MPT Western Asset Munici

Western Asset Municipal Partners Fund Inc. (NYSE:MNP) and Western Asset Municipal Partners Fund II Inc. (NYSE:MPT) announced today changes to the Funds� non-fundamental investment policies, effective March 5, 2007, as well as approval by each Fund�s Board of Directors of a merger of the two Funds, subject to approval by the Funds� stockholders. Under the amended investment policies approved by the Board of Directors, each Fund may now invest, under normal market conditions, up to 20% of its assets in tax-exempt securities rated below �investment grade� at the time of purchase. In addition, each Fund may now use derivatives as a part of its investment strategies as well as for hedging and risk management purposes. Previously, the Funds had been limited to investments in tax-exempt securities rated �investment grade� at the time of purchase and to the use of derivative instruments for hedging and risk management purposes only. The Board of each Fund approved these changes in order to permit the investment manager greater flexibility in making investment decisions. Investors should note that securities rated below investment grade, commonly referred to as �junk bonds,� are considered speculative and, compared to investment grade securities, tend to have more volatile prices and increased price sensitivity to changing interest rates and to adverse economic and business developments, a greater risk of loss due to default or declining credit quality, a greater likelihood that adverse economic or issuer-specific events will make the issuer unable to make interest and/or principal payments, a greater susceptibility to negative market sentiments leading to depressed prices and decreased liquidity. In addition, the use of derivatives, such as options and futures, which can be illiquid, may disproportionately increase losses and have a potentially large impact on Fund performance. The Boards of Directors also approved a proposal to merge Western Asset Municipal Partners Fund II Inc. with and into Western Asset Municipal Partners Fund Inc., pending approval by holders of both Funds� common and preferred shares. If approved by the stockholders of both Funds, the merger would take place on or before July 7, 2007. Western Asset Municipal Partners Fund Inc. and Western Asset Municipal Partners Fund II Inc., each a diversified closed-end investment management company, are managed by Legg Mason Partners Fund Advisor, LLC, a wholly owned subsidiary of Legg Mason, Inc., and are sub-advised by Western Asset Management Company, an affiliate of the investment manager. For more information on the Funds, please contact our Investor Relations Group at 1-888-777-0102 or consult the Funds� web site at www.leggmason.com/InvestorServices.