Virtus Convertible & Income Fund II announced that it has postponed the record and ex-dividend dates for payment of its monthly distribution of $0.0375 per common share that was scheduled to be paid on November 1, 2022 to shareholders of record on October 13, 2022. As previously announced, the declaration of the Fund's monthly distribution of $0.0375 per common share that was scheduled to be declared on October 3, 2022 and paid on November 1, 2022 was delayed after recent market dislocations caused the values of the Fund's portfolio securities to decline and, as a result, the Fund's asset coverage ratio for total leverage as of September 30, as calculated in accordance with the Investment Company Act of 1940, was below the 200% minimum asset coverage guideline. Compliance with the asset coverage ratio is required by the Fund's governing documents for declaration or payment of the monthly distribution.

As a result, the Fund is not authorized to declare or pay its monthly distribution until the coverage ratio is in compliance. The Fund still intends to resume declaration and payment of its monthly common share distributions once its coverage ratio is in compliance. If the Fund is unable to declare a distribution sufficiently in advance of November 1 to set the record date and arrange payment, the payment date will be postponed as well.

The Fund will provide information regarding record and payable dates for delayed distributions when available.