WIA Western Asset Inflation Linked Income Fund

Western Asset/Claymore Inflation-Linked Securities & Income Fund (NYSE: WIA) and Western Asset/Claymore Inflation-Linked Opportunities & Income Fund (NYSE: WIW) today announce new regular monthly dividend amounts to be paid in March, April and May 2011.

The new regular monthly dividend rate for WIA will be $0.032 per share. This new monthly dividend represents a reduction of approximately 8.6% from the prior monthly dividend. The new regular monthly dividend rate for WIW will be $0.0335 per share. This new monthly dividend represents a reduction of approximately 8.2% from the prior monthly dividend.

              Average Annual Return (as of 1/31/11)   1-Year   3-Year   5-Year WIA Market Price   3.92%   5.67%   5.90% WIA NAV   4.18%   2.81%   4.29% WIW Market Price   8.37%   6.07%   6.65% WIW NAV   4.56%   3.13%   4.73% Barclays U.S. Government Inflation-Linked 1-10 Year Index   4.90%   4.00%   5.63%      

The aforementioned returns assume reinvestment of dividends. Performance data quoted represents past performance, which is no guarantee of future results, and current performance may be lower or higher than the figures shown. The investment return and principal value of an investment will fluctuate with changes in market conditions and other factors so that an investor's shares, when sold, may be worth more or less than their original cost. All returns for periods longer than one year are annualized. The Barclays U.S. Government Inflation-Linked 1-10 Year Index measures the performance of the intermediate U.S. TIPS market.

The March 2011 dividends will be paid on March 31, 2011 to shareholders of record as of March 15, 2011 with an ex-dividend date of March 11, 2011. The April 2011 dividends will be paid on April 29, 2011 to shareholders of record as of April 15, 2011 with an ex-dividend date of April 13, 2011. The May 2011 dividends will be paid on May 31, 2011 to shareholders of record as of May 13, 2011 with an ex-dividend date of May 11, 2011. If it is determined that a notification is required, pursuant to Section 19(a) of the Investment Company Act of 1940, as amended, such notice will be posted to the Funds’ website after the close of business three business days prior to the payable date.

Western Asset Management Company, founded in 1971, is one of the world’s premier fixed-income managers, with offices in Pasadena, London and Singapore. Exclusively focused on fixed income, Western Asset’s client base includes several of the largest companies in the world as well as numerous public entities, healthcare organizations, foundations and public pension plans. Western Asset’s objective is to provide fixed-income clients with value-oriented portfolios that are managed for the long term. Western Asset believes significant inefficiencies exist in the fixed income markets and by combining traditional analysis with innovative technology, the firm attempts to add value by exploiting these inefficiencies across eligible sectors. For the Fund, Western Asset intends to employ proprietary risk management techniques that were developed specifically to enhance other leveraged funds.

Guggenheim Funds Investment Advisors, LLC acts as the Investment Adviser for WIW and Guggenheim Funds Distributors, Inc. acts as the Servicing Agent for WIA. Guggenheim Funds Distributors, Inc. and its affiliates (together, “Guggenheim Funds”) offers strategic investment solutions for financial advisors and their valued clients. As an innovator in exchange-traded funds (ETFs), unit investment trusts (UITs) and closed-end funds (CEFs), Guggenheim Funds often leads its peers with creative investment strategy solutions. Guggenheim Funds and its affiliates provide supervision, management or servicing of assets with a commitment to consistently delivering exceptional service. Guggenheim Funds is a wholly-owned subsidiary of Guggenheim Partners, a global, diversified financial services firm with more than $100 billion in assets under management and supervision. Guggenheim Partners, through its affiliates, provides investment management, investment advisory, insurance, investment banking, and capital markets services. The firm is headquartered in Chicago and New York with a global network of offices throughout the United States, Europe, and Asia.

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: Interest Rate Risk, Risks Relating to U.S. TIPS, Risks Relating to Inflation-Linked Securities, Credit Risk, Lower Grade Securities Risk, Leverage Risk, Issuer Risk, Smaller Companies Risk, Country Risk, Emerging Markets Risk, Mortgage-Related Securities Risk, Prepayment Risk, Reinvestment Risk, Derivatives Risk, Inflation/Deflation Risk, Turnover Risk, Management Risk and Market Disruption 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 Guggenheim Funds Distributors, Inc., 2455 Corporate West Drive, Lisle, Illinois 60532, 800-345-7999.

Member FINRA/SIPC (3/11)

NOT FDIC-INSURED | NOT BANK-GUARANTEED | MAY LOSE VALUE