NEWPORT BEACH, Calif, March 3, 2000 (PRIMEZONE) -- PIMCO Advisors Holdings L.P. (NYSE:PA) has reported today that it has agreed to settle various class action lawsuits filed against it and other defendants in connection with the previously announced acquisition by Allianz AG. The settlement, which is contingent upon court approval, among other things, reduces the termination fee to be paid by PIMCO Advisors and affiliates in the event of certain terminations of the Merger Agreement from $180 million to $120 million, reduces the maximum potential downward adjustment to the Unit price (in the event that PIMCO Advisors' run rate revenue base declines below 85 percent of the September 30, 1999 rate) and provides for certain agreed upon disclosures and notices to unitholders.

In addition, the Company announced that it expects to mail a proxy statement on or about March 15, 2000 to its unitholders of record as of February 29, 2000, seeking their approval of its acquisition by Allianz AG. The unitholder meeting is now scheduled for April 28, 2000, with closing expected to occur on or about May 5, 2000. Unitholders will receive a regular distribution reflecting first quarter operating profit available for distribution and a special distribution reflecting second quarter operating profit available for distribution through closing.

PIMCO Advisors is one of the largest investment management companies in the United States with over $260 billion of assets under management. Its investment advisor subsidiaries, led by Pacific Investment Management Company and Oppenheimer Capital, are widely recognized for consistently posting attractive performance and providing high quality service to more than 1,600 institutional clients worldwide, including one-third of the nation's largest 100 corporations. In addition, PIMCO Advisors manages a family of 54 stock and bond mutual funds available to both retail and institutional investors.

Except for the historical information and discussions contained herein, statements contained in this news release constitute "forward looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These statements involve a number of risks, uncertainties and other factors that could cause actual results to differ materially, including the performance of financial markets, the pending acquisition by Allianz A.G., the investment performance of PIMCO Advisors L.P.'s sponsored investment products and separately managed accounts, general economic conditions, future acquisitions, competitive conditions and government regulations, including changes in tax laws. PIMCO Advisors Holdings L.P. cautions readers to carefully consider such factors. Further, such forward-looking statements speak only on the date at which such statements are made. PIMCO Advisors Holdings L.P. undertakes no obligation to update any forward-looking statements to reflect events or circumstances after the date of such statements.

Investor Contact: 
      PIMCO Advisors
      Kelli Powell
      800-387-4626
      www.pimcoadvisors.com

   PIMCO Advisors/PIMCO: 
      Mark Porterfield 
      949-720-6397 

   Media Contact: 
      Mike Geczi
      Sitrick And Company
      310-788-2850