PENDING SHAREHOLDER APPROVAL, CLAYMORE/RAYMOND JAMES SB-1 EQUITY…

  PENDING SHAREHOLDER APPROVAL, CLAYMORE/RAYMOND JAMES SB-1
 EQUITY FUND (RYJ) TO TRANSFER FROM NYSE TO NYSE ARCA FOLLOWING
            REORGANIZATION TO EXCHANGE-TRADED FUND
                     EFFECTIVE SEPTEMBER 4, 2008


Lisle, Illinois ­ August 18, 2008 ­ 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.

Claymore Advisors, LLC (an affiliate of Claymore Securities, Inc.; each separately or both
together, "Claymore") serves as the Fund's investment adviser and is anticipated to serve as
investment adviser for RYJ ETF as well. Based in Lisle, Illinois, 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 exchange-traded funds, unit investment trusts and closed-end funds.

An investment in the Fund is subject to investment risk, including the possible loss of the entire
principal amount invested. An investment in the Fund includes, but is not limited to, risks and
considerations such as: Investment and Market Risk, Equity Risk, Small- Capitalization Risk,
Industry and Sector Risk, Non-U.S. Securities Risk, REIT Risk, MLP Risk, Other Investment
Company Risk, Risks Relating to Raymond James Equity Securities Ratings, Risks Associated
with Other Business Activities of Raymond James, Market Discount Risk, Investment Strategy
Risk, Automatic Open-End Conversion Risk, Portfolio Turnover Risk, Strategic Transactions
Risk, Current Development Risks, Management Risk, and the fact that the Fund does not
represent a complete investment program.
Investors should consider the investment objectives and policies, risk considerations,
charges and expenses of any investment product carefully before investing. For more
information, please contact a securities representative or Claymore Securities, Inc.



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

         Claymore Securities, Inc. · 2455 Corporate West Drive · Lisle, Illinois 60532

                            1-800-345-7999 · www.claymore.com

                                 Member FINRA/SIPC 8/08

Media Contacts

Melissa Kanter
212.704.8261
melissa.kanter@edelman.com

Walter Fowler
212.704.4425
walter.fowler@edelman.com