Columbus Circle Investors Ownership Change Complete

Newport Beach, California, UNITED STATES

NEWPORT BEACH, Calif., July 2, 1999 (PRIMEZONE) -- PIMCO Advisors (NYSE: PA) today announced the completion of their previously announced withdrawal as a partner from the Columbus Circle partnership. PIMCO's withdrawal leaves Columbus Circle's current management as the sole owners of Columbus Circle.

Separately, the Columbus Circle Trust Company, formerly a wholly owned subsidiary of Columbus Circle, has been successfully transferred to PIMCO Advisors as of the closing of the Columbus Circle transaction. Columbus Circle managed approximately $4.5 billion of the more than $248 billion under management at PIMCO Advisors.

PIMCO Advisors is one of the largest investment management companies in the United States with more than $248 billion of assets under management. Led by its Pacific Investment Management and Oppenheimer Capital units, it is widely recognized for consistently posting attractive performance and providing high quality service to more than 1,600 institutional clients worldwide, including nearly one-third of the nation's largest 200 corporations. In addition, PIMCO Advisors manages a family of 50 stock and bond mutual funds available to both retail and institutional investors.

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 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 Advisors L.P.'s sponsored investment products and separately managed accounts, general economic conditions, future acquisitions, competitive conditions and government regulations, including changes in tax laws. PIMCO Advisors Holdings L.P. cautions readers to carefully consider such factors. Further, such forward-looking statements speak only on the date at which such statements are made. PIMCO Advisors Holdings L.P. undertakes no obligation to update any forward-looking statements to reflect events or circumstances after the date of such statements.