The Board of Trustees of AllianzGI Equity & Convertible Income Fund (NYSE:NIE) (the "Fund") announced today that is has declared a $0.28 per share quarterly distribution and a $0.24 special year end distribution.

The distributions will be payable on January 6, 2014 to shareholders of record on December 27, 2013 with an ex-dividend date of December 24, 2013.

The actual composition and character of the distributions stated 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 and may be comprised of net investment income and/or capital gains. Such factors 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 Fund's fiscal year. Additional information as applicable regarding the composition of the distributions will be made available at us.allianzgi.com/closedendfunds.com after the payable date. As a result of the foregoing and other factors, no assurance can be given as to the actual composition or character of the Fund's distributions at the time of this press release and neither the Fund, Allianz Global Investors Fund Management LLC ("AGIFM"), Allianz Global Investors U.S. LLC, nor any of their trustees, members, officers or employees assumes responsibility for such statements.

This notice should not be used to prepare tax returns. In January 2014, Form 1099 DIV (or substitute Form 1099 DIV) will be sent to shareholders and will state the aggregate amount and tax characterizations of distributions for the 2013 calendar year.

It is anticipated that the Fund's next quarterly distributions will be declared on or about March 7, 2014 and be payable on or about March 28, 2014.

AGIFM, 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. Allianz Global Investors U.S. LLC, an AGIFM affiliate, serve as the Fund's sub-adviser.

The Fund's daily New York Stock Exchange closing market price and net asset value per share as well as other information, including portfolio statistics and performance is available at us.allianzgi.com/closedendfunds.com or by calling the Fund's 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: 800-926-4456
Shareholders: 800-254-5197
Media Relations: 212-739-3501