Market Overview

AllianzGI Convertible & Income Fund and AllianzGI Convertible & Income Fund II Announce Extension of Tender Offers for Outstanding Auction Rate Preferred Shares

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Allianz Global Investors U.S. LLC ("AllianzGI U.S."), the investment
manager of AllianzGI Convertible & Income Fund (NYSE:NCV) and AllianzGI
Convertible & Income Fund II (NYSE:NCZ) (each, a "Fund" and, together,
the "Funds"), announced the extension of each Fund's voluntary tender
offer for its outstanding auction rate preferred shares ("ARPS") (each,
a "Tender Offer" and, together, the "Tender Offers"). Each Tender Offer
was originally scheduled to expire at 5:00 pm New York City time on July
27, 2018. Each Tender Offer is now scheduled to expire on Tuesday, July
31, 2018, at 5:00 pm New York City time, unless subject to further
extension.

As previously announced in a press release issued on June 27, 2018, the
Funds conducted Tender Offers for up to 100% of each Fund's outstanding
ARPS, at a price equal to 94% of the ARPS' per share liquidation
preference of $25,000 per share (or $23,500 per share), plus any unpaid
dividends accrued through the expiration date of each Tender Offer. The
Tender Offers commenced on June 28, 2018.

As of the close of business on July 26, 2018, American Stock Transfer &
Trust Company, LLC ("AST"), the depositary for the Tender Offers, has
advised that the ARPS tendered were as follows:

                   
Fund Name     Ticker Symbol     Preferred Shares     # of ARPS Tendered
AllianzGI Convertible & Income Fund     NCV     ARPS     4,584
AllianzGI Convertible & Income Fund II     NCZ     ARPS     3,760
           

These figures do not include shares tendered through notice of
guaranteed delivery. The Funds are expected to announce the final
results of the Tender Offers on or about August 1, 2018. The payment of
the Tender Offer proceeds will be made as soon as practicable following
expiration.

The Funds are negotiating alternative financing to fund the purchase of
tendered shares and replace the leverage associated with the ARPS that
are tendered.

This announcement is not a recommendation, an offer to purchase, or a
solicitation of an offer to sell the ARPS of the Funds. The Funds have
filed with the Securities and Exchange Commission ("SEC") a tender offer
statement on Schedule TO and related exhibits, including an offer to
purchase, a related letter of transmittal and other related documents
(the "Tender Offer Documents"). The Tender Offer Documents contain
additional details about the Tender Offers. ARPS holders should read the
offers to purchase and tender offer statements on Schedule TO, together
with the related exhibits, as they contain important information about
the Tender Offers. The Tender Offer Documents were mailed or distributed
electronically to ARPS holders on July 3, 2018. These and other filed
documents are available to ARPS holders free of charge on the SEC's
website at http://www.sec.gov
and the Funds' website at https://us.allianzgi.com/closedendfunds

AST's affiliate, AST Funds Solutions, LLC, serves as information agent
with respect to the Tender Offers. ARPS holders may obtain further
information regarding the Tender Offers from the information agent by
calling (877) 361-7967.

About Allianz Global Investors:

Allianz Global Investors is a leading active asset manager with over 700
investment professionals* in 25 offices worldwide and managing more than
$630 billion in assets for individuals, families and institutions.

Active is the most important word in our vocabulary. Active is how we
create and share value with clients. We believe in solving, not selling,
and in adding value beyond pure economic gain. We invest for the long
term, employing our innovative investment expertise and global
resources. Our goal is to ensure a superior experience for our clients,
wherever they are based and whatever their investment needs.

Active is: Allianz Global Investors

Data as of March 31, 2018 (*as of December 31, 2017).

Disclosures

AllianzGI U.S., 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.

Each Fund's daily New York Stock Exchange closing market price for its
common shares, net asset value per common share, as well as other
information, including portfolio statistics and performance are
available at https://us.allianzgi.com/closedendfunds
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 effects related to
legal proceedings or investigations of governmental and self-regulatory
organizations.

This material has been distributed for informational purposes only and
should not be considered as investment advice or a recommendation of any
particular security, strategy or investment product.

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