ISS Recommends that Preferred Shareholders Vote “FOR” Dryden’s Nominee, Derrick A. Clark as a Preferred Trustee on Board of Eight PIMCO Funds

Leading proxy advisory firm recommends preferred shareholders return the GOLD proxy card to vote FOR the election of Derrick A. Clark to the Board, “as additional shareholder perspective on the board appears warranted”*

NEW YORK--(BUSINESS WIRE)--Dryden Capital Fund, LP and its affiliates (collectively, "Dryden" or "we"), a preferred shareholder of PIMCO Municipal Income Fund ("PMF"); PIMCO Municipal Income Fund II ("PML"); PIMCO Municipal Income Fund III ("PMX"); PIMCO New York Municipal Income Fund ("PNF"); PIMCO New York Municipal Income Fund II ("PNI"); PIMCO California Municipal Income Fund ("PCQ"); PIMCO California Municipal Income Fund II ("PCK"); and PIMCO California Municipal Income Fund III ("PZC") (each a "Fund" and, collectively, "PIMCO" or the "Funds"), announced today that Institutional Shareholder Services (“ISS”), one of the world’s leading independent proxy advisor firms, is recommending that PIMCO preferred shareholders vote “FOR” the election of the Dryden nominee, Derrick A. Clark, to serve as one of the preferred trustees on the Funds’ boards. PIMCO’s joint annual meeting is scheduled to be held on December 17, 2019, in New York, New York.

T. Matthew Buffington and Matthew C. Leavitt, founding partners at Dryden, commented, “We are pleased that ISS has recommended Dryden’s nominee for election to the Funds’ boards. As an unbiased third party, ISS’s decision validates the need to fill both preferred trustee seats with trustees who are aligned with all stakeholders and who bring a fresh perspective to difficult topics. Preferred shareholders made their voice heard at last year’s meeting; now we hope they’ll follow ISS’s recommendation and valued independent opinion to make their voice heard again this year.”

In summarizing its recommendations, ISS commented, “The fact that [PIMCO’s] board has failed to provide full liquidity to ARPS holders by not keeping pace with municipal CEF industry ARPS redemptions, and that [PIMCO’s] tender offer price at 85 percent of par was below where its peers have provided liquidity to their own ARPS holders, suggests that additional shareholder perspective on the board might be beneficial to ARPS holders by requesting that [PIMCO’s] board afford ARPS holders a means to obtain liquidity for their shares in line with peers. As such, support FOR Dryden's nominee, Derrick A. Clark, is warranted.”*

VOTE THE GOLD PROXY CARD TODAY TO DRIVE NEEDED CHANGE

Dryden urges all preferred shareholders to follow ISS’s recommendation – it is important that preferred shareholders sign, date, and return the GOLD proxy card TODAY to vote FOR the election of Mr. Clark to the Board. The preferred shareholders of the Funds should not return the WHITE proxy card or any other proxy cards furnished to them on behalf of the Funds. If you have already submitted a WHITE proxy card, you have every right to change your vote — please use the GOLD proxy card to vote by Internet or telephone or simply sign, date and return the GOLD proxy card. Only your latest dated proxy will be counted. IF YOU HAVE ANY QUESTIONS ABOUT VOTING, PLEASE CONTACT INVESTORCOM AT [phone] FOR SHAREHOLDERS AND [phone] FOR BANKS AND BROKERS.

*Dryden has neither sought nor obtained consent from any third party to use previously published information as proxy soliciting material.

ADDITIONAL INFORMATION

Dryden has filed a definitive proxy statement and accompanying GOLD proxy card with the Securities and Exchange Commission (“SEC”) to be used to solicit proxies in connection with PIMCO’s 2019 joint annual meeting of shareholders (the “Annual Meeting”). Shareholders are advised to read the proxy statement and any other documents related to the solicitation of PIMCO shareholders in connection with the Annual Meeting because they contain important information. These materials and other materials filed by Dryden with the SEC in connection with the solicitation of proxies are available at no charge on the SEC’s website at http://www.sec.gov. The definitive proxy statement and other relevant documents filed by Dryden with the SEC also are available, without charge, by directing a request to Dryden's proxy solicitor, InvestorCom, at [phone] for shareholders and [phone] for banks and brokers.

ABOUT DRYDEN CAPITAL: Dryden Capital is a long-term, value-oriented investment firm that employs a bottom-up, fundamentals-driven investment process.