WIA Declares Monthly Dividend for July 2008

Western Asset/Claymore Inflation-Linked Securities & Income Fund (NYSE: WIA) declared its monthly dividend of $0.0575 per share. This represents an annualized distribution rate of 5.57% based upon the closing market price of $12.39 on June 30, 2008.

Since the Fund’s inception on September 25, 2003, through June 30, 2008, the Fund generated an average annual total return, including reinvestment of dividends, of 4.44% based on net asset value (“NAV”) and 2.03% based on market price. The Fund’s one year total return, as of June 30, 2008, was 12.54% based on NAV and 15.65% based on market price. Past performance does not guarantee future results.

Dividends will be paid on July 31, 2008 to shareholders of record as of July 15, 2008. The ex-dividend date will be July 11, 2008. 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 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 March 31, 2008, Western Asset has $632.1 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 $18.4 billion in assets, as of April 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 (7/08) 926

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