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PIMCO Corporate & Income Opportunity Fund Reports Results For The Fiscal Quarter And Six Months Ended May 31, 2013

(b) The information provided is in accordance with Generally Accepted Accounting Principles ("GAAP"), which requires the Fund to treat amounts accrued by the Fund under swap agreements as net realized and unrealized gain (loss). However, these amounts are treated as net income (loss) for federal income tax purposes. By using GAAP, Net Investment Income for the fiscal quarter and six months ended May 31, 2013 was $5,714,586 ($0.08 per common share) and $10,214,703 ($0.15 per common share) lower, respectively, and Net Realized and Change in Unrealized Gain correspondingly higher than those figures would have been if swaps amounts were treated as net investment income. By using GAAP, Net Investment Income for the fiscal quarter and six months ended May 31, 2012 was $2,355,513 ($0.03 per common share) and $4,926,523 ($0.07 per common share) lower, and Net Realized and Change in Unrealized Gain (Loss) correspondingly higher (lower) than those figures would have been if swaps amounts were treated as net investment income (loss).

(c) Since the Fund’s net earning rates fluctuate from month to month, there will be periods when the Fund may over-earn or under-earn its monthly dividend rate. This fluctuation will have the effect of adding to or subtracting from the Fund's undistributed (overdistributed) net investment income balance. Fund management analyzes the current and projected net earning rates prior to recommending dividend amounts to the Fund's Board of Trustees for declaration. There can be no assurance that the monthly dividend rate will remain at its current level or that the undistributed net investment income balance, if any, will be sufficient to cover any shortfall in earnings to meet the current dividend rate. The undistributed (overdistributed) net investment income balance is inclusive of swap income (or loss), paydown gains and net gain (or loss) from foreign currency transactions in accordance with federal income tax treatment of these items.

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