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PIMCO CALIFORNIA MUNICIPAL INCOME FUND II

PIMCO NEW YORK MUNICIPAL INCOME FUND II

REPORT RESULTS FOR THE FISCAL QUARTER AND YEAR ENDED MAY 31, 2009

NEW YORK, July 30, 2009 -- PIMCO California Municipal Income Fund II (NYSE: PCK) and PIMCO New York Municipal Income Fund II (NYSE: PNI) (the "Funds") today announced their results for the fiscal quarter and year ended May 31, 2009. The investment objective of each fund is to provide current income exempt from federal income tax. California Municipal Income Fund II also seeks to provide current income exempt from California state income taxes. New York Municipal Income Fund II also seeks to provide current income exempt from New York state and city income taxes.

(a) California Municipal Income II net assets are inclusive of market value of Preferred Shares of $163 million and $260 million at May 31, 2009 and May 31, 2008, respectively. New York Municipal Income II net assets are inclusive of market value of Preferred Shares of $79 million and $90 million at May 31, 2009 and May 31, 2008, respectively.

(b) The information provided is in accordance with generally accepted accounting principles ("GAAP"), which requires New York Municipal Income II to treat amounts accrued by the Fund under swap agreements as net realized gain (loss). However, these amounts are treated as net income (loss) for federal income tax purposes. Consequently, pursuant to GAAP, Net Investment Income for the year ended May 31, 2009 was $5,573 ($0.0005 per common share) higher (and Net Realized and Change in Unrealized Loss correspondingly higher) than those figures would have been if swap amounts were treated as net income in accordance with federal income tax treatment.

(c) Since net earning rates fluctuate from month to month while monthly dividends have remained relatively stable, there will be periods when the Funds may over-earn or under-earn their monthly dividends, which would have the effect of adding to or subtracting from the Funds' overdistributed net investment income balances. The Funds' management analyzes current and projected net earning rates prior to recommending dividend amounts to the Board of Trustees for declaration. There can be no assurance that the current dividend rates or the overdistributed net investment income balances will remain constant.

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 (NYSE:AZ). Pacific Investment Management Company LLC, an affiliate of AGIFM, 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, is available at http://www.allianzinvestors.com/closedendfunds or by calling the Funds' shareholder servicing agent at (800) 254-5197.

The financial information contained herein is solely based upon the data available at the time of publication of this press release, and there is no assurance that any future results will be the same or similar to what is reported herein. Information that was obtained from third party sources we believe to be reliable is not guaranteed as to its accuracy or completeness. This press release contains no recommendations to buy or sell any specific securities and should not be considered investment advice of any kind. Past performance is no guarantee of future results and the investment returns generated by the Funds will fluctuate. There can be no assurance that the Funds will meet their stated objectives. 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. In making any investment decision, individuals should utilize other information sources and the advice of their own professional adviser.