CALAMOS Convertible and High Income Fund (CHY) Announces Regular Dividend


NAPERVILLE, Ill., Oct. 4, 2004 (PRIMEZONE) -- CALAMOS Convertible and High Income Fund (NYSE:CHY) (Cusip No.: 12811P108) announced today the declaration of a dividend distribution of $0.1219 per share, payable on October 29, 2004, to shareholders of record on October 15, 2004. Assuming the foregoing, the ex-dividend date should be October 13, 2004. The monthly dividend equates to a current annualized yield of 9.03%(see Note 1) based on the $16.20 market price as of September 30, 2004. Past performance is no guarantee of future results.

The dividend offers shareholders the opportunity to accumulate more shares in the Fund via the automatic dividend reinvestment plan. For example, if the Fund's shares are trading at a premium, dividends will be automatically reinvested through the plan at NAV or 95% of the market price, whichever is greater; if shares are trading at a discount, dividends will be reinvested at the market price. Thus, the plan offers current shareholders an efficient method of accumulating additional shares with a potential for cost savings. Please see the dividend reinvestment plan for more information.

Please note that the Fund's accounting/administrative agent will change to State Street Bank & Trust Company effective November 1, 2004. Servicing more than 450 closed-end funds, State Street is a leader in closed-end fund accounting and administration. This strategic decision was made to consolidate all CALAMOS closed-end funds' accounting and administrative services into one service provider and to streamline the oversight of these services.

The Fund began trading on the New York Stock Exchange on May 28, 2003. Additional information on the Fund, including a monthly commentary, portfolio holdings, and a description of the Fund's dividend reinvestment plan is posted on the firm's website, www.calamos.com.

Important Notes About Performance and Risk:

You can purchase or sell common shares daily. Like any other stock, market price will fluctuate with the market. Upon sale, your shares may have a market price that is above or below net asset value and may be worth more or less than your original investment. Due to ongoing market volatility, performance is subject to substantial short-term fluctuations.

Investments by the Fund in lower rated securities involve substantial risk of loss and present greater risks than investments in higher rated securities, including less liquidity and increased price sensitivity to changing interest rates and to a deteriorating economic environment.

Shares of closed-end funds frequently trade at a market price that is below their net asset value.

Fixed-income securities are subject to interest rate risk; as interest rates go up, the value of debt securities in the Fund's portfolio generally will decline.

There are certain risks associated with an investment in a convertible bond such as default risk - that the company issuing a convertible security may be unable to repay principal and interest - and interest rate risk - that the convertible may decrease in value if interest rates increase.

Note 1: Annualized yield on the market price is the rate at which the Fund distributes dividend and interest income earned on the Fund's portfolio, expressed as an annualized percentage of the Fund's current market price per share.

About CALAMOS

CALAMOS INVESTMENTS provides professional money management services to major corporations, public and private institutions, pension funds, insurance companies and individuals and is an investment advisor to open-end and closed-end funds. With roots dating back to 1977, we offer equity, high yield, global/international, convertible growth, convertible and alternative investment strategies.

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