WIW Announces Modification to Leverage Structure and Announces Monthly Dividends for November and December.

LISLE, Ill. -- Western Asset/Claymore U.S. Treasury Inflation Protected Securities Fund 2 (NYSE:WIW) announces a modification to its leverage structure and announces monthly dividends for November and December.

The Fund announces a plan to redeem its Auction Market Preferred Shares (AMPS). For each series of AMPS, the redemption of the AMPS will begin on the first dividend payment date on or after November 9, 2006. The Fund may utilize other forms of leverage, including reverse repurchase agreements and dollar roll transactions. A Fund generally will not utilize leverage if it anticipates that it would result in a lower return to holders of the Fund's common shares over time.

The Fund is making these proactive changes to the leverage structure because it currently anticipates that this change in strategy will lead to better long-term shareholder value. Given Western Asset Management Company's current outlook for inflation, as measured by the Consumer Price Index for All Urban Consumers (CPI-U), as well as the current yield-curve environment, the Fund currently anticipates that it will be able to deliver better long-term performance with a more flexible and opportunistic approach to leverage utilization.

Please visit www.westernclaymore.com for the Fund's quarterly review for the period ended September 30, 2006.

In addition, the Fund announces monthly dividends for both November and December.

WIW announces monthly dividends for both November and December of $0.0550 per common share per month. This represents an annualized distribution rate of 5.75% based upon the closing market price of $11.48 on October 19, 2006.

The November dividend will be paid on November 30, 2006 to shareholders of record as of November 15, 2006. The ex-dividend date will be November 13, 2006. The December dividend will be paid on December 29, 2006 to shareholders of record as of December 15, 2006. The ex-dividend date will be December 13, 2006. If it is determined that a notification is required pursuant to Section 19a-1 of the Investment Company Act of 1940, such notice will accompany the payment and will be posted to the Fund's website after the close of business three business days prior to the payable date.

Claymore Advisors, LLC (an affiliate of the Claymore Securities, Inc.) serves as the Fund's Investment Adviser. 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 $15 billion in assets through closed-end funds, unit investment trusts, mutual funds, separately managed accounts 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.

Western Asset, the investment manager to WIW, 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 June 30, 2006, Western Asset has $511.7 billion in assets under management.

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 a Fund will achieve its investment objectives. The net asset value of 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 a 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, Emerging Markets 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, 866-486-2228. A 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.