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PIMCO FLOATING RATE INCOME FUND

PIMCO FLOATING RATE STRATEGY FUND

DECLARE MONTHLY COMMON SHARE INCOME DIVIDENDS

NEW YORK, NY – November 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 $0.06269 per common share

PIMCO Floating Rate Strategy Fund $0.05852 per common share

The dividends will be payable on December 1, 2009 to shareholders of record on November 12, 2009, with an ex-dividend date of November 9, 2009.

At October 31, 2009, the Funds’ net assets (a) were approximately: (in millions)

PIMCO Floating Rate Income Fund $276.8

PIMCO Floating Rate Strategy Fund $563.0

(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.

Since PFN and PFL invest predominantly in floating rate assets, the amount of each Fund’s monthly distributions to shareholders is expected to vary with fluctuations in market interest rates. The Funds, from time to time, may distribute less than the entire amount of net investment income earned in a particular period. Such undistributed net investment income would be available to supplement future distributions, including distributions that might otherwise have been reduced by a decrease in the Funds’ monthly net income due to fluctuations in investment income or expenses, or due to an increase in the dividend rate on the Funds’ outstanding Preferred Shares. As a result, the distributions paid by the Funds for any particular period may be more or less than the amount of net investment income actually earned by the Funds during such period.

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. 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, 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.