NEWPORT BEACH, Calif. (May 28, 2008) -  PIMCO, among the leading global investment management firms, announced today that it has hired Eve Tournier as Executive Vice President and Portfolio Manager in its corporate credit group.

Ms. Tournier joins PIMCO from Deutsche Bank in London, where she was a Managing Director and European Head of High Yield Credit Trading. Previously, she worked in credit derivatives trading with Deutsche Bank and before that, with J.P. Morgan in New York. Ms. Tournier earned a master’s degree in operations research and financial engineering from Cornell University, and a bachelor’s of science in industrial engineering from Ecole Centrale de Lyon.

Commenting on the hire, Mohamed A. El-Erian, PIMCO’s co-CEO and co-CIO, stated that “Eve brings to PIMCO a rich expertise in portfolio management, trading and analysis in the corporate area. We are excited about having her on our team and look forward to her important contributions complementing our considerable resources devoted to corporate portfolio strategies and risk management.”

“PIMCO is further strengthening our expertise in credit trading and research by continuing to attract the top people in our industry, and we look forward to maintaining and enhancing our delivery of world-class investment management services to clients around the world,” El-Erian added.

About PIMCO
PIMCO, founded in 1971, is a global investment management firm serving a wide range of institutional and retail investors worldwide. With offices in nine countries in North America, Europe and Asia, we manage investments across a broad spectrum of global financial markets. Our success is built on our philosophy of seeking to consistently deliver attractive return opportunities while maintaining a strong culture of risk management. PIMCO is owned by Allianz Global Investors, a subsidiary of the Munich-based Allianz Group, among the leading global insurance companies.

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.

***