MPT Western Asset Munici

Western Asset Municipal Partners Fund II Inc. (NYSE: MPT) announces its portfolio composition as of March 31, 2007. 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* Asset Allocation: Municipals 97.67% Utility 17.85% Local 13.99% Pre refunded / Escrow to Maturity 12.55% Revenue Other 9.08% Health Care 8.90% Transportation 8.16% Special Tax Obligation 6.61% Industrial Development Pollution Control 5.42% Education 4.88% Lease Backed 4.54% State 3.76% Public Facilities 1.87% Housing 0.04% Cash & Other Securities 2.33% � Quality Allocation: AAA 69.82% AA 12.59% A 10.25% BBB 5.01% Below BBB 0.00% Not Rated 0.00% Cash 2.33% Call Statistics Non-Callable 14.52% 2007� 7.17% 2008� 1.77% 2009� 2.52% 2010� 4.58% 2011� 5.13% 2012� 11.00% 2013� 2.58% 2014� 9.70% 2015� 24.96% 2016� 15.28% 2017� 0.81% Average Life (years) 10.29� Effective Duration (years) 7.25� *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: $45 million Municipal Auction Rate Cumulative Preferred Shares Leverage Percentage: 34.13% Total Assets: $131.853 million Market Price: $13.29 NAV: $14.46 (Daily NAV is available on market quotation systems using the symbol XMMUX.) Distribution Rate: $0.0450 per share Frequency: Monthly (Declared quarterly, paid monthly) 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.