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PIMCO FLOATING RATE INCOME FUND REPORTS RESULTS FOR THE FISCAL QUARTER AND NINE MONTHS ENDED APRIL 30, 2009

NEW YORK, June 30, 2009 -- PIMCO Floating Rate Income Fund (the "Fund") (NYSE: PFL), a diversified closed-end management investment company which seeks high current income, consistent with the preservation of capital, today announced its results for the fiscal quarter and nine months ended April 30, 2009.

(a) Net assets are inclusive of market value of Preferred Shares of $78,975,000 and $210,000,000 at April 30, 2009 and April 30, 2008, respectively.

(b) The information provided is in accordance with generally accepted accounting principals ("GAAP"), which requires the Fund to treat amounts accrued under swap agreements as net realized and unrealized gain (loss). However, these amounts are treated as net income (loss) for federal income tax purposes. By using GAAP, Net Investment Income for the fiscal quarter and nine months ended April 30, 2009 was $1,031,981 ($0.06 per common share) and $2,534,103 ($0.14 per common share) lower, respectively (and Net Realized and Change in Unrealized Loss correspondingly lower) than those figures would have been if swap amounts were treated as net income in accordance with federal income tax treatment. By using GAAP, Net Investment Income for the fiscal quarter and nine months ended April 30, 2008 was $3,292,258 ($0.18 per common share) and $6,720,443 ($0.37 per common share) lower, respectively (and Net Realized and Change in Unrealized Loss correspondingly lower) than those figures would have been if swap amounts were treated as net income in accordance with federal income tax treatment.

(c) Note that generally there is a close correlation between what the Fund earns (net of expenses) and what it pays in monthly dividends. However, since net earning rates fluctuate from month to month, there will be periods when the Fund may over-earn or under-earn its monthly dividend which would have the effect of adding to or subtracting from the Fund's undistributed net investment income balance. Fund management analyzes the Fund's current and projected net earnings rates prior to recommending dividend amounts to the Fund's Board of Trustees for declaration. There can be no assurance that the current dividend rate or the undistributed net investment income balance will remain constant. In accordance with federal income tax treatment, inclusive of amounts accrued under swap agreements. Inclusive of net realized gains from foreign currency transactions of $0.66 per common share at April 30, 2009.

Allianz Global Investors Fund Management LLC, an indirect, wholly-owned subsidiary of Allianz Global Investors of America L.P., serves as the Fund's investment manager and is a member of Munich-based Allianz Group (NYSE: AZ). Pacific Investment Management Company LLC, an Allianz Global Investors Fund Management affiliate, serves as the Fund's sub-adviser. The Fund's daily New York Stock Exchange closing price, weekly net asset value per share, as well as other information, is available at http://www.allianzinvestors.com/closedendfunds or by calling the Fund's 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 Fund will fluctuate. There can be no assurance that the Fund will meet its stated objective. The Fund's 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.