PIMCO Municipal Income Fund (NYSE:PMF), PIMCO Municipal Income Fund II (NYSE:PML), PIMCO Municipal Income Fund III (NYSE:PMX), PIMCO California Municipal Income Fund (NYSE:PCQ), PIMCO California Municipal Income Fund II (NYSE:PCK), PIMCO California Municipal Income Fund III (NYSE:PZC), PIMCO New York Municipal Income Fund (NYSE:PNF), PIMCO New York Municipal Income Fund II (NYSE:PNI), and PIMCO New York Municipal Income Fund III (NYSE:PYN) (each a "Fund" and collectively, the "Funds") announced today that Joe Deane will assume primary responsibility for the day-to-day portfolio management of each of the Funds, effective immediately.

Mr. Deane, an Executive Vice President at Pacific Investment Management Company LLC ("PIMCO"), joined PIMCO in 2011 and is the head of the municipal bond portfolio management team. Prior to joining PIMCO, he served as Managing Director, Co-Head of the Tax-Exempt Department for Western Asset Management Company. Previously he was Managing Director, Head of Tax-Exempt Investments for Smith Barney/Citigroup Asset Management from 1993 to 2005.

The Funds' are closed-end management investment companies. The investment objective of each Fund is to provide current income exempt from federal income tax. PCQ, PCK and PZC also seek to provide current income exempt from California state income taxes. PNF, PNI and PYN also seek to provide income exempt from New York State and city income taxes. There can be no assurance that the Funds will meet their stated objectives.

Allianz Global Investors Fund Management LLC ("AGIFM"), an indirect, wholly-owned subsidiary of Allianz Global Investors of America L.P., serves as the Funds' investment manager and is a member of Munich-based Allianz Group. Pacific Investment Management Company LLC, an AGIFM affiliate, serves as the Funds' sub-adviser.

The Funds' daily New York Stock Exchange closing prices, net asset values per share, as well as other information, including updated portfolio statistics and performance, is available at www.allianzinvestors.com or by calling the Funds' shareholder servicing agent at (800) 254-5197.

Statements made in this release that look forward in time involve risks and uncertainties and are forward looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such risks and uncertainties include, without limitation, the adverse effect from a decline in the securities markets or a decline in the Funds' performance, a general downturn in the economy, competition from other companies, changes in government policy or regulation, inability to attract or retain key employees, inability to implement its operating strategy and/or acquisition strategy, and unforeseen costs and other effects related to legal proceedings or investigations of governmental and self-regulatory organizations. The Funds' ability to pay dividends to common shareholders is subject to the restrictions in their registration statements, by-laws and other governing documents, as well as the Investment Company Act of 1940.

For information on PIMCO Closed-End Funds:
Financial Advisors: 800-628-1237
Shareholders: 800-285-4086
Media Relations: 212-739-3501