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AllianzGI Convertible & Income Fund Announces the Offering of $100.0 Million of 5.625% Series A Cumulative 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) announced
today the pricing of an offering of 4.0 million 5.625% Series A
Cumulative Preferred Shares (the "Series A Cumulative Preferred Shares")
with an aggregate liquidation value of $100.0 million. The offering is
expected to close on Thursday, September 20, 2018, subject to various
terms and conditions. Wells Fargo Securities, UBS Investment Bank and
Morgan Stanley are acting as underwriters for the placement on a firm
commitment basis.

The Fund expects to use all or substantially all of the proceeds from
the offering to refinance existing leverage.

The Series A Cumulative Preferred Shares are perpetual, non-callable for
five years, and have a liquidation preference of $25.00 per share.
Dividends are to be paid at an annual rate of 5.625% and are expected to
be paid in cash on a quarterly basis, beginning October 1, 2018, with
the first such payment pro-rated from the date of issuance. The Series A
Cumulative Preferred Shares have received a long-term rating of "AAA"
from Fitch Ratings.

The Series A Cumulative Preferred Shares are expected to commence
trading on the New York Stock Exchange ("NYSE") under the symbol "NCV PR
A" within thirty days of the date of issuance.

This press release is not an offer to sell any security. Investors
should consider the Fund's investment objective, risks, charges, and
expenses carefully before investing. The Fund's prospectus supplement
relating to the Series A Cumulative Preferred Shares and the Fund's
current base prospectus contain this and additional information about
the AllianzGI Convertible & Income Fund and the Series A Cumulative
Preferred Shares, and should be read carefully before investing. Visit
us.allianzgi.com for more information about the Fund.

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.

The 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 updated 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 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.

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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