Pending Shareholder Approval, Claymore/Raymond James SB-1 Equity Fund to Transfer from NYSE to NYSE Arca Following Reorganization to Exchange-Traded Fund Effective September 4, 2008

Business Wire, August 18, 2008

LISLE, Ill. -- Claymore Advisors, LLC today announced that pending shareholder approval, as part of the reorganization of the Claymore/Raymond James SB-1 Equity Fund, a diversified closed-end management investment company (NYSE: RYJ) (the "Fund"), into the exchange-traded fund, Claymore/Raymond James SB-1 Equity ETF (the "RYJ ETF"), the Fund will cease trading on the NYSE, after the close of the markets on September 3, 2008 and begin trading on the NYSE Arca as an ETF on September 4, 2008. RYJ ETF will continue to trade under the ticker symbol "RYJ", the same ticker symbol used by the Fund, while the CUSIP of RYJ ETF will change to 18383M613 from 183833102. Assuming shareholders of the Fund approve the reorganization, RYJ ETF will acquire substantially all of the assets and will assume substantially all of the liabilities of the Fund, in exchange for shares of RYJ ETF to be issued to the Fund. The shares of RYJ ETF issued to the Fund will be distributed pro rata to the shareholders of the Fund, the aggregate net asset value of which will equal the aggregate net asset value of the Common Shares of the Fund, less the costs of the reorganization, on September 3, 2008.

As previously announced, the reorganization of the Fund was approved by the Board of Trustees of the Fund and the Claymore Exchange-Traded Fund Trust on May 29, 2008. The reorganization will be subject to certain conditions, including approval by shareholders of the Fund. A proposal to convert the Fund to an ETF will be submitted to a vote of shareholders at the Fund's 2008 annual meeting of shareholders (the "Annual Meeting"), which is currently scheduled for August 28, 2008.

The investment objective and principal investment strategies of the Fund and RYJ ETF are similar, but have some important distinctions. The Fund's investment objective is to provide capital appreciation. In comparison, RYJ ETF seeks investment results that correspond generally to the performance, before the RYJ ETF's fees and expenses, of an equity index called the Raymond James SB-1 Equity Index. The Fund utilizes an investment strategy that is similar to the methodology of the Index to invest its portfolio but is not required to replicate an index, as is the case with RYJ ETF. Under normal market conditions, each of the Fund and RYJ ETF will invest substantially all of its net assets in equity securities that are rated, at the time of purchase, SB-1 by Raymond James analysts. The Fund's rules-based investment process is substantially similar to the Index's stock selection methodology. For information about the Fund, please see www.claymore.com/RYJ.> There can be no assurance, however, that the necessary percentage of the shareholders of the Fund will vote in favor of the conversion to an ETF. The Fund filed relevant materials, including a proxy statement/prospectus (the "proxy statement") relating to the reorganization, with the U.S. Securities and Exchange Commission (the "SEC") in connection with the transaction and the solicitation of proxies for the Annual Meeting. After filing its definitive proxy statement for the Annual Meeting with the SEC, the Fund mailed the definitive proxy statement and a proxy card to each shareholder entitled to vote at the Annual Meeting. In the event that the reorganization is not approved by shareholders of the Fund, the Fund will continue to operate as a closed-end fund and trade on the NYSE under the ticker symbol "RYJ".

Shareholders are being urged to read the proxy statement (including any supplements) and any other relevant documents that the Fund will file with the SEC when they become available because they will contain important information. Shareholders will be able to obtain, free of charge, copies of the proxy statement and any other documents filed by the Fund with the SEC in connection with the Annual Meeting, at the SEC's website at www.sec.gov, by calling the Fund at 866-889-3830 or by writing the Fund at 2455 Corporate West Drive, Lisle, Illinois 60532.

Raymond James & Associates, Inc. currently acts as the Fund's Sub-Adviser. Raymond James & Associates, Inc. is a member of the New York Stock Exchange, American Stock Exchange and most regional exchanges in the United States. It is also a member of the Financial Industry Regulatory Authority and the Securities Investor Protection Company. The firm is a wholly-owned subsidiary of Raymond James Financial, Inc., a Florida-based holding company whose subsidiaries are engaged in various financial services businesses including brokerage, trading, investment banking, asset management and financial planning services. Raymond James and its affiliates currently manage more than $35.4 billion for individuals, pension plans and municipalities. The Raymond James equity research department supports the Raymond James institutional and retail sales efforts and currently publishes research on more than 600 companies. The Raymond James equity research analysts have received broad industry recognition and specifically focus on the sectors of Consumer, Energy, Financial Services, Healthcare, Industrial Services, Real Estate and Technology/Communication.