Advent Claymore Convertible Securities and Income Fund Raises $520 Million from Initial Offering of Common Shares.

Business Editors

NEW YORK & WHEATON, Ill.--(BUSINESS WIRE)--May 1, 2003

Advent Claymore Convertible Securities and Income Fund Incorporated (NYSE:AVK), a closed-end fund, announced that it has priced its initial public offering of shares of common stock. The Fund will begin trading today on the New York Stock Exchange under the ticker symbol "AVK". The Fund will invest primarily in convertible and high-yield securities.

The Fund raised $595 million in the initial public offering of common shares, assuming full exercise of the underwriters' overallotment option, which may not occur. The Fund was offered through a syndicate led by Merrill Lynch & Co.

In addition to the common share offering, the Fund anticipates issuing Auction Market Preferred Shares ("AMPS") within approximately 90 days after completion of the offering. If completed at anticipated levels, the issuance of AMPS could bring the total assets of the Fund to more than $800 million.

The Fund's investment objective is to provide total return, through a combination of capital appreciation and current income. The Fund anticipates paying dividends to its common shareholders on a monthly basis beginning within 60-90 days.

Advent Capital Management, LLC is the Fund's investment advisor. Founded in 1995, Advent specializes in the management of convertible and high-yield securities. Based in New York, New York, the firm managed approximately $1.7 billion in assets prior to the completion of the initial public offering of the Fund.

Claymore Securities, Inc. serves as the Fund's servicing agent. Headquartered in Wheaton, Illinois, Claymore specializes in the creation and distribution of closed-end funds, defined portfolios, separately managed accounts and mutual funds. The firm provided supervision and shareholder servicing on approximately $2.6 billion in assets prior to the completion of the initial public offering of the Fund.

There can be no assurance that the Fund will achieve its investment objective. The value of the Fund will fluctuate with changes in value of the underlying securities. Historically, closed-end funds have often traded at discounts to their net asset values. The Fund's prospectus offers a more thorough discussion of the risks and considerations associated with an investment in the Fund. For a copy of the prospectus, which contains more complete information including risk considerations, fees and expenses, please contact your securities representative. Read the prospectus carefully before you invest or send money. Shares of the Fund are not insured by the FDIC or any other government agency, are not issued or guaranteed by any bank and may lose value. Statements in this release that look forward in time involve risks and uncertainties and are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such risks and uncertainties include, but are not limited to, the adverse effect from a decline in the securities market or a decline in the Fund's performance.