The Board of Trustees (the “board”) of the Clough Global Allocation Fund (GLV) (the “Fund”) announced that they have approved a change of the Fund’s name to the Clough Global Dividend and Income Fund, effective July 31, 2016. The change announced today relates only to the Fund’s name. The Fund will continue to trade on the NYSE under its current ticker symbol, “GLV.”

This name change is in accordance with the Fund’s Investment Policy and the Fund will continue to pursue its primary investment objective of providing a high level of total return.

GLV has always been the most conservative of the three closed-end funds advised by Clough Capital Partners L.P., with the highest allocation to income producing securities, which tend to be less volatile than equities. The name change is more reflective of this strategy. There is no change to the Fund’s investment strategy. The board believes this name change will help investors better identify the Clough Global Dividend and Income Fund as more conservative and income-oriented, the Clough Global Equity Fund (GLQ) as more aggressive and equity-oriented, and the Clough Global Opportunities Fund (GLO), as more opportunistic and flexible in its rotating approach to what management sees as the most attractive opportunities in the capital markets.

The Fund

The Fund is a closed-end fund with an investment objective of providing a high level of total return. With analysts in Boston and Hong Kong, the Fund seeks to pursue this objective by applying a fundamental research-driven investment process and will invest 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 Fund, including the Fund’s dividend reinvestment plan, can be found at www.cloughglobal.com or call 877-256-8445.

Clough Capital Partners L.P.

Clough is a Boston-based investment advisory firm which manages approximately $3.4 billion in assets: $1.3 billion in hedge fund and institutional accounts; $101 million in open-end mutual funds; and $2.0 billion in three closed-end funds (as of May 31, 2016) – Fund (GLV), Clough Global Equity Fund (GLQ), and Clough Global Opportunities Fund (GLO). The firm uses a global and theme-based approach and invests in securities on a global basis. Clough was founded in 2000 by Chuck Clough and partners James Canty and Eric Brock. These three are the portfolio managers for the Clough Global Allocation Fund, as well as Robert Zdunczyk.

An investor should consider investment objectives, risks, charges and expenses carefully before investing. To obtain a prospectus, annual report or semi-annual report which contains this and other information visit www.cloughglobal.com or call 877-256-8445. Read them carefully before investing.

The Clough Global Allocation Fund is a closed-end fund and closed-end funds do not continuously issue shares for sale as open-end mutual funds do. Since the initial public offering, the Fund now trades in the secondary market. Investors wishing to buy or sell shares need to place orders through an intermediary or broker. The share price of a closed-end fund is based on the market's value.

Forward-looking statements are based on information that is available on the date hereof, and neither the fund manager nor any other person affiliated with the fund manager has any duty to update any forward-looking statements. Important factors that could affect actual results to differ from these statements include, among other factors, material, negative changes to the asset class and the actual composition of the portfolio.

Clough Capital Partners L.P.Tom Carter, ALPS, +1-303-623-2577tom.carter@alpsinc.com

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