Company Press Release

NEWPORT BEACH, CA--(Marketwire - February 04, 2010) - PIMCO, a leading global investment management firm, has launched the PIMCO Short Term Municipal Bond Strategy Fund (NYSE: SMMU), enhancing the firm's line up of actively managed exchange-traded funds (ETFs) covering the municipal yield curve. SMMU accesses PIMCO's municipal bond expertise in building a portfolio of primarily high-quality, short maturity, AMT-free municipal bonds whose income is exempt from federal and, in some cases, state tax. The fund will be managed by John Cummings, executive vice president and head of PIMCO's municipal bond desk.

"As cities and states face ever-greater challenges in managing their budgets, issuer-specific credit analysis has become essential to succeeding as a municipal bond investor," said Mr. Cummings. "With SMMU, PIMCO will look to use its proven credit expertise to provide investors with a carefully selected, diversified portfolio of short maturity municipal bonds with the complete transparency and accessibility of an ETF."

Unlike index funds that may rely solely on ratings agencies for credit analysis, PIMCO analyzes each municipality's ability to pay obligations, collect taxes, benefit from federal stimulus and other factors, along with a detailed evaluation of the structure of each bond issue, before a decision is made to purchase a security. In addition, the firm's size, presence and relationships in municipal bond markets may enhance the ability to receive attractive pricing and execution on each trade. Because the fund is actively managed, PIMCO can focus on adjusting the portfolio as credit conditions change and also manage losses in an effort to increase the fund's tax efficiency.

The PIMCO Short Term Municipal Bond Strategy is the firm's third actively managed ETF and second municipal bond ETF, following the PIMCO Intermediate Municipal Bond Strategy Fund (NYSE: MUNI) launched on Nov. 30, 2009. As with all of PIMCO's ETF offerings, the fund seeks to provide investors greater access to PIMCO's investment process, market expertise and risk management by offering strategies and vehicles that appeal to a wide range of investor preferences, while also complementing the firm's other offerings.

---

NEWPORT BEACH, CA--(Marketwire - February 02, 2010) - PIMCO is pleased to announce the promotion of nine to the level of Managing Director. "The addition of these nine highly talented and experienced colleagues to our Managing Director ranks will put us in an even better position to continue to deliver to our clients around the world the highest quality investment management services," said Mohamed A. El-Erian, CEO and co-CIO of PIMCO.

Jennifer S. Bridwell

Ms. Bridwell is a product manager for the mortgage- and asset-backed securities business, and for PIMCO's private equity strategies, based in Newport Beach. Prior to joining PIMCO in 2005, she was a member of the portfolio strategies group at Fannie Mae and also worked in MBS/ABS sales at Visible Markets and Freddie Mac. Prior to that, she was a mortgage portfolio manager at the hedge fund Normandy Asset Management and an analyst at Smith Breeden Associates. She has 22 years of mortgage investment experience and holds undergraduate degrees in Economics and Russian Area Studies from Southern Methodist University.

Suhail H. Dada, CFA

Mr. Dada is based in London and is the head of the Middle East region. He is responsible for business development and for managing PIMCO's institutional client relationships in the region. Mr. Dada was previously global fixed-income product manager. Prior to joining PIMCO in 2001, he spent 11 years at Bank of America, where he was a vice president in the global markets group. He has 19 years of investment experience and holds a master's degree in international finance from Columbia University. He received his undergraduate degree from the University of Wisconsin, Madison.

Tomoya Masanao

Mr. Masanao is based in the Tokyo office and head of portfolio management Japan. He is also a chairman of PIMCO's Asia-Pacific Portfolio Committee, responsible for the region's macroeconomic and investment analysis. Mr. Masanao joined PIMCO in 2001 as a global portfolio manager and has been based in Tokyo since 2002, managing global and Japanese portfolios. Prior to joining PIMCO, he was an executive director and senior portfolio manager at Goldman Sachs Asset Management in London. He was also associated with Sumitomo Bank as a proprietary trader in London and a credit analyst in Osaka. He has 20 years of investment experience and holds an MBA from Boston University. He also holds a master's degree and an undergraduate degree, both in engineering, from Osaka University.

John M. Miller, CFA

Mr. Miller is an account manager in the Newport Beach office and head of PIMCO's defined contribution business. He previously served as co-head of the public pension plan team and was responsible for servicing institutional clients. Prior to joining PIMCO in 1999, he was an officer in the U.S. Army, achieving the rank of Captain. He has 11 years of investment experience and holds an MBA from Harvard Business School. He earned his undergraduate degree from the United States Military Academy, West Point.

Doug Ongaro, CFA

Mr. Ongaro is an account manager in the Newport Beach office, focusing on business development and client service. He is head of the RIA channel and serves as a member of the management team for PIMCO's global wealth management group. Prior to joining PIMCO in 1995, he was with Charles Schwab & Co and Bear Stearns. He has 24 years of investment experience and holds an undergraduate degree from San Diego State University.

Saumil Harish Parikh, CFA

Mr. Parikh is a generalist portfolio manager in the Newport Beach office. He is head of macroeconomic research for North America and also serves as a member of the short-term, mortgage and global portfolio management teams. Prior to joining PIMCO in 2000, Mr. Parikh was a financial economist and market strategist at UBS Warburg. He has 12 years of investment experience and holds undergraduate degrees in economics and biology from Grinnell College.

Steve Rodosky

Mr. Rodosky is a portfolio manager covering Treasury bonds, agencies and futures. Based in Newport Beach, he is the lead portfolio manager for long duration strategies. Prior to joining PIMCO in 2001, Mr. Rodosky was vice president of institutional sales with Merrill Lynch. He has 15 years of investment experience and holds a master's degree in financial markets from Illinois Institute of Technology. He received an undergraduate degree from Villanova University.

Christian Stracke

Based in Newport Beach, Mr. Stracke is global head of the credit research and a member of PIMCO's investment committee. The group covers all levels of the debt capital structure for targeted industries, including investment grade and high yield bonds, bank debt and convertibles. Prior to joining PIMCO in 2008, he was a senior credit strategist at CreditSights and also held positions as head of Latin America fixed income strategy with Commerzbank Securities and head of Latin America local markets strategy with Deutsche Bank. He has 11 years of investment experience and holds an undergraduate degree from the University of Chicago.

Susan L. Wilson

Ms. Wilson is an account manager in the Newport Beach office, focusing on institutional client service. Prior to joining PIMCO in 1999, she was with Russell Investments for 12 years as a senior research analyst, responsible for researching, evaluating and formulating Russell rankings on bond managers. She also recommended fixed income asset class structure, managers and guidelines to institutional clients and Russell's internal funds. She has 23 years of investment experience and holds a B.S. in economics from University of Puget Sound.