Western Asset Municipal Partners Fund Inc. Announces Completion of Merger and Share Conversion Price

  
    
  
  
    
      Western Asset Municipal Partners Fund Inc., which is listed on the New 
      York Stock Exchange under the symbol “MNP,” 
      announced today the completion of the merger of Western Asset Municipal 
      Partners Fund II Inc. with and into Western Asset Municipal Partners 
      Fund Inc. Effective with the opening of business on July 23, 2007, 
      shareholders of Western Asset Municipal Partners Fund II Inc. (which 
      previously traded on the New York Stock Exchange under the symbol “MPT”) 
      became shareholders of Western Asset Municipal Partners Fund Inc.
    
    
      Each share of common stock of MPT converted into an equivalent dollar 
      amount (to the nearest one tenth of one cent) of full shares of common 
      stock of MNP, based on the net asset value per share of each Fund 
      calculated at 4:00 p.m. on Friday, July 20, 2007. MNP reported a net 
      asset value per share of $14.47 and MPT reported a net asset value per 
      share of $14.08 as of 4:00 p.m. on Friday, July 20, 2007. The conversion 
      ratio was calculated at 0.973323 common shares of MNP for each common 
      share of MPT. MNP did not issue any fractional shares to MPT 
      shareholders. In lieu thereof, MNP purchased all fractional MNP shares 
      at the current net asset value of the shares and remitted the cash 
      proceeds to former MPT shareholders in proportion to their fractional 
      shares.
    
    
      Each outstanding share of Western Asset Municipal Partners Fund II Inc. 
      preferred stock converted into one full share of Western Asset Municipal 
      Partners Fund Inc. preferred stock. Post merger, Western Asset Municipal 
      Partners Fund Inc. has 1,700 shares of Auction Rate Preferred Stock, 
      Series M, outstanding.
    
    
      As of July 20, 2007, the post-merger net assets of Western Asset 
      Municipal Partners Fund Inc. totaled $155,781,297 and its net asset 
      value per common share was $14.47 based on approximately 10,769,156 
      shares outstanding.
    
    
      Western Asset Municipal Partners Fund Inc. is a closed-end, diversified 
      management investment company. Legg Mason Partners Fund Advisor, LLC, a 
      wholly owned subsidiary of Legg Mason, Inc., serves as the Fund’s 
      investment manager and Western Asset Management Company, an affiliate of 
      the investment manager, serves as the Fund’s 
      sub-adviser.
    
    
      For additional information, please visit the Fund’s 
      web site at www.LeggMason.com, or 
      call the Investor Relations Group at 1-888-777-0102.