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AllianzGI Convertible & Income Fund and AllianzGI Convertible & Income Fund II Announce Final Results 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 final results of each Fund's voluntary
tender offer for its outstanding auction rate preferred shares ("ARPS")
(each, a "Tender Offer" and, together, the "Tender Offers").

As previously announced in press releases issued on June 27, 2018 and
July 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 and following an
extension announced on July 27, 2018, expired at 5:00 p.m., New York
City time, on July 31, 2018.

The final results of the Tender Offers are provided in the table below.

                 
Fund Name  

Ticker
Symbol

  Preferred Shares  

# of ARPS
Tendered

 

% of
Outstanding
ARPS
Tendered

AllianzGI Convertible & Income Fund   NCV   ARPS   5,349   37.46%
AllianzGI Convertible & Income Fund II   NCZ   ARPS   4,459   40.68%
       

All of the ARPS of each of NCV and NCZ that were not tendered remain
outstanding.

In connection with the Tender Offers, each of the Funds entered into a
liquidity agreement with State Street Bank and Trust Company ("State
Street"), which allowed the Fund to borrow from State Street up to
$265,000,000 (NCV) and $210,000,000 (NCZ), subject to various terms and
conditions (which may be used to fund some or all of the ARPS
redemptions).

American Stock Transfer & Trust Company, LLC serves as the Funds'
depositary agent and its affiliate, AST Funds Solutions, LLC, serves as
information agent (together, "AST") with respect to the Tender Offers.
ARPS holders may obtain further information regarding the Tender Offers
from AST 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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