GLV Clough Global Dividend and Income Fund

Today, the Clough Global Allocation Fund (AMEX:GLV) declared a quarterly cash distribution of $0.36 per share for October 2005. The $0.36 per share is nine percent higher than its most recent quarterly distribution and is the second $0.03 per share increase this year. The distribution will be payable on October 31, 2005, to shareholders of record on October 14, 2005. Clough Global Allocation Fund Cash Distribution Ex-Date: October 12, 2005 Record Date: October 14, 2005 Payable Date: October 31, 2005 The Fund has approximately $413 million in total assets, the net asset value was $24.06 per share and the market price was $25.35 as of September 27, 2005. Subject to market conditions, the Fund intends to distribute subsequent regular quarterly cash distributions. A portion of the distribution may be treated as paid from sources other than net income, including but not limited to short-term capital gain, long-term capital gain and return of capital. The final determination of the source of all distributions in 2005, including the percentage of qualified dividend income, 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. Clough Capital Partners L.P. Clough is a Boston-based investment management firm that has approximately $1.3 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 or sending money.