PIMCO Hires Andrew Jessop as Executive Vice President and Portfolio Manager

"Given Andrew's significant market experience, he will further strengthen our high yield capabilities and enhance our ability to deliver value to our clients," said William H. Gross, PIMCO's founder and co-CIO.

Mr. Jessop has over 22 years of investment experience in the high yield market, and was most recently a managing director, portfolio manager and co-head of the high yield group at Goldman Sachs Asset Management where he spent 12 years. Mr. Jessop is a graduate of Cambridge University in the UK.

About PIMCO

PIMCO is a global investment management firm that was founded in Southern California in 1971. The firm manages investments for an array of clients, including retirement and other assets that reach more than 8 million people in the U.S. and millions more around the world. Its clients include state, municipal and union pension and retirement plans, individual and investment saving accounts, and public sector reserve management.

PIMCO has more than 1,200 employees, which includes 800 people at its headquarters in Newport Beach, California. The firm also has offices in New York City, Toronto, London, Munich, Amsterdam, Tokyo, Hong Kong, Singapore and Sydney.

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.