Western Asset Municipal Partners Fund Inc. and Western Asset Municipal Partners Fund II Inc. Announce Merger Timeline

  
    
  
  
    
      Western Asset Municipal Partners Fund Inc. (NYSE: MNP) and Western Asset 
      Municipal Partners Fund II Inc. (NYSE: MPT) announced today that MPT 
      will merge with and into MNP following the close of business on July 20, 
      2007. Prior to the opening of business on July 23, 2007, MPT will cease 
      trading on the New York Stock Exchange, and shareholders of that Fund 
      will become shareholders of MNP.
    
    
      As a result of the merger, each share of common stock of MPT will 
      convert 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 will not issue any fractional common shares to MPT 
      shareholders. In lieu thereof, MNP will pay cash to each former holder 
      of MPT common shares in an amount equal to the value of the fractional 
      MNP common shares that the investor would otherwise have received in the 
      merger.
    
    
      In addition, each outstanding MPT preferred share will be converted into 
      one full MNP preferred share.
    
    
      No sales charges or fees of any kind will be charged to shareholders of 
      MPT common shares or MPT preferred shares in connection with their 
      receipt of MNP common shares or MNP preferred shares, respectively, in 
      the merger. Also, except for any cash received for fractional shares, 
      the exchange of shares will not be a taxable event.
    
    
      Western Asset Municipal Partners Fund Inc. and Western Asset Municipal 
      Partners Fund II Inc. are closed-end, diversified management investment 
      companies. Legg Mason Partners Fund Advisor, LLC, a wholly owned 
      subsidiary of Legg Mason, Inc., serves as the Funds’ 
      investment manager and Western Asset Management Company, an affiliate of 
      the investment manager, serves as the Funds’ 
      sub-adviser.
    
    
      For additional information, please visit the Funds’ 
      web sites at www.LeggMason.com, 
      or call the Investor Relations Group at 1-888-777-0102.