Nicholas-Applegate Convertible & Income Fund IIReports Results for the Fiscal Quarter and Six Months Ended August 31, 2009

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NEW YORK--(Business Wire)--
Nicholas-Applegate Convertible & Income Fund II (the "Fund") (NYSE:NCZ), a
diversified closed-end management investment company which seeks to provide
total return through a combination of capital appreciation and high current
income, today announced its results for the fiscal quarter and six months ended
August 31, 2009.

August 31,
2009 2008
Net Assets (a) $712,121,386 $1,158,442,120
Common Shares Outstanding 60,182,023 59,587,332
Net Asset Value ("NAV") $7.28 $10.97
Market Price $7.47 $10.85
Premium (Discount) to NAV 2.61 % (1.09 )%
Undistributed Net Investment Income Per Common Share (b) $0.1132 $0.0684

Quarter ended August 31,
2009 2008
Net Investment Income (c) $14,336,616 $25,454,132
Per Common Share (c) $0.24 $0.43
Net Realized and Change in Unrealized Gain (Loss) (c) $60,464,759 $(97,092,692 )
Per Common Share (c) $1.01 $(1.63 )

Six Months ended August 31,
2009 2008
Net Investment Income (c) $29,875,657 $54,188,817
Per Common Share (c) $0.50 $0.91
Net Realized and Change in Unrealized Gain (Loss) (c) $174,781,235 $(87,461,497 )
Per Common Share (c) $2.91 $(1.47 )

(a) Net assets are inclusive of market value of Preferred Shares of $274 million
and $505 million at August 31, 2009 and August 31, 2008, respectively.

(b) Since net earning rates fluctuate from month to month while monthly
dividends have remained relatively stable, there will be periods when the Fund
may over-earn or under-earn its monthly dividend, which would have the effect of
adding to or subtracting from the Fund's undistributed net investment income
balance. Fund management analyzes the Fund's current and projected net earning
rates prior to recommending dividend amounts to the Fund's Board of Trustees for
declaration. There can be no assurance that the current dividend rate or the
undistributed net investment income balance will remain constant. Excludes
market premium amortization on corporate bonds, in accordance with federal
income tax treatment.

(c) Net Investment Income for the fiscal quarter and six months ended August 31,
2009 includes market premium amortization of $270,777 (less than $0.01 per
common share) and $610,246 ($0.01 per common share), respectively. Net
Investment Income for the fiscal quarter and six months ended August 31, 2008
includes market premium amortization of $444,463 ($0.01 per common share) and
$992,524 ($0.02 per common share), respectively. For the tax purposes, the Fund
has elected not to amortize market premium on corporate bonds.

Allianz Global Investors Fund Management LLC ("AGIFM"), 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.
Nicholas-Applegate Capital Management LLC, an affiliate of AGIFM, serves as the
Fund's sub-adviser.

The Fund's daily New York Stock Exchange closing price, net asset value per
share, as well as other information, is available at
http://www.allianzinvestors.com/closedendfunds or by calling the Fund's
shareholder servicing agent at (800) 254-5197.

The financial information contained herein is solely based upon the data
available at the time of publication of this press release, and there is no
assurance that any future results will be same or similar to the results
reported herein. Information that was obtained from third party sources we
believe to be reliable is not guaranteed as to its accuracy or completeness.
This press release contains no recommendations to buy or sell any specific
securities and should not be considered investment advice of any kind. Past
performance is no guarantee of future results and the investment returns
generated by the Fund will fluctuate. There can be no assurance that the Fund
will meet its stated objective. The Fund's ability to pay dividends to common
shareholders is subject to the restrictions in its registration statement,
By-laws and other governing documents as well as the Investment Company Act of
1940. In making any investment decision, individuals should utilize other
information sources and the advice of their own professional adviser.

For Information on Nicholas-Applegate Closed-End Funds:
Financial Advisors: 800-628-1237
Shareholders: 800-285-4086
Media Relations: 212-739-3501

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