RYJ BOARD APPROVES CONVERSION TO EXCHANGE-TRADED FUND

Lisle, Illinois - May 28, 2008 - Claymore Advisors, LLC today announced that the
Board of Trustees (the "Board") of Claymore/Raymond James SB-1 Equity Fund, a
diversified closed-end fund (NYSE: RYJ) (the "Fund") along with the Board of
Trustees of the Claymore Exchange-Traded Fund Trust, have approved the
conversion of the Fund into an exchange-traded fund ("ETF").

The conversion will be effectuated through a reorganization of the Fund into a
newly-created series of Claymore Exchange-Traded Fund Trust. 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. 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 plans to file relevant materials, including a proxy
statement/prospectus (the "proxy statement") relating to the reorganization,
with the U.S. Securities & Exchange Commission (the "SEC") in connection with
the transaction and the solicitation of proxies for the Annual Meeting. Promptly
after filing its definitive proxy statement for the Annual Meeting with the SEC,
the Fund will mail the definitive proxy statement and a proxy card to each
shareholder entitled to vote at the Annual Meeting. WE URGE SHAREHOLDERS TO READ
THE PROXY STATEMENT (INCLUDING ANY SUPPLEMENTS THERETO) 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 800-345-7999 or by writing
the Fund at 2455 Corporate West Drive, Lisle, Illinois 60532.

Raymond James & Associates, Inc. currently acts as the Fund's investment
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 in excess
of $35.4 billion for individuals, pension plans and municipalities. The Raymond
James equity research department supports the Raymond James's 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 the newly-created 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 $18.2 billion in
assets, as of April 30, 2008. Claymore currently offers and/or provides services
to closed-end funds, unit investment trusts and exchange-traded funds.

Claymore, the third fastest-growing ETF provider in 2007, continues to be a
growing presence in the exchange-traded fund (ETF) marketplace*. Additional
information on Claymore's ETFs is available at www.claymore.com/ETFs. Registered
investment products are sold by prospectus only and investors should read the
prospectus carefully before investing.

*Source: Claymore Securities, Inc., Bloomberg 2007 ETF data



An investment in the Fund includes, but is not limited to, risks and
considerations such as: Small-Capitalization Risk, Industry and Sector Risk,
Non-U.S. Securities 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, Investment and Market Risk, Equity Risk, Management Risk, REIT Risk, MLP
Risk, Other Investment Company 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 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.

Press and Analyst Inquiries:
Dennis Dunleavy
Claymore Securities, Inc.
ddunleavy@claymore.com
630-505-3700

Member FINRA/SIPC 05/08

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