WIW Declares Monthly Dividend for October.

LISLE, Ill. -- Western Asset/Claymore U.S. Treasury Inflation Protected Securities Fund 2 (NYSE:WIW) today 2006 declared its monthly dividend of $0.0550 per share. This represents an annualized distribution rate of 5.67% based upon the closing market price of $11.63 on September 29, 2006.

Since the Fund's inception on February 27, 2004 through September 29, 2006 the Fund generated an average annual total return, including reinvestment of dividends, of 3.69% based on Net Asset Value (NAV) and -2.86% based on share price. This compares to a 3.63% total return of the Fund's benchmark, the Barclay's Capital Inflation Linked Bond Index. The Fund's one year total return, as of September 29, 2006 based on NAV was 0.96% based on NAV and 2.51% based on market price.

The Fund's Investment Objective is to provide current income. The Fund pursues this Objective by investing at least 80% of total assets in U.S. Treasury Inflation Protected Securities (TIPS).

Dividends will be paid on October 31, 2006 to shareholders of record as of October 13, 2006. The ex-dividend date will be October 11, 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 be posted to the Fund's website after the close of business three business days prior to the payable date.

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 June 30, 2006, Western Asset has $511.7 billion in assets under management.

Claymore Advisors, LLC (an affiliate of Claymore Securities, Inc.) serves as the Fund's Investment Adviser. Based in Lisle, Illinois, 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 or distribution on over $14 billion in assets through closed-end funds, unit investment trusts, 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.

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, 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, 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.