MPT Western Asset Munici

Western Asset Municipal Partners Fund II Inc. (NYSE:MPT) announces its portfolio composition as of December 29, 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(a) Industry Allocations: Municipals 95.42% Education 4.05% Health Care 7.26% Housing 0.25% Industrial Development Pollution Control 6.29% Lease Backed 4.52% Local 14.96% Pre refunded / Escrow to Maturity 12.10% Public Facilities 1.88% Revenue Other 4.01% State 2.92% Transportation 8.21% Utility 18.60% Special Tax Obligation 10.38% Cash & Other Securities 4.58% � Credit Quality (Higher of S&P or Moody's): AAA 68.64% AA 11.54% A 10.16% BBB 5.07% Below BBB 0.00% Cash 4.58% � � Average Life (years) 9.81� Average Effective Duration (years) 7.19� (a)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 34.02% Total Assets $132.292 million Dividend Rate $0.0450 per share Frequency Monthly Market Price $13.06� NAV $14.53� 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.