OLA Old Mutual/Claymore Long-Short Fund Old Mutual/Claymore Long-Short Fund Common Shares of Beneficial Interest

The Old Mutual/Claymore Long-Short Fund (NYSE:OLA), a new closed-end fund, announced that it has sized its initial public offering of shares of common stock. The Fund will begin trading on the New York Stock Exchange today under the symbol "OLA." The Fund will invest in a diversified portfolio of common stocks while utilizing a unique long/short strategy and will opportunistically employ a strategy of writing (selling) covered calls on equity indexes. The Fund's portfolio seeks to outperform the overall domestic equity market while offering lower volatility over full market cycles. The Fund offered 18 million shares at a price of $20, representing $360 million, through a syndicate co-led by Merrill Lynch & Co. and A.G. Edwards and Sons, Inc. The underwriters have the right to exercise an overallotment option which could increase the number of shares outstanding by as much as 15% within the next 45 days. Claymore Advisors, LLC, an affiliate of Claymore Securities, Inc., serves as the Fund's Investment Adviser. Based in Lisle, Illinois, Claymore Securities, Inc. is a privately-held financial services company offering unique investment solutions for financial advisors and their clients. As of July 31, 2005, Claymore entities have provided supervision, management, servicing or distribution on approximately $11.6 billion in assets through closed-end funds, unit investment trusts, mutual funds and separately managed accounts. Additional information on Claymore's closed-end funds is available at www.claymore.com/products/CEFs.aspx. The Fund's investment portfolio will be managed by Analytic Investors, Inc ("Analytic"). The firm was founded in 1970 and is a wholly-owned subsidiary of Old Mutual (US) Holdings Inc., a subsidiary of Old Mutual plc, a multi-national financial services firm headquartered in London and listed on the London Stock Exchange. With approximately $8 billion in assets under management as of 6/30/05, Analytic specializes in the creation and continuous management of optioned-equity and optioned-debt portfolios for mutual funds, foundations, insurance companies, endowments, profit-sharing plans, funds-of-hedge-funds and individual investors. Among other investments, Analytic currently manages two open-end mutual funds that utilize long-short equity strategies: the Analytic Defensive Equity Fund and the Analytic Global Long-Short Fund. There can be no assurance that the fund will achieve its investment objectives. Past performance does not guarantee future results. The value of any closed-end fund will fluctuate with the value of the underlying securities. Historically, closed-end funds often trade at a discount to their net asset value. An investment in the Fund is subject to certain risks and other considerations, including, but not limited to: Equity Risk; Short Sale Risk; Options Risk, Management Risk; Tax Treatment of Distributions; Derivatives Risk; Counterparty Risk; Credit Risk; Income Risk; Medium- and Smaller-Company Risk; Focused Investment Risk; Interest Rate Risk; Liquidity Risk; Market Disruption and Geopolitical Risk; Other Investment Companies Risk; and Inflation/Deflation Risk. Investors should carefully consider the investment objectives and policies, risk considerations, charges and expenses of the Fund before they invest. The prospectus contains this and other information relevant to an investment in the Fund. Investors should read the prospectus carefully before they invest or send money. For a prospectus, please contact a securities representative or Claymore Securities, Inc., 2455 Corporate West Drive, Lisle, Illinois 60532, 800-345-7999. The Fund's common shares do not represent a deposit or obligation of, and are not guaranteed or endorsed by, any bank or other insured depository institution, and are not insured by the Federal Deposit Insurance Corporation or any other governmental agency.