WIA Western Asset Inflation Linked Income Fund

Western Asset/Claymore U.S. Treasury Inflation Protected Securities Fund (NYSE:WIA) today declared its September and October monthly dividends of $0.065625 per share, and November monthly dividend of $0.052500 per share. This modified November dividend represents a reduction of $0.013125 per share from the Fund's most recent monthly dividend. Lower-than-expected inflation year-to-date coupled with the increased costs of the Fund's leverage have continued to put pressure on the Fund's dividend. Given the current, as well as outlook for short-term interest rates and inflation, we believe this new dividend rate more accurately reflects the earnings rate of the Fund's underlying portfolio. The September dividend will be paid on September 30, 2005, to shareholders of record as of September 15, 2005 with an ex-dividend date of September 13, 2005. The October dividend will be paid on October 31, 2005, to shareholders of record as of October 14, 2005 with an ex-dividend date of October 12, 2005. The November dividend will be paid on November 30, 2005, to shareholders of record as of November 15, 2005 with an ex-dividend date of November 10, 2005. Additionally, the portfolio composition, including asset class, sector concentration, credit quality and top ten holdings, will be updated on the Fund's dedicated website at www.westernclaymore.com. Western Asset Management Company, a subsidiary of Legg Mason, Inc., is the Fund's Investment Adviser. Founded in 1971, with offices in Pasadena, London and Singapore, Western Asset manages $229.1 billion in assets as of June 30, 2005. Claymore Securities, Inc. is the Fund's Servicing Agent. Claymore is a privately-held financial services company offering unique investment solutions for financial advisors and their valued clients. Claymore entities have provided supervision, management, servicing or distribution on approximately $11.6 billion in assets through closed-end funds, unit investment trusts, mutual funds and separately managed accounts. Additional information on Claymore's closed-end funds is available at www.claymore.com/products/CEFs.aspx. This information does not represent an offer to sell securities of the Fund and it is not soliciting an offer to buy securities of the Fund. There can be no assurance that the Fund will achieve its investment objectives. The net asset value of the Fund will fluctuate with the value of the underlying securities. It is important to note that closed-end funds trade on their market value, not net asset value, and closed-end funds often trade at a discount to their net asset value. Past performance is not indicative of future performance. An investment in the Fund is subject to certain risks and other considerations. Such risks and considerations include, but are not limited to: Investment Risk, Market Discount Risk, Interest Rate Risk, U.S. TIPS Risk, Credit Risk, Lower-Grade and Unrated Securities Risk, Leverage Risk, Issuer Risk, Country Risk, Prepayment Risk, Reinvestment Risk, Derivatives Risk, Inflation/Deflation Risk, Mortgage-Related Securities Risk, Management Risk, Turnover Risk, Anti-Takeover Provisions, Smaller Company Risk, and Market Disruption and Geopolitical Risk. Investors should consider the investment objectives and policies, risk considerations, charges and expenses of the Fund carefully before they invest. For this and more information, please contact a securities representative or Claymore Securities, Inc., 2455 Corporate West Drive, Lisle, Illinois 60532, 800-345-7999. The Fund's common shares do not represent a deposit or obligation of, and are not guaranteed or endorsed by, any bank or other insured depository institution, and are not federally insured by the Federal Deposit Insurance Corporation, the Federal Reserve Board or any other government agency.