Certain Closed-End Funds Postponement and Rescheduling of June 5, 2020 Special Meeting of Shareholders

Western Asset Corporate Loan Fund Inc. (NYSE: TLI), 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), and Western Asset Variable Rate Strategic Fund Inc. (NYSE: GFY) (each a “Fund” and together, the “Funds”)

Each of the Funds listed above announced today that the Special Meeting of Shareholders (the “Meeting”) originally scheduled for Friday, June 5, 2020 at 9:00 a.m. Eastern Time has been postponed to Monday, July 6, 2020 at 9:00 a.m. Eastern Time in order to solicit additional shareholder votes. As previously announced, in light of public health concerns regarding the coronavirus pandemic, the Meeting will be held in a virtual meeting format only. Each Meeting will be accessible solely by means of remote communication.

As described in the proxy materials for the Meeting previously distributed, the Board of Directors of each Fund has fixed the close of business on March 9, 2020 as the record date for the determination of shareholders of the Fund entitled to notice of and to vote at the Meeting or any postponement or adjournment thereof. For each Fund, the Meeting will be held at the following Meeting website: http://www.meetingcenter.io/219849885. To participate in the Meeting, shareholders of each Fund must enter the following password: LMPM2020. Shareholders must also enter the control number found on their proxy card previously received from the Fund.

We encourage you to access the meeting site prior to the start time to allow ample time to log into the meeting webcast, test your computer system, and, if you plan to vote at the Meeting, download and print the Meeting ballot that will be posted to the website. Accordingly, the Meeting site will first be accessible to shareholders beginning at approximately 9:00 a.m. Eastern Time on July 2, 2020. The Meeting ballot will contain instructions on how to submit your vote during the Meeting, including the email address to which the completed ballot and any legal proxies should be sent. For questions relating to participation at the Meeting by remote communication, please call [phone].

If shares are held through an intermediary, such as a bank or broker, shareholders must register in advance to attend the Meeting. To register shareholders must submit proof of their proxy power (legal proxy) reflecting their Fund holdings along with their name and email address to Computershare Fund Services. Shareholders may forward an email from their intermediary or attach an image of their legal proxy to [e-mail]. Requests for registration must be received no later than 9:00 a.m. Eastern Time, on June 30, 2020. Shareholders will receive a confirmation email from Computershare Fund Services of the shareholder’s registration and a control number that will allow the shareholder to vote at the Meeting.

Shareholders are not required to attend the Meeting to vote on the proposals. Whether or not shareholders plan to attend the Meeting, each Fund urges shareholders to authorize a proxy to vote the shareholder’s shares in advance of the Meeting by one of the methods described in the proxy materials for the Meeting. In connection with the Meeting, each Fund has filed a definitive proxy statement with the Securities and Exchange Commission (the “SEC”). Shareholders are advised to read their Fund’s proxy statement because it contains important information. The proxy statement is available on the Internet at http://www.ReadOurMaterials.com/lmf. The proxy card included with the proxy materials previously distributed will not be updated to reflect the change in date and may continue to be used to vote your shares in connection with the Meeting. The proxy statement and other documents filed by a Fund are also available for free on the SEC website, www.sec.gov.

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 such 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 the Fund’s filings with the SEC. 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.

For assistance in voting your shares, please contact our proxy solicitor for these Funds, Innisfree M&A Incorporated, at [phone]. For more information, please call Investor Relations: 1-888-777-0102, or consult your Fund’s website at www.lmcef.com. The information contained on the Fund’s website is not part of this press release. Hard copies of each Fund’s complete audited financial statements are available free of charge upon request.

Category: Fund Announcement

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