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PIMCO FLOATING RATE INCOME FUND PIMCO FLOATING RATE STRATEGY FUND DECLARE MONTHLY COMMON SHARE INCOME DIVIDENDS

NEW YORK, NY – July 2, 2009 –The Boards of Trustees of PIMCO Floating Rate Income Fund (NYSE: PFL) and PIMCO Floating Rate Strategy Fund (NYSE: PFN) (collectively, the “Funds”) announced today that they have declared the following dividends on the Funds’ common shares:

PIMCO Floating Rate Income Fund $0.06566 per common share

PIMCO Floating Rate Strategy Fund $0.06149 per common share

The dividends will be payable on August 7, 2009 to shareholders of record on July 13, 2009, with an ex-dividend date of July 9, 2009.

At June 30, 2009, the Funds’ net assets (a) were approximately: (in millions)

PIMCO Floating Rate Income Fund $238.2

PIMCO Floating Rate Strategy Fund $485.7

(a) Net assets are inclusive of market value of Preferred Shares of $78,975,000 million and $161,000,000 million for PFL and PFN, respectively.

The Funds’ investment objective is to seek high current income, consistent with the preservation of capital. There can be no assurance that the Funds will meet their stated objectives.

Allianz Global Investors Fund Management LLC, 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 Allianz Global Investors Fund Management affiliate, serves as the Funds’ sub-adviser.

The Funds’ daily New York Stock Exchange closing prices, weekly 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 0f 1940.