GLV Clough Global Dividend and Income Fund

Today the Clough Global Allocation Fund (AMEX: GLV) declared a quarterly cash distribution of $0.33 per share for July 2005. The distribution will be payable on July 29, 2005, to shareholders of record on July 15, 2005. Clough Global Allocation Fund Cash Distribution Ex-Date: July 13, 2005 Record Date: July 15, 2005 Payable Date: July 29, 2005 The Fund has approximately $357 million in total assets, the net asset value was $20.97 per share and the market price was $21.65 as of June 8, 2005. Subject to market conditions, the Fund intends to distribute subsequent regular quarterly cash distributions. A portion of the distribution may be treated as long-term capital gain or qualifying dividend income for individuals, each subject to a maximum Federal income tax rate of 15%, or as short-term capital gain subject to a maximum Federal income tax rate of 35%. Ordinary income, long-term capital gain and qualifying dividend income, if any, will be allocated on a pro-rata basis to all distributions for the year. The final determination of the source of all distributions in 2005 will be made after year-end. The Clough Global Allocation Fund The Fund is a closed-end fund with an investment objective of providing a high level of total return. It intends to achieve this objective by applying a fundamental research-driven investment process, investing in equity and equity-related securities, as well as fixed-income securities, including both corporate and sovereign debt in both U.S. and non-U.S. markets. More information on the Clough Global Allocation Fund can be found at www.cloughglobal.com or call 877-256-8445. Clough Capital Partners L.P. Clough is a Boston-based investment management firm that has over $1 billion under management. For equities, the firm uses a global and theme-based investment approach based on identifying chronic shortages and growth opportunities. For fixed-income, Clough believes changing economic fundamentals help reveal potential global credit market opportunities based primarily on flow of capital into or out of a country. Clough was founded in 2000 by Chuck Clough and partners James Canty and Eric Brock. The three are the portfolio managers for the Clough Global Allocation Fund. An investor should consider investment objectives, risks, charges and expenses carefully before investing. To obtain a prospectus which contains this and other information visit www.cloughglobal.com or call 877-256-8445. Read the prospectus carefully before investing.