Big Bank Big Oil Split Corp. announces proposal to extend redemption date and
remove restriction on special distribution

/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/

TORONTO, April 21 /CNW/ - Big Bank Big Oil Split Corp. (the "Company") announced today that its board of directors has approved a proposal to extend the ultimate redemption date of the Class A capital shares ("Capital Shares") and the Class A preferred shares ("Preferred Shares") for an additional term of five years to December 30, 2016, and to change the restriction relating to the making of special distributions on the Capital Shares so that they are defined by reference to regular monthly distributions on the Capital Shares and not simply to distributions in excess of $0.05 per month.

Pursuant to the current share provisions governing the Capital Shares, no distributions in excess of $0.05 per month on the Capital Shares are to be made if, after payment of the distribution, the combined net asset value per unit of the Capital Shares and Preferred Shares would be less than $25.00. The proposed amendment should allow the Company to pay distributions at the higher level where dividends on the portfolio shares and premiums from option writing support such distributions. This change does not affect the quarterly dividend on the Preferred Shares.

The proposed extension of the termination date of the fund from December 30, 2011 to December 30, 2016 will enable shareholders to continue to enjoy the benefits of investing in the Company beyond the current termination date.

A special meeting of holders of Capital Shares and Preferred Shares has been called and will be held on May 17, 2010 to consider and vote upon the proposal. Further details of the proposal will be outlined in an information circular to be prepared and delivered to holders of Capital Shares and Preferred Shares in connection with the special meeting. The proposals are subject to all required regulatory approvals.

About the Company

The Company has been created to provide investors with a diversified and equal-weighted investment in the six largest Canadian banks and ten largest Canadian oil and gas companies by market capitalization using a split-share structure on a low cost basis. Holders of Capital Shares receive the benefits of monthly cash distributions of an amount targeted to be $0.05 per Capital Share representing a yield on the issue price of 4.0% per annum, as well as low management fees and the opportunity for growth in net asset value. Holders of Preferred Shares receive fixed cumulative quarterly distributions of $0.13125 per share representing a yield on the issue price of 5.25% per annum. Claymore Advisors, LLC, as investment advisor to the Company, selectively writes covered call and cash covered put options to generate additional distributable income for the Company.

About Claymore Investments

Claymore Investments, Inc. is a leader in bringing intelligent, low cost exchange traded funds in Canada through its family of 26 ETFs and 2 closed-end funds across broad asset classes including core equity, global sectors, fixed income and commodities. Claymore Investments, Inc., which, as of December 31, 2009 had approximately $4.4 billion in assets under management, is a wholly-owned subsidiary of Claymore Group, Inc., a financial services and asset management company based in the Chicago, Illinois area. In aggregate, Claymore Group Inc. and its affiliates have approximately 175 employees providing supervisory, management, servicing or distribution services on approximately US$15.2 billion in assets as of December 31, 2009.

For further information about any of the Claymore funds or Claymore Investments, Inc., please contact your financial advisor or visit our website at www.claymoreinvestments.ca

Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Please read the prospectus before investing. Mutual funds are not guaranteed, their values change frequently and past performance may not be repeated.

SOURCE BIG BANK BIG OIL SPLIT CORP.

For further information: For further information: For media inquiries, please contact: Sara Beazely, (416) 813-2007, sbeazely@claymoreinvestments.ca; -or- Som Seif, President, Claymore Investments, Inc., (866) 417-4640, info@claymoreinvestments.ca, www.claymoreinvestments.ca

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BIG BANK BIG OIL SPLIT CORP.

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