Claymore Provides Update on Auction-Rate Preferred Securities

Claymore Securities, Inc. (“Claymore”), a leading financial services company offering unique investment solutions for financial advisors and their valued clients, today provided an update on developments in the market for auction-rate preferred securities (“ARPS”) issued by Claymore’s closed-end funds.

Recent announcements by various broker-dealers agreeing to buy back ARPS should be viewed as a positive development for ARPS shareholders, although significant challenges remain. Claymore continues to pursue an effective long-term solution to the current illiquidity of closed-end fund ARPS. In spite of remaining challenges amidst the unprecedented disruption in the overall credit markets, progress continues to be made. As announced in a press release dated May 2, 2008, two closed-end funds serviced by Claymore secured financing to redeem a majority of their ARPS. The partial redemption was completed in June in an amount that equates to approximately 27% of the total value of ARPS outstanding for Claymore’s closed-end funds. Additionally, we continue to examine the potential restructuring of ARPS as well as alternative forms of leverage, while carefully assessing the potential short- and long-term impact to both common and preferred shareholders.

Further information regarding ARPS, including current rates and periodic updates, may be found online at www.claymore.com/CEFs.

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 $18.4 billion in assets, as of June 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.

The opinions referenced are as of the date of publication and are subject to change due to changes in the market or economic conditions and may not necessarily come to pass. Information contained herein should not be considered investment advice.

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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NOT FDIC-INSURED | NOT BANK-GUARANTEED | MAY LOSE VALUE