Western Asset High Income Fund Inc. and Western Asset High Income Opportunity Fund Inc. Announce Res

Western Asset High Income Fund Inc. and Western Asset High Income Opportunity Fund Inc. Announce Results of Annual Meeting of Shareholders: Proposal to Merge the Fund is Approved

NEW YORK--(BUSINESS WIRE)-- Western Asset High Income Fund Inc., which is listed on the New York Stock Exchange under the symbol "HIF" and Western Asset High Income Opportunity Fund Inc., which is listed on the New York Stock Exchange under the symbol "HIO", announced today the results of the votes cast at the annual meeting of shareholders of Western Asset High Income Fund Inc. held on May 31, 2013.


Daniel P. Cronin, William R. Hutchinson and Jeswald W. Salacuse were elected as Class I Directors of Western Asset High Income Fund Inc. by holders of its common stock to hold office until the annual meeting of shareholders in the year 2016 or thereafter when their respective successors are duly elected and qualified or until they resign or are otherwise removed. Eileen A. Kamerick was elected as a Class II Director of Western Asset High Income Fund Inc by owners of its common stock to hold office until the annual meeting of shareholders in the year 2014 or until her successor has been duly elected and qualified or until she resigns or is otherwise removed. (Proposal 1).

Shareholders also voted to approve the merger of Western Asset High Income Fund Inc. with and into Western Asset High Income Opportunity Fund Inc. (NYS: HIO) (Proposal 2). The merger is expected to be effective prior to the opening of business on June 24, 2013.

Upon completion of the merger, each share of common stock of Western Asset High Income Fund Inc. will convert into an equivalent dollar amount (to the nearest $0.001) of full shares of common stock of Western Asset High Income Opportunity Fund Inc., based on the net asset value of each Fund on the business day preceding the merger. Western Asset High Income Opportunity Fund will not issue fractional shares to Western Asset High Income Fund shareholders. In lieu of issuing fractional shares, Western Asset High Income Opportunity Fund will pay cash to each former holder of Western Asset High Income Fund common stock in an amount equal to the net asset value of the fractional shares of Western Asset High Income Opportunity Fund common stock that the investor would otherwise have received in the merger.

Western Asset High Income Fund Inc. and Western Asset High Income Opportunity Fund Inc. are diversified closed-end management investment companies managed by Legg Mason Partners Fund Advisor, LLC, a wholly owned subsidiary of Legg Mason, Inc., and sub-advised by Western Asset Management Company, which is also a subsidiary of Legg Mason, Inc.

Contact each Fund at 1-888-777-0102 for additional information, or consult each Fund's web site at www.lmcef.com.

THIS PRESS RELEASE IS NOT AN OFFER TO PURCHASE NOR A SOLICITATION OF AN OFFER TO SELL SHARES OF THE FUNDS. THIS PRESS RELEASE MAY CONTAIN STATEMENTS REGARDING PLANS AND EXPECTATIONS FOR THE FUTURE THAT CONSTITUTE FORWARD-LOOKING STATEMENTS WITHIN THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995. ALL STATEMENTS OTHER THAN STATEMENTS OF HISTORICAL FACT ARE FORWARD-LOOKING AND CAN BE IDENTIFIED BY THE USE OF WORDS SUCH AS "MAY," "WILL," "EXPECT," "ANTICIPATE," "ESTIMATE," "BELIEVE," "CONTINUE" OR OTHER SIMILAR WORDS. SUCH FORWARD-LOOKING STATEMENTS ARE BASED ON EACH FUND'S CURRENT PLANS AND EXPECTATIONS, AND ARE SUBJECT TO RISKS AND UNCERTAINTIES THAT COULD CAUSE ACTUAL RESULTS TO DIFFER MATERIALLY FROM THOSE DESCRIBED IN THE FORWARD-LOOKING STATEMENTS. ADDITIONAL INFORMATION CONCERNING SUCH RISKS AND UNCERTAINTIES ARE CONTAINED IN EACH FUND'S FILINGS WITH THE SECURITIES AND EXCHANGE COMMISSION.

Data and commentary provided in this press release are for informational purposes only. Legg Mason, Inc. and its affiliates do not engage in selling shares of either Fund.



Media:
Legg Mason
Maria Rosati, 212-805-6036
mrosati@leggmason.com

KEYWORDS:   United States  North America  New York

INDUSTRY KEYWORDS:

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