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


NAPERVILLE, Ill., Dec. 21, 2004 (PRIMEZONE) -- CALAMOS Convertible and High Income Fund (NYSE:CHY) (Cusip No.:12811P108) announced today the declaration of a regular dividend distribution of $0.1219 per share, payable on January 21, 2005, to shareholders of record on December 30, 2004. Assuming the foregoing, the ex-dividend date should be December 28, 2004.

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.

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.

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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