AllianzGI NFJ Dividend, Interest & Premium Strategy Fund Portfolio Manager Changes, New Non-Fundamental Investment Policy and Sub-Adviser Merger

Allianz Global Investors U.S. LLC (“AllianzGI U.S.”), the investment manager of AllianzGI NFJ Dividend, Interest and Premium Strategy Fund (the “Fund”) (NYSE:NFJ), announced today that Jeffrey Parker, CFA, has been named as the lead manager of the Fund with overall responsibility for coordination among the three components of the Fund’s portfolio – the Equity Component, the Convertible Component and the Index Option Strategy. Previously, Ben Fischer, CFA, had served as lead portfolio manager for the Fund. Mr. Fischer continues to remain a portfolio manager of the Equity Component, as he has since the inception of the Fund.

Mr. Parker is a Managing Director and CIO Equity US at Allianz Global Investors. In his new role as lead manager of the Fund, Mr. Parker has oversight and final decision making authority with respect to the allocation of the Fund's assets between the Equity Component and the Convertible Component and is responsible for implementing the Fund’s asset allocation rebalancing policy (described in a press release issued on October 5, 2011), which previously was implemented by Mr. Fischer. Mr. Parker’s role includes facilitation of the ongoing collaboration among the Fund's other portfolio managers across the Equity and Convertible Components and the Index Option Strategy in furtherance of the Fund's investment objectives.

In addition, R. Burns McKinney, CFA, John Mowrey, CFA, and Thomas Oliver, CFA, CPA, have been named as portfolio managers of the Fund’s Equity Component, joining Mr. Fischer. Current portfolio manager L. Baxter Hines, CFA, will no longer serve as a portfolio manager of the Fund. There are no changes to the portfolio management teams of the Convertible Component or the Index Option Strategy.

Separately, AllianzGI U.S. also announced today that the Fund’s Board of Trustees approved the following investment policy, effective immediately, which permits the Fund to invest up to 10% of its total assets in securities issued by Master Limited Partnerships (“MLPs”):

The Fund may invest up to 10% of its total assets in securities issued by master limited partnerships (“MLPs”), including, without limitation, common units, preferred units, convertible subordinated units or other equity or debt securities.

MLPs may offer attractive and sustainable dividend yields in comparison to many other securities available to the Fund. In the view of the Fund’s portfolio management team, permitting the Fund to invest up to 10% of its total assets in MLPs would make a useful addition to the Fund’s investment universe.

Investments in MLP securities involve risks that differ from investments in common stocks, including risks related to the fact that investors have limited control of and limited rights to vote on matters affecting the MLP; dilution risks; and risks related to general partners’ right to require investors to sell their holdings at an undesirable time or price. In addition, if the tax treatment of an MLP changes, the Fund’s after-tax return from its MLP investments could be materially reduced.

Lastly, AllianzGI U.S. announced today that effective on or about July 1, 2017, NFJ Investment Group, LLC (“NFJ”), the sub-adviser to the Equity Component of the Fund, will be merged into AllianzGI U.S., the investment manager of the Fund, by means of a statutory merger (the “Merger”). The Merger completes a multi-year effort to bring Allianz Global Investors’ U.S. investment advisory business, historically provided by a group of affiliated investment management boutique firms, under one registered investment adviser to better serve clients. The Portfolio Management Agreement between AllianzGI U.S. and NFJ, pursuant to which NFJ provides investment sub-advisory services to the Fund, will terminate simultaneously with the consummation of the Merger and AllianzGI U.S. will provide investment advisory services to the Equity Component of the Fund pursuant to its Investment Management Agreement with the Fund. The portfolio management team that had serviced the Equity Component of the Fund as employees of NFJ prior to the Merger will continue to serve in the same capacities after the Merger as employees of AllianzGI U.S. The Merger is not expected to have any impact on the nature or quality of investment advisory services provided to Fund or its Equity Component, Convertible Component or Index Option Strategy.

About Allianz Global Investors

Allianz Global Investors is a diversified active investment manager with a strong parent company and a culture of risk management. With 25 offices worldwide, we provide global investment and research capabilities with consultative local delivery. We have more than $524 billion in AUM for individuals, families and institutions worldwide and employ over 600 investment professionals.

At Allianz Global Investors, we follow a two-word philosophy: Understand. Act. It describes how we look at the world and how we behave. We aim to stand out as the investment partner our clients trust by listening closely to understand their challenges, then acting decisively to provide them with solutions that meet their needs.

Data as of March 31, 2017 (excluding AUM of entities held for sale); investment professionals as of December 31, 2016

Disclosures

AllianzGI U.S., an indirect, wholly-owned subsidiary of Allianz Asset Management of America L.P. serves as the Fund's investment manager. NFJ, an affiliate of AllianzGI U.S., currently manages the Fund's Equity Component and AllianzGI U.S. manages the Fund's Convertible Component and Index Option Strategy.

The Fund’s daily New York Stock Exchange closing market prices and net asset values per share as well as other information, including portfolio statistics and performance is available at us.allianzgi.com/closedendfunds or by calling the Fund’s 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.

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