The Board of Trustees of AllianzGI NFJ Dividend, Interest & Premium Strategy Fund (the “Fund”) (NYSE:NFJ) announced today that it has declared a quarterly distribution on the Fund’s common shares and, effective immediately, approved revisions to the Fund’s non-fundamental investment policy regarding writing (selling) call options.

Declaration of Distribution

The Board of Trustees of the Fund has declared a distribution of $0.30 per common share that will be payable on January 5, 2016 to shareholders of record on December 28, 2015 with an ex-dividend date of December 23, 2015. The Fund’s quarterly distribution was decreased by $0.15 per share from its quarterly distributions in recent periods.

The decision to decrease the Fund’s quarterly distribution took into account many factors, including, but not limited to, the overall market environment and the Fund’s current and projected level of earnings, as well as the portion of the Fund’s distributions represented by return of capital historically and based on future projections taking into account the reduced distribution rate.

The actual composition and character of the distribution and future distributions of the Fund 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/or return of capital. Such factors include the varied nature of the Fund's investments and the performance of those investments, and that the ultimate characterization of the Fund's distributions cannot finally be determined until the end of the Fund's fiscal year, resulting in the possibility of a return of capital if the 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 us.allianzgi.com/closedendfunds.com 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 the Fund's distributions at the time of this press release and neither the Fund, Allianz Global Investors Fund Management LLC ("AGIFM"), NFJ Investment Group LLC (“NFJ LLC”), Allianz Global Investors U.S. LLC (“AllianzGI U.S.”), 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 2016, Form 1099 DIV (or substitute Form 1099 DIV) will be sent to shareholders and will state the aggregate amount and tax characterizations of distributions for the 2015 calendar year.

It is anticipated that the Fund’s next quarterly distribution will be declared on or about March 4, 2016 and be payable on or about March 25, 2016.

Revisions to the Fund’s Index Option Strategy

The Fund’s Board of Trustees also announced today that it has approved revisions to the Fund’s strategy of writing (selling) call options on equity indexes to afford the Fund’s portfolio managers greater flexibility in managing this strategy. The Fund’s primary investment objective is to seek current income and gains, with a secondary objective of long-term capital appreciation. The Fund seeks to achieve its investment objectives by investing in a diversified portfolio of dividend-paying common stocks (the “Equity Component”) and income-producing convertible securities (the “Convertible Component”). The Fund also employs a strategy of writing (selling) call options on equity indexes in an attempt to generate gains from option premiums (the “Index Option Strategy”). Effective immediately, the Fund has replaced in its entirety the following non-fundamental policy:

In implementing the Fund's Index Option Strategy, the Fund will "sell” or "write" call options on equity indexes such that the underlying value of the indexes is approximately equal to (and do not exceed) the net asset value of the Fund's Equity Component--i.e., approximately 75% of the Fund's net assets, subject to future fluctuations in the assets attributable to the Equity Component and annual rebalancings. For these purposes, the Fund treats options on indexes as being written on securities having an aggregate value equal to the face or notional amount of the index subject to the option.

With the following non-fundamental policy:

The Fund will employ its Index Option Strategy by writing (selling) call options on equity indexes such that the underlying value of the indexes is within a range of approximately 75% to 100% of the net asset value of the Fund’s Equity Component under normal market conditions, subject to future fluctuations in the assets attributable to the Equity Component and annual rebalancings. However, the underlying value of the indexes may be below 75% of the net asset value of the Equity Component in unusual market conditions. For these purposes, the Fund treats options on indexes as being written on securities held by the Fund having an aggregate value equal to the face or notional amount of the index subject to the options.

The Fund is a closed-end management investment company. There can be no assurance that the Fund will achieve its stated objectives.

AGIFM, an indirect, wholly-owned subsidiary of Allianz Asset Management of America L.P., serves as the Fund’s investment manager and is a member of Munich-based Allianz Group. NFJ LLC. (responsible for the Fund’s Equity Component) and AllianzGI U.S. (responsible for the Fund’s Convertible Component and Index Option Strategy), each an AGIFM affiliate, serve as the Fund’s sub-advisers.

The Fund’s daily New York Stock Exchange closing market prices, net asset values per share, as well as other information, including updated portfolio statistics and performance are 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 the 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.