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 8.33% based upon the closing market price of $19.20 on May 31, 2007. Since the Fund�s inception on August 25, 2005 through May 31, 2007 the Fund generated an average annual total return, including reinvestment of dividends, of 10.64% based on Net Asset Value (NAV) and 5.36% based on market price. The Fund�s one year total return, as of May 31, 2007, was 19.22% based on NAV and 27.39% based on market price. Dividends will be paid on June 29, 2007 to shareholders of record as of June 15, 2007. The ex-dividend date will be June 13, 2007. 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 approximately $17 billion, as of April 30, 2007, 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. With over $10.4 billion in assets under management as of April 30, 2007, Analytic Investors provides quantitatively-driven investment management services to�mutual funds, corporations, public funds, foundations, endowments,�and other institutional investors. 100% of Analytic�s business is derived from asset management services. Since its founding in 1970, the firm�s mission has been to fulfill clients� objectives through rational, systematic identification of market opportunities, while minimizing the impact of human emotions that often dominate investment decision making. 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. Such risks and considerations include, but are not limited to: Investment Risk, Market Discount Risk, Interest Rate Risk, U.S. TIPS Risk, Credit Risk, Lower-Grade and Unrated Securities Risk, Leverage Risk, Issuer Risk, Country Risk, Prepayment Risk, Reinvestment Risk, Derivatives Risk, Inflation/Deflation Risk, Management Risk, Turnover Risk, Anti-Takeover Provisions, Smaller Company Risk, and Market Disruption and Geopolitical 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. Member NASD/SIPC 06/07 NOT FDIC-INSURED - NOT BANK-GUARANTEED - MAY LOSE VALUE