Company Press Release

NEWPORT BEACH, CA--(Marketwire - January 29, 2009) - PIMCO today announced the promotion of Andrew Balls, Sabrina Callin, David Flattum, Mark Kiesel, Jon Short and Mihir Worah to the level of Managing Director.

Andrew Balls

Mr. Balls is a member of the Investment Committee and head of European portfolio management. He leads PIMCO's European investment team, which is based in London and Munich. Prior to joining PIMCO in 2006, he spent eight years at the Financial Times, most recently as editor of the U.S. Lex column and as chief economics correspondent in Washington, D.C. He has 11 years of investment and financial market experience and holds a bachelor's degree from Oxford and a master's degree from Harvard University. He was a lecturer in economics at Keble College, Oxford.

Sabrina C. Callin, CFA

Ms. Callin is a member of PIMCO's alternative investment solutions team and a product manager for global portable alpha-based equity and unconstrained bond strategies. Prior to joining PIMCO in 1998, she was a manager in the assurance and business advisory services group at KPMG Peat Marwick. She has 17 years of investment experience and holds an MBA from Stanford University Graduate School of Business. She received undergraduate degrees from Texas Christian University and is also a certified public accountant.

David C. Flattum

Mr. Flattum serves as PIMCO's General Counsel. Prior to joining PIMCO in 2001, he was Managing Director, U.S. General Counsel and Chief Operating Officer of Allianz Global Investors of America. Mr. Flattum was previously a corporate partner with the law firm of Latham & Watkins. He holds a J.D. from Yale Law School and undergraduate degrees in philosophy and electrical engineering from the University of Southern California. He is admitted to the bar in the State of California.

Mark Kiesel

Mr. Kiesel is a generalist portfolio manager and a senior member of the investment strategy and portfolio management group. He heads the investment-grade corporate bond desk and manages corporate and equity portfolios for the firm. He joined PIMCO in 1996, and previously served as PIMCO's head of equity derivatives and as a senior credit analyst. He has 15 years of investment experience and holds an MBA from the University of Chicago Graduate School of Business. He received his undergraduate degree from the University of Michigan.

Jon Short

Mr. Short is the head of PIMCO's US Institutional Business Group. In this role he is responsible for leading all the firm's US Institutional Direct Marketing and Consultant Relations efforts. Before joining PIMCO in 2005, he held a variety of positions at Putnam Investments, most recently that of institutional fixed-income portfolio manager. Prior to his work at Putnam, he served as a fixed income portfolio manager at Fidelity Investments and a Bond Trader at Salomon Brothers. He has 23 years of investment experience and holds an MBA from MIT Sloan School of Management. He received his undergraduate degree from Georgetown University.

Mihir P. Worah

Mr. Worah is a portfolio manager and head of the Real Return portfolio management team. Prior to joining PIMCO in 2001, he was a post-doctoral research associate at the University of California, Berkeley, and the Stanford Linear Accelerator Center, where he built models to explain the difference between matter and anti-matter. He has seven years of investment experience and holds a Ph.D. in theoretical physics from the University of Chicago. He is the author of numerous articles and frequent contributor to books and articles on investing in real return assets.

With more than $747 billion in fixed-income assets under management in the US, 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.


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