Net Investment                                                     
  Income Per Common Share (b)(c)          $(0.0011)       $0.0640    
                                                                     
                                                                     
                                      Nine Months ended July 31,     
                                      --------------------------     
                                          2008           2007        
                                     -------------   ------------    
 Net Investment Income                  $4,930,316     $4,624,585    
 Per Common Share                            $0.68          $0.64    
 Net Realized and Change in                                          
  Unrealized Loss                     $(12,021,196)   $(3,921,431)   
 Per Common Share                           ($1.66)        ($0.54)   

(a)Net assets are inclusive of market value of Preferred stock of $55 
   million.                                                           
                                                                      
(b)Please note that generally there is a close correlation between    
   what the Fund earns (net of expenses) and what it pays in monthly  
   dividends. However, since net earning rates fluctuate from month   
   to month while monthly dividends have remained relatively stable,  
   there will be periods when the Fund may over-earn or under-earn    
   its monthly dividend which would have the effect of adding to or   
   subtracting from the Fund's undistributed (overdistributed) net    
   investment income balance. Fund management analyzes the Fund's     
   current and projected net earning rates prior to recommending      
   dividend amounts to the Fund's Board of Directors for declaration. 
   There can be no assurance that the current dividend rate or the    
   undistributed (overdistributed) net investment income balance will 
   remain constant.                                                   
                                                                      
(c)Calculated using the accumulated balance at July 31, 2008 and July 
   31, 2007, respectively.                                            



                             Top 5 State Positions at July 31, 2008 
                             (as a percentage of total investments) 
                             -------------------------------------- 
      Illinois                                  11.0%               
      Ohio                                       9.0                
      Texas                                      8.3                
      California                                 7.5                
      Michigan                                   6.2                

Allianz Global Investors Fund Management LLC, an indirect wholly-owned subsidiary of Allianz Global Investors of America L.P., serves as the Fund's investment manager and is a member of Munich-based Allianz Group . Pacific Investment Management Company LLC, an Allianz Global Investors Fund Management affiliate, serves as the Fund's sub-adviser.

The Fund's daily New York Stock Exchange closing price, net asset value per share, as well as other information, is available at http://www.allianzinvestors.com/closedendfunds or by calling the Fund's shareholder servicing agent at (800) 331-1710.

The financial information contained herein is solely based upon the data available at the time of publication of this press release, and there is no assurance that any future results will be the same or similar to the results reported herein. Information that was obtained from third party sources we believe to be reliable is not guaranteed as to its accuracy or completeness. This press release contains no recommendations to buy or sell any specific securities and should not be considered investment advice of any kind. Past performance is no guarantee of future results and the investment returns generated by the Fund will fluctuate. There can be no assurance that the Fund will meet its objective. In making any investment decision, individuals should utilize other information sources and the advice of their own professional adviser.

CONTACT:  Christoph Hofmann   
          (800) 285-4086