| NEWPORT BEACH, CA--(Marketwire - December | | | | Mutual Global Discovery Fund earned a five-star |
| 7, 2009) - PIMCO, a leading global investment | | | | rating from Morningstar and an A rating from |
| management firm, announced today that it has | | | | S&P Fund Research. In 2008 the Global |
| completed another set of key hires as it expands | | | | Discovery Fund was also recognized by Lipper |
| the range of investment solutions it provides to | | | | Fund Awards as Best Fund over Three Years in |
| its clients around the world. | | | | the Global Multi-Cap Value Funds category. Mr. |
| Anne Gudefin and Charles Lahr will join PIMCO as | | | | Lahr also served as Portfolio Manager for the |
| Executive Vice Presidents and Global Equities | | | | Franklin Mutual Financial Services Fund, which has |
| Portfolio Managers; and Neel Kashkari will join the | | | | earned a four-star rating from Morningstar. In |
| firm as a Managing Director and Head of New | | | | 2008, Lipper recognized the Mutual Financial |
| Investment Initiatives. | | | | Services Fund as Best Fund over Ten Years in |
| Ms. Gudefin and Mr. Lahr come to PIMCO from | | | | the Financial Services Fund category. In total, Mr. |
| the Mutual Series Group of Franklin Templeton | | | | Lahr helped oversee the management of more |
| Investments where they were co-Portfolio | | | | than $20 billion of investment assets in his role |
| Managers for the Franklin Mutual Global Discovery | | | | prior to joining PIMCO. Earlier in his career, Mr. Lahr |
| Fund. They will be based in the firm's London and | | | | was an international equities research analyst with |
| New York offices, respectively. At PIMCO, they | | | | the State of Wisconsin Investment Board, as well |
| will focus on establishing and managing global | | | | as a member of the fund management team for |
| equity investment strategies based on a "deep | | | | the Mutual European and Mutual Beacon Funds. He |
| value" style approach. Mr. Lahr's first day at | | | | earned a BBA in finance and investments as well |
| PIMCO is December 7 and Ms. Gudefin will begin in | | | | as an MBA from the University of Iowa. Mr. Lahr |
| early January 2010. | | | | is a CFA charterholder. |
| Mr. Kashkari joins PIMCO having served until May | | | | Professional Background of Neel Kashkari: |
| 2009 as Assistant Secretary of the Treasury, | | | | Mr. Kashkari has 12 years of business, investment |
| where he led the Office of Financial Stability. He | | | | and policy experience. Prior to joining PIMCO he |
| was previously at Goldman Sachs. He will be | | | | was Assistant Secretary of the Treasury, where |
| based in the firm's Newport Beach office. At | | | | he led the Office of Financial Stability under |
| PIMCO, he will help direct the firm's expansion into | | | | Presidents George W. Bush and Barack Obama. |
| new investment initiatives, including its equities | | | | Mr. Kashkari joined the Treasury Department in |
| business. Mr. Kashkari will be a senior member of | | | | July 2006 as Senior Advisor to U.S. Treasury |
| the firm's Executive Office and work closely with | | | | Secretary Henry Paulson, and was later appointed |
| PIMCO's portfolio management, business | | | | as the Assistant Secretary for International |
| management and client-facing groups. Mr. | | | | Economics and Development. Earlier in his career, |
| Kashkari's first day at PIMCO is December 14. | | | | he was a Vice President at Goldman Sachs where |
| "Extending PIMCO's investment activities into | | | | he led that firm's Information Technology Security |
| active equities and thus across the capital | | | | Investment Banking practice. Previously he was |
| structure is a logical and natural extension of the | | | | an aerospace engineer at TRW Corporation, |
| firm's successful investment process," said Bill | | | | where he developed technology for NASA |
| Gross, PIMCO's founder and co-CIO. "Neel, Anne | | | | science missions, including the James Webb Space |
| and Chuck are exceptional professionals and | | | | Telescope. Mr. Kashkari earned a BS and MS in |
| individuals and we are delighted to have them on | | | | engineering from the University of Illinois and an |
| board as we continue PIMCO's multi-year evolution | | | | MBA from the Wharton School at the University |
| as a complete provider of global investment | | | | of Pennsylvania. |
| solutions," added Mr. Gross. | | | | About PIMCO |
| "PIMCO is driven, day in and day out, to provide | | | | PIMCO is a global investment management firm |
| the best investment management services to | | | | that was founded in Southern California in 1971. |
| clients around the world," said Mohamed El-Erian, | | | | The firm serves an array of clients and manages |
| PIMCO's CEO and co-CIO. "Anne, Chuck and Neel | | | | retirement and other assets that reach more |
| are great additions to our team devoted to meet | | | | than 8 million people in the U.S. and millions more |
| and exceed our clients' expectations, and we look | | | | around the world. Our clients include state, |
| forward to their valuable contributions to our | | | | municipal, union and private sector pension and |
| global investment process and business," added | | | | retirement plans, educational, foundations, |
| Dr. El-Erian. | | | | endowments, philanthropic and healthcare |
| Joachim Faber, CEO of Allianz Global Investors, | | | | institutions, individual and investment saving |
| said: "We welcome the extension of PIMCO's | | | | accounts, public sector reserve management and |
| investment activities which will complement the | | | | other public entities in North and South America, |
| range of investment solutions provided by Allianz | | | | Europe, the Middle East and Asia. |
| Global Investors." | | | | PIMCO has more than 1,200 employees. In |
| Professional Background of Anne Gudefin: | | | | addition to its headquarters in Newport Beach, |
| Ms. Gudefin has 20 years of investment | | | | California, the firm has offices in Amsterdam, |
| management experience. Prior to joining PIMCO, | | | | Hong Kong, London, Munich, New York City, |
| she was Senior Vice President, Portfolio Manager | | | | Singapore, Sydney, Tokyo, Toronto and Zurich. |
| and Research Analyst at the Mutual Series Group | | | | PIMCO is owned by Allianz S.E., a global insurance |
| of Franklin Templeton Investments, where she | | | | conglomerate. |
| was co-Portfolio Manager for the Franklin Mutual | | | | Except for the historical information and |
| Global Discovery Fund, which follows a "deep | | | | discussions contained herein, statements contained |
| value" style and has earned a five-star rating | | | | in this news release constitute forward-looking |
| from Morningstar and an A rating from S&P | | | | statements within the meaning of the Private |
| Fund Research. In 2008 the Global Discovery Fund | | | | Securities Litigation Reform Act of 1995. These |
| was also recognized by Lipper Fund Awards as | | | | statements may involve a number of risks, |
| Best Fund over Three Years in the Global | | | | uncertainties and other factors that could cause |
| Multi-Cap Value Funds category. Ms. Gudefin also | | | | actual results to differ materially, including the |
| served as Portfolio Manager for Franklin Mutual | | | | performance of financial markets, the investment |
| Quest Fund, which earned a five-star rating from | | | | performance of PIMCO's sponsored investment |
| Morningstar in the World Stock category. Ms. | | | | products and separately managed accounts, |
| Gudefin was featured on the cover of | | | | general economic conditions, future acquisitions, |
| SmartMoney Magazine as one of "The World's | | | | competitive conditions and government |
| Greatest Investors" in July 2009. In total, Ms. | | | | regulations, including changes in tax laws. Readers |
| Gudefin helped oversee the management of | | | | should carefully consider such factors. Further, |
| more than $25 billion of investment assets in her | | | | such forward-looking statements speak only on |
| role prior to joining PIMCO. Earlier in her career, | | | | the date at which such statements are made. |
| Ms. Gudefin was a research analyst covering | | | | PIMCO undertakes no obligation to update any |
| European equities at Perry Capital. She earned her | | | | forward-looking statements to reflect events or |
| BA from IEP Paris and an MBA from Columbia | | | | circumstances after the date of such statements. |
| Business School. Ms. Gudefin is a CFA | | | | The information contained in this press release is |
| charterholder. | | | | not indicative of the past or future performance |
| Professional Background of Charles Lahr: | | | | of any PIMCO product and should not be |
| Mr. Lahr has 16 years of investment and financial | | | | considered as investment advice or a |
| services experience. Prior to joining PIMCO, he | | | | recommendation by PIMCO of any particular |
| was a Portfolio Manager at the Mutual Series | | | | security, strategy or investment product. |
| Group of Franklin Templeton Investments, where | | | | Information contained herein has been obtained |
| he served as co-Portfolio Manager for the Franklin | | | | from sources believed to be reliable, but not |
| Mutual Global Discovery Fund and an Analyst for | | | | guaranteed. This information is provided for |
| Franklin Mutual Advisers, LLC (Mutual Series). The | | | | informational purposes only. |