Transaction Details

Footnotes

In connection with the reorganization of the Issuer and PIMCO California Municipal Income Fund II into PIMCO California Municipal Income Fund, 810 remarketable variable rate munifund term preferred shares (the "RVMTP Shares") of the Issuer beneficially owned by Banc of America Preferred Funding Corporation ("PFC") were exchanged for an equal number of RVMTP Shares of PIMCO California Municipal Income Fund in a cashless transaction. The 810 shares reported as disposed of in Table I represent shares that were beneficially owned by PFC. PFC is a wholly owned subsidiary of Bank of America Corporation. | This statement is jointly filed by Bank of America Corporation and PFC. Bank of America Corporation held an indirect interest in the securities listed in Table I by virtue of its indirect ownership of PFC. | Each reporting person declares that neither the filing of this statement nor anything herein shall be construed as an admission that such person is, for the purposes of Section 13(d) of the US Securities Exchange Act of 1934 or any other purpose, (i) acting (or has agreed or is agreeing to act together with any other person) as a partnership, limited partnership, syndicate or other group for the purpose of acquiring, holding or disposing of securities of the Issuer or otherwise with respect to the Issuer or any securities of the Issuer or (ii) a member of any group with respect to the Issuer or any securities of the Issuer.