Guggenheim Enhanced Equity Income Fund (the ?Fund?) (NYSE: GPM) announces the resignation of Matthew J. Appelstein as a Trustee of the Fund. Mr. Appelstein was an interested Trustee as a result of his affiliation with the Fund's former sub-adviser, Analytic Investors, LLC. The Fund's Board of Trustees and Nominating & Governance Committee expect to consider the composition of the Fund's Board in the near future.

Guggenheim Partners Asset Management (?GPAM?), a wholly-owned subsidiary of Guggenheim Partners, LLC, serves as Investment Sub-Adviser to GPM. GPAM is an investment manager specializing in innovative investment strategies that aim to add alpha relative to benchmarks in both up and down markets. GPAM's investment philosophy is predicated upon the belief that thorough research and independent thought are rewarded with performance that has the potential to outperform benchmark indexes with both lower volatility and lower correlation of returns over time as compared to such benchmark indexes. GPAM manages more than $50 billion in investments for foundations, insurance companies and other institutions.

Claymore Advisors, LLC (an affiliate of Claymore Securities, Inc.) serves as Investment Adviser to the Fund. Claymore Securities, Inc. offers strategic investment solutions for financial advisors and their valued clients. As an innovator in exchange-traded funds (ETFs), unit investment trusts (UITs) and closed-end funds (CEFs), Claymore often leads its peers with creative investment strategy solutions. In total, Claymore entities provide supervision, management, or servicing on approximately $15.3 billion in assets as of June 30, 2010. Claymore Securities, Inc. is a wholly-owned subsidiary of Guggenheim Partners, LLC, a global, diversified financial services firm with more than $100 billion in assets under supervision. Guggenheim, through its affiliates, provides investment management, investment advisory, insurance, investment banking, and capital markets services. The firm is headquartered in Chicago and New York with a global network of offices throughout the United States, Europe, and Asia. For more information regarding the Funds, please visit www.claymore.com/cef.

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, nor is it a solicitation of any proxy. There can be no assurance that the Fund will achieve its investment objective. 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: Equity Securities and Related Market Risk, Other Investment Companies Risk, Options Risk, Other Derivatives Risk, Counterparty Risk, Medium and Smaller Company Risk, Financial Leverage Risk, Foreign Investment Risk, Inflation/Deflation Risk, Management Risk, Portfolio Turnover Risk, Recent Market Developments Risk, Government Intervention in Financial Markets Risk, Legislation Risk, Market Disruption and Geopolitical Risk and Anti-Takeover Provisions 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 (7/10)

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

Press and Analyst Inquiries:
William T. Korver
Claymore Securities, Inc.
cefs@claymore.com
630-505-3700