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<SEC-DOCUMENT>0001104659-08-042366.txt : 20080626
<SEC-HEADER>0001104659-08-042366.hdr.sgml : 20080626
<ACCEPTANCE-DATETIME>20080626144543
ACCESSION NUMBER:		0001104659-08-042366
CONFORMED SUBMISSION TYPE:	DEF 14A
PUBLIC DOCUMENT COUNT:		9
CONFORMED PERIOD OF REPORT:	20080804
FILED AS OF DATE:		20080626
DATE AS OF CHANGE:		20080626
EFFECTIVENESS DATE:		20080626

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			WESTERN ASSET HIGH INCOME FUND II INC.
		CENTRAL INDEX KEY:			0001058239
		IRS NUMBER:				000000000
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-08709
		FILM NUMBER:		08919144

	BUSINESS ADDRESS:	
		STREET 1:		CITIGROUP ASSET MANAGEMENT
		STREET 2:		125 BROAD STREET, 10TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10004
		BUSINESS PHONE:		212-291-2556

	MAIL ADDRESS:	
		STREET 1:		CITIGROUP ASSET MANAGEMENT
		STREET 2:		125 BROAD STREET, 10TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10004

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	SALOMON BROTHERS HIGH INCOME FUND II INC
		DATE OF NAME CHANGE:	19980421

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	SALOMON BROTHERS HIGH YIELD BOND FUND IN
		DATE OF NAME CHANGE:	19980319
</SEC-HEADER>
<DOCUMENT>
<TYPE>DEF 14A
<SEQUENCE>1
<FILENAME>a08-16910_1def14a.htm
<DESCRIPTION>DEF 14A
<TEXT>

<html>

<head>





</head>

<body lang="EN-US">

<div style="font-family:Times New Roman;">

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr style="page-break-inside:avoid;">
  <td width="100%" colspan="4" valign="top" style="padding:0in .7pt 0in .7pt;width:100.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">UNITED
  STATES</font></b></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="100%" colspan="4" valign="top" style="padding:0in .7pt 0in .7pt;width:100.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">SECURITIES AND EXCHANGE COMMISSION</font></b></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="100%" colspan="4" valign="top" style="padding:0in .7pt 0in .7pt;width:100.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Washington, D.C. 20549</font></b></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="100%" colspan="4" valign="top" style="padding:0in .7pt 0in .7pt;width:100.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="100%" colspan="4" valign="top" style="padding:0in .7pt 0in .7pt;width:100.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="4" face="Times New Roman" style="font-size:14.0pt;font-weight:bold;">SCHEDULE 14A</font></b></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="100%" colspan="4" valign="top" style="padding:0in .7pt 0in .7pt;width:100.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">(Rule 14a-101)</font></b></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="100%" colspan="4" valign="top" style="padding:0in .7pt 0in .7pt;width:100.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="100%" colspan="4" valign="top" style="padding:0in .7pt 0in .7pt;width:100.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">INFORMATION REQUIRED IN PROXY STATEMENT</font></b></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="100%" colspan="4" valign="top" style="padding:0in .7pt 0in .7pt;width:100.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="100%" colspan="4" valign="top" style="padding:0in .7pt 0in .7pt;width:100.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">SCHEDULE 14A INFORMATION</font></b></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="100%" colspan="4" valign="top" style="padding:0in .7pt 0in .7pt;width:100.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="100%" colspan="4" valign="top" style="padding:0in .7pt 0in .7pt;width:100.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Proxy
  Statement Pursuant to Section 14(a) of<br>
  the Securities Exchange Act of 1934 (Amendment No. &nbsp;&nbsp;&nbsp;&nbsp;)</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="100%" colspan="4" valign="top" style="padding:0in .7pt 0in .7pt;width:100.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="100%" colspan="4" valign="top" style="padding:0in .7pt 0in .7pt;width:100.0%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Filed by the Registrant&nbsp;&nbsp;</font><font face="Wingdings">x</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="100%" colspan="4" valign="top" style="padding:0in .7pt 0in .7pt;width:100.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="100%" colspan="4" valign="top" style="padding:0in .7pt 0in .7pt;width:100.0%;">
  <p style="font-size:10.0pt;margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Filed by a Party other than the
  Registrant</font>&nbsp;&nbsp;<font face="Wingdings">o</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="100%" colspan="4" valign="top" style="padding:0in .7pt 0in .7pt;width:100.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="100%" colspan="4" valign="top" style="padding:0in .7pt 0in .7pt;width:100.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Check the appropriate box:</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="5%" valign="top" style="padding:0in .7pt 0in .7pt;width:5.04%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font></p>
  </td>
  <td width="94%" colspan="3" valign="top" style="padding:0in .7pt 0in .7pt;width:94.96%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Preliminary Proxy Statement</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="5%" valign="top" style="padding:0in .7pt 0in .7pt;width:5.04%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font></p>
  </td>
  <td width="94%" colspan="3" valign="top" style="padding:0in .7pt 0in .7pt;width:94.96%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Confidential, for
  Use of the Commission Only (as permitted by Rule 14a-6(e)(2))</font></b></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="5%" valign="top" style="padding:0in .7pt 0in .7pt;width:5.04%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Wingdings" style="font-size:10.0pt;">x</font></p>
  </td>
  <td width="94%" colspan="3" valign="top" style="padding:0in .7pt 0in .7pt;width:94.96%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Definitive Proxy Statement</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="5%" valign="top" style="padding:0in .7pt 0in .7pt;width:5.04%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font></p>
  </td>
  <td width="94%" colspan="3" valign="top" style="padding:0in .7pt 0in .7pt;width:94.96%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Definitive Additional Materials</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="5%" valign="top" style="padding:0in .7pt 0in .7pt;width:5.04%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font></p>
  </td>
  <td width="94%" colspan="3" valign="top" style="padding:0in .7pt 0in .7pt;width:94.96%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Soliciting Material Pursuant to
  &#167;240.14a-12</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="100%" colspan="4" valign="top" style="padding:0in .7pt 0in .7pt;width:100.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="100%" colspan="4" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in .7pt;width:100.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">WESTERN
  ASSET HIGH INCOME FUND II INC.</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="100%" colspan="4" valign="top" style="border:none;padding:0in .7pt 0in .7pt;width:100.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Name
  of Registrant as Specified In Its Charter)</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="100%" colspan="4" valign="top" style="padding:0in .7pt 0in .7pt;width:100.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="100%" colspan="4" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in .7pt;width:100.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="100%" colspan="4" valign="top" style="border:none;padding:0in .7pt 0in .7pt;width:100.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Name
  of Person(s) Filing Proxy Statement, if other than the Registrant)</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="100%" colspan="4" valign="top" style="padding:0in .7pt 0in .7pt;width:100.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="100%" colspan="4" valign="top" style="padding:0in .7pt 0in .7pt;width:100.0%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Payment of Filing Fee (Check the
  appropriate box):</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="5%" valign="top" style="padding:0in .7pt 0in .7pt;width:5.04%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Wingdings" style="font-size:10.0pt;">x</font></p>
  </td>
  <td width="94%" colspan="3" valign="top" style="padding:0in .7pt 0in .7pt;width:94.96%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">No fee required.</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="5%" valign="top" style="padding:0in .7pt 0in .7pt;width:5.04%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font></p>
  </td>
  <td width="94%" colspan="3" valign="top" style="padding:0in .7pt 0in .7pt;width:94.96%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Fee computed on table below per
  Exchange Act Rules 14a-6(i)(1) and 0-11.</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in .7pt 0in .7pt;width:5.04%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:4.66%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)</font></p>
  </td>
  <td width="90%" valign="top" style="padding:0in .7pt 0in .7pt;width:90.3%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Title of each class of securities to
  which transaction applies:</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in .7pt 0in .7pt;width:5.04%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:4.66%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="90%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in .7pt;width:90.3%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in .7pt 0in .7pt;width:5.04%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:4.66%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)</font></p>
  </td>
  <td width="90%" valign="top" style="border:none;padding:0in .7pt 0in .7pt;width:90.3%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Aggregate number of securities to
  which transaction applies:</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in .7pt 0in .7pt;width:5.04%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:4.66%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="90%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in .7pt;width:90.3%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="5%" valign="top" style="padding:0in .7pt 0in .7pt;width:5.04%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:4.66%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(3)</font></p>
  </td>
  <td width="90%" valign="top" style="border:none;padding:0in .7pt 0in .7pt;width:90.3%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Per unit price or other underlying
  value of transaction computed pursuant to Exchange Act Rule 0-11 (set forth
  the amount on which the filing fee is calculated and state how it was
  determined):</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in .7pt 0in .7pt;width:5.04%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:4.66%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="90%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in .7pt;width:90.3%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in .7pt 0in .7pt;width:5.04%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:4.66%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(4)</font></p>
  </td>
  <td width="90%" valign="top" style="border:none;padding:0in .7pt 0in .7pt;width:90.3%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Proposed maximum aggregate value of
  transaction:</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in .7pt 0in .7pt;width:5.04%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:4.66%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="90%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in .7pt;width:90.3%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in .7pt 0in .7pt;width:5.04%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:4.66%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(5)</font></p>
  </td>
  <td width="90%" valign="top" style="border:none;padding:0in .7pt 0in .7pt;width:90.3%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Total fee paid:</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in .7pt 0in .7pt;width:5.04%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:4.66%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="90%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in .7pt;width:90.3%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="5%" valign="top" style="padding:0in .7pt 0in .7pt;width:5.04%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font></p>
  </td>
  <td width="94%" colspan="3" valign="top" style="padding:0in .7pt 0in .7pt;width:94.96%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Fee paid previously with preliminary
  materials.</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="5%" valign="top" style="padding:0in .7pt 0in .7pt;width:5.04%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font></p>
  </td>
  <td width="94%" colspan="3" valign="top" style="padding:0in .7pt 0in .7pt;width:94.96%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Check box if any part of the fee is
  offset as provided by Exchange Act Rule 0-11(a)(2) and identify the filing
  for which the offsetting fee was paid previously. Identify the previous
  filing by registration statement number, or the Form or Schedule and the date
  of its filing.</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in .7pt 0in .7pt;width:5.04%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in .7pt 0in .7pt;width:4.36%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)</font></p>
  </td>
  <td width="90%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:90.6%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Amount Previously Paid:</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in .7pt 0in .7pt;width:5.04%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in .7pt 0in .7pt;width:4.36%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="90%" colspan="2" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in .7pt;width:90.6%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in .7pt 0in .7pt;width:5.04%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in .7pt 0in .7pt;width:4.36%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)</font></p>
  </td>
  <td width="90%" colspan="2" valign="top" style="border:none;padding:0in .7pt 0in .7pt;width:90.6%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Form, Schedule or Registration
  Statement No.:</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in .7pt 0in .7pt;width:5.04%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in .7pt 0in .7pt;width:4.36%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="90%" colspan="2" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in .7pt;width:90.6%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in .7pt 0in .7pt;width:5.04%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in .7pt 0in .7pt;width:4.36%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(3)</font></p>
  </td>
  <td width="90%" colspan="2" valign="top" style="border:none;padding:0in .7pt 0in .7pt;width:90.6%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Filing Party:</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in .7pt 0in .7pt;width:5.04%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in .7pt 0in .7pt;width:4.36%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="90%" colspan="2" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in .7pt;width:90.6%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in .7pt 0in .7pt;width:5.04%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in .7pt 0in .7pt;width:4.36%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(4)</font></p>
  </td>
  <td width="90%" colspan="2" valign="top" style="border:none;padding:0in .7pt 0in .7pt;width:90.6%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Date Filed:</font></p>
  </td>
 </tr>
 <tr>
  <td width="5%" valign="top" style="padding:0in .7pt 0in .7pt;width:5.04%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0in .7pt 0in .7pt;width:4.36%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="90%" colspan="2" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in .7pt;width:90.6%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr height="0">
  <td width="38" style="border:none;"></td>
  <td width="33" style="border:none;"></td>
  <td width="2" style="border:none;"></td>
  <td width="675" style="border:none;"></td>
 </tr>
</table>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman">&nbsp;</font></p>

<div style="margin:0in 0in .0001pt;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
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<p align="center"><font face="Times New Roman PS, Times New Roman, Times" size="3">WESTERN ASSET HIGH INCOME FUND II INC.</font></p>
<p align="center"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>55 Water Street, New York, New York 10041</b></font></p>
<p align="center"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>NOTICE OF ANNUAL MEETING OF STOCKHOLDERS</b></font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">June 27, 2008</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2"><i>To the Stockholders:</i></font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">The Annual Meeting of Stockholders (the "Meeting") of Western Asset High Income Fund II Inc. (the "Fund") will be held at 620 Eighth Avenue, 49th Floor, New York, New York, on Monday, August 4, 2008 at 3:00 p.m. Eastern Standard Time, for the purposes of considering and voting upon the following:</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2">1. The election of Directors; and</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2">2. Any other business that may properly come before the Meeting and any adjournments or postponments thereof.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">The close of business on June 13, 2008 has been fixed as the record date for the determination of stockholders entitled to notice of and to vote at the Meeting.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2">By Order of the Board of Directors,</font></p>
<p align="left">&nbsp;</p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2">Robert I. Frenkel<BR>Secretary</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>TO AVOID UNNECESSARY EXPENSE OF FURTHER SOLICITATION, WE URGE YOU to indicate voting instructions on the enclosed proxy, date and sign it and return it promptly in the envelope provided, no matter how large or how small your holdings may be.</b></font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
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<p align="center"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>Instructions for Signing Proxy Cards</b></font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">The following general rules for signing proxy cards may be of assistance to you and avoid the time and expense to the Fund involved in validating your vote if you fail to sign your proxy card properly.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">1. </font><font face="Times New Roman PS, Times New Roman, Times" size="2"><i>Individual Accounts:</i></font><font face="Times New Roman PS, Times New Roman, Times" size="2"> Sign your name exactly as it appears in the registration on the proxy card.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">2. </font><font face="Times New Roman PS, Times New Roman, Times" size="2"><i>Joint Accounts:</i></font><font face="Times New Roman PS, Times New Roman, Times" size="2"> Either party may sign, but the name of the party signing should conform exactly to a name shown in the registration.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">3. </font><font face="Times New Roman PS, Times New Roman, Times" size="2"><i>All Other Accounts:</i></font><font face="Times New Roman PS, Times New Roman, Times" size="2"> The capacity of the individual signing the proxy card should be indicated unless it is reflected in the form of registration. For example:</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="7" width="309" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Registration</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="176" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Valid Signature</b></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="11" width="493" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Corporate Accounts</b></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr height="8"><td colspan="12" height="8"></td></tr>
<tr>
<td colspan="1" width="8" valign="top">
&nbsp;</td>
<td colspan="1" width="25" align="right" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="2">(1</font></td>
<td colspan="1" width="19" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="2">)</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="249" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="2">ABC Corp</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="176" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="2">ABC Corp. (by John Doe, Treasurer)</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr height="8"><td colspan="12" height="8"></td></tr>
<tr>
<td colspan="1" width="8" valign="top">
&nbsp;</td>
<td colspan="1" width="25" align="right" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="2">(2</font></td>
<td colspan="1" width="19" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="2">)</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="249" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="2">ABC Corp</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="176" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="2">John Doe, Treasurer</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr height="8"><td colspan="12" height="8"></td></tr>
<tr>
<td colspan="1" width="8" valign="top">
&nbsp;</td>
<td colspan="1" width="25" align="right" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="2">(3</font></td>
<td colspan="1" width="19" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="2">)</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="249" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="2">ABC Corp., c/o John Doe, Treasurer</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="176" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="2">John Doe</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr height="8"><td colspan="12" height="8"></td></tr>
<tr>
<td colspan="1" width="8" valign="top">
&nbsp;</td>
<td colspan="1" width="25" align="right" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="2">(4</font></td>
<td colspan="1" width="19" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="2">)</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="249" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="2">ABC Corp. Profit Sharing Plan</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="176" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="2">John Doe, Trustee</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr height="8"><td colspan="12" height="8"></td></tr>
<tr>
<td colspan="11" width="493" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Trust Accounts</b></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr height="8"><td colspan="12" height="8"></td></tr>
<tr>
<td colspan="1" width="8" valign="top">
&nbsp;</td>
<td colspan="1" width="25" align="right" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="2">(1</font></td>
<td colspan="1" width="19" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="2">)</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="249" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="2">ABC Trust</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="176" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="2">Jane B. Doe, Trustee</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr height="8"><td colspan="12" height="8"></td></tr>
<tr>
<td colspan="1" width="8" valign="top">
&nbsp;</td>
<td colspan="1" width="25" align="right" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="2">(2</font></td>
<td colspan="1" width="19" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="2">)</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="249" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="2">Jane B. Doe, Trustee, u/t/d 12/28/78</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="176" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="2">Jane B. Doe</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr height="8"><td colspan="12" height="8"></td></tr>
<tr>
<td colspan="11" width="493" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Custodial or Estate Accounts</b></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr height="8"><td colspan="12" height="8"></td></tr>
<tr>
<td colspan="1" width="8" valign="top">
&nbsp;</td>
<td colspan="1" width="25" align="right" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="2">(1</font></td>
<td colspan="1" width="19" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="2">)</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="249" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="2">John B. Smith, Cust., f/b/o John B. Smith, Jr. UGMA</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="176" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="2">John B. Smith</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr height="8"><td colspan="12" height="8"></td></tr>
<tr>
<td colspan="1" width="8" valign="top">
&nbsp;</td>
<td colspan="1" width="25" align="right" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="2">(2</font></td>
<td colspan="1" width="19" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="2">)</font></td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="249" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="2">John B. Smith</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="176" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="2">John B. Smith, Jr., Executor</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr height="8"><td colspan="12" height="8"></td></tr>
</table>

<p>&nbsp;</p>
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<p align="center"><font face="Times New Roman PS, Times New Roman, Times" size="3">WESTERN ASSET HIGH INCOME FUND II INC.</font></p>
<p align="center"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>55 Water Street, New York, New York 10041</b></font></p>
<p align="center"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>PROXY STATEMENT</b></font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">This proxy statement is furnished in connection with a solicitation by the Board of Directors of Western Asset High Income Fund II Inc. (the "Fund") of proxies to be used at the Annual Meeting of Stockholders (the "Meeting") of the Fund to be held at 620 Eighth Avenue, 49th Floor, New York, New York, on Monday, August 4, 2008 at 3:00 p.m., Eastern Standard Time (and at any adjournment or adjournments thereof), for the purpose set forth in the accompanying Notice of Annual Meeting of Stockholders. This proxy statement and the accompanying form of proxy are first being mailed to stockholders on or about June 27, 2008. Stockholders who execute proxies retain the right to revoke them in person at the Meeting or by written notice received by the Secretary of the Fund at any time before they are voted. Unrevoked proxies will be voted in accordance with the specifications thereon and, unless specified to the contrary, will be voted FOR the election
 of each nominee for Director. The close of business on June 13, 2008 has been fixed as the record date for the determination of stockholders entitled to notice of and to vote at the Meeting. Each holder is entitled to one vote for each full share and the appropriate fraction of a vote for each fractional share held. On June 13, 2008, there were 77,614,787.492 shares of the Fund's common stock outstanding.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">In accordance with the Fund's By-Laws, a quorum is constituted by the presence in person or by proxy of the holders of record of a majority of the outstanding shares of the Fund's common stock entitled to vote at the Meeting. In the event that a quorum is not present at the Meeting, or in the event that a quorum is present but sufficient votes to approve any of the proposals are not received, the Meeting may be adjourned to a date not more than 120 days after the original record date to permit further solicitation of proxies. Any such adjournment will require the affirmative vote of a majority of those shares represented at the Meeting in person or by proxy. The persons named as proxies will vote those proxies which they are entitled to vote FOR or AGAINST any such proposal in their discretion.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">Legg Mason Partners Fund Advisor, LLC ("LMPFA"), whose principal business address is 100 Light Street, Baltimore, Maryland 21202, is the Fund's investment manager. Pursuant to a sub-advisory agreement with LMPFA, Western Asset Management Company ("Western Asset") and Western Asset Management Company Limited ("Western Asset Limited") are the Fund's sub-investment advisors. LMPFA, Western Asset and Western Asset Limited are wholly-owned subsidiaries of Legg Mason, Inc. ("Legg Mason").</font></p>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times"><br>1</font></p>
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<p align="center"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>Proposal: Election of Directors</b></font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">In accordance with the Fund's charter, the Fund's Board of Directors is divided into three classes: Class I, Class II and Class III. At the Meeting, Stockholders will be asked to elect two Class I Directors.The effect of these staggered terms is to limit the ability of other entities or persons to acquire control of the Fund by delaying the replacement of a majority of the Board of Directors.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">The persons named in the proxy intend to vote at the Meeting (unless directed not to vote) FOR the election of the nominees named below. Each of the nominees is currently a member of the Fund's Board of Directors and has indicated that they will serve if elected. However, if any nominee should be unable to serve, the proxy will be voted for any other person determined by the persons named in the proxy in accordance with their judgment.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">The following table provides information concerning the nominees for election as Directors of the Fund:</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="209" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Name, Address and Age</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="232" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Position(s)<BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Held with<BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>the Fund</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="49" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Length of<BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Term<BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Served</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="2013" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Principal Occupation(s)<BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>During Past 5 years</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="77" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Number of<BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Portfolios in<BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Fund<BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Complex*<BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Overseen by<BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Nominee<BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>(including<BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>the Fund)</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="429" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Other Directorships<BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Held by Nominee</b></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="23" width="3017" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Nominees to serve as Class I Directors serving until the 2011 Annual Meeting of Stockholders</b></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr height="8"><td colspan="24" height="8"></td></tr>
<tr>
<td colspan="23" width="3017" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>NON-INTERESTED DIRECTOR NOMINEES</b></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr height="8"><td colspan="24" height="8"></td></tr>
<tr>
<td colspan="3" width="209" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Daniel P. Cronin <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">c/o Chairman of the Fund <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">620 Eighth Avenue &#150; 49th Floor New York, NY 10018 <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Birth year: 1946</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="232" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Director and Member of Audit and Nominating Committees</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="49" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Since <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">2002</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="2013" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Retired; formerly, Associate General Counsel, Pfizer, Inc.</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="top">
&nbsp;</td>
<td colspan="1" width="61" align="right" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">25</font></td>
<td colspan="1" width="8" valign="top">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="429" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">None</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr height="8"><td colspan="24" height="8"></td></tr>
<tr>
<td colspan="3" width="209" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Jeswald W. Salacuse <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">c/o Chairman of the Fund <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">620 Eighth Avenue &#150; 49th Floor <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">New York, NY 10018 <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Birth year: 1938</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="232" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Director and Member of Audit and Nominating Committees</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="49" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Since <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">1998</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="2013" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Henry J. Braker Professor of Commercial Law and formerly Dean, The Fletcher School of Law &amp; Diplomacy, Tufts University.</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="top">
&nbsp;</td>
<td colspan="1" width="61" align="right" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">24</font></td>
<td colspan="1" width="8" valign="top">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="429" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Director of two registered investment companies advised by Blackstone Asia Advisors L.L.C. ("Blackstone Advisors")</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr height="8"><td colspan="24" height="8"></td></tr>
</table>

<p>&nbsp;</p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">The following table provides information concerning the remaining Directors of the Fund:</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="209" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Name, Address and Age</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="232" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Position(s)<BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Held with<BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>the Fund</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="49" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Length of<BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Term<BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Served</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="2013" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Principal Occupation(s)<BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>During Past 5 years</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="77" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Number of<BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Portfolios in<BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Fund<BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Complex*<BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Overseen by<BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Director<BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>(including<BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>the Fund)</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="429" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Other Directorships<BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Held by Nominee</b></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="23" width="3017" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Class II Directors serving until the 2009 Annual Meeting of Stockholders</b></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr height="8"><td colspan="24" height="8"></td></tr>
<tr>
<td colspan="23" width="3017" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>NON-INTERESTED DIRECTORS</b></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr height="8"><td colspan="24" height="8"></td></tr>
<tr>
<td colspan="3" width="209" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Paolo M. Cucchi <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Drew University <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">108 </font><font face="Times New Roman PS, Times New Roman, Times" size="1">Brothers College <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Madison, NJ 07940 <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Birth year: 1941</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="232" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Director and Member of Audit and Nominating Committees</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="49" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Since <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">2007</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="2013" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Vice President and Dean of College of Liberal Arts at Drew University</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="top">
&nbsp;</td>
<td colspan="1" width="61" align="right" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">25</font></td>
<td colspan="1" width="8" valign="top">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="429" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">None</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr height="8"><td colspan="24" height="8"></td></tr>
</table>

<p>&nbsp;</p>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times"><br>2</font></p>
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<tr>
<td colspan="3" width="209" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Name, Address and Age</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="232" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Position(s)<BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Held with<BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>the Fund</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="49" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Length of<BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Term<BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Served</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="2013" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Principal Occupation(s)<BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>During Past 5 years</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="77" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Number of<BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Portfolios in<BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Fund<BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Complex*<BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Overseen by<BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Director<BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>(including<BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>the Fund)</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="429" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Other Directorships<BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Held by Nominee</b></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="209" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Leslie H. Gelb<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">c/o Chairman of the Fund<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">399 Park Avenue &#150; 4th Floor<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">New York, NY 10022<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Birth year: 1937</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="232" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Director and Member of Audit and Nominating Committees</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="49" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Since<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">2001</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="2013" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">President Emeritus and Senior Board Fellow, The Council on Foreign Relations; formerly, Columnist, Deputy Editorial Page Editor and Editor, Op-Ed Page, The New York Times.</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="top">
&nbsp;</td>
<td colspan="1" width="61" align="right" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">25</font></td>
<td colspan="1" width="8" valign="top">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="429" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Director of two registered investment companies advised by Blackstone Advisors</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr height="8"><td colspan="24" height="8"></td></tr>
<tr>
<td colspan="3" width="209" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Dr. Riordan Roett <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">The Johns Hopkins University <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">1740 Massachusetts Ave., NW <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Washington, D.C. 20036 <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Birth year: 1938</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="232" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Director and Member of Audit and Nominating Committees</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="49" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Since <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">1998</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="2013" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Professor and Director, Latin American Studies Program, Paul H. Nitze School of Advanced International Studies, The Johns Hopkins University.</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="top">
&nbsp;</td>
<td colspan="1" width="61" align="right" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">25</font></td>
<td colspan="1" width="8" valign="top">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="429" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">None</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr height="8"><td colspan="24" height="8"></td></tr>
<tr>
<td colspan="23" width="3017" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Class III Directors until the 2010 Annual Meeting of Stockholders</b></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr height="8"><td colspan="24" height="8"></td></tr>
<tr>
<td colspan="23" width="3017" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>NON-INTERESTED DIRECTOR NOMINEES</b></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr height="8"><td colspan="24" height="8"></td></tr>
<tr>
<td colspan="3" width="209" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Carol L. Colman <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Colman Consulting <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">278 </font><font face="Times New Roman PS, Times New Roman, Times" size="1">Hawley Road <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">North Salem, NY 10560 <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Birth year: 1946</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="232" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Director and Member of Audit and Nominating Committees</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="49" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Since <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">2002</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="2013" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">President, Colman Consulting Co.</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="top">
&nbsp;</td>
<td colspan="1" width="61" align="right" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">25</font></td>
<td colspan="1" width="8" valign="top">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="429" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">None</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr height="8"><td colspan="24" height="8"></td></tr>
<tr>
<td colspan="3" width="209" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">William R. Hutchinson<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">535 N. Michigan Avenue Suite 1012<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Chicago, IL 60611 <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Birth year: 1942</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="232" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Director and Member of Nominating and Audit Committees</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="49" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Since<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">2003</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="2013" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">President, W.R. Hutchinson &amp; Associates Inc. (consulting)</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="top">
&nbsp;</td>
<td colspan="1" width="61" align="right" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">25</font></td>
<td colspan="1" width="8" valign="top">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="429" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Director of Associated Banc-Corp.</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr height="8"><td colspan="24" height="8"></td></tr>
</table>

<p>&nbsp;</p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">*&nbsp;&nbsp;The term "fund complex" means two or more registered investment companies that:</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">(a) &nbsp;&nbsp;Hold themselves out to investors as related companies for purposes of investment and investor services; or</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">(b) &nbsp;&nbsp;Have a common investment adviser or have an investment adviser that is an affiliated person of the investment adviser of any of the other registered investment companies.</font></p>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times"><br>3</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
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<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="209" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Name, Address and Age</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="232" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Position(s)<BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Held with<BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>the Fund</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="49" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Length of<BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Term<BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Served</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="2013" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Principal Occupation(s)<BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>During Past 5 years</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="77" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Number of<BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Portfolios in<BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Fund<BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Complex*<BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Overseen by<BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Director<BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>(including<BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>the Fund)</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="429" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Other Directorships<BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Held by Nominee</b></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="23" width="3017" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>INTERESTED DIRECTOR</b></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr height="8"><td colspan="24" height="8"></td></tr>
<tr>
<td colspan="3" width="209" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">R. Jay Gerken, CFA** <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Legg Mason &amp; Co., LLC<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">620 </font><font face="Times New Roman PS, Times New Roman, Times" size="1">Eighth Avenue <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">New York, NY 10016 <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Birth year: 1951</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="232" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Chairman, CEO, President and Director</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="49" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Since <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">2002</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="2013" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Managing Director, Legg Mason &amp; Co., LLC ("Legg Mason &amp; Co."); Chairman of the Board and Trustee/Director of 153 funds associated with LMPFA and its affiliates; President, LMPFA (since 2006); Chairman, President and Chief Executive Officer of certain mutual funds associated with Legg Mason &amp; Co. or its affiliates; formerly, Chairman, Smith Barney Fund Management LLC ("SBFM") and Citi Fund Management, Inc. ("CFM") (2002 to 2005); formerly, Chairman, President and Chief Executive Officer, Travelers Investment Adviser Inc. (2002 to 2005).</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="top">
&nbsp;</td>
<td colspan="1" width="61" align="right" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">153</font></td>
<td colspan="1" width="8" valign="top">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="429" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">None</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr height="8"><td colspan="24" height="8"></td></tr>
</table>

<p>&nbsp;</p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">**&nbsp;&nbsp;Mr. Gerken is an "interested person" as defined in the Investment Company Act of 1940, as amended (the "1940 Act"), because he is an employee of Legg Mason, the parent company of the Fund's investment adviser.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">The following table provides information concerning the dollar range of equity securities owned beneficially by each Director and nominee for election as Director as of December 31, 2007:</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="116" align="left" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Name of Director/Nominee</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="107" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Dollar Range</b><b><sup>(1) </sup></b><b>of Equity<BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Securities in the Fund</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="182" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Aggregate Dollar Range</b><b><sup>(1)</sup></b><b> of Equity Securities <BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>in all Funds Overseen by Director/Nominee<BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>in Family of Investment Companies</b><b><sup>(2)</sup></b></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="11" width="405" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>NON-INTERESTED DIRECTORS/NOMINEES</b></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr height="8"><td colspan="12" height="8"></td></tr>
<tr>
<td colspan="3" width="116" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Carol L. Colman</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="107" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">C</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="182" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">E</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr height="8"><td colspan="12" height="8"></td></tr>
<tr>
<td colspan="3" width="116" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Daniel P. Cronin</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="107" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">C</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="182" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">E</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr height="8"><td colspan="12" height="8"></td></tr>
<tr>
<td colspan="3" width="116" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Paolo M. Cucchi</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="107" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">A</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="182" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">C</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr height="8"><td colspan="12" height="8"></td></tr>
<tr>
<td colspan="3" width="116" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Leslie H. Gelb</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="107" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">A</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="182" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">A</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr height="8"><td colspan="12" height="8"></td></tr>
<tr>
<td colspan="3" width="116" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">William R. Hutchinson</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="107" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">E</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="182" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">E</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr height="8"><td colspan="12" height="8"></td></tr>
<tr>
<td colspan="3" width="116" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Dr. Riordan Roett</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="107" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="182" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">C</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr height="8"><td colspan="12" height="8"></td></tr>
<tr>
<td colspan="3" width="116" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Jeswald W. Salacuse</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="107" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">B</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="182" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">C</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr height="8"><td colspan="12" height="8"></td></tr>
<tr>
<td colspan="11" width="405" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>INTERESTED DIRECTOR</b></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr height="8"><td colspan="12" height="8"></td></tr>
<tr>
<td colspan="3" width="116" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">R. Jay Gerken</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="107" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">C</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="182" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">E</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr height="8"><td colspan="12" height="8"></td></tr>
</table>

<p>&nbsp;</p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">(1)&nbsp;&nbsp;The dollar ranges are as follows: "A" = None; "B" = $1-$10,000; "C" = $10,001-$50,000; "D" = $50,001-$100,000; "E" = Over $100,000.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">(2)&nbsp;&nbsp;Family of Investment Companies means any two or more registered investment companies that share the same investment adviser or principal underwriter or hold themselves out to investors as related companies for purposes of investment and investor services.</font></p>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times"><br>4</font></p>
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<p><font face="Times New Roman PS, Times New Roman, Times" size="2">No Director or nominee for election as Director who is not an "interested person" of the Fund as defined in the 1940 Act, nor any immediate family members, to the best of the Fund's knowledge, had any interest in the Fund's investment adviser, or any person or entity (other than the Fund) directly or indirectly controlling, controlled by, or under common control with Legg Mason as of December 31, 2007.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>Responsibilities of the Board of Directors</b></font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">The Board of Directors is responsible for ensuring that the Fund is managed in the best interest of its stockholders. The Directors oversee the Fund's business by, among other things, meeting with the Fund's management and evaluating the performance of the Fund's service providers including LMPFA, Western Asset, the custodian and the transfer agent. As part of this process, the Directors consult with the Fund's independent auditors and with their own separate independent counsel.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">The Board of Directors has four regularly scheduled meetings each year and additional meetings are scheduled as needed. In addition, the Board has an Audit Committee and a Nominating Committee that meet periodically and whose responsibilities are described below.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">During the fiscal year ended April 30, 2008, the Board of Directors held four regular meetings and five special meetings. Each Director attended at least 75% of the aggregate number of meetings of the Board and the committees for which he or she was eligible. The Fund does not have a formal policy regarding attendance by Directors at annual meetings of stockholders. Mr. Gerken attended the Fund's 2007 annual meeting of stockholders.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">The Directors review the Fund's financial statements, performance and market price as well as the quality of the services being provided to the Fund. As part of this process, the Directors review the Fund's fees and expenses to determine if they are reasonable and competitive in light of the services being received and while also ensuring that the Fund continues to have access to high quality services in the future. Based on these reviews, the Directors periodically make suggestions to the Fund's management and monitor to ensure that responsive action is taken. The Directors also monitor potential conflicts of interest among the Fund, LMPFA and its affiliates and other funds and clients managed by LMPFA and Western Assest to ensure that the Fund is managed in a manner which is in the best interest of the Fund's stockholders.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">As of the Record Date, the Fund had outstanding 77,614,787.492 shares of Common Stock, par value $0.001 per share, of which 77,052,911 shares (or 99.27%) were held but not beneficially owned by Cede &amp; Co., a nominee for participants in Depository Trust Company. As of the Record Date, no other person (including any "group" as that term is used in Section 13(d) of the Securities Exchange Act of 1934), to the knowledge of the Fund, owned beneficially 5% or more of the outstanding shares of the Fund other than those listed in the table below. As of the Record Date, the officers and Board members of the Fund as a group beneficially owned less than 1% of the outstanding shares of the Fund.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">The following table shows, as of June 13, 2008, the beneficial owners of 5% or more of the outstanding shares of the Fund. This information is based on reports (Schedules 13 D and G) filed with the Securities and </font></p>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times"><br>5</font></p>
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<p><font face="Times New Roman PS, Times New Roman, Times" size="2">Exchange Commission ("SEC") by the firms listed in the table below as well as information as to beneficial ownership reported to the Fund on behalf of the holder.</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="72" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Title of Class</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="114" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Name and Address of<BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Beneficial Owner</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="80" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Amount of <BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Beneficial <BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Ownership</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="78" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Percent*<BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>of Class</b></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="72" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Common Stock</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="114" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Claymore Securities, Inc.<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Claymore Advisors, LLC<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">2455 Corporate West Drive<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Lisle, IL CT 60532</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="80" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">4,452,618 shares</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="top">
&nbsp;</td>
<td colspan="1" width="47" align="right" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">5.74</font></td>
<td colspan="1" width="23" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">%</font></td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr height="8"><td colspan="16" height="8"></td></tr>
</table>

<p>&nbsp;</p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">*&nbsp;&nbsp;Based upon 77,614,787.492 shares outstanding as of June 13, 2008.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">The Fund's executive officers are chosen each year at a regular meeting of the Board of Directors of the Fund, to hold office until their respective successors are duly elected and qualified. In addition to Mr. Gerken, the Fund's Chairman, CEO and President, the executive officers of the Fund currently are:</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="105" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Name, Address and Age</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="147" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Position(s) Held<BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>with Fund</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="60" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Length of<BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Time Served</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="890" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Principal Occupation(s)<BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>During Past 5 years</b></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="105" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Kaprel Ozsolak<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Legg Mason <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">55 </font><font face="Times New Roman PS, Times New Roman, Times" size="1">Water Street,<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">New York, NY 10041<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Birth year: 1965</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="147" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Treasurer and Chief Financial Officer</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="60" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Since 2007</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="890" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Director of Legg Mason; Chief Financial Officer and Treasurer of certain mutual funds associated with Legg Mason.</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr height="8"><td colspan="16" height="8"></td></tr>
<tr>
<td colspan="3" width="105" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Robert I. Frenkel <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Legg Mason <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">300 First Stamford Place <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Stamford, CT 06902 <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Birth year: 1954</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="147" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Secretary and Chief Legal Officer</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="60" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Since 2003</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="890" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Managing Director and General Counsel of Global Mutual Funds for Legg Mason and its predecessor (since 1994); Secretary and Chief Legal Officer of certain mutual funds associated with Legg Mason.</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr height="8"><td colspan="16" height="8"></td></tr>
<tr>
<td colspan="3" width="105" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Ted P. Becker <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Legg Mason <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">620 </font><font face="Times New Roman PS, Times New Roman, Times" size="1">Eighth Avenue <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">New York, NY 10016 <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Birth Year: 1951</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="147" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Chief Compliance Officer</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="60" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Since 2006</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="890" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Managing Director of Compliance at Legg Mason (2005-Present); Chief Compliance Officer with certain mutual funds associated with Legg Mason (since 2006); Managing Director of Compliance at Legg Mason or its predecessors (2002- 2005).</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr height="8"><td colspan="16" height="8"></td></tr>
</table>

<p>&nbsp;</p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">The Fund's Audit Committee is composed of all Directors who have been determined not to be "interested persons" of the Fund, LMPFA or its affiliates within the meaning of the 1940 Act, and who are "independent" as defined in the New York Stock Exchange listing standards. Currently, the Audit Committee is composed of Ms. Colman, Messrs. Cronin, Cucchi, Gelb, Hutchinson, Roett and Salacuse. The principal functions of the Audit Committee are: to (a) oversee the scope of the Fund's audit, the Fund's accounting and financial reporting policies and practices and its internal controls and enhance the quality and objectivity of the audit function; (b) approve, and recommend to the Independent Board Members (as such term is defined in the Audit Committee Charter) for their ratification, the selection, appointment, retention or termination of the Fund's independent registered public accounting firm, as well as approving the compensation thereof; and (
c) approve all audit and </font></p>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times"><br>6</font></p>
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<p><font face="Times New Roman PS, Times New Roman, Times" size="2">permissible non-audit services provided to the Fund and certain other persons by the Fund's independent registered public accounting firm. This Committee met five times during the fiscal year ended April 30, 2008. The Fund's Board of Directors adopted an amended Audit Committee Charter at a meeting held on November 17, 2006, a copy of which was filed as Annex A to the Fund's Proxy Statement dated June 26, 2007.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">The Fund's Nominating Committee, the principal function of which is to select and nominate candidates for election as Directors of the Fund, is currently composed of Ms. Colman, Messrs. Cronin, Cucchi, Gelb, Hutchinson, Roett and Salacuse. Only Directors who are not "interested persons" of the Fund as defined in the 1940 Act and who are "independent" as defined in the New York Stock Exchange listing standards are members of the Nominating Committee. The Nominating Committee may accept nominees recommended by the stockholder as it deems appropriate. Stockholders who wish to recommend a nominee should send recommendations to the Fund's Secretary that include all information relating to such person that is required to be disclosed in solicitations of proxies for the election of Directors. A recommendation must be accompanied by a written consent of the individual to stand for election if nominated by the Board of Directors and to serve if elect
ed by the stockholders. The Nominating Committee met four times during the Fund's fiscal year ended April 30, 2008. The Fund's Board of Directors adopted a Nominating Committee Charter at a meeting held on January 20, 2004, a copy of which was filed as Annex B to the Fund's Proxy Statement dated June 26, 2007.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">The Nominating Committee identifies potential nominees through its network of contacts, and may also engage, if it deems appropriate, a professional search firm. The Nominating Committee meets to discuss and consider such candidates' qualifications and then chooses a candidate by majority vote. The Nominating Committee does not have specific, minimum qualifications for nominees and has not established specific qualities or skills that it regards as necessary for one or more of the Fund's Directors to possess (other than any qualities or skills that may be required by applicable law, regulation or listing standard). However, as set forth in the Nominating Committee Charter, in evaluating a person as a potential nominee to serve as a Director of the Fund, the Committee may consider the following factors, among any others it may deem relevant:</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">&#149; whether or not the person is an "interested person" as defined in the 1940 Act and whether the person is otherwise qualified under applicable laws and regulations to serve as a Director of the Fund;</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">&#149; whether or not the person has any relationships that might impair his or her independence, such as any business, financial or family relationships with Fund management, the investment manager of the Fund, Fund service providers or their affiliates;</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">&#149; whether or not the person serves on boards of, or is otherwise affiliated with, competing financial service organizations or their related mutual fund complexes;</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">&#149; whether or not the person is willing to serve, and willing and able to commit the time necessary for the performance of the duties of a Director of the Fund;</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">&#149; the contribution which the person can make to the Board and the Fund (or, if the person has previously served as a Director of the Fund, the contribution which the person made to the Board during his or her previous term of service), with consideration being given to the person's business and professional experience, education and such other factors as the Committee may consider relevant;</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">&#149; the character and integrity of the person; and</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">&#149; whether or not the selection and nomination of the person would be consistent with the requirements of the Fund's retirement policies.</font></p>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times"><br>7</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
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<p align="center"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>Report of the Audit Committee</b></font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">Pursuant to a meeting of the Audit Committee on June 26, 2008, the Audit Committee reports that it has: (i) reviewed and discussed the Fund's audited financial statements with management; (ii) discussed with KPMG LLP ("KPMG"), the independent registered public accounting firm of the Fund, the matters required to be discussed by Statement on Auditing Standards No. 61; and (iii) previously received written confirmation from KPMG that it is independent and written disclosures regarding such independence as required by Independence Standards Board Standard No. 1, and discussed with KPMG the independent registered public accounting firm's independence.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">Pursuant to the Audit Committee Charter adopted by the Fund's Board, the Audit Committee is responsible for conferring with the Fund's independent registered public accounting firm, reviewing annual financial statements and recommending the selection of the Fund's independent registered public accounting firm. The Audit Committee advises the full Board with respect to accounting, auditing and financial matters affecting the Fund. The independent registered public accounting firm is responsible for planning and carrying out the proper audits and reviews of the Fund's financial statements and expressing an opinion as to their conformity with accounting principles generally accepted in the United States of America.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">The members of the Audit Committee are not professionally engaged in the practice of auditing or accounting and are responsible for oversight. Moreover, the Audit Committee relies on and makes no independent verification of the facts presented to it or representations made by management or the independent registered public accounting firm. Accordingly, the Audit Committee's oversight does not provide an independent basis to determine that management has maintained appropriate accounting and financial reporting principals and policies, or internal controls and procedures, designed to assure compliance with accounting standards and applicable laws and regulations. Furthermore, the Audit Committee's considerations and discussions referred to above do not provide assurance that the audit of the Fund's financial statements has been carried out in accordance with generally accepted accounting standards or that the financial statements are presente
d in accordance with generally accepted accounting principles.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">Based on the review and discussions referred to in items (i) through (iii) above, the Audit Committee recommended to the Board of Directors (and the Board has approved) that the audited financial statements be included in the Fund's annual report for the Fund's fiscal year ended April 30, 2008.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2">Submitted by the Audit Committee<BR>of the Fund's Board of Directors</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2">Carol L. Colman<BR>Daniel P. Cronin <BR>Paolo M. Cucchi<BR>Leslie H. Gelb<BR>William R. Hutchinson <BR>Dr. Riordan Roett<BR>Jeswald W. Salacuse <BR>June 26, 2008</font></p>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times"><br>8</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
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<p align="center"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>Additional Matters</b></font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>Compensation</b></font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">Under the federal securities laws, and in connection with the Meeting, the Fund is required to provide to stockholders in connection with the Meeting information regarding compensation paid to the Directors by the Fund, as well as by the various other investment companies advised by LMPFA. The following table provides information concerning the compensation paid to each Director by the Fund during the fiscal year ended April 30, 2008 and the total compensation paid to each Director during the calendar year ended December 31, 2007. Certain of the Directors listed below are members of the Fund's Audit and Nominating Committees, as well as other committees of the boards of certain other investment companies advised by LMPFA. Accordingly, the amounts provided in the table include compensation for service on all such committees. The Fund does not provide any pension or retirement benefits to Directors. In addition, no remuneration was paid during
 the fiscal year ended April 30, 2008 by the Fund to Mr. Gerken who is an "interested person" as defined in the 1940 Act.</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="96" align="left" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Name of Directors</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="120" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Aggregate<BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Compensation<BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>from the Fund<BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>for Fiscal Year Ended<BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>04/30/08</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="144" align="center" valign="bottom" style="border:none; border-bottom:solid windowtext 1pt;padding:0pt .7pt 0pt 0pt;">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Total Compensation<BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>from the Fund and<BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Fund Complex</b><b><sup>(1)</sup></b><b> for <BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Calendar Year Ended <BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>12/31/07</b></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="96" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Directorships</b><b><sup>(2)</sup></b></font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="92" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b><sup> </sup></b></font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="94" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b><sup> </sup></b></font></td>
<td colspan="1" width="30" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="96" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Carol L. Colman</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="92" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">26,484</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="94" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">326,113</font></td>
<td colspan="1" width="30" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(25)</font></td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="96" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Daniel P. Cronin</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="92" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">23,885</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="94" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">192,450</font></td>
<td colspan="1" width="30" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(25)</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="96" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Paolo M. Cucchi</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="92" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">23,885</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="94" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">174,250</font></td>
<td colspan="1" width="30" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(25)</font></td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="96" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Leslie H. Gelb</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="92" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">25,174</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="94" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">178,250</font></td>
<td colspan="1" width="30" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(25)</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="96" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Willian R. Hutchinson</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="92" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">26,519</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="94" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">368,240</font></td>
<td colspan="1" width="30" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(25)</font></td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="96" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Dr. Riordan Roett</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="92" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">25,501</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="94" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">180,250</font></td>
<td colspan="1" width="30" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(25)</font></td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="96" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Jeswald W. Salacuse</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="92" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">32,140</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">$</font></td>
<td colspan="1" width="94" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">187,250</font></td>
<td colspan="1" width="30" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(24)</font></td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
</table>

<p>&nbsp;</p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">(1)&nbsp;&nbsp;Fund Complex means two or more Funds (a registrant or, where the registrant is a series company, a separate portfolio of the registrant) that hold themselves out to investors as related companies for purposes of investment and investor services or have a common investment adviser or have an investment adviser that is an affiliated person of the investment adviser of any of the other Funds.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="1">(2)&nbsp;&nbsp;The numbers in parentheses indicate the applicable number of investment company directorships held by that Director.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>Section 16(a) Beneficial Ownership Reporting Compliance</b></font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">Section 16 (a) of the Securities Exchange Act of 1934, as amended, and Section 30(h) of the 1940 Act in combination require the Fund's Directors and principal officers, persons who own more than 10% of the Fund's common stock, LMPFA and Western Asset and their respective directors and principal officers, to file reports of ownership and changes in ownership with the Securities and Exchange Commission and the New York Stock Exchange. The Fund believes that for the fiscal year ended April 30, 2008, all relevant persons have complied with applicable filing requirements.</font></p>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times"><br>9</font></p>
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<p align="center"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>Required Vote</b></font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">Directors are elected by a plurality of the votes cast by the holders of shares of the Fund's common stock present in-person or represented by proxy at a meeting at which a quorum is present. For purposes of the election of Directors, abstentions and broker non-votes will not be considered votes cast, and do not affect the plurality vote required for directors.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>THE DIRECTORS, INCLUDING THE DIRECTORS WHO ARE NOT "INTERESTED PERSONS," UNANIMOUSLY RECOMMEND THAT THE STOCKHOLDERS VOTE "FOR" THE NOMINEES FOR DIRECTOR.</b></font></p>
<p align="center"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>Fees Paid to Independent Registered Public Accounting Firm</b></font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>Audit Fees.</b></font><font face="Times New Roman PS, Times New Roman, Times" size="2"> The aggregate fees billed in the last two fiscal years ending April 30, 2007 and April 30, 2008 (the "Reporting Period") for professional services rendered by KPMG for the audit of the Fund's annual financial statements, or services that are normally provided in connection with the statutory and regulatory filings or engagements for the Reporting Periods, were $53,500 in 2007 and $56,500 in 2008.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>Audit Related Fees.</b></font><font face="Times New Roman PS, Times New Roman, Times" size="2"> The aggregate fees billed by KPMG in connection with assurance and related services related to the annual audit of the Fund and for review of the Fund's financial statements, other than the Audit Fees described above, for the fiscal years ended April 30, 2007 were $12,000 and $13,500 in April 30, 2008.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>Tax Fees.</b></font><font face="Times New Roman PS, Times New Roman, Times" size="2"> The aggregate fees billed by KPMG for tax compliance, tax advice and tax planning services, which include the filing and amendment of federal, state and local income tax returns, timely RIC qualification review, and tax distribution and analysis planning to the Fund for the fiscal years ended April 30, were: $2,650 in 2007 and $0 in 2008.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>All Other Fees.</b></font><font face="Times New Roman PS, Times New Roman, Times" size="2"> There were no other fees billed for other non-audit services rendered by KPMG to the Fund for the fiscal years ended April 30, 2007 and 2008.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">There also were no other non-audit services rendered by KPMG to LMPFA, and any entity controlling, controlled by or under common control with LMPFA that provided ongoing services to the Fund requiring preapproval by the Audit Committee in the Reporting Period.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>Pre-Approval Policies and Procedures.</b></font><font face="Times New Roman PS, Times New Roman, Times" size="2"> Generally, the Audit Committee must approve (a) all audit and permissible non-audit services to be provided to the Fund and (b) all permissible non-audit services to be provided to the Service Affiliates that relate directly to the operations and financial reporting of the Fund. The Audit Committee may implement policies and procedures by which such services are approved other than by the full Committee, but has not yet done so.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">For the Fund the percentage of fees that were approved by the Audit Committee, with respect to: Audit-Related Fees were 100% and 100% for the years ended April 30, 2007 and April 30, 2008; Tax Fees were 100% and 100% for the years ended April 30, 2007 and April 30, 2008; and for Other Fees paid were 100% for the Reporting Period.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">The Audit Committee shall not approve non-audit services that the Committee believes may impair the independence of the independent registered public accounting firm. As of the date of the approval of the Audit Committee Charter, permissible non-audit services include any professional services (including tax services), that are not prohibited services as described below, provided to the Fund by the independent registered public accounting firm, other than those provided to the Fund in connection with an audit or a review of the financial </font></p>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times"><br>10</font></p>
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<p><font face="Times New Roman PS, Times New Roman, Times" size="2">statements of the Fund. Permissible non-audit services may not include: (i) bookkeeping or other services related to the accounting records or financial statements of the Fund; (ii) financial information systems design and implementation; (iii) appraisal or valuation services, fairness opinions or contribution-in-kind reports; (iv) actuarial services (v) internal audit outsourcing services; (vi) management functions or human resources; (vii) broker or dealer, investment adviser or investment banking services; (viii) legal services and expert services unrelated to the audit; and (ix) any other service the Public Company Accounting Oversight Board determines, by regulation, is impermissible.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">Pre-approval by the Audit Committee of any permissible non-audit services is not required so long as: (i) the aggregate amount of all such permissible non-audit services provided to the Fund and the Service Affiliates constitutes not more than 5% of the total amount of revenues paid to the Fund's independent registered public accounting firm during the fiscal year in which the permissible non-audit services are provided to (a) the Fund, (b) LMPFA and (c) any entity controlling, controlled by or under common control with LMPFA that provides ongoing services to the Fund during the fiscal year in which the services are provided that would have to be approved by the Committee; (ii) the permissible non-audit services were not recognized by the Fund at the time of the engagement to be non-audit services; and (iii) such services are promptly brought to the attention of the Audit Committee and approved by the Audit Committee (or its delegate(s)) pri
or to the completion of the audit.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">The aggregate non-audit fees billed by KPMG for services rendered to the Fund and Service Affiliates for the fiscal years ended April 30, 2007 and April 30, 2008 was $0 and $0, respectively.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">The Audit Committee has considered whether the provision of non-audit services to the Service Affiliates that were not pre-approved by the Audit Committee (because they did not require pre-approval) is compatible with maintaining KPMG's independence. All services provided by KPMG to the Fund or to the Service Affiliates that were required to be approved by the Audit Committee were pre-approved.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">A representative of KPMG, if requested by any stockholder, will be present via telephone at the Meeting to respond to appropriate questions from stockholders and will have an opportunity to make a statement if he or she chooses to do so.</font></p>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times"><br>11</font></p>
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<p align="center"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>Proposals to be Submitted by Stockholders and other Shareholder Communications</b></font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">All proposals by stockholders of the Fund which are intended to be presented at the Fund's next Annual Meeting of Stockholders to be held in 2009 must be received by the Fund for inclusion in the Fund's proxy statement and proxy relating to that meeting no later than February 28, 2009. Any stockholder who desires to bring a proposal at the Fund's 2009 Annual Meeting of Stockholders without including such proposal in the Fund's proxy statement must deliver written notice thereof to the Secretary of the Fund (addressed to c/o Legg Mason, 300 First Stamford Place, 2nd Floor, Stamford, CT 06902) no later than 60 days prior to the date of the 2009 Annual Meeting of Stockholders. However, if less than 70 days' notice or prior public disclosure of the date of the 2009 Annual Meeting of Shareholders is given, such written notice must be delivered to the Secretary of the Fund not later than the 10th day following the public announcement of the date o
f the 2009 Annual Meeting of Stockholders.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">The Fund's Audit Committee has also established guidelines and procedures regarding the receipt, retention and treatment of complaints regarding accounting, internal accounting controls or auditing matters (collectively, "Accounting Matters"). Persons with complaints or concerns regarding Accounting Matters may submit their complaints to the Fund's Chief Compliance Officer ("CCO"). Persons who are uncomfortable submitting complaints to the CCO, including complaints involving the CCO, may submit complaints directly to the Fund's Audit Committee Chair (together with the CCO, "Complaint Officers"). Complaints may by submitted on an anonymous basis.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">The CCO may be contacted at:</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2">Legg Mason<BR>Compliance Department<BR>620 Eighth Avenue, 49th floor<BR>New York, NY 10018</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">Complaints may also be submitted by telephone at 800-742-5274. Complaints submitted through this number will be received by the CCO.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">The Fund's Audit Committee Chair may be contacted at:</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2">Western Asset High Income Fund II Inc.<BR>Audit Committee Chair<BR>c/o Robert K. Fulton, Esq.<BR>Stradley Ronon Stevens &amp; Young, LLP <BR>2600 One Commerce Square<BR>Philadelphia, PA 19103</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">Any stockholder who wishes to send any other communications to the Board of Directors should also deliver such communications to the Secretary of the Fund at the address listed above. The Secretary is responsible for determining, in consultation with other officers of the Fund, counsel, and other advisers as appropriate, which stockholder communications will be relayed to the Board.</font></p>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times"><br>12</font></p>
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<p align="center"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>Other Information</b></font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>The Fund's Annual Report containing financial statements for the fiscal year ended April 30, 2008 is available free of charge by writing to the Fund c/o Legg Mason at the address listed on the front cover, or by calling toll-free 1-888-777-0102.</b></font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>Please note that only one annual report or Proxy Statement may be delivered to two or more shareholders of the Fund who share an address, unless the Fund has received instructions to the contrary. To request a separate copy of these documents or to determine how to request a single copy if multiple copies of the document are received, shareholders should contact the Fund at the address and phone number set forth above.</b></font></p>
<p align="center"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>Expenses of Proxy Solicitation</b></font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">The costs of preparing, assembling and mailing material in connection with this solicitation of proxies will be borne by the Fund. Proxies may also be solicited in-person by officers of the Fund and by regular employees of LMPFA or its affiliates, or other representatives of the Fund or by telephone, in addition to the use of mails. Brokerage houses, banks and other fiduciaries may be requested to forward proxy solicitation material to their principals to obtain authorization for the execution of proxies, and will be reimbursed by the Fund for such out-of-pocket expenses.</font></p>
<p align="center"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>Other Business</b></font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">The Board of Directors of the Fund does not know of any other matter which may come before the Meeting. If any other matter properly comes before the Meeting, it is the intention of the persons named in the proxy to vote the proxies in accordance with their judgment on that matter.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">June 27, 2008</font></p>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times"><br>13</font></p>
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<br clear="all" style="page-break-before:always;">
<div style="font-family:Times New Roman;">

<p style="margin:0in 0in 50.0pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">ANNUAL MEETING OF STOCKHOLDERS OF</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="5" face="Times New Roman" style="font-size:18.0pt;font-weight:bold;">WESTERN
ASSET HIGH INCOME FUND II INC.</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">August&nbsp;4,
2008</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in 1.25in;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:11.0pt;font-weight:bold;">COMMON
STOCK</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="5" face="Times New Roman" style="font-size:18.0pt;">Please sign, date and
mail</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="5" face="Times New Roman" style="font-size:18.0pt;">your proxy card in the</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="5" face="Times New Roman" style="font-size:18.0pt;">envelope provided as soon</font></p>

<p align="center" style="margin:0in 0in 1.25in;text-align:center;text-autospace:none;"><font size="5" face="Times New Roman" style="font-size:18.0pt;">as possible.</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="26%" style="padding:0in 0in 0in 0in;width:26.0%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman"><img width="9" height="24" src="g169101bci001.jpg"></font></p>
  </td>
  <td width="48%" style="padding:0in 0in 0in 0in;width:48.16%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">Please detach along
  perforated line and mail in the envelope provided.</font></p>
  </td>
  <td width="25%" style="padding:0in 0in 0in 0in;width:25.84%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman"><img width="9" height="24" src="g169101bci001.jpg"></font></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="4%" style="padding:0in 0in 0in 0in;width:4.42%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><img width="21" height="17" src="g169101bci002.jpg"></font></p>
  </td>
  <td width="19%" style="padding:0in 0in 0in 0in;width:19.58%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">20200000000000001000</font></p>
  </td>
  <td width="38%" style="padding:0in 0in 0in 0in;width:38.76%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5</font></p>
  </td>
  <td width="37%" style="padding:0in 0in 0in 0in;width:37.24%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">080408</font></p>
  </td>
 </tr>
 <tr>
  <td width="4%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:4.42%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman" style="font-size:5.0pt;">&nbsp;</font></p>
  </td>
  <td width="19%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:19.58%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman" style="font-size:5.0pt;">&nbsp;</font></p>
  </td>
  <td width="38%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:38.76%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman" style="font-size:5.0pt;">&nbsp;</font></p>
  </td>
  <td width="37%" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:37.24%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman" style="font-size:5.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="100%" colspan="7" valign="top" style="padding:0in .7pt 0in .7pt;width:100.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Times New Roman" style="font-size:7.0pt;font-weight:bold;">THE
  BOARD OF DIRECTORS RECOMMENDS A VOTE &#147;FOR&#148; THE ELECTION.</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="100%" colspan="7" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in .7pt;width:100.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="1" face="Times New Roman" style="font-size:7.0pt;font-weight:bold;">PLEASE
  SIGN, DATE AND RETURN PROMPTLY IN THE ENCLOSED ENVELOPE. PLEASE MARK YOUR
  VOTE IN BLUE OR BLACK INK AS SHOWN HERE </font></b><font size="1" face="Wingdings" style="font-size:7.0pt;">x</font></p>
  </td>
 </tr>
 <tr>
  <td width="46%" colspan="4" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in .7pt 0in .7pt;width:46.26%;">
  <p style="margin:8.0pt 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1. Election of Class&nbsp;I
  Directors:</font></p>
  </td>
  <td width="0%" valign="top" style="border:none;padding:0in .7pt 0in .7pt;width:.82%;">
  <p style="margin:8.0pt 0in .0001pt;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="52%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:52.92%;">
  <p style="margin:8.0pt 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2. Any other business that
  may properly come before the Meeting.</font></p>
  </td>
 </tr>
 <tr>
  <td width="46%" colspan="4" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in .7pt 0in .7pt;width:46.26%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="0%" valign="top" style="border:none;padding:0in .7pt 0in .7pt;width:.82%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="52%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:52.92%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr height="13" style="height:9.9pt;">
  <td width="3%" height="13" style="height:9.9pt;padding:0in .7pt 0in .7pt;width:3.56%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="18%" height="13" style="height:9.9pt;padding:0in .7pt 0in .7pt;width:18.84%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="23%" colspan="2" height="13" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;height:9.9pt;padding:0in .7pt 0in .7pt;width:23.84%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">NOMINEES:</font></b></p>
  </td>
  <td width="0%" rowspan="2" valign="top" style="border:none;height:9.9pt;padding:0in .7pt 0in .7pt;width:.82%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="52%" colspan="2" rowspan="2" valign="top" style="height:9.9pt;padding:0in .7pt 0in .7pt;width:52.92%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">This proxy, if properly
  executed, will be voted in the manner<br>
  directed by the stockholder. If no direction is made, this proxy<br>
  will be voted FOR the election of the nominees as Directors.</font></b></p>
  </td>
 </tr>
 <tr height="13" style="height:9.9pt;">
  <td width="3%" height="13" style="height:9.9pt;padding:0in .7pt 0in .7pt;width:3.56%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><img width="24" height="23" src="g169101bci003.jpg"></font></p>
  </td>
  <td width="18%" height="13" style="height:9.9pt;padding:0in .7pt 0in .7pt;width:18.84%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Times New Roman" style="font-size:7.0pt;font-weight:bold;">FOR ALL NOMINEES</font></b></p>
  </td>
  <td width="23%" colspan="2" height="13" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;height:9.9pt;padding:0in .7pt 0in .7pt;width:23.84%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Times New Roman" style="font-weight:bold;"><img width="13" height="10" src="g169101bci004.jpg"></font></b><font size="1" style="font-size:9.0pt;">&nbsp; </font><font size="1" style="font-size:9.0pt;">Daniel P. Cronin<br>
  <b><img width="13" height="10" src="g169101bci004.jpg"></b>&nbsp; Jeswald
  W. Salacuse</font></p>
  </td>
 </tr>
 <tr height="13" style="height:9.9pt;">
  <td width="3%" height="13" style="height:9.9pt;padding:0in .7pt 0in .7pt;width:3.56%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>
  </td>
  <td width="18%" height="13" style="height:9.9pt;padding:0in .7pt 0in .7pt;width:18.84%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="23%" colspan="2" height="13" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;height:9.9pt;padding:0in .7pt 0in .7pt;width:23.84%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="0%" height="13" valign="top" style="border:none;height:9.9pt;padding:0in .7pt 0in .7pt;width:.82%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="52%" colspan="2" height="13" valign="top" style="height:9.9pt;padding:0in .7pt 0in .7pt;width:52.92%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr height="13" style="height:9.9pt;">
  <td width="3%" height="13" style="height:9.9pt;padding:0in .7pt 0in .7pt;width:3.56%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><img width="24" height="23" src="g169101bci003.jpg"></font></p>
  </td>
  <td width="18%" height="13" style="height:9.9pt;padding:0in .7pt 0in .7pt;width:18.84%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Times New Roman" style="font-size:7.0pt;font-weight:bold;">WITHHOLD AUTHORITY<br>
  FOR ALL NOMINEES</font></b></p>
  </td>
  <td width="23%" colspan="2" height="13" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;height:9.9pt;padding:0in .7pt 0in .7pt;width:23.84%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="0%" height="13" valign="top" style="border:none;height:9.9pt;padding:0in .7pt 0in .7pt;width:.82%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="52%" colspan="2" height="13" valign="top" style="height:9.9pt;padding:0in .7pt 0in .7pt;width:52.92%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman" style="font-size:8.0pt;"><br>
  Please refer to the Proxy Statement for a discussion of the Proposal.</font></p>
  </td>
 </tr>
 <tr height="13" style="height:9.9pt;">
  <td width="3%" height="13" style="height:9.9pt;padding:0in .7pt 0in .7pt;width:3.56%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>
  </td>
  <td width="18%" height="13" style="height:9.9pt;padding:0in .7pt 0in .7pt;width:18.84%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="23%" colspan="2" height="13" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;height:9.9pt;padding:0in .7pt 0in .7pt;width:23.84%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="0%" height="13" valign="top" style="border:none;height:9.9pt;padding:0in .7pt 0in .7pt;width:.82%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="52%" colspan="2" height="13" valign="top" style="height:9.9pt;padding:0in .7pt 0in .7pt;width:52.92%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr height="13" style="height:9.9pt;">
  <td width="3%" height="13" style="height:9.9pt;padding:0in .7pt 0in .7pt;width:3.56%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><img width="24" height="23" src="g169101bci003.jpg"></font></p>
  </td>
  <td width="18%" height="13" style="height:9.9pt;padding:0in .7pt 0in .7pt;width:18.84%;">
  <p style="margin:0in 0in 8.0pt;text-autospace:none;"><b><font size="1" face="Times New Roman" style="font-size:7.0pt;font-weight:bold;">FOR ALL EXCEPT<br>
  </font></b><font size="1" style="font-size:7.0pt;">(See instructions
  below)</font></p>
  </td>
  <td width="23%" colspan="2" height="13" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;height:9.9pt;padding:0in .7pt 0in .7pt;width:23.84%;">
  <p style="margin:0in 0in 8.0pt;text-autospace:none;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="0%" height="13" valign="top" style="border:none;height:9.9pt;padding:0in .7pt 0in .7pt;width:.82%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="52%" colspan="2" height="13" valign="top" style="height:9.9pt;padding:0in .7pt 0in .7pt;width:52.92%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="46%" colspan="4" rowspan="6" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in .7pt 0in .7pt;width:46.26%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="0%" valign="top" style="border:none;padding:0in .7pt 0in .7pt;width:.82%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="52%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:52.92%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="0%" valign="top" style="border:none;padding:0in .7pt 0in .7pt;width:.82%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="52%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:52.92%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="0%" valign="top" style="border:none;padding:0in .7pt 0in .7pt;width:.82%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="52%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:52.92%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="0%" valign="top" style="border:none;padding:0in .7pt 0in .7pt;width:.82%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="52%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:52.92%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="0%" valign="top" style="border:none;padding:0in .7pt 0in .7pt;width:.82%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="52%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:52.92%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="0%" valign="top" style="border:none;padding:0in .7pt 0in .7pt;width:.82%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="52%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:52.92%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="46%" colspan="4" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in .7pt 0in .7pt;width:46.26%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><u><font size="1" face="Times New Roman" style="font-size:5.5pt;font-weight:bold;">INSTRUCTIONS:</font></u></b><font size="1" style="font-size:5.5pt;">To withhold authority to vote for any
  individual nominee(s), mark <b>&#147;FOR ALL
  EXCEPT&#148;</b></font></p>
  <p align="right" style="margin:0in 0in .0001pt 34.0pt;text-align:right;text-autospace:none;"><font size="1" face="Times New Roman" style="font-size:6.0pt;">and fill in the
  circle next to each nominee you wish to withhold, as shown here:&nbsp; </font><font size="1"><img width="12" height="9" src="g169101bci005.jpg"></font></p>
  </td>
  <td width="0%" valign="top" style="border:none;padding:0in .7pt 0in .7pt;width:.82%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="52%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:52.92%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="46%" colspan="4" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in .7pt 0in .7pt;width:46.26%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="0%" valign="top" style="border:none;padding:0in .7pt 0in .7pt;width:.82%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="52%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:52.92%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="46%" colspan="4" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in .7pt 0in .7pt;width:46.26%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="0%" valign="top" style="border:none;padding:0in .7pt 0in .7pt;width:.82%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="52%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:52.92%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="46%" colspan="4" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in .7pt 0in .7pt;width:46.26%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="0%" valign="top" style="border:none;padding:0in .7pt 0in .7pt;width:.82%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="52%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:52.92%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="46%" colspan="4" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in .7pt 0in .7pt;width:46.26%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="0%" valign="top" style="border:none;padding:0in .7pt 0in .7pt;width:.82%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="52%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:52.92%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="46%" colspan="4" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in .7pt 0in .7pt;width:46.26%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="0%" valign="top" style="border:none;padding:0in .7pt 0in .7pt;width:.82%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="42%" style="padding:0in .7pt 0in .7pt;width:42.7%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">Please
  check here of you plan to attend the Meeting.</font></b></p>
  </td>
  <td width="10%" valign="top" style="padding:0in .7pt 0in .7pt;width:10.22%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><img width="24" height="23" src="g169101bci003.jpg"></font></p>
  </td>
 </tr>
 <tr>
  <td width="41%" colspan="3" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in .7pt 0in .7pt;width:41.02%;">
  <p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;"><font size="1" face="Times New Roman" style="font-size:7.0pt;">To change the address on your account, please check
  the box at right and<br>
  indicate your new address in the address space above. Please note that<br>
  changes to the registered name(s)&nbsp;on the account may not be submitted
  via<br>
  this method.</font></p>
  </td>
  <td width="5%" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in .7pt 0in .7pt;width:5.24%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman"><img width="24" height="23" src="g169101bci003.jpg"></font></p>
  </td>
  <td width="0%" valign="top" style="border:none;padding:0in .7pt 0in .7pt;width:.82%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="52%" colspan="2" valign="top" style="padding:0in .7pt 0in .7pt;width:52.92%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr height="0">
  <td width="27" style="border:none;"></td>
  <td width="141" style="border:none;"></td>
  <td width="139" style="border:none;"></td>
  <td width="39" style="border:none;"></td>
  <td width="6" style="border:none;"></td>
  <td width="319" style="border:none;"></td>
  <td width="76" style="border:none;"></td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="14%" colspan="3" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in .7pt 0in .7pt;width:14.0%;">
  <p style="margin:0in 0in 1.0pt;text-autospace:none;"><font size="1" face="Times New Roman" style="font-size:7.0pt;">Signature of Stockholder</font></p>
  </td>
  <td width="21%" style="border:solid windowtext 1.0pt;border-left:none;padding:0in .7pt 0in .7pt;width:21.94%;">
  <p style="margin:0in 0in 1.0pt;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="3%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in .7pt 0in .7pt;width:3.44%;">
  <p style="margin:0in 0in 1.0pt 1.0pt;text-autospace:none;"><font size="1" face="Times New Roman" style="font-size:7.0pt;">Date:</font></p>
  </td>
  <td width="11%" style="border:solid windowtext 1.0pt;border-left:none;padding:0in .7pt 0in .7pt;width:11.2%;">
  <p style="margin:0in 0in 1.0pt;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="14%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in .7pt 0in .7pt;width:14.62%;">
  <p style="margin:0in 0in 1.0pt 1.0pt;text-autospace:none;"><font size="1" face="Times New Roman" style="font-size:7.0pt;">Signature
  of Stockholder</font></p>
  </td>
  <td width="20%" style="border:solid windowtext 1.0pt;border-left:none;padding:0in .7pt 0in .7pt;width:20.06%;">
  <p style="margin:0in 0in 1.0pt;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="3%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in .7pt 0in .7pt;width:3.52%;">
  <p style="margin:0in 0in 1.0pt 1.0pt;text-autospace:none;"><font size="1" face="Times New Roman" style="font-size:7.0pt;">Date:</font></p>
  </td>
  <td width="11%" colspan="2" style="border:solid windowtext 1.0pt;border-left:none;padding:0in .7pt 0in .7pt;width:11.22%;">
  <p style="margin:0in 0in 1.0pt;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="3%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:3.14%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Times New Roman" style="font-weight:bold;"><img width="15" height="11" src="g169101bci006.jpg"></font></b></p>
  </td>
  <td width="3%" valign="top" style="padding:0in .7pt 0in .7pt;width:3.54%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="1" face="Times New Roman" style="font-size:6.0pt;font-weight:bold;">Note:</font></b></p>
  </td>
  <td width="91%" colspan="8" valign="top" style="padding:0in .7pt 0in .7pt;width:91.52%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><a name="cells"><font size="1" face="Times New Roman" style="font-size:6.0pt;">Please sign exactly as your name or names appear on
  this Proxy. When shares are held jointly, each holder should sign. When
  signing as executor, administrator, attorney, trustee or guardian, please
  give<br>
  full title as such. If the signer is a corporation, please sign full
  corporate name by duly authorized officer, giving full title as such. If
  signer is a partnership, please sign in partnership name by authorized person.</font></a></p>
  </td>
  <td width="1%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:1.8%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="1" face="Times New Roman" style="font-weight:bold;"><img width="15" height="12" src="g169101bci007.jpg"></font></b></p>
  </td>
 </tr>
 <tr height="0">
  <td width="23" style="border:none;"></td>
  <td width="26" style="border:none;"></td>
  <td width="54" style="border:none;"></td>
  <td width="164" style="border:none;"></td>
  <td width="25" style="border:none;"></td>
  <td width="83" style="border:none;"></td>
  <td width="109" style="border:none;"></td>
  <td width="150" style="border:none;"></td>
  <td width="26" style="border:none;"></td>
  <td width="70" style="border:none;"></td>
  <td width="17" style="border:none;"></td>
 </tr>
</table>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<div style="margin:0in 0in .0001pt;text-autospace:none;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- SEQ.=1,FOLIO='',FILE='C:\JMS\C900115\08-16910-1\task3005624\16910-1-bc.htm',USER='105691',CD='Jun 26 11:46 2008' -->


<br clear="all" style="page-break-before:always;">


<div>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.44%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="39%" valign="top" style="padding:0in 0in 0in 0in;width:39.46%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">0</font></p>
  </td>
  <td width="10%" valign="top" style="padding:0in 0in 0in 0in;width:10.12%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><img width="17" height="14" src="g169101bci008.jpg"></font></p>
  </td>
 </tr>
 <tr>
  <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.44%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="49%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:49.56%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.44%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">COMMON STOCK</font></b></p>
  </td>
  <td width="49%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:49.56%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">COMMON STOCK</font></b></p>
  </td>
 </tr>
</table>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="4" face="Times New Roman" style="font-size:14.0pt;font-weight:bold;">WESTERN ASSET HIGH INCOME FUND II
INC.</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="4" face="Times New Roman" style="font-size:14.0pt;font-weight:bold;">August&nbsp;4,
2008</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">THIS
PROXY IS SOLICITED ON BEHALF OF THE BOARD OF DIRECTORS</font></b></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0in 0in .0001pt;text-align:justify;text-autospace:none;text-indent:.5in;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">The undersigned hereby
appoints R. Jay Gerken, Robert I. Frenkel, William J. Renahan, and Barbara
Allen, and each of them, attorneys and proxies for the undersigned, with full
power of substitution and revocation to represent the undersigned and to vote
on behalf of the undersigned all shares of Common Stock of Western Asset High
Income Fund II Inc. (the &#147;Fund&#148;) which the undersigned is entitled to vote at
the Annual Meeting of Stockholders of the Fund to be held at the offices of
Legg Mason, 620 Eighth Avenue, 49th Floor, New York, New York on Monday, August&nbsp;4,
2008, at 3:00&nbsp;p.m., and at any adjournments thereof. The undersigned
hereby acknowledges receipt of the Notice of Meeting and accompanying Proxy
Statement and hereby instructs said attorneys and proxies to vote said shares
as indicated hereon. In their discretion, the proxies are authorized to vote
upon such other business as may properly come before the Meeting. A majority of
the proxies present and acting at the Meeting in person or by substitute (or,
if only one shall be so present, then that one) shall have and may exercise all
of the power and authority of said proxies hereunder. The undersigned hereby
revokes any proxy previously given.</font></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="3" face="Times New Roman" style="font-size:12.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">(Continued
and to be signed on the reverse side)</font></b></p>

<p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="50%" valign="top" style="padding:0in 0in 0in 0in;width:50.44%;">
  <p style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman"><img width="17" height="14" src="g169101bci008.jpg"></font></p>
  </td>
  <td width="46%" valign="top" style="padding:0in 0in 0in 0in;width:46.24%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">14475</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0in 0in 0in 0in;width:3.34%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;text-autospace:none;"><font size="2" face="Times New Roman"><img width="17" height="14" src="g169101bci008.jpg"></font></p>
  </td>
 </tr>
</table>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<div style="margin:0in 0in .0001pt;text-autospace:none;"><hr size="3" width="100%" noshade color="#010101" align="left"></div>

</div>
<!-- SEQ.=1,FOLIO='',FILE='C:\JMS\C900115\08-16910-1\task3005624\16910-1-bc.htm',USER='105691',CD='Jun 26 11:46 2008' -->


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