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PIMCO Hires Joe Deane as Head of Municipal Bond Portfolio Management Team; Julie Callahan to Join as Senior Vice President

PIMCO, a leading global investment management firm, has hired Joe Deane as an Executive Vice President and head of the Municipal Bond Portfolio Management team. Julie Callahan will join the firm as a Senior Vice President and Municipal Bond Portfolio Manager. They will be based in the firm's New York City office beginning on July 18th and will report to Curtis Mewbourne, a Managing Director and Head of the firm's New York Portfolio Management Group.

"Joe is one of the most highly regarded municipal bond portfolio managers in the industry, and we believe his leadership of our municipal bond team will help enhance the value PIMCO delivers to our clients," said Mr. Mewbourne. "Joe and Julie, together with our existing strong municipal bond team, will cultivate the many opportunities that exist in this important sector."

Mr. Deane has 41 years of investment experience and most recently was Managing Director, Co-Head of the Tax-Exempt Department for Western Asset Management Company. Previously he was Managing Director, Head of Tax-Exempt Investments for Smith Barney/Citigroup Asset Management from 1993-2005. Earlier in his career, Mr. Deane held senior portfolio management positions with Shearson and E.F. Hutton. He was named by Morningstar as Fixed Income Manager of the Year in 1996. Mr. Deane earned his B.A. from Iona College.

Ms. Callahan has 16 years of investment experience and most recently was Director, Portfolio Manager, Municipal Separately Managed Accounts and Municipal Money Market Funds at Western Asset Management Company. Previously, she was Vice President, Portfolio Manager, Municipal Money Market Funds with Citigroup Asset Management. Ms. Callahan earned her B.S. from Fairfield University.

About PIMCO
PIMCO is a global investment management firm that was founded in Southern California in 1971. The firm serves an array of clients and manages 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, union and private sector pension and retirement plans, educational, foundations, endowments, philanthropic and healthcare institutions, individual and investment saving accounts, public sector reserve management and other public entities in North and South America, Europe, the Middle East and Asia.

PIMCO has more than 1,800 employees. In addition to its headquarters in Newport Beach, California, the firm has offices in Amsterdam, Hong Kong, London, Munich, New York City, Singapore, Sydney, Tokyo, Toronto and Zurich.

PIMCO is owned by Allianz S.E., a 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.