For information on Nicholas-Applegate Closed-End Funds:

Financial Advisors: (800) 628-1237

Shareholders: (800) 285-4086

Media Relations: (212) 739-3501

Allianz Global Investors Fund Management Posts Updated 2009 Closed-End Fund Tax Information

NEW YORK, March 17, 2010 (BUSINESS WIRE) – Allianz Global Investors Fund Management LLC (the “Investment Manager”) announced today that updated Closed-End Fund Tax Information for 2009 is now available at http://www.allianzinvestors.com/closedEndFunds/services/2009Closed-EndFundTaxInformation.jsp

The Investment Manager is an indirect, wholly-owned subsidiary of Allianz Global Investors of America L.P., a member of Munich-based Allianz Group.

2009 Closed-End Fund Tax Statements have been revised for the following Funds:

• Nicholas-Applegate International & Premium Strategy Fund (NAI)
• Nicholas-Applegate Equity & Convertible Income Fund (NIE)

The Funds' New York Stock Exchange closing prices, net asset values per share, as well as other information, including updated portfolio statistics and performance, is available at http://www.allianzinvestors.com 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 further declines in the securities markets and in the Funds’ 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 their operating strategy and/or acquisition strategy, and unforeseen costs and other effects related to legal proceedings or investigations of governmental and self-regulatory organizations. Each Fund’s ability to pay dividends to common shareholders is subject to the restrictions in its registration statement and other governing documents as well as the Investment Company Act of 1940.