WIA Western Asset Inflation Linked Income Fund

The Western Asset/Claymore Inflation-Linked Securities & Income Fund (NYSE: WIA), a closed-end management investment company, has declared a year-end supplemental dividend of $0.155 per share for common shareholders. In addition, the Fund announced its January dividend of $0.0460 per share, a reduction of $0.0115 per share. The source of this supplemental dividend is net investment income earned by the Fund. This distribution is being made at this time in order to allow the Fund to meet its distribution requirements for income for the year. Similar to other closed-end funds, the Fund seeks to qualify as a regulated investment company (�RIC�) under the Internal Revenue Code of 1986. To qualify as a RIC, the Fund must distribute each year at least 90% of its net investment income. Further, in order to avoid a 4% federal excise tax, the Fund must distribute at least 98% of its net investment income in a given calendar year. This supplemental dividend primarily represents ordinary income earned by the Fund�s holdings of U.S. Treasury Inflation Protected Securities (�U.S. TIPS�) resulting from a higher-than-expected level of inflation experienced in the first half of 2008 as measured by the Consumer Price Index for All Urban Consumers (�CPI-U�). The increase in income for Fund shareholders stemming from these elevated inflation levels reflects the inflation protection feature of U.S. TIPS. As stated in the Fund�s most recent quarterly review, for the period ended September 30, 2008, this year�s inflation increase was driven by the run up in commodities which have since shed most of their gains in the latter-half of 2008. By the middle of next year, CPI-U is expected to be negative on a year-over-year basis for a several months and, we believe, long-term prospects for inflation remain contained. We believe that some of this reduced inflation outlook has already been evidenced in the market. For example, CPI-U decreased 1.0 percent in October, before seasonal adjustment � the largest one-month decrease on record. Should inflation continue to decrease, U.S. TIPS would suffer in the short-run from lower inflation accretion which, in turn, may result in a decrease in income for the Fund. The supplemental dividend will be paid on December 31, 2008, to shareholders of record as of December 15, 2008, with an ex-dividend date of December 11, 2008. As a result of the recent pronounced decline in inflation and contained inflation outlook, the Fund has reduced the January monthly dividend per share from $0.0575 to $0.0460 per share. The January dividend will be paid on January 30, 2009, to shareholders of record as of January 15, 2009, with an ex-dividend date of January 13, 2009. Required notifications pursuant to Section 19a-1 of the Investment Company Act of 1940 will be posted to the Fund�s website after the close of business three business days prior to the payable date. If a distribution rate is largely comprised of sources other than income, it may not be reflective of the Fund�s performance. Western Asset is one of the world's premier fixed-income managers. With offices in Pasadena, New York, London, Tokyo, Singapore, Hong Kong, Melbourne and Sao Paulo, Western Asset offers institutional and retail clients a full range of fixed-income products. By devoting all of its resources to fixed-income, Western Asset is able to provide a full commitment to its clients in every area of the firm. This focused approach has generated superior returns in products with a variety of risk disciplines. Western Asset's long performance track record and global presence has them positioned to continue their commitment to excellence in fixed-income investment management and client service. As of September 30, 2008, Western Asset has $585 billion in assets under management. Claymore Securities, Inc. serves as the Fund�s Servicing Agent. Claymore Securities, Inc. 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 and/or distribution on approximately $13.8 billion in assets, as of September 30, 2008. Claymore currently offers closed-end funds, unit investment trusts and exchange-traded funds. Additional information on Claymore�s closed-end funds is available at www.claymore.com/CEFs. Registered investment products are sold by prospectus only and investors should read the prospectus carefully before investing. 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, 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. Member FINRA/SIPC (12/08) NOT FDIC-INSURED | NOT BANK-GUARANTEED | MAY LOSE VALUE