MPT Western Asset Munici

Western Asset Municipal Partners Fund II Inc. (NYSE: MPT) announces its portfolio composition as of September 30, 2006 Investment Objective: The Fund seeks a high level of current income exempt from regular Federal income tax, consistent with the preservation of capital. Portfolio Composition* Industry Allocations: Municipals 96.54% Utility 19.37% Local 14.81% Pre refunded / Escrow to Maturity 10.09% Revenue Other 8.48% Transportation 7.57% Health Care 7.25% Special Tax Obligation 6.66% State 6.57% Education 5.67% Lease Backed 4.56% Industrial Development Pollution Control 3.37% Public Facilities 1.88% Housing 0.25% Cash & Other Securities 3.46% � Credit Quality (Higher of S&P or Moody's): AAA 71.54% AA 13.79% A 6.16% BBB 5.04% Cash 3.46% � Average Life (years) 9.97� Average Effective Duration (years) 7.26� *Portfolio holdings and weightings are historical and for informational purposes only. They are subject to change at any time. Portfolio Statistics -------------------- Inception Date July 29, 1993 Leverage (Preferred Stock) $45 million Leverage Percentage 34.07% Total Net Assets $132.065 million Dividend Rate $0.0450 per share Frequency Monthly Market Price $12.81 NAV $14.49 Western Asset Municipal Partners Fund II Inc., a diversified closed-end investment management company, is advised by Legg Mason Partners Fund Advisor, LLC, a wholly owned subsidiary of Legg Mason, Inc. and is sub-advised by Western Asset Management Company, an affiliate of the adviser. For more information, please call 1-888-777-0102 or consult the Fund�s web site at www.leggmason.com/InvestorServices. Western Asset Municipal Partners Fund II Inc. (NYSE: MPT) announces its portfolio composition as of September 30, 2006 Investment Objective: The Fund seeks a high level of current income exempt from regular Federal income tax, consistent with the preservation of capital. -0- *T Portfolio Composition* Industry Allocations: -------------------------------------------------------- Municipals 96.54% Utility 19.37% Local 14.81% Pre refunded / Escrow to Maturity 10.09% Revenue Other 8.48% Transportation 7.57% Health Care 7.25% Special Tax Obligation 6.66% State 6.57% Education 5.67% Lease Backed 4.56% Industrial Development Pollution Control 3.37% Public Facilities 1.88% Housing 0.25% Cash & Other Securities 3.46% Credit Quality (Higher of S&P or Moody's): -------------------------------------------------------- AAA 71.54% AA 13.79% A 6.16% BBB 5.04% Cash 3.46% Average Life (years) 9.97 Average Effective Duration (years) 7.26 *T *Portfolio holdings and weightings are historical and for informational purposes only. They are subject to change at any time. -0- *T Portfolio Statistics -------------------- Inception Date July 29, 1993 Leverage (Preferred Stock) $45 million Leverage Percentage 34.07% Total Net Assets $132.065 million Dividend Rate $0.0450 per share Frequency Monthly Market Price $12.81 NAV $14.49 *T Western Asset Municipal Partners Fund II Inc., a diversified closed-end investment management company, is advised by Legg Mason Partners Fund Advisor, LLC, a wholly owned subsidiary of Legg Mason, Inc. and is sub-advised by Western Asset Management Company, an affiliate of the adviser. For more information, please call 1-888-777-0102 or consult the Fund's web site at www.leggmason.com/InvestorServices.