The Dreman/Claymore Dividend & Income Fund (NYSE:DCS), a non-diversified closed-end management investment company, has declared its quarterly dividend of $0.325 per share. This represents an annualized distribution rate of 11.72% based upon the closing market price of $11.09 on July 31, 2008.

Given the Fund’s tax characteristics for the 2007 calendar year, this rate represents a tax-advantaged distribution rate of 14.93% for an individual shareholder subject to the maximum federal income tax rate of 35%. The final determination of the tax characteristics of dividends paid is made after the end of each calendar year. There can be no assurance that this characterization is indicative of future allocations or that this distribution rate will be achieved in the future.

Since the Fund’s inception on January 27, 2004 through July 31, 2008 the Fund generated an average annual total return, including reinvestment of dividends, of -3.10% based on net asset value (“NAV”) and -6.36% based on market price. This compares to a 5.53% total return of the Fund’s benchmark, the Russell 1000 Value Index. The Fund’s one year total return, as of July 31, 2008 was -39.99% based on NAV and -39.77% based on market price.

The Fund's primary investment objective is to provide a high level of current income, with a secondary objective of capital appreciation. The Fund will pursue its investment objectives by investing its assets primarily in dividend-paying common and preferred stocks.

Dividends will be paid on August 29, 2008 to shareholders of record as of August 15, 2008. The ex-dividend date will be August 13, 2008. If it is determined that a notification is required pursuant to Section 19(a) of the Investment Company Act of 1940, as amended, such notice will be posted to the Fund’s website after the close of business three business days prior to the payable date. If a distribution rate is largely comprised of sources other than income, it may not be reflective of the Fund’s performance.

Claymore Advisors, LLC, an affiliate of Claymore Securities, Inc., serves as the Fund’s Investment Adviser. 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 April 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. Additional information on Claymore’s closed-end funds is available at www.claymore.com/CEFs.

Dreman Value Management, LLC, the Fund’s Investment Manager, was founded by David N. Dreman in 1997, and its predecessor firms date back to 1977. The firm has over $18.4 billion in assets under management, primarily across institutional accounts, separate account wrap-fee programs, high-net-worth individuals and various investment companies. Independently owned, the firm is a value-oriented contrarian equity manager and places its primary emphasis on common stocks with growing dividends. David Dreman is widely known for his association with Forbes where he has penned a column entitled “The Contrarian” since 1980 and for publishing four books on low P/E contrarian value investing and behavioral finance.

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. An investment in the Fund is subject to certain risks and other considerations. Such risks and considerations include, but are not limited to: Investment Risk, Market Discount Risk, Interest Rate Risk, Credit Risk, Lower-Grade and Unrated Securities Risk, Leverage Risk, Issuer Risk, Country Risk, Prepayment Risk, Reinvestment Risk, Derivatives Risk, Inflation/Deflation Risk, Management Risk, Turnover Risk, Anti-Takeover Provisions, Smaller Company Risk, and Market Disruption and Geopolitical Risk.

Investors should consider the investment objectives and policies, risk considerations, charges and expenses of the Fund carefully 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.

Member FINRA/SIPC (8/08) XXX

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

Dreman Value Management, LLC
Press Inquiries:
David Dreman, 201-793-2000
or
Claymore Securities, Inc.
Analyst Inquiries:
Dennis Dunleavy, 630-505-3700
ddunleavy@claymore.com