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ORANGE COUNTY EARNINGS

April 22, 1998

Pimco Advisors Holdings L.P.: The Newport Beach investment organization, which manages almost $218 billion in assets for institutions and individuals, reported record net income for the first quarter.

Net income rose 30% to $16.5 million, or 34 cents a share, from pro forma earnings of $12.7 million, or 27 cents a share, for the year-earlier period. Results for 1997 are reported on a pro forma basis because of Pimco's acquisition of New York-based Oppenheimer Capital in November 1997.

Revenue increased 26% to $193.9 million from $154.3 million.

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