Nicholas-Applegate Convertible & Income Fund II Reports Results for the Fiscal Quarter Ended September 30, 2004.

NEW YORK -- Nicholas-Applegate Convertible & Income Fund II (the "Fund") (NYSE: NCZ), a 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 ended September 30, 2004.

At September 30, At September 30,
                                            2004            2003
                                     ----------------  ---------------
Net Assets*                           $1,344,392,689   $1,322,469,992
Shares Outstanding                        56,462,399       56,256,981
Net Asset Value ("NAV")                       $14.87           $14.53
Market Price                                  $14.85           $14.31
Discount to NAV                                 0.13%            1.51%

* Net assets are inclusive of $505 million Preferred shares issuance.

                                       Quarter ended
                                     September 30, 2004
                                     ------------------
Net Investment Income                     $20,162,186
Per Share                                       $0.35
Net Realized and Unrealized Loss         $(16,295,035)
Per Share                                      $(0.29)

PA Fund Management LLC, an indirect, wholly-owned subsidiary of Allianz Global Investors of America, L.P., (formerly, Allianz Dresdner Asset Management 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, a PA 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, net asset value per share as well as other information is available at www.pimcoadvisors.com or by calling 1-800- 331-1710.