EFL Eaton Vance Floating Rate 2022 Target Term Trust

Western Asset Emerging Markets Floating Rate Fund Inc., which is listed on the New York Stock Exchange under the symbol ๏ฟฝEFL๏ฟฝ, announced today that, pursuant to management๏ฟฝs recommendation, the Fund๏ฟฝs Board of Directors has approved the adoption of a managed distribution policy. This policy will allow the Fund to make multiple distributions of long-term capital gains in a given year and revise its distribution strategy from one centered predominately on current net investment income generated by the Fund๏ฟฝs holdings to one that encompasses a combination of net investment income and potential short-term and long-term capital gains. In conjunction with the adoption of a managed distribution policy, the Fund also announced a new monthly distribution level effective with its September 2007 distribution. The new level of distribution will be $0.0850 per month, an increase of $0.01 per month (or 13.3%) over the Fund๏ฟฝs current distribution rate of $0.0750 per month. In declaring the new rate, the Fund cited its existing accumulated long-term capital gains that, under the terms of its new managed distribution policy, are available to increase the Fund๏ฟฝs monthly distribution rate. The Fund also considered its current level of income, unrealized capital gains, and the investment manager๏ฟฝs outlook for emerging market debt. The distribution schedule and amounts for the months of September, October and November 2007 appear below: Month Ex-Date Record Date Payable Date Amount September 9/19/2007 9/21/2007 9/28/2007 $0.0850 October 10/17/2007 10/19/2007 10/26/2007 $0.0850 November 11/20/2007 11/23/2007 11/30/2007 $0.0850 Upon management๏ฟฝs recommendation, the Fund๏ฟฝs Board determined that a managed distribution policy that seeks to deliver the Fund๏ฟฝs long-term total return potential through regular monthly distributions is in the best interests of shareholders. In adopting the policy, the Board cited the potential benefits to shareholders of receiving a relatively stable cash flow from distributions and the potential for a positive impact on the market price of the Fund๏ฟฝs shares. Under the terms of the Fund๏ฟฝs new managed distribution policy, the Fund will seek to maintain a consistent distribution level, stated as a fixed rate per common share per month, that may be paid in part or in full from net investment income and realized capital gains, or a combination thereof. Shareholders should note, however, that if the Fund๏ฟฝs aggregate net investment income and net realized capital gains are less than the amount of the new distribution level, the difference will be distributed from the Fund's assets and will constitute a return of the shareholder๏ฟฝs capital. A return of capital is not taxable; rather it reduces a shareholder๏ฟฝs tax basis in his or her shares of the Fund. The Board of Directors may terminate or suspend the managed distribution policy at any time. Any such termination or suspension could have an adverse effect on the market price of the Fund's shares. Based on the Fund's accounting records, as of the date of this press release, the Fund estimates that approximately 66% of the cumulative fiscal year-to-date distributions through November 2007 are sourced from net investment income, 18% are sourced from short-term capital gains and 16% are sourced from long-term capital gains. If the Fund pays a distribution from sources other than net investment income, the estimated components of each distribution will be provided to shareholders of record in a notice accompanying the payment of the distribution. Please note that this press release should not be used for tax reporting purposes and is being provided to announce the amount of the Fund's distributions that have been declared by the Board of Directors. In early 2008, after definitive information is available, the Fund will send shareholders a Form 1099-DIV specifying, if applicable, how the distributions paid by the Fund during the calendar year 2007 should be characterized for purposes of reporting the distributions on a shareholder's tax return (e.g., ordinary income, long-term capital gain or return of capital). Western Asset Emerging Markets Floating Rate Fund Inc. is a non-diversified, closed-end management investment company. Legg Mason Partners Fund Advisor, LLC, a wholly owned subsidiary of Legg Mason, Inc., serves as the Fund๏ฟฝs investment manager and Western Asset Management Company, an affiliate of the investment manager, serve as the Fund๏ฟฝs sub-adviser. For more information about the Fund, please call 1-888-777-0102 or consult the Fund's web site at www.leggmason.com.