PIMCO Municipal Advantage Fund Inc. Announces Record & Payment Dates for Final Liquidating Distribution & the Dissolution of ...

PIMCO Municipal Advantage Fund Inc. (NYSE:MAF) (the “Fund”) announced today that pursuant to the Plan of Liquidation adopted by its Board of Directors, the second and final liquidating distribution, currently expected to be $3.30 per common share, will be paid on or about August 31, 2009, with a record date of August 28, 2009. The liquidating distribution will be made entirely in cash. Shares of the Fund will cease trading on the New York Stock Exchange at the close of trading on August 25, 2009. At the time of the final liquidating distribution, any outstanding stock certificates will be deemed null and void. The Fund is expected to de-register with the Securities and Exchange Commission and dissolve shortly thereafter.

The Fund completed the first stage of its liquidation with the redemption of all of its outstanding shares of preferred stock on April 24, 2009. As communicated in a press release dated May 29, 2009, the first of two expected liquidating distributions of the Fund’s common stock occurred on June 30, 2009.

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

Information on the Fund is available at http://www.allianzinvestors.com or by calling the Fund’s shareholder servicing agent at [phone].

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 further declines in the securities markets and in the Fund’s 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 their operating strategy and/or acquisition strategy, and unforeseen costs and other effects related to legal proceedings or investigations of governmental and self-regulatory organizations.