NIE Virtus Equity and Convertible Income Fund

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

      NFJ Dividend, Interest, & Premium Strategy Fund     $ 0.15   per share Nicholas-Applegate International & Premium Strategy Fund $ 0.46 per share Nicholas-Applegate Equity & Convertible Fund $ 0.28 per share Nicholas-Applegate Global Equity & Convertible Income Fund $ 0.30 per share

The dividends will be payable on March 30, 2010 to shareholders of record on March 22, 2010, with an ex-dividend date of March 18, 2010.

It is anticipated that the Funds’ next quarterly dividend will be declared on or about June 11, 2010 and be payable on or about June 29, 2010.

Allianz Global Investors Fund Management LLC (“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. (manager of NFJ’s equity component), Nicholas-Applegate Capital Management LLC (manager of NFJ’s convertible component as well as NAI, NIE and NGZ) and Oppenheimer Capital LLC (manager of NFJ’s index option strategy), 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 Fund’s shareholder servicing agent at 800-254-5197.

The actual composition and character of the distributions described 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. 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. 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, AGIFM, NFJ International Group LLC, Nicholas-Applegate Capital Management LLC, Oppenheimer Capital 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 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 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 Funds will meet its stated objective.