Closed-End Funds Advised By Legg Mason Partners Fund Advisor, LLC Announce Results of Special Meetings of Shareholders

Western Asset Corporate Loan Fund Inc. Announces Plan of Liquidation

BrandywineGLOBAL – Global Income Opportunities Fund Inc. (NYSE: BWG),

ClearBridge MLP and Midstream Fund Inc. (NYSE: CEM),

ClearBridge Energy Midstream Opportunity Fund Inc. (NYSE: EMO),

ClearBridge MLP and Midstream Total Return Fund Inc. (NYSE: CTR),

LMP Capital and Income Fund Inc. (NYSE: SCD),

Western Asset Corporate Loan Fund Inc. (NYSE: TLI),

Western Asset Global Corporate Defined Opportunity Fund Inc. (NYSE: GDO),

Western Asset Global High Income Fund Inc. (NYSE: EHI),

Western Asset High Income Fund II Inc. (NYSE: HIX),

Western Asset High Income Opportunity Fund Inc. (NYSE: HIO),

Western Asset High Yield Defined Opportunity Fund Inc. (NYSE: HYI),

Western Asset Investment Grade Defined Opportunity Trust Inc. (NYSE: IGI)

Western Asset Managed Municipals Fund Inc. (NYSE: MMU),

Western Asset Middle Market Debt Fund Inc. (XWAMX),

Western Asset Middle Market Income Fund Inc. (XWMFX),

Western Asset Mortgage Opportunity Fund Inc. (NYSE: DMO),

Western Asset Municipal Defined Opportunity Trust Inc. (NYSE: MTT),

Western Asset Municipal High Income Fund Inc. (NYSE: MHF),

Western Asset Municipal Partners Fund Inc. (NYSE: MNP),

Western Asset Variable Rate Strategic Fund Inc. (NYSE: GFY)

(each, a “Fund” and, together, the “Funds”)

Each of the Funds today announced voting results from their respective Special Meeting of Shareholders (the “Special Meeting”), where shareholders of each Fund were asked to vote on a new management agreement with the Fund’s manager and new subadvisory agreement(s) with the Fund’s subadviser(s). These new agreements were proposed in connection with the pending combination of Legg Mason, Inc. (“Legg Mason”), the parent company of the Fund’s investment manager and subadviser(s), and Franklin Resources, Inc., a global investment management organization operating as Franklin Templeton (the “Transaction”), which will result in the automatic termination of each Fund’s current management and subadvisory agreements.

To date, shareholders of each of the following 19 Funds have voted to approve new management and subadvisory agreements: BrandywineGLOBAL – Global Income Opportunities Fund Inc. (“BWG”), Clarion Partners Real Estate Income Fund Inc. (“CPREIF”), ClearBridge MLP and Midstream Fund Inc. (“CEM”), ClearBridge Energy Midstream Opportunity Fund Inc. (“EMO”), ClearBridge MLP and Midstream Total Return Fund Inc. (“CTR”), LMP Capital and Income Fund Inc. (“SCD”), Western Asset Emerging Markets Debt Fund Inc. (“EMD”), Western Asset Global Corporate Defined Opportunity Fund Inc. (“GDO”), Western Asset Global High Income Fund Inc. (“EHI”), Western Asset High Income Fund II Inc. (“HIX”), Western Asset High Income Opportunity Fund Inc. (“HIO”), Western Asset High Yield Defined Opportunity Fund Inc. (“HYI”), Western Asset Intermediate Muni Fund Inc. (“SBI”), Western Asset Investment Grade Defined Opportunity Trust Inc. (“IGI”), Western Asset Managed Municipals Fund Inc. (“MMU”), Western Asset Mortgage Opportunity Fund Inc. (“DMO”), Western Asset Municipal Defined Opportunity Trust Inc. (“MTT”), Western Asset Municipal High Income Fund Inc. (“MHF”) and Western Asset Municipal Partners Fund Inc. (“MNP”). The new management and subadvisory agreements for each of these Funds will become effective upon the consummation of the Transaction. Western Asset Corporate Loan Fund Inc. (“TLI”) and Western Asset Variable Rate Strategic Fund Inc. (“GFY”) did not receive the requisite vote required by the Investment Company Act of 1940, as amended, to approve the new management and subadvisory agreements. The Board of TLI has approved a plan to liquidate and dissolve TLI, subject to shareholder approval of such plan in accordance with Maryland law. Additional information on GFY will be provided in a separate press release.

At the Special Meeting, Western Asset Middle Market Debt Fund Inc. (“XWAMX”) and Western Asset Middle Market Income Fund Inc. (“XWMFX”) (the “Subject Funds”) did not achieve the requisite quorum to hold their Special Meetings. For the Funds that do not approve new management or subadvisory agreements prior to the completion of the Transaction, the current management and subadvisory agreements for these Funds will automatically terminate.

The board of directors of each Subject Fund has approved interim management and subadvisory agreements for its respective Subject Fund that will take effect upon consummation of the Transaction and will continue for a period of 150 days. During this time, the manager and subadviser for each Subject Fund will provide ongoing services to the Subject Fund and the board of directors of each Subject Fund will continue to evaluate long-term plans for the Subject Funds. These considerations will include whether to set a new record date and continue soliciting for shareholder approval of new management and subadvisory agreements or to propose that shareholders approve the dissolution of the Subject Fund. Further details on plans for each Subject Fund will be provided at a later date.

An investment in a Fund involves risk, including loss of principal. Investment return and the value of shares will fluctuate.

Any data and commentary provided in this press release are for informational purposes only. 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. 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 SEC.

Each Fund files its semi-annual and annual reports with the Securities and Exchange Commission (the “Commission”). These reports are available on the Commission’s website at www.sec.gov. For more information, please call Investor Relations: 1-888-777-0102, or consult the Funds’ web site at www.lmcef.com. Hard copies of the Funds’ complete audited financial statements are available free of charge upon request.

Category: Fund Announcement

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Media: Fund Investor Services-1-888-777-0102