FMO Announces Increase to Quarterly Dividend.

LISLE, Ill. -- The Board of Trustees of the Fiduciary/Claymore MLP Opportunity Fund (NYSE: FMO) announced that it is increasing the quarterly dividend by 1.5% to $0.3325 per share, effective with the next distribution in April 2007. The increased dividend compares to the $0.3275 per share for the last quarterly dividend. This increased dividend represents a distribution rate of 5.77% based upon the closing market price of $23.05 on January 31, 2007.

The Fund invests in Master Limited Partnerships ("MLPs") which have historically provided investors with distributions that have increased over time but also have provided the potential for capital appreciation. The Fund's net asset value per share has grown from $19.10 at its inception in December 2004 to $22.84 as of January 25, 2007. As a result, the Fund is modifying its distribution policy to be better aligned with the after-tax total return investment objective of the Fund.

This increased dividend will be paid on April 30, 2007 to shareholders of record as of April 13, 2007. The ex-dividend date will be April 11, 2007. Required notices pursuant to Section 19a-1 of the Investment Company Act of 1940 will be posted to the Fund's website after the close of business three business days prior to the payable date.

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. Regulated investment products are sold by prospectus only and investors should read the prospectus carefully before investing.

The Fund is treated as a regular corporation, or "C" corporation, for U.S. federal income tax purposes. Accordingly, the Fund generally will be subject to U.S. federal income tax on its taxable income at the graduated rates applicable to corporations (currently at a maximum rate of 35%) as well as state income taxes, where applicable. However, it is anticipated that, due to the nature of MLP dividends, the majority of income received by the Fund will be classified as a non-taxable return of capital for tax purposes. Because of the Fund's concentration in MLP investments, the Fund is not eligible to elect to be treated as a regulated investment company under the Internal Revenue Code of 1986, as amended (the "Code").

An investment in the Fund is subject to certain risks and other considerations. Such risks and considerations include, but are not limited to: MLP Risk (specifically, there are tax risks associated with an investment in MLP units), Energy and Natural Resources Risk, Options Risk, Unregistered or Restricted Securities Risk, Lower-Grade Securities Risk, Financial Leverage, Affiliated Party Risk, Equity Securities Risk, Small Capitalization Risk, Cash Flow Risk, Liquidity Risk, Valuation Risk, Interest Rate Risk, Portfolio Turnover Risk, Foreign Securities, Royalty Trusts, Non-Diversified Status, Concentration Risk and Derivatives Risk. Investors should consider the investment objectives and policies, risk considerations, charges and expenses of the Fund 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.