2008-08-01 16:12:01 -

- Advent/Claymore Enhanced Growth & Income Fund (NYSE:LCM), a diversified closed-end management investment company, has declared its quarterly dividend of $0.40 per share. This represents an annualized distribution rate of 11.76% based upon the closing market price of $13.61 on July 31, 2008.

Since the Fund's inception on January 26, 2005 through July 31, 2008 the Fund generated an

average annual total return, including reinvestment of dividends, of 2.29% based on net asset value ("NAV") and -2.56% based on market price. The Fund's one year total return, as of July 31, 2008 was -12.85% based on NAV and -16.54% based on market price.

The Fund's investment objective is to provide current income and current gains from trading in securities, with a secondary objective of long-term capital appreciation. The Fund pursues its objective, under normal market conditions, by investing at least 70% of its managed assets in a diversified portfolio of equity securities and convertible securities of U.S. and non-U.S. issuers and up to 30% of its managed assets in non-convertible high yield securities. Additionally, the Fund engages in a strategy of writing covered call options on at least 50% of the securities held in the Fund's portfolio.

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.

Advent Capital Management, LLC serves as the Fund's Investment Manager. Based in New York, New York, Advent is a credit-oriented firm specializing in the management of convertible, high-yield and equity securities and the implementation of covered call, long-only and hedge fund strategies. The firm manages assets for several FORTUNE 500 companies, foundations, endowments, public pension plans, insurance companies and two other closed-end funds, the Advent Claymore Convertible Securities and Income Fund (NYSE: AVK) and the Advent/Claymore Global Convertible Securities & Income Fund (NYSE: AGC).

Claymore Advisors, LLC, an affiliate of Claymore Securities, Inc., serves as the Fund's Investment Adviser. 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 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.

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; Convertible Securities Risk; Synthetic Convertible Securities Risk; Equity Securities Risk; Risks Associated with Options on Securities; Lower Grade Securities Risk; Foreign Securities Risk; Emerging Markets Risk; Interest Rate Risk; Credit Risk; Call Risk; Illiquid Investments Risk; Currency Risks; Management Risk; Strategic Transactions Risk; Inflation Risk; Anti-Takeover Provisions and Market Disruptions 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

Advent Capital Management, LLC
Press Inquiries:
Maggie Lahey
212-482-1600
mlahey@adventcap.com
or
Claymore Securities, Inc.
Analyst Inquiries:
Dennis Dunleavy
630-505-3700
ddunleavy@claymore.com