Nicholas-Applegate Equity & Convertible Income Fund Declares Quarterly Dividend of 28 Cents Per Share

NEW YORK--(BUSINESS WIRE)--The Board of Trustees of Nicholas-Applegate Equity & Convertible Fund (the “Fund”) (NYSE: NIE), a diversified, closed-end management investment company which seeks total return comprised of capital appreciation, current income and gains, announced today that it has declared a quarterly dividend of $0.28 per share.

The dividend will be payable on June 26, 2009 to shareholders of record on June 22, 2009 with an ex-dividend date of June 18, 2009.

It is expected that this distribution will be comprised of net investment income, as well as net gains from option premiums and the sale of portfolio securities. The Fund will provide a notice accompanying this distribution with respect to the estimated source (as between net income and gains) of the distribution and will indicate the proportion of its capital gain distributions that constitute short-term and long-term gains annually.

It is anticipated that the Fund’s next quarterly dividend will be declared on or about September 11, 2009 and be payable on or about September 25, 2009.

Allianz Global Investors Fund Management LLC, an indirect, wholly-owned subsidiary of Allianz Global Investors of America L.P., serves as the Fund’s investment manager and is a member of Munich-based Allianz Group (NYSE – AZ). Nicholas-Applegate Capital Management LLC, an Allianz Global Investors Fund Management affiliate, serves as the Fund’s sub-adviser. Allianz is a leading global financial services company.

The Fund’s daily New York Stock Exchange closing price and net asset value per share as well as other information, including portfolio statistics and performance is available at www.allianzinvestors.com/closedendfunds or by calling the Fund’s shareholder servicing agent at 866-298-8462.

The actual composition and character of the distribution described 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. 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 end of the Fund’s fiscal year, resulting in the possibility of a return of capital if the Fund makes total distributions during a calendar or fiscal year in an amount that exceeds the Fund’s net investment income and net realized capital gains for the fiscal year. As a result of the foregoing and other factors, no assurance can be given as to the actual composition or character of Fund distributions at the time of this press release and neither the Fund, Allianz Global Investors Fund Management LLC, Nicholas-Applegate Capital Management LLC, nor any of their trustees, members, officers or employees assumes responsibility for such statements.

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. There can be no assurance that the Fund will meet its stated objective.