OLA Announces Appointment Of Guggenheim Partners Asset Management, LLC As Investment Sub-Adviser

(NYSE: OLA) Old Mutual/Claymore Long-Short Fund (the “Fund”) announces that the Fund’s Board of Trustees has approved the appointment of a new investment sub-adviser to the Fund, Guggenheim Partners Asset Management, LLC (“GPAM”) and provided notice of termination to Analytic Investors, Inc. (“Analytic”) as investment sub-adviser to the Fund, effective as of June 22, 2010. At such time, GPAM will enter into an interim investment sub-advisory agreement (the “Interim Sub-Advisory Agreement”) with Claymore Advisors, LLC, the Fund’s investment adviser (“Claymore”) and the Fund, which will be in effect for an interim period of up to 150 days. The Board also approved a new sub-advisory agreement among the Fund, Claymore and GPAM (the “New Sub-Advisory Agreement”) to be effective upon approval by shareholders and intends to submit the New Sub-Advisory Agreement to shareholders for approval at the annual meeting of shareholders of the Fund currently scheduled for July 19, 2010. The proxy statement for the annual meeting will contain additional information regarding the New Sub-Advisory Agreement and GPAM.

“We are excited for the opportunity to offer individual investors access to GPAM’s equity and options market expertise as we seek to restore and enhance Fund shareholder value,” said Scott Minerd, Chief Investment Officer of Guggenheim Partners. “As part of this commitment to shareholders, we look forward to continuing the Guggenheim tradition of building wealth for generations.”

In connection with the appointment of GPAM as interim investment sub-adviser, the name of the Fund will change to Guggenheim Enhanced Equity Income Fund. The name change will be effective on or about June 22, 2010. At such time, the Fund’s NYSE ticker symbol will change to “GPM” and the Fund’s CUSIP will also change.

The Fund will continue to seek its primary investment objective of seeking a high level of current income and gains with a secondary objective of long-term capital appreciation. While the Fund currently seeks to achieve its investment objective through a long-short strategy and an opportunistic covered call writing strategy, GPAM will manage the Fund utilizing a covered call strategy developed by GPAM to seek to utilize efficiencies from the tax characteristics of the Fund’s portfolio. As of June 22, 2010, selling securities short will no longer be a principal investment strategy of the Fund.