PIMCO Municipal Advantage Fund Inc. Announces the Actual Per Share Amount of the August 31, 2009 Liquidating Distribution

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 of $3.29232 per common share is to be paid today. Today’s distribution will be paid to shareholders of record on August 28, 2009. The liquidating distribution will be made entirely in cash.

As communicated in a press release dated August 21, 2009, shares of the Fund have ceased trading on the New York Stock Exchange as of the close of trading on August 25, 2009. All outstanding stock certificates are deemed null and void with the completed dissolution of the Fund.

Allianz Global Investors Fund Management LLC, an indirect, wholly-owned subsidiary of Allianz Global Investors of America L.P., served 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, served 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.