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 quarterly dividend of $0.40 per share, representing a distribution rate of 8.58% based upon the closing market price of $18.64 on November 30, 2006. Since the Fund�s inception in August 2005 through November 30, 2006 the Fund generated an average annual total return, including reinvestment of dividends, of 6.41% based on Net Asset Value �NAV� and 1.61% based on market price. The Fund�s one year total return, as of November 30, 2006 was 6.38% based on NAV and 15.63% based on market price. Dividends will be paid on December 29, 2006 to shareholders of record as of December 15, 2006. The ex-dividend date will be December 13, 2006. If it is determined that a notification is required pursuant to Section 19a-1 of the Investment Company Act of 1940, such notice will be posted to the Fund�s website after the close of business three business days prior to the payable date. 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 $15 billion in assets through closed-end funds, unit investment trusts, mutual funds, separately managed accounts, exchange-traded funds and Claymore MACROshares. Additional information on Claymore�s closed-end funds is available at www.claymore.com/CEFs. Registered investment products are sold by prospectus only and investors should read the prospectus carefully before investing. 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 over $7.6 billion in assets under management as of 9/30/2006, 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. 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 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. The Old Mutual/Claymore Long-Short Fund (NYSE: OLA) today declared its quarterly dividend of $0.40 per share, representing a distribution rate of 8.58% based upon the closing market price of $18.64 on November 30, 2006. Since the Fund's inception in August 2005 through November 30, 2006 the Fund generated an average annual total return, including reinvestment of dividends, of 6.41% based on Net Asset Value "NAV" and 1.61% based on market price. The Fund's one year total return, as of November 30, 2006 was 6.38% based on NAV and 15.63% based on market price. Dividends will be paid on December 29, 2006 to shareholders of record as of December 15, 2006. The ex-dividend date will be December 13, 2006. If it is determined that a notification is required pursuant to Section 19a-1 of the Investment Company Act of 1940, such notice will be posted to the Fund's website after the close of business three business days prior to the payable date. 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 $15 billion in assets through closed-end funds, unit investment trusts, mutual funds, separately managed accounts, exchange-traded funds and Claymore MACROshares. Additional information on Claymore's closed-end funds is available at www.claymore.com/CEFs. Registered investment products are sold by prospectus only and investors should read the prospectus carefully before investing. 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 over $7.6 billion in assets under management as of 9/30/2006, 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. 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 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.