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

(NYSE:OLA) The Old Mutual/Claymore Long-Short Fund today made available an audio update featuring portfolio commentary and updates from Dennis Bein, Chief Investment Officer and Portfolio Manager at Analytic Investors, Inc. The recording was made available via the Fund's website at www.oldmutualclaymore.com. The audio update discusses the Fund's multi-strategy approach in seeking to achieve the investment objective of providing a high level of current income and gains with a secondary objective of long-term capital appreciation. Additional topics addressed on the recording include a discussion of recent Fund performance, outlook for the strategy in the future and an update on the closed-end fund marketplace. Also, as discussed on the audio update, the Fund's common shares may represent an opportunity to investors at a 9.9% discount to net asset value with a current distribution rate of 9.7%, as of market close on May 25, 2006. 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 over $13 billion in assets through closed-end funds, unit investment trusts, mutual funds, separately managed accounts and exchange-traded funds. Additional information on Claymore's closed-end funds is available at www.claymore.com/CEFs. The Fund's investment portfolio is managed by Analytic Investors, Inc ("Analytic"). The firm was founded in 1970 and is a wholly-owned subsidiary of Old Mutual (U.S.) 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 $10 billion in assets under management as of 12/31/2005, 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. 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 federally insured by the Federal Deposit Insurance Corporation, the Federal Reserve Board or any other government agency.