PIMCO Announces Promotions

Newport Beach, California, UNITED STATES

NEWPORT BEACH, Calif., March 9, 2001 (PRIMEZONE) -- PIMCO announced today that it has promoted four employees to the position of Executive Vice President and 12 employees to the position of Senior Vice President.

 The new Executive Vice Presidents are:
 -- David C. Hinman, CFA, who joined PIMCO in 1995, having been 
    previously associated with Merrill Lynch & Company in New York. 
    In addition to his core Total Return responsibilities, Mr. Hinman
    currently focuses on high-yield corporate bonds and structured-
    credit products.  He holds a bachelor's degree in Finance from the
    University of Alabama and an MBA in Finance and Accounting from 
    the Wharton School of the University of Pennsylvania.
 -- Mark V. McCray, who has been with PIMCO for just over a year and 
    is a portfolio manager responsible for the firm's municipal bond 
    funds.  Prior to PIMCO, Mr. McCray was with Goldman, Sachs & 
    Company in New York, where he was Vice President and Co-Head of 
    Municipal Bond Trading, with primary responsibility for the firm's
    proprietary municipal trading.  Mr. McCray has 10 years of 
    investment experience, and holds a bachelor's degree from Temple 
    University and an MBA from The Wharton School of the University of
    Pennsylvania, with concentrations in finance, accounting and 
    strategic management.
 -- Kristen S. Monson, CFA, who has been with PIMCO for 14 years and
    is currently an account manager and senior member of PIMCO's 
    investment strategy group.  Ms. Monson has 18 years of investment
    experience, encompassing portfolio management and trading, and 
    holds both a bachelor's degree in Economics and an MBA from the 
    University of California at Irvine.
 -- Mohan V. Phansalkar, who joined PIMCO in 1999, having been 
    previously associated with The Trust Company of the West in Los 
    Angeles as a Senior Vice President and associate General Counsel.
    Prior to that, he was in private practice for a period of six 
    years.  In addition to becoming a PIMCO Executive Vice President,
    Mr. Phansalkar was also appointed as PIMCO's Chief Legal Officer.
    He holds a bachelor's degree in Economics and Political Science 
    from Washington University and earned a J.D. degree from Columbia
    University School of Law.

The PIMCO employees promoted to the position of Senior Vice President are: Gregory A. Bishop, CFA; Cyrille R. Conseil, CFA; Teri Frisch; Lew W. Jacobs IV, CFA; Jeffrey T. Ludwig; Curtis A. Mewbourne; Jonathan D. Moll, CFA; Elizabeth M. Philipp, CFA; Stephen O. Schulist, CFA; Denise C. Seliga; Susan L. Wilson and David Young, CFA.

Founded in 1971 and based in Newport Beach, Calif., PIMCO has more than $220 billion in fixed-income assets under management. The company is majority owned by Munich-based Allianz Group, a leading global insurance company with over $600 billion 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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