Claymore Dividend & Income Fund (the “Fund”)(NYSE: DCS) announces the appointment of Randall C. Barnes and Robert B. Karn III as Class I and III Trustees of the Fund, respectively. Randall C. Barnes is filling the vacancy on the Board created by the recent resignation of Richard L. Crandall.

Randall C. Barnes currently serves as a Trustee for 45 portfolios within the Claymore Fund Complex of U.S. registered investment companies advised or serviced by Claymore Advisors, LLC or Claymore Securities, Inc. (“Claymore Fund Complex”). Previously, he served as Senior Vice President and Treasurer of PepsiCo, Inc (1993-1997), President of Pizza Hut International (1991-1993) and Senior Vice President of Strategic Planning and New Business Development of PepsiCo, Inc. (1987-1990). Additionally, Mr. Barnes serves on the Investment Review Committee or Advisory Board of two Claymore Canadian closed-end funds and 28 Claymore Canadian exchange-traded funds.

Robert B. Karn III currently serves as a Trustee for three portfolios within the Claymore Fund Complex. Previously, he served as a Managing Partner, Financial and Economic Consulting, in the St. Louis office of Arthur Anderson, LLP. In addition to his service to three portfolios within the Claymore Fund Complex, he serves as a Director of Peabody Energy Company, GP Natural Resource Partners LLC and Kennedy Capital Management, Inc.

Manning & Napier Advisors, Inc. serves as the Fund’s Investment Sub-Adviser. Manning & Napier has been a registered investment adviser since 1970. For more than 35 years, Manning & Napier has focused on managing clients’ investments through a variety of market conditions, including five bear markets. The firm managed approximately $25 billion for individuals, corporations, defined benefit pension plans, 401(k) choice plans, Taft-Hartley accounts, endowments, foundations and municipal retirement plans as of December 31, 2009. It remains an employee-owned firm, with 100% of the firm owned by full-time employees.