AllianzGI Convertible & Income 2024 Target Term Fund Announces Initial Monthly Distribution and Public Conference Call

The Board of Trustees of the AllianzGI Convertible & Income 2024 Target Term Fund (the "Fund") CBH announced today that it has declared, as of August 7, 2017, the Fund's initial monthly distribution of $0.046 per common share. At the Fund's initial offering price of $10.00 per share, this monthly distribution rate represents an annualized distribution yield of approximately 5.52%.

The declaration date of the distribution will be August 7, 2017, with a payable date of September 1, 2017 to shareholders of record on August 22, 2017 with an ex-dividend date of August 18, 2017. Based on projections through the payable date, it is expected that this distribution will be comprised of net investment income.

Going forward, it is anticipated that the Fund will declare monthly distributions on the first business day of each month with a payment date on the first business day of the following month. Although it does not currently intend to do so, as portfolio and market conditions change, the distribution rate and the Fund's policy to declare distributions monthly could be changed by the Board of Trustees.

In addition, Allianz Global Investors U.S. LLC ("AllianzGI U.S."), the Fund's investment manager, announces that on Monday, August 14, 2017 at 4:15pm EDT, it will hold a conference call to discuss the Fund. The conference call is open to the public and will cover the Fund's investment strategy, the current state of the market, and the portfolio management team's investment outlook.

The access information for the conference call is provided below.

Date: August 14, 2017 at 4:15pm EDT

Toll Free Dial-In number: (800) 773-0519

Conference ID/Access Number: 21856517

Replay number: (800) 633-8284

The Fund is a registered closed-end investment company. The Fund's investment objectives are to provide a high level of income and to return at least $9.835 per common share (the original net asset value per common share before deducting offering costs of $0.02 per share) (the "Original NAV") to shareholders on or about its currently scheduled termination date of September 1, 2024. Pursuant to its limited term feature, the Fund intends, on or about September 1, 2024, to cease its investment operations, liquidate its portfolio (to the extent possible), retire or redeem any outstanding leverage facilities and distribute all its liquidated assets to its then record shareholders, unless the limited term is extended by the Fund's Board of Trustees (for up to six months) and absent Trustee and shareholder approval to amend the limited term. The objective to return the Fund's Original NAV is not an express or implied guarantee obligation of the Fund, AllianzGI U.S., the investment manager of the Fund, or any other entity, and an investor may receive less than the Original NAV upon termination of the Fund. There can be no assurance that the Fund will meet its stated objectives.

AllianzGI U.S., an indirect, wholly-owned subsidiary of Allianz Asset Management of America, L.P., serves as the Fund's investment manager and is a member of Munich-based Allianz Group.

The Fund's daily New York Stock Exchange closing market prices, net asset values per share, as well as other information, including updated portfolio statistics and performance will be available at us.allianzgi.com/closedendfunds or by calling the Fund's shareholder servicing agent at (800) 254-5197.

About Allianz Global Investors

Allianz Global Investors is a diversified active investment manager with a strong parent company and a culture of risk management. With 25 offices worldwide, we provide global investment and research capabilities with consultative local delivery. We have more than $524 billion in AUM for individuals, families and institutions worldwide and employ over 600 investment professionals.

At Allianz Global Investors, we follow a two-word philosophy: Understand. Act. It describes how we look at the world and how we behave. We aim to stand out as the investment partner our clients trust by listening closely to understand their challenges, then acting decisively to provide them with solutions that meet their needs.

Data as of March 31, 2017 (excluding AUM of entities held for sale); investment professionals as of December 31, 2016

Disclosures

This material may include statements that constitute "forward-looking statements" under the U.S. securities laws. Forward-looking statements include, among other things, projections, estimates and information about possible or future results related to the Fund, market or regulatory developments. The views expressed herein are for informational purposes only and are not guarantees of future performance or economic results and involve certain risks, uncertainties and assumptions that could cause actual outcomes and results to differ materially from the views expressed herein. Such risks and uncertainties include, without limitation, the adverse effect from a decline in the securities markets or a decline in the 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. The views expressed herein are subject to change at any time based upon economic, market, or other conditions and the Fund undertakes no obligation to update the views expressed herein. While we have gathered this information from sources believed to be reliable, the Fund cannot guarantee the accuracy of the information provided. The views expressed herein do not constitute recommendations to buy, sell or hold any security. The views expressed herein (including any forward-looking statement) may not be relied upon as investment advice or as an indication of the Fund's trading intent. Information included herein is not an indication of the Fund's future portfolio composition or the extent to which the Fund may utilize leverage.

The actual composition and character of the distribution described above and future distributions of the Fund may be materially different from the composition or character of such distributions that existed at the time of this press release. Factors that may affect Fund distributions include the varied nature of the Fund's investments and the performance of those investments, and that the ultimate characterization of the Fund's distributions cannot finally be determined until the end of the Fund's fiscal year, resulting in the possibility of a return of capital if the Fund makes total distributions during a fiscal year in an amount that exceeds the Fund's net investment income and net realized capital gains for the fiscal year. As a result of the foregoing and other factors, no assurance can be given as to the actual composition or character of Fund distributions at the time of this press release by the Fund, AllianzGI U.S., nor any of their affiliates, trustees, directors, members, officers or employees.

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