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

(NYSE: OLA) Old Mutual/Claymore Long-Short Fund, a closed-end management investment company, has declared its quarterly dividend of $0.40 per share, representing a distribution rate of 20.46% based upon the closing market price of $7.82 on November 28, 2008. Since the Fund�s inception on August 25, 2005 through November 30, 2008 the Fund generated an average annual total return, including reinvestment of dividends, of -10.26% based on Net Asset Value (NAV) and -17.75% based on market price. The Fund�s one year total return, as of November 30, 2008, was -36.69% based on NAV and -41.72% based on market price. Performance data quoted represents past performance, which is no guarantee of future results, and current performance may be lower or higher than the figures shown. The December 2008 dividend will be paid on December 31, 2008 to shareholders of record as of December 15, 2008 with an ex-dividend date of December 11, 2008. 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. If a distribution rate is largely comprised of sources other than income, it may not be reflective of the Fund�s performance. Claymore Advisors, LLC (an affiliate of Claymore Securities, Inc.) serves as the Fund�s Investment Adviser. Based in Lisle, Illinois, 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 and/or distribution on approximately $13.8 billion in assets, as of September 30, 2008. Claymore currently offers closed-end funds, unit investment trusts and exchange-traded funds. 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 $10.7 billion in assets under management as of September 30, 2008, 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, 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 FINRA/SIPC (12/08) NOT FDIC-INSURED | NOT BANK-GUARANTEED | MAY LOSE VALUE