Claymore Funds Announce Election of New Chief Executive Officer and Chief Legal Officer.

LISLE, Ill. -- The exchange-traded funds advised by Claymore Advisors, LLC and certain closed-end funds advised by Claymore Advisors, LLC or serviced by Claymore Securities, Inc. (the "Funds") announce the appointment by the boards of trustees of such Funds of J. Thomas Futrell as the Chief Executive Officer of each Fund and Kevin M. Robinson as the Chief Legal Officer of each Fund. Mr. Futrell and Mr. Robinson succeed Mr. Nicholas Dalmaso, who previously served as Chief Executive Officer and Chief Legal Officer of each Fund.

Mr. Futrell is Senior Managing Director and Chief Investment Officer of Claymore Group Inc. ("Claymore"), the parent company of Claymore Advisors, LLC and Claymore Securities, Inc., and is responsible for leading Claymore's portfolio management, research and trading teams, as well as formalizing overall investment strategy and management approaches. Before joining Claymore, Mr. Futrell was most recently Managing Director in charge of Research for Nuveen Asset Management. Mr. Futrell received a B.A. in Economics from Wheaton College, an M.B.A. from Northern Illinois University, is a CFA charterholder and is Series 7, 24 and 66 registered.

Mr. Robinson is Senior Managing Director, General Counsel and Corporate Secretary of Claymore and oversees the firm's legal, compliance and governance efforts. He was most recently at NYSE Euronext, Inc., where he served as Associate General Counsel for its Corporate Practice Group. He previously worked at ABN Amro Inc., where he was responsible for corporate and regulatory matters, and he served as Senior Counsel in the Enforcement Division of the U.S. Securities and Exchange Commission. Mr. Robinson earned a J.D. from the University of Iowa College of Law, and a B.A. from Coe College. He is a member of the American Bar Association, the American Corporate Counsel Association and the Society of Corporate Secretaries and Governance Professionals.

The Funds include all exchange-traded funds advised by Claymore Advisors, LLC and the following closed-end funds advised by Claymore Advisors, LLC or serviced by Claymore Securities, Inc.: Claymore/Guggenheim Strategic Opportunities Fund, Claymore/Raymond James SB-1 Equity Fund, Dreman/Claymore Dividend & Income Fund, Fiduciary/Claymore MLP Opportunity Fund, Fiduciary/Claymore Dynamic Equity Fund, Madison/Claymore Covered Call & Equity Strategy Fund, MBIA Capital/Claymore Managed Duration Investment Grade Municipal Fund, Old Mutual/Claymore Long-Short Fund and TS&W/Claymore Tax-Advantaged Balanced Fund.

Claymore Advisors, LLC is an affiliate of Claymore Securities, Inc. 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 $18.2 billion in assets, as of April 30, 2008. Claymore currently offers closed-end funds, unit investment trusts and exchange-traded funds. Registered investment products are sold by prospectus only and investors should read the prospectus carefully before investing.

Investors should consider the investment objectives and policies, risk considerations, charges and expenses of any investment 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.

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