NAI Allianzgi International & Premium Strategy Fund

The Board of Trustees of NFJ Dividend, Interest, & Premium Strategy Fund (NYSE: NFJ), AGIC International & Premium Strategy Fund (NYSE: NAI), AGIC Equity & Convertible Income Fund (NYSE: NIE) and AGIC Global Equity & Convertible Income Fund (NYSE: NGZ) (collectively, the “Funds”) announced today they have declared the following quarterly distributions.

    Fund  

Distribution per

Common Share

NFJ Dividend, Interest, & Premium Strategy Fund (NFJ)   $0.45 AGIC International & Premium Strategy Fund (NAI) $0.40 AGIC Equity & Convertible Income Fund (NIE) $0.28 AGIC Global Equity & Convertible Income Fund (NGZ)   $0.30  

The dividends will be payable on January 7, 2011 to shareholders of record on December 31, 2010, with an ex-dividend date of December 29, 2010.

NFJ’s quarterly dividend was increased to $0.45 per share from $0.15 per share from the prior quarter. The dividend increase announced today by the Fund’s Board of Trustees, based on the recommendation of the Fund’s investment manager and sub-adviser, will bring the Fund’s distribution rate (as a portion of net asset value per share) closer to that of its comparable domestic option strategy closed-end fund peers. A significant portion of NFJ, NAI and NGZ’s distribution may constitute a return of capital to shareholders as noted in the next paragraph, and no inferences should be made about NFJ’s current or anticipated net investment income or net realized capital gains from the distribution increase.

The actual composition and character of the distributions stated above and future distributions of the Funds 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, capital gains and return of capital. Such factors include the varied nature of each Fund’s investments and the performance of those investments, and that the ultimate characterization of each Fund’s distributions cannot finally be determined until the end of each Fund’s fiscal year, resulting in the possibility of a return of capital if any Fund makes total distributions in an amount that exceeds its net investment income and net realized capital gains during its fiscal year. Additional information as applicable regarding the composition of the distributions will be made available at www.allianzinvestors.com/closedendfunds 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 each Fund’s distributions at the time of this press release and neither the Funds, Allianz Global Investors Fund Management LLC (“AGIFM”), NFJ Investment Group LLC, Allianz Global Investors Capital 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 2011, Form 1099DIV (or substitute Form 1099DIV) will be sent to shareholders and will state the aggregate amount and tax characterizations of distributions for the 2010 calendar year.

It is anticipated that the Funds’ next quarterly dividend will be declared on or about March 11, 2011 and be payable on or about March 30, 2011.

AGIFM, an indirect, wholly-owned subsidiary of Allianz Global Investors of America L.P., serves as the Funds’ investment manager and is a member of Munich-based Allianz Group. NFJ Investment Group L.P. (responsible for NFJ’s equity component), Allianz Global Investors Capital LLC (responsible for NFJ’s convertible component and index option strategy as well as the sole sub-adviser of NAI, NIE and NGZ), each an AGIFM affiliate, serve as the Funds’ sub-advisers. Allianz is a leading global financial services company.

The Funds’ daily New York Stock Exchange closing prices and net asset values per share as well as other information, including portfolio statistics and performance is available at www.allianzinvestors.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 other effects related to legal proceedings or investigations of governmental and self-regulatory organizations.