EFL Eaton Vance Floating Rate 2022 Target Term Trust

Western Asset Emerging Markets Floating Rate Fund Inc. (NYSE: EFL) announces its portfolio composition as of March 31, 2008. Investment Objective: The Fund seeks to maintain a high level of current income. Portfolio Composition*: � � Asset Allocation Emerging Markets 96.3% Non-Investment Grade 40.3% US Dollar 32.4% Local Currency 7.9% Investment Grade 56.0% US Dollar 52.5% Local Currency 3.5% High Yield 1.5% Government 1.9% Cash & Other Securities 0.3% � Credit Quality Allocation (Higher of S&P/Moody/Fitch) AAA 0.3% A 10.6% BBB 44.5% BB 32.6% B 12.0% � Top Ten Emerging Market Countries Mexico 26.6% Russia 19.2% Brazil 11.3% Venezuela 8.6% Turkey 6.3% Kazakhstan 5.4% Egypt 5.1% Colombia 5.0% Argentina 4.4% Indonesia 2.7% � Currency Allocation US Dollars 84.4% Egyptian Pounds 5.1% Russian Rubles 3.5% Malaysian Ringgit 3.2% Indonesian Rupiahs 2.8% Indian Rupee 1.0% � Average Life (years) 4.95 Effective Duration (years) 0.02 Average Credit Quality (S&P) BB+ � Portfolio Statistics: � Inception Date March 25, 1994 Inception Price $15.00 Total Net Assets $53,594,364 Market Price $12.08 NAV $12.45 (Daily NAV is available on market quotation systems using the symbol XEFLX.) � Distribution Rate** $0.0850 per share Frequency Monthly (Declared quarterly, paid monthly) Leverage*** 0% * � Portfolio holdings and weightings are historical and are presented here for informational purposes only. They are subject to change at any time. � ** Pursuant to its managed distribution policy, the Fund intends to make regular monthly distributions to shareholders of its common stock at a fixed rate per common share, which may be adjusted from time to time by the Fund's Board of Directors. Under the Fund's managed distribution policy, if, for any monthly distribution, the total of net investment income and net realized capital gain is less than the amount of the distribution, the difference will be distributed from the Fund's assets (and will constitute a "return of capital"). The Board of Directors may terminate the managed distribution policy at any time, including when certain events would make part of any return of capital taxable to shareholders. Any such termination could have an adverse effect on the market price for the Fund's shares. � *** The Fund may employ leverage in the form of loans, preferred stock, reverse repurchase agreements and/or other instruments. If the Fund establishes a segregated account in which it maintains cash and/or liquid securities equal in value to its obligation in respect of the reverse repurchase agreements (or other instruments), these investments are not considered to be a borrowing or a "senior security" for purposes of the asset coverage requirements under the 1940 Act, although they may have the same economic effect as other types of leverage. Western Asset Emerging Markets Floating Rate Fund Inc., a non-diversified closed-end investment management company traded on the New York Stock Exchange under the symbol �EFL,� is advised by Legg Mason Partners Fund Advisor, LLC, a wholly owned subsidiary of Legg Mason, Inc. and is sub-advised by Western Asset Management Company, an affiliate of the adviser. Past performance is no guarantee of future results. An investment in the Fund involves risk, including loss of principal. Investment return and the value of shares will fluctuate. For more information, please call Fund Investor Services at 888-777-0102, or consult the Fund�s web site at www.leggmason.com/cef.