<SEC-DOCUMENT>0001193125-19-267413.txt : 20191015
<SEC-HEADER>0001193125-19-267413.hdr.sgml : 20191015
<ACCEPTANCE-DATETIME>20191015101216
ACCESSION NUMBER:		0001193125-19-267413
CONFORMED SUBMISSION TYPE:	DEFA14A
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20191015
DATE AS OF CHANGE:		20191015
EFFECTIVENESS DATE:		20191015

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			WESTERN ASSET HIGH INCOME FUND II INC.
		CENTRAL INDEX KEY:			0001058239
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			0430

	FILING VALUES:
		FORM TYPE:		DEFA14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-08709
		FILM NUMBER:		191149821

	BUSINESS ADDRESS:	
		STREET 1:		620 EIGHTH AVENUE
		STREET 2:		49TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10018
		BUSINESS PHONE:		8887770102

	MAIL ADDRESS:	
		STREET 1:		620 EIGHTH AVENUE
		STREET 2:		49TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10018

	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>DEFA14A
<SEQUENCE>1
<FILENAME>d811976ddefa14a.htm
<DESCRIPTION>WESTERN ASSET HIGH INCOME FUND II INC. (HIX)
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<TITLE>Western Asset High Income Fund II Inc. (HIX)</TITLE>
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 <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>SCHEDULE 14A </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>(Rule 14a-101) </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>INFORMATION REQUIRED IN PROXY STATEMENT </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>SCHEDULE 14A INFORMATION </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Proxy Statement Pursuant to Section 14(a) of the </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Securities Exchange Act of 1934 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>(Amendment No. &nbsp;&nbsp;&nbsp;&nbsp;) </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Filed by the
Registrant&nbsp;&nbsp;&#9746;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Filed by a Party other than the
Registrant&nbsp;&nbsp;&#9744;</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Check the appropriate box: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top">&#9744;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Preliminary Proxy Statement</TD></TR>
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<TD VALIGN="top">&#9744;</TD>
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<TD VALIGN="bottom"><B>Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2))</B></TD></TR>
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<TD VALIGN="top">&#9744;</TD>
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<TD VALIGN="bottom">Definitive Proxy Statement</TD></TR>
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<TD VALIGN="top">&#9746;</TD>
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<TD VALIGN="bottom">Definitive Additional Materials</TD></TR>
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<TD VALIGN="top">&#9744;</TD>
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<TD VALIGN="bottom">Soliciting Material Pursuant to Section 240.14a-11(c) or Section 240.14a-12</TD></TR></TABLE>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:22pt; font-family:Times New Roman" ALIGN="center"><B>WESTERN ASSET HIGH INCOME FUND II INC. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(Name of Registrant as Specified in Its Charter) </B></P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Payment of Filing Fee (Check the appropriate box): </P>
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<TD VALIGN="top" COLSPAN="3">No fee required.</TD></TR>
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<TD VALIGN="top" COLSPAN="3">Fee computed on table below per Exchange Act Rules 14a-6(i)(1) and 0-11.</TD></TR>
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<TD VALIGN="top">(1)</TD>
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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Title of each class of securities to which transaction applies:</P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top">(2)</TD>
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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Aggregate number of securities to which transaction applies:</P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P></TD></TR>
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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">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):</P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P></TD></TR>
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<TD VALIGN="top">(4)</TD>
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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Proposed maximum aggregate value of transaction:</P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top">(5)</TD>
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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Total fee paid:</P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P></TD></TR>
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<TD VALIGN="top" COLSPAN="3">Fee paid previously with preliminary materials.</TD></TR>
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<TD VALIGN="top" COLSPAN="3">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 the registration statement
number, or the Form or Schedule and the date of its filing.</TD></TR>
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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Amount Previously Paid:</P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Form, Schedule or Registration Statement No.:</P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P></TD></TR>
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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Filing Party:</P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Date Filed:</P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="center"><B>Leading Independent Proxy Advisory Firms ISS and Glass Lewis Recommend </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="center"><B>Stockholders Vote &#147;FOR&#148; Western Asset High Income Fund II&#146;s Director Nominees </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL" ALIGN="center"><I>Western Asset High Income Fund II Urges Stockholders to Protect the Value of Their Investment by Voting </I><B><I>&#147;FOR&#148;</I></B><I> the
Fund&#146;s Director Nominees on the WHITE Proxy Card </I></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL"><B>NEW YORK</B> &#150; October&nbsp;14, 2019 &#150; Western Asset High Income Fund II Inc. (NYSE: HIX)
(&#147;the Fund&#148;) today announced that two of the leading independent proxy advisory firms, Institutional Shareholder Services (&#147;ISS&#148;) and Glass Lewis&nbsp;&amp; Co. (&#147;Glass Lewis&#148;), recommend that stockholders vote
<B>&#147;FOR&#148;</B> the Fund&#146;s highly-qualified and experienced director nominees &#150; Carol L. Colman, CFA, William R. Hutchinson and Jane E. Trust, CFA &#150; on the WHITE proxy card in connection with the Annual Meeting of Stockholders
scheduled for 9:30 a.m. Eastern Time on October&nbsp;25, 2019. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL">In their reports dated October&nbsp;12, 2019, and October&nbsp;7, 2019, respectively, ISS and Glass
Lewis noted<FONT STYLE="font-family:ARIAL; font-size:10pt"><SUP STYLE="font-size:85%; vertical-align:top">1</SUP></FONT><FONT STYLE="font-family:ARIAL; font-size:11pt">: </FONT></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman">&#9679;</FONT></TD>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11pt">&#147;&#133; the fund&#146;s discount has narrowed from 18&nbsp;percent in December 2018, (the point over the last five
years at which its discount was greatest), to 8&nbsp;percent in October 2019. This suggests that management&#146;s efforts focused on discount reduction measures appear to be working and could be the result of the fund&#146;s ongoing fee reduction
management, share repurchases, and increased distributions to shareholders.&#148; <I>ISS report dated October</I><I></I><I>&nbsp;12, 2019</I> </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman">&#9679;</FONT></TD>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11pt">Saba Capital&#146;s activist campaign &#147;is very likely to advance short-term initiatives aimed at creating a brief
uplift in trading prices, after which we expect Saba would undertake the common tack of quickly liquidating its position and reallocating any gains to new opportunities in the satisfaction of its own investment objectives.&#148; <I>Glass Lewis
report dated October</I><I></I><I>&nbsp;7, 2019</I> </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman">&#9679;</FONT></TD>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11pt">&#147;&#133; because Saba has not offered any meaningfully detailed alternatives, ordinary investors are largely left to
assume Messrs. Basile, Flanagan and Gabriel would advance many of the same outcomes the Dissident is well-known for promoting (e.g. large-scale share buybacks, open-ending the fund)&#133; we do not consider these outcomes are particularly
well-supported by Saba&#146;s core quantitative arguments, nor do we consider Messrs. Basile, Flanagan and Gabriel have experience relevant to the pursuit of these outcomes.&#148; <I>Glass Lewis report dated October</I><I></I><I>&nbsp;7, 2019</I>
</P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="7%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman">&#9679;</FONT></TD>
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<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11pt">&#147;In light of these factors, the dissident has not demonstrated that board level change is warranted at this time. As
such, votes for all incumbent directors on the management (WHITE) card are warranted.&#148; <I>ISS report dated October</I><I></I><I>&nbsp;12, 2019</I> </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL">&#147;ISS&#146;s and Glass Lewis&#146;s recommendations underscore our belief that we have the right Board to continue to oversee the successful execution of our
strategy that is delivering strong returns,&#148; said Jane E. Trust, Chairman, President and Chief Executive Officer of Western Asset High Income Fund II. &#147;We are pleased that the proxy advisory firms recognize that the Fund&#146;s Board is
well positioned to continue serving the best interests of all stockholders.&#148; </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL">&nbsp;&nbsp;</P>
<P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:11%">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><SUP STYLE="font-size:85%; vertical-align:top">1</SUP>
<FONT STYLE="font-family:ARIAL; font-size:7pt">Permission to use quotations neither sought not obtained.</FONT><FONT STYLE="font-family:ARIAL; font-size:10pt"> </FONT></P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL">Ms.&nbsp;Trust continued, &#147;Saba Capital&#146;s candidates lack critical diversity and expertise, and would not
help our Board continue its track record of achieving our investment objectives. We believe that the primary goal of Saba Capital&#146;s proxy contest is to pressure our Board to implement changes that would be detrimental to our long-term
stockholders. We urge our stockholders to protect the value of their investment by following the proxy advisory firms&#146; recommendations and supporting the Board that has delivered substantial stockholder value.&#148; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL">Western Asset High Income Fund II&#146;s Board has a proven track record of working with the Fund&#146;s investment advisor to achieve its objectives, including: </P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman">&#9679;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11pt">Driving total stockholder returns<SUP STYLE="font-size:85%; vertical-align:top">2</SUP><SUP
STYLE="font-size:85%; vertical-align:top"> </SUP>that have outpaced Lipper peer group<SUP STYLE="font-size:85%; vertical-align:top">3</SUP> averages over <FONT STYLE="white-space:nowrap">1-</FONT> and <FONT STYLE="white-space:nowrap">3-year</FONT>
periods and our key benchmark<SUP STYLE="font-size:85%; vertical-align:top">4</SUP> averages over the <FONT STYLE="white-space:nowrap">1-,</FONT> <FONT STYLE="white-space:nowrap">3-</FONT> and <FONT STYLE="white-space:nowrap">10-year</FONT> periods;
</P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman">&#9679;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11pt">Enhancing the portfolio composition, resulting in <FONT STYLE="white-space:nowrap">1-year</FONT> returns<SUP
STYLE="font-size:85%; vertical-align:top">2 </SUP>of 18.88%, more than double the Lipper peer group<SUP STYLE="font-size:85%; vertical-align:top">3</SUP> average of 8.97% and key benchmark<SUP STYLE="font-size:85%; vertical-align:top">4</SUP>
average of 8.26%; </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman">&#9679;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11pt">Outperforming peers with <FONT STYLE="white-space:nowrap">5-year</FONT> average annualized yield of 8.72%, above the Lipper
peer group<SUP STYLE="font-size:85%; vertical-align:top">3</SUP> average of 8.03%; </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman">&#9679;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11pt">Increasing its distribution payout for three straight quarters; and </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:11pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="font-family:Times New Roman">&#9679;</FONT></TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:ARIAL; font-size:11pt">Raising the dividend, increasing its distribution yield to 8.60%<SUP STYLE="font-size:85%; vertical-align:top">5</SUP>.
</P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL">The Board unanimously urges stockholders to follow the recommendations from ISS and Glass Lewis by voting <B>&#147;FOR&#148;</B> Carol L. Colman,
CFA, William R. Hutchinson and Jane E. Trust, CFA and &#147;AGAINST&#148; Saba Capital&#146;s Board <FONT STYLE="white-space:nowrap">De-Classification</FONT> Proposal on the WHITE proxy card today. </P>
<P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><div style="max-width:100%;margin-left:0%; margin-right:0%;border:solid 1px;background-color:;;padding-top:2pt;padding-bottom:3pt">
<P STYLE="font-size:2pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; padding-top:1pt; font-size:9pt; font-family:ARIAL" ALIGN="center"><B>Your Vote Is Important, No Matter How Many or How Few Shares You
Own </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL" ALIGN="center">You can vote by Internet, telephone or by signing and dating the <B><U>WHITE</U></B> proxy card and mailing it in the envelope provided. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL" ALIGN="center">If you have any questions about how to vote your shares, or need additional assistance, please contact: </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="margin-top:0pt;margin-bottom:0pt" ALIGN="center">


<IMG SRC="g811976g98v64.jpg" ALT="LOGO">
 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL" ALIGN="center">Stockholders Call Toll-Free: (877) <FONT STYLE="white-space:nowrap">750-8197</FONT> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL" ALIGN="center">Banks and Brokers Call: (212) <FONT STYLE="white-space:nowrap">750-5833</FONT> </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>REMEMBER: </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; padding-bottom:1pt; font-size:10pt; font-family:ARIAL" ALIGN="center"><B>We urge you
<U>NOT</U> to vote using any GOLD proxy card sent to you by Saba Capital, as doing so will revoke your vote on the <U>WHITE</U> proxy card. </B></P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P></div>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:32%">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7pt; font-family:ARIAL"><SUP STYLE="font-size:85%; vertical-align:top">2</SUP>
The Fund&#146;s performance is based on the price of the Fund&#146;s securities, which are listed for trading on the NYSE. </P> <P STYLE="margin-top:4pt; margin-bottom:0pt; font-size:7pt; font-family:ARIAL"><SUP
STYLE="font-size:85%; vertical-align:top">3</SUP> The Fund&#146;s Lipper peer group refers to the peer group of high-yield, levered <FONT STYLE="white-space:nowrap">closed-end</FONT> funds as selected by Lipper, an independent nationally recognized
provider of investment company information. </P> <P STYLE="margin-top:4pt; margin-bottom:0pt; font-size:7pt; font-family:ARIAL"><SUP STYLE="font-size:85%; vertical-align:top">4</SUP> The benchmark is based on the following blend of indexes: 80% of
the benchmark consists of the Bloomberg Barclays U.S. Corporate High Yield &#151;2%Issuer Cap Index; and 20% of the benchmark consists of the JPMorgan Emerging Markets Bond Index Global (EMBI Global). Please note that an investor cannot invest
directly in an index. Additional information about the indexes can be found in the Fund&#146;s annual shareholder report. Additional information about the Fund&#146;s performance and about the history of the Board and the Fund&#146;s management
generating strong investor returns is included in the Fund&#146;s Proxy Statement and in the Fund&#146;s annual shareholder report. </P> <P STYLE="margin-top:4pt; margin-bottom:0pt; font-size:7pt; font-family:ARIAL"><SUP
STYLE="font-size:85%; vertical-align:top">5</SUP> Yield based on market price as of June&nbsp;30, 2019. </P>
</DIV></Center>


<p Style='page-break-before:always'>
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL"><B>About Western Asset High Income Fund II </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL">Western Asset High Income Fund II Inc., a diversified, <FONT STYLE="white-space:nowrap">closed-end</FONT> management investment company, is managed by Legg Mason
Partners Fund Advisor, LLC, a wholly-owned subsidiary of Legg Mason, Inc., and is <FONT STYLE="white-space:nowrap">sub-advised</FONT> by Western Asset Management Company, LLC, an affiliate of the investment manager. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL">For more information about the Fund, please call
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">1-888-777-0102</FONT></FONT></FONT> or consult the Fund&#146;s web site at <U><FONT STYLE="font-family:ARIAL" COLOR="#0563c1">www.lmcef.com</FONT></U><FONT
STYLE="font-family:ARIAL">. Hard copies of the Fund&#146;s complete audited financial statements are available free of charge upon request. </FONT></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL"><B>Forward
Looking Statement </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL"><B>Past performance is no guarantee of future results.</B> The information provided is not intended to be a forecast of future events, a
guarantee of future results or investment advice. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL">All investments are subject to risk including the possible loss of principal. All benchmark performance reflects
no deduction for fees, expenses or taxes. Please note that an investor cannot invest directly in a benchmark. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL"><B>Media Contact </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL">Western Asset High Income Fund II </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL"><FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">888-777-0102</FONT></FONT> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL">Or </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL">Joele Frank,
Wilkinson Brimmer Katcher </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL">Andy Brimmer / Dan Katcher / Mahmoud Siddig </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL"><FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">212-355-4449</FONT></FONT> </P>
</DIV></Center>

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#'__9

end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
