NGZ Allianzgi Global Equity & Convertible Income Fund

Allianz Global Investors Fund Management LLC (“AGIFM”) announced that the reorganization of AllianzGI Global Equity & Convertible Income Fund (“NGZ”) (NYSE:NGZ) with and into AllianzGI Equity & Convertible Income Fund (“NIE”, and, together with NGZ, the “Funds”) (NYSE:NIE) is effective as of the opening of business of the New York Stock Exchange on January 27, 2014.

In the reorganization, common shareholders of NGZ received an amount of NIE common shares equal to the net asset value of their holdings of NGZ common shares as determined at the close of business on January 24, 2014. Fractional NIE shares were not issued in the reorganization and consequently cash will be distributed for any such fractional amounts.

Relevant details pertaining to the reorganization are as follows:

  Fund       NAV/Share       Conversion ($) Ratio AllianzGI Equity & Convertible Income Fund (NIE) $21.82961 N/A AllianzGI Global Equity & Convertible Income Fund (NGZ) $16.80705 0.76991984  

Additional Information about the Reorganization and Where to Find It

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

Shareholders may obtain free copies of the Registration Statement and Joint Prospectus/ Proxy Statement and other documents filed with the SEC at the SEC’s web site at www.sec.gov. In addition, free copies of the Joint Prospectus/ Proxy Statement and other documents filed with the SEC may also be obtained 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 the funds' investment manager and is a member of Munich-based Allianz Group. Allianz Global Investors U.S. LLC, an AGIFM affiliate, serves as the funds’ sub-adviser.

NIE’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, is available at us.allianzgi.com/closedendfunds.com or by calling the funds’ shareholder servicing agent at (800) 254-5197.

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.

For information on Allianz Closed-End Funds:Financial Advisors: (800) 926-4456Shareholders: (800) 254-5197Media Relations: (212) 739-3501