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) today declared its initial quarterly dividend of $0.40 per share, representing a distribution yield of 8.00% based on the Fund's initial offering price of $20. Dividends will be paid on December 31, 2005 to shareholders of record as of December 15, 2005. The ex-dividend date will be December 13, 2005. Claymore Advisors, LLC, an affiliate of Claymore Securities, Inc., serves as the Fund's Investment Adviser. Claymore Securities, Inc. is a privately-held financial services company offering unique investment solutions for financial advisors and their valued clients. Claymore entities have provided supervision, management, servicing or distribution on approximately $12.5 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. This information does not represent an offer to sell securities of the Fund and it is not soliciting an offer to buy securities of the Fund. There can be no assurance that the Fund will achieve its investment objectives. The net asset value of the Fund will fluctuate with the value of the underlying securities. It is important to note that closed-end funds trade on their market value, not net asset value, and closed-end funds often trade at a discount to their net asset value. Past performance is not indicative of future performance. 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 consider the investment objectives and policies, risk considerations, charges and expenses of the Fund, and the prospectus should be read carefully before they invest. For this and more information, please contact a securities representative or Claymore Securities, Inc., 2455 Corporate West Drive, Lisle, Illinois 60532, 800-345-7999.