HCE Fiduciary Claymore Dynm EQ F

Fiduciary/Claymore Dynamic Equity Fund (the �Fund�) (NYSE: HCE), a diversified closed-end management investment company, has declared its quarterly dividend of $0.15 per share, reflecting a reduction of $0.24 per share from the Fund�s most recent quarterly dividend. This represents an annualized distribution rate of 15.46% based upon the closing market price of $3.88 on October 31, 2008. In light of the unprecedented volatility in the global equity and credit markets and significant decline in the Fund�s assets, the dividend was reduced in an effort to better align the Fund�s current dividend rate with the earnings potential of the Fund�s investments, while providing the potential to maintain and potentially grow the Fund�s NAV. Dividends will be paid on November 28, 2008 to shareholders of record as of November 14, 2008. The ex-dividend date will be November 12, 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 or distribution on approximately $13.8 billion in assets, as of September 30, 2008, through 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. Fiduciary Asset Management, LLC serves as the Fund's sub-adviser and manages a wide range of institutional equity, hedged equity, and fixed-income products. Fiduciary Asset Management currently manages and supervises approximately $15.2 billion, as of September 30, 2008, in client assets. Additional information on the firm is available at www.famco.com. 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, Equity Risk, Risks Associated with Options on Securities, Call Option Writing Risks, Risks of Mid-Cap and Small-Cap Companies, Income Risk, Foreign Securities Risk, Industry Concentration Risk, Interest Rate Risk, Risks Related to Preferred Securities, Derivatives Risk, Inflation Risk, Illiquid Securities Risk, Fund Distribution Risk, Market Discount Risk, Portfolio Turnover Risk, Tax Risk, Other Investment Companies Risk, Management Risk and Current Development Risks. 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 (11/08) NOT FDIC-INSURED | NOT BANK-GUARANTEED | MAY LOSE VALUE