DCS Declares Quarterly Dividend.

LISLE, Il. -- The Dreman/Claymore Dividend & Income Fund (NYSE: DCS), today declared its quarterly dividend of $0.325 per share. This represents an annualized distribution rate of 5.89% based upon the closing market price of $22.09 on January 31, 2007.

Given the Fund's tax characteristics for the 2006 calendar year, this rate represents a tax-advantaged distribution rate of 7.50% for an individual shareholder subject to the maximum federal income tax rate of 35%. The final determination of the tax characteristics of dividends paid is made after the end of each calendar year. There can be no assurance that this characterization is indicative of future allocations or that this distribution rate will be achieved in the future.

Since the Fund's inception on January 27, 2004 through January 31, 2007 the Fund generated an average annual total return, including reinvestment of dividends, of 15.13% based on Net Asset Value (NAV) and 10.15% based on market price. This compares to a 14.99% total return of the Fund's benchmark, the Russell 1000 Value Index. The Fund's one year total return, as of January 31, 2007 was 16.85% based on NAV and 23.72% based on market price.

The Fund's primary investment objective is to provide a high level of current income, with a secondary objective of capital appreciation. The Fund will pursue its investment objectives by investing its assets primarily in dividend-paying common and preferred stocks.

Dividends will be paid on February 28, 2007 to shareholders of record as of February 15, 2007. The ex-dividend date will be February 13, 2007. 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.

Claymore Advisors, LLC, an affiliate of Claymore Securities, Inc., serves as the Fund's Investment Adviser. 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 or distribution on over $16 billion in assets through closed-end funds, unit investment trusts, mutual funds, separately managed accounts, exchange-traded funds and Claymore MACROshares. 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.

Dreman Value Management, LLC, the Fund's Investment Manager, was founded by David N. Dreman in 1997, and its predecessor firms date back to 1977. The firm has over $16.5 billion in assets under management, primarily across institutional accounts, separate account wrap-fee programs, high-net-worth individuals and various investment companies. Independently owned, the firm is a value-oriented contrarian equity manager and places its primary emphasis on common stocks with growing dividends. David Dreman is widely known for his association with Forbes where he has penned a column entitled "The Contrarian" since 1980 and for publishing four books on low P/E contrarian value investing and behavioral finance.

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: Hedging Risk; Not a Complete Investment Program; Market Discount Risk; Equity Risk; Special Risks Related to Preferred Securities; Income Risk; Value Investing Risk; Fund Distribution Risk; Interest Rate Risk; Inflation Risk; Foreign Securities; Non-diversified Status; Industry Concentration Risk; Lower-Rated Securities; Financial Leverage; Management Risk; Dependence on Key Personnel; Anti-Takeover Provisions; Illiquid Securities; Common Stock Risk; Special Risks of Derivative Transactions and Geopolitical Risks.

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.

The Fund's common shares do not represent a deposit or obligation of, and are not guaranteed or endorsed by, any bank or other insured depository institution, and are not federally insured by the Federal Deposit Insurance Corporation, the Federal Reserve Board or any other government agency.