People's Republic of China Selects PIMCO to Manage a Portion of Their Social Security Funds

NEWPORT BEACH, CA--(CCNMatthews - November 29, 2006) - PIMCO, one of the world's leading fixed-income managers, announced today that it has been selected by the People's Republic of China to manage a portion of the $26 billion in the Chinese Social Security funds. The defined benefit retirement funds, which the Chinese government uses to supplement provincial social security funds and the nascent private pension industry, have been solely invested domestically and have outsourced a portion of their assets to domestic money managers for several years. As they move offshore for the first time, PIMCO has been chosen to help the fund enter the global financial markets. "We are honored that PIMCO has been chosen to help secure the financial future for the Chinese people," PIMCO CEO William Thompson said. "We look forward to playing a meaningful role in helping to create a bright financial picture for Chinese retirees." Doug Hodge, PIMCO Head of Asia Pacific, said, "This represents a significant first step by the People's Republic of China in putting its trust in an overseas investment management company. As we see with other national retirement plans in the region, the National Council for Social Security Fund is also beginning to move some of its assets offshore in search of higher returns and greater investment diversification for its pensioners." About PIMCO With more than $642 billion in fixed-income assets under management, 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. PIMCO has offices located in Newport Beach, New York City, Hong Kong, Tokyo, Sydney, Munich, London, and Toronto. 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.

Contact Information: PIMCO Contact: Mark Porterfield 949-720-NEWS (6397) www.pimco.com