Allianz Global Investors Fund Management Announces Board Approval of Reorganization of Two Closed-End Funds

Allianz Global Investors Fund Management LLC (“AGIFM”) announced that the Boards of Trustees of AllianzGI Global Equity & Convertible Income Fund (“NGZ”) (NYSE:NGZ) and AllianzGI Equity & Convertible Income Fund (“NIE” and, together with NGZ, the “Funds”) (NYSE:NIE) have approved the reorganization of NGZ into NIE, pursuant to which NIE would continue as the surviving fund (the “Reorganization”).

NIE and NGZ have identical investment objectives and substantially similar investment strategies. Each Fund’s investment objective is to seek total return comprised of capital appreciation, current income and gains. In recommending the merger to each Board, the Funds’ investment adviser and sub-adviser, AGIFM and Allianz Global Investors U.S. LLC (“AllianzGI US”), respectively, cited the identical investment objectives and substantially similar policies and strategies of both Funds, and noted that NGZ is a smaller fund with relatively higher operating expenses than NIE. Management and each Board believe it is in the best interests of shareholders to merge NGZ with and into NIE in part because the combined fund may benefit from economies of scale, as one set of fixed expenses would be spread over a larger asset base.

It is currently expected that the Reorganization will be completed in the first quarter of 2014, subject to the required approval of shareholders of both Funds and the satisfaction of applicable regulatory requirements and other customary closing conditions.

If the Reorganization is approved, shareholders of NGZ would receive common shares of NIE, based on each Fund’s respective net asset value per share.

Additional Information about the Reorganization and Where to Find It

This press release is not intended to, and does not, constitute an offer to purchase or sell shares of the Funds; nor is this press release intended to solicit a proxy from any shareholder of the Funds. The solicitation of the purchase or sale of securities or proxies to effect the Reorganization will only be made by a final, effective Registration Statement, which includes a definitive Joint Proxy Statement/Prospectus, after the Registration Statement is declared effective by the Securities and Exchange Commission (the “SEC”).

This press release references a Registration Statement, which includes a Joint Proxy Statement/Prospectus, to be filed by NIE. This Registration Statement has yet to be filed with the SEC. After the Registration Statement is filed with the SEC, it may be amended or withdrawn and the Joint Proxy Statement/Prospectus will not be distributed to shareholders of the Funds unless and until the Registration Statement is declared effective by the SEC.

The Funds and their respective trustees and officers, AGIFM and its officers and employees, AllianzGI US and its officers and employees, and other persons may be deemed to be participants in the solicitation of proxies with respect to the Reorganization. Investors and shareholders may obtain more detailed information regarding the direct and indirect interests of the Funds’ respective trustees and officers, AGIFM and its officers and employees, AllianzGI US and its officers and employees, and other persons by reading the Joint Proxy Statement/Prospectus relating to the Reorganizations when it is filed with the SEC.

INVESTORS AND SHAREHOLDERS OF THE FUNDS ARE URGED TO READ THE JOINT PROXY STATEMENT/PROSPECTUS AND OTHER DOCUMENTS FILED WITH THE SEC CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THESE DOCUMENTS WILL CONTAIN IMPORTANT INFORMATION ABOUT THE REORGANIZATION. INVESTORS SHOULD CONSIDER THE INVESTMENT OBJECTIVES, RISKS, CHARGES AND EXPENSES OF THE FUNDS CAREFULLY. THE JOINT PROXY STATEMENT/PROSPECTUS WILL CONTAIN INFORMATION WITH RESPECT TO THE INVESTMENT OBJECTIVES, RISKS, CHARGES AND EXPENSES OF THE FUNDS AND OTHER IMPORTANT INFORMATION ABOUT THE FUNDS. The Joint Proxy Statement/Prospectus will not constitute an offer to sell securities, nor will it constitute a solicitation of an offer to buy securities, in any jurisdiction where such offer or sale is not permitted.

Security holders may obtain free copies of the Registration Statement and Joint Proxy Statement/Prospectus and other documents (when they become available) filed with the SEC at the SEC’s web site at www.sec.gov. In addition, free copies of the Joint Proxy Statement/Prospectus and other documents filed with the SEC may also be obtained after the Registration Statement becomes effective by directing a request to AGIFM at (800) 591-6313.

AGIFM, an indirect, wholly-owned subsidiary of Allianz Asset Management of America L.P., serves as each Fund’s investment manager and is a member of Munich-based Allianz Group. AllianzGI US, an AGIFM affiliate, serves as each Fund’s sub-adviser.

Each Fund’s daily New York Stock Exchange closing market price, net asset value per share, as well as other information, including updated portfolio statistics and performance, are available at http://us.allianzgi.com/closedendfunds or by calling the Funds’ 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 a decline in the securities markets or a decline in a 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 its operating strategy and/or acquisition strategy, and unforeseen costs and other effects related to legal proceedings or investigations of governmental and self-regulatory organizations. Each Fund’s ability to pay dividends to common shareholders is subject to the restrictions in its registration statement, by-laws and other governing documents, as well as the Investment Company Act of 1940.

For information:Financial Advisors, 800-926-4456Shareholders, 800-254-5197Media Relations, 212-739-3501