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PIMCO MUNICIPAL INCOME FUND II REPORTS RESULTS FOR THE FISCAL QUARTER AND YEAR ENDED MAY 31, 2009

NEW YORK, July 30, 2009 -- PIMCO Municipal Income Fund II (the "Fund") (NYSE:PML), a closed-end management investment company which seeks to provide current income exempt from federal income tax, today announced its results for the fiscal quarter and year ended May 31, 2009.

(a) Net assets are inclusive of market value of Preferred Shares of $367 million and $505 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 the Fund 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 $29,375 ($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 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 current and projected net earning 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.

Top 5 State Positions at May 31, 2009 (as a percentage of investments)

Illinois 13.6 %

Texas 12.3

Arizona 9.5

Massachusetts 7.9

Rhode Island 6.0

Allianz Global Investors Fund Management LLC ("AGIFM"), 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 affiliate of AGIFM, serves as the Fund's sub-adviser.

The Fund's daily New York Stock Exchange closing price, 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 the Fund will meet its stated objective. The Fund's ability to pay dividends to common shareholders is subject to the restrictions in its registration statement, 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.