Calamos
For Immediate Release

Contact:

Jennifer McGuffin
Director of Corporate Communications
+1 630 245 1780
media@calamos.com
2020 Calamos Court
Naperville, IL 60563-2787
www.calamos.com

News Release
Calamos Diversifies Lending Group for Closed-end Funds
Multiple lenders to increase investment flexibility and potentially reduce costs

NAPERVILLE, Ill., Jan. 28, 2013 /PRNewswire/ -- Calamos Investments®* announces enhancements to its five closed-end funds with an additional lending provider, effective as of the close of business on January 22, 2013. The enhancement affects the Calamos Convertible Opportunities and Income Fund (NASDAQ: CHI), Calamos Convertible and High Income Fund (NASDAQ: CHY), Calamos Strategic Total Return Fund (NASDAQ: CSQ), Calamos Global Total Return Fund (NASDAQ: CGO) and Calamos Global Dynamic Income Fund (NASDAQ: CHW).

After a rigorous search process, the board of trustees for the funds approved State Street Bank and Trust Company to act as an additional lender and source of leverage financing, in addition to BNP Paribas Prime Brokerage International, the funds' existing lender.

"After careful consideration, we believe entering into an additional lending arrangement with State Street will diversify the funds' access to capital, which we believe is prudent and in the shareholders' best interest. The financing arrangements will also slightly increase the funds' borrowing capacity, which expands the Calamos Investment Team's flexibility in its ongoing management of the closed-end funds.  Finally, we believe the new financing structure provides the potential to reduce interest-related expenses for the funds, which will also benefit our shareholders," said John P. Calamos, Sr., Chief Executive Officer and Global Co-Chief Investment Officer of Calamos Investments.

Each of the closed-end funds has entered into a credit agreement and can borrow up to the following maximum amounts:

Closed-End Fund

State Street Borrowing Limit

BNP Borrowing Limit

Total Availability

Calamos Convertible and
High Income Fund

$200,000,000

$200,000,000

$400,000,000

Calamos Convertible
Opportunities and Income
Fund

$200,000,000

$200,000,000

$400,000,000

Calamos Global Dynamic
Income Fund

$127,500,000

$127,500,000

$255,000,000

Calamos Global Total
Return Fund

$30,000,000

$30,000,000

$60,000,000

Calamos Strategic Total
Return Fund

$367,500,000

$367,500,000

$735,000,000

For more information about the Calamos closed-end funds, visit http://www.calamos.com/FundInvestor/closedendfunds.

About Calamos

Calamos Investments LLC is a diversified global investment firm offering innovative investment strategies including equity, fixed income, convertible and alternative investments, among others. The firm offers strategies through separately managed portfolios, mutual funds, closed-end funds, private funds and UCITS funds. Clients include major corporations, pension funds, endowments, foundations and individuals. Headquartered in the Chicago metropolitan area, the firm also has offices in London and New York. For more information visit calamos.com.

*Calamos Investments LLC, referred to herein as Calamos Investments®, is a financial services company offering such services through its subsidiaries: Calamos Advisors LLC, Calamos Wealth Management LLC, Calamos Investments LLP and Calamos Financial Services LLC.

SOURCE Calamos Investments

Jennifer McGuffin, Director of Corporate Communications, +1-630-245-1780, media@calamos.com