Pimco Municipal Income Fund III : PMF, PCQ, PNF, PML, PCK, PNI, PMX, PZC and PYN Declare Monthly Common Share Income Dividends

The Boards of Trustees of PIMCO Municipal Income Fund (NYSE: PMF), PIMCO California Municipal Income Fund (NYSE: PCQ), PIMCO New York Municipal Income Fund (NYSE: PNF), PIMCO Municipal Income Fund II (NYSE: PML), PIMCO California Municipal Income Fund II (NYSE: PCK), PIMCO New York Municipal Income Fund II (NYSE: PNI), PIMCO Municipal Income Fund III (NYSE: PMX), PIMCO California Municipal Income Fund III (NYSE: PZC) and PIMCO New York Municipal Income Fund III (NYSE: PYN) (collectively, the “Funds”) announced today that they have declared the following dividends on the Funds’ common shares:

PMX and PCK have reduced their monthly dividend rates. The dividend reduction was made in large part in recognition of changing market dynamics and to better align the dividend rates of the two Funds with their current level of earnings. An increase in issuer refunding activity over the last two years has resulted in the retirement of some higher yielding investments in the Funds, and reinvestment of these proceeds at current market levels has, among other factors, reduced the Funds’ income levels.

The dividends will be payable on May 1, 2014 to shareholders of record on April 11, 2014, with an ex-dividend date of April 9, 2014.

The Funds are closed-end management investment companies. The investment objective of each Fund is to provide current income exempt from federal income tax. PCQ, PCK and PZC also seek to provide current income exempt from California state income taxes. PNF, PNI and PYN also seek to provide income exempt from New York State and city income taxes. There can be no assurance that the Funds will meet their stated objectives.

Allianz Global Investors Fund Management LLC (“AGIFM”), an indirect, wholly-owned subsidiary of Allianz Asset Management 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 AGIFM affiliate, serves as the Funds’ sub-adviser.

The Funds’ daily New York Stock Exchange closing market prices, net asset values per share, as well as other information, including updated portfolio statistics and performance are available at us.allianzgi.com/closedendfunds.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.