- Calamos Convertible and High Income Fund to redeem all $80 Million of its outstanding Auction Rate Preferred Securities (ARPS). - After this step, ARPS redemptions for three of Calamos' five closed-end funds (CHY, CSQ and CGO) will be complete. - Redemption dates for the last two funds are expected to be announced shortly. NAPERVILLE, Ill., July 6 /PRNewswire-FirstCall/ -- Calamos Investments announced today redemption dates for all outstanding Auction Rate Preferred Securities (ARPS) for the Calamos Convertible and High Income Fund (NYSE: CHY). Series, CUSIP and redemption date specifics are shown in the table below: Series CUSIP Redemption Date M 12811P207 July 21, 2009 TU 12811P306 July 22, 2009 W 12811P405 July 23, 2009 TH 12811P504 July 24, 2009 F 12811P603 July 27, 2009 A 12811P702 July 23, 2009 Calamos filed a Rule 23c-2 notice on July 6, 2009 which details the redemption dates for the CHY ARPS. The filing can be found on the SEC website at: http://www.sec.gov/Archives/edgar/data/1222719/000095012309020196/c52202nv23cv 2.htm On May 19, 2009, Calamos announced that it had received Board approval and intends to complete refinancing of all outstanding auction rate preferred securities for the Calamos Closed End Funds. Calamos will release details surrounding the timing of the refinancing of the last two funds and their respective series shortly. Currently, the company anticipates that redemptions will occur over the course of the next few months. About Calamos Asset Management, Inc. Calamos Asset Management, Inc. is a globally diversified investment firm offering equity, fixed-income, convertible and alternative investment strategies, among others. The firm serves institutions and individuals around the world via separately managed accounts and a family of open-end and closed-end funds, providing a risk-managed approach to capital appreciation and income-producing strategies. For more information, visit http://www.calamos.com/ From time to time, information or statements provided by us, including those within this news release, may contain certain forward-looking statements relating to future events, future transactions, future financial performance, future potential costs, expectations, the competitive and regulatory environment and future market conditions. Forward-looking statements are based on information available at the time those statements are made and/or management's good faith belief as of that time with respect to future events, and are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in or suggested by the forward-looking statements. Such risks and uncertainties include, but are not limited to: catastrophic or unpredictable events, changing costs of leverage, strategy implementation obstacles, fluctuations in the financial markets and the competitive conditions in the fund, asset management and broader financial services sectors and other risks inherent in the financial and trading markets, including liquidity issues. DATASOURCE: Calamos Asset Management, Inc. CONTACT: Scott Henderson, Associate Vice President of Calamos Investments, +1-630-245-7223, Web Site: http://www.calamos.com/

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