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

Claymore announces the availability of the most recent semiannual shareholder report for the Old Mutual/Claymore Long-Short Fund (NYSE: OLA). Claymore has released the most recent semiannual shareholder report for OLA and it has been filed with the SEC. The report can be accessed through Claymore�s website at www.claymore.com/cefs. Hard copies of the report are available by calling Claymore at 800-345-7999. 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 objective. 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. 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, IL 60532, 800-345-7999. Member FINRA/SIPC 08/08 NOT FDIC-INSURED | NOT BANK-GUARANTEED | MAY LOSE VALUE