Advent Claymore Convertible Securities and Income Fund Preferred Shares Rated 'AAA' by Fitch.

Business Editors

NEW YORK & WHEATON, Ill.--(BUSINESS WIRE)--July 25, 2003

The Advent Claymore Convertible Securities and Income Fund(NYSE: AVK)--The following listed preferred shares are all rated 'AAA' by Fitch Ratings:

The Advent Claymore Convertible Securities and Income Fund:

-- Auction Market Preferred Stock 2,150 shares Series M7;

-- Auction Market Preferred Stock 2,150 shares Series T28;

-- Auction Market Preferred Stock 2,150 shares Series W7;

-- Auction Market Preferred Stock 2,150 shares Series TH28.

The ratings are based on asset coverage and preferred share basic maintenance amount tests, as well as the quality and experience of the asset manager.

Advent Claymore Convertible Securities and Income Fund (NYSE: AVK) is a closed-end management investment company that invests primarily in a portfolio of convertible securities in addition to high yield debts. The fund is registered under the Investment Company Act of 1940, which permits closed-end funds to borrow up to 50% of the fund's value through the issuance of preferred shares. The fund's current preferred share issuance is about 27% of its value.

The asset manager for the fund is Advent Capital Management LLC ("Advent.") Advent is an asset management firm with approximately $2.5 billion in assets under management as of June 30, 2003. Founded in 1995 and based in New York, New York, Advent specializes in the management of convertible and high-yield securities.

Claymore Securities, Inc. serves as the Fund's servicing agent. Headquartered in Wheaton, Illinois, Claymore specializes in the creation, distribution and servicing of closed-end funds, defined portfolios, separately managed accounts and mutual funds. The firm provides supervision and shareholder servicing on approximately $3.3 billion in assets.