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<SEC-DOCUMENT>0001104659-07-027001.txt : 20070409
<SEC-HEADER>0001104659-07-027001.hdr.sgml : 20070409
<ACCEPTANCE-DATETIME>20070409144556
ACCESSION NUMBER:		0001104659-07-027001
CONFORMED SUBMISSION TYPE:	DEF 14A
PUBLIC DOCUMENT COUNT:		9
CONFORMED PERIOD OF REPORT:	20070427
FILED AS OF DATE:		20070409
DATE AS OF CHANGE:		20070409
EFFECTIVENESS DATE:		20070409

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			WESTERN ASSET INTERMEDIATE MUNI FUND INC.
		CENTRAL INDEX KEY:			0000882300
		IRS NUMBER:				133643581
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-06506
		FILM NUMBER:		07756017

	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:	INTERMEDIATE MUNI FUND INC
		DATE OF NAME CHANGE:	20020219

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	SMITH BARNEY INTERMEDIATE MUNICIPAL FUND INC
		DATE OF NAME CHANGE:	19920909

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	SMITH BARNEY INTERMEDIATE QUALITY MUNICIPAL FUND INC
		DATE OF NAME CHANGE:	19600201
</SEC-HEADER>
<DOCUMENT>
<TYPE>DEF 14A
<SEQUENCE>1
<FILENAME>a07-1334_1def14a.htm
<DESCRIPTION>DEFINITIVE PROXY STATEMENT
<TEXT>
<html>

<head>







</head>

<body lang="EN-US">

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

<p style="font-weight:bold;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">UNITED STATES<br>
SECURITIES AND EXCHANGE COMMISSION<br>
Washington, D.C. 20549</font></b></p>

<p style="font-weight:bold;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="4" face="Times New Roman" style="font-size:14.0pt;">SCHEDULE 14A</font></b></p>

<p style="font-weight:bold;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Rule 14a-101)</font></b></p>

<p style="font-weight:bold;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="font-weight:bold;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">INFORMATION REQUIRED IN
PROXY STATEMENT</font></b></p>

<p style="font-weight:bold;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p style="font-weight:bold;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">SCHEDULE 14A INFORMATION</font></b></p>

<p style="font-weight:bold;margin:0pt 0pt .0001pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></b></p>

<p align="center" style="margin:0pt 0pt 10.0pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Proxy Statement
Pursuant to Section&nbsp;14(a)&nbsp;of<br>
the Securities Exchange Act of 1934 (Amendment No.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;)</font></p>

<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="2" valign="top" style="padding:0pt .7pt 0pt 0pt;width:100.0%;">
  <p style="font-size:10.0pt;margin:0pt 0pt .0001pt;"><!-- SET mrlNoTableShading -->Filed by the Registrant&nbsp;&nbsp;<font face="Wingdings">x</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="100%" colspan="2" valign="top" style="padding:0pt .7pt 0pt 0pt;width:100.0%;">
  <p style="font-size:10.0pt;margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Filed by a Party other than the
  Registrant&nbsp;&nbsp;</font><font face="Wingdings">o</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="100%" colspan="2" valign="top" style="padding:0pt .7pt 0pt 0pt;width:100.0%;">
  <p style="margin:4.0pt 0pt .0001pt;"><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="3%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:3.7%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font></p>
  </td>
  <td width="96%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:96.3%;">
  <p style="margin:0pt 0pt .0001pt;"><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="3%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:3.7%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font></p>
  </td>
  <td width="96%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:96.3%;">
  <p style="margin:0pt 0pt .0001pt;"><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&nbsp;14a-6(e)(2))</font></b></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="3%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:3.7%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Wingdings" style="font-size:10.0pt;">x</font></p>
  </td>
  <td width="96%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:96.3%;">
  <p style="margin:0pt 0pt .0001pt;"><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="3%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:3.7%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font></p>
  </td>
  <td width="96%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:96.3%;">
  <p style="margin:0pt 0pt .0001pt;"><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="3%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:3.7%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font></p>
  </td>
  <td width="96%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:96.3%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Soliciting Material Pursuant to &#167;240.14a-12</font></p>
  </td>
 </tr>
</table>

<p style="line-height:1.0pt;margin:0pt 0pt 12.0pt;"><font size="1" face="Times New Roman">&nbsp;</font></p>



<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="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:100.0%;">
  <p align="center" style="font-size:10.0pt;margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">WESTERN ASSET INTERMEDIATE MUNI FUND INC.</font><!-- SET mrlNoTableShading --></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="100%" colspan="4" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:100.0%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><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="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:100.0%;">
  <p style="margin:0pt 0pt .0001pt;"><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:0pt .7pt 0pt 0pt;width:100.0%;">
  <p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Name of Person(s)&nbsp;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:0pt .7pt 0pt 0pt;width:100.0%;">
  <p style="margin:0pt 0pt .0001pt;"><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:0pt .7pt 0pt 0pt;width:100.0%;">
  <p style="margin:0pt 0pt .0001pt;"><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="4%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:4.04%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Wingdings" style="font-size:10.0pt;">x</font></p>
  </td>
  <td width="95%" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:95.96%;">
  <p style="margin:0pt 0pt .0001pt;"><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="4%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:4.04%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font></p>
  </td>
  <td width="95%" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:95.96%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Fee computed on table below per Exchange Act
  Rules&nbsp;14a-6(i)(1)&nbsp;and&nbsp;0-11.</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="4%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:4.04%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:3.44%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)</font></p>
  </td>
  <td width="92%" colspan="2" valign="top" style="padding:0pt .7pt 0pt 0pt;width:92.52%;">
  <p style="margin:0pt 0pt .0001pt;"><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 style="page-break-inside:avoid;">
  <td width="4%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:4.04%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:3.44%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" colspan="2" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:92.52%;">
  <p style="margin:0pt 0pt .0001pt;"><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="4%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:4.04%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:3.44%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)</font></p>
  </td>
  <td width="92%" colspan="2" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:92.52%;">
  <p style="margin:0pt 0pt .0001pt;"><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 style="page-break-inside:avoid;">
  <td width="4%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:4.04%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:3.44%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" colspan="2" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:92.52%;">
  <p style="margin:0pt 0pt .0001pt;"><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="4%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:4.04%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:3.44%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(3)</font></p>
  </td>
  <td width="92%" colspan="2" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:92.52%;">
  <p style="margin:0pt 0pt .0001pt;"><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&nbsp;0-11 (set forth the
  amount on which the filing fee is calculated and state how it was
  determined):</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="4%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:4.04%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:3.44%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" colspan="2" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:92.52%;">
  <p style="margin:0pt 0pt .0001pt;"><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="4%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:4.04%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:3.44%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(4)</font></p>
  </td>
  <td width="92%" colspan="2" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:92.52%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Proposed maximum aggregate value of transaction:</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="4%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:4.04%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:3.44%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" colspan="2" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:92.52%;">
  <p style="margin:0pt 0pt .0001pt;"><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="4%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:4.04%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:3.44%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(5)</font></p>
  </td>
  <td width="92%" colspan="2" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:92.52%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Total fee paid:</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="4%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:4.04%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:3.44%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" colspan="2" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:92.52%;">
  <p style="margin:0pt 0pt .0001pt;"><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="4%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:4.04%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font></p>
  </td>
  <td width="95%" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:95.96%;">
  <p style="margin:0pt 0pt .0001pt;"><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="4%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:4.04%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font></p>
  </td>
  <td width="95%" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:95.96%;">
  <p style="margin:0pt 0pt .0001pt;"><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&nbsp;0-11(a)(2)&nbsp;and identify the filing for which
  the offsetting fee was paid previously. Identify the previous filing by
  registration statement number, or the Form&nbsp;or Schedule and the date of
  its filing.</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="4%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:4.04%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" colspan="2" valign="top" style="padding:0pt .7pt 0pt 0pt;width:3.88%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(1)</font></p>
  </td>
  <td width="92%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:92.08%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Amount Previously Paid:</font></p>
  </td>
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  <td width="4%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:4.04%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" colspan="2" valign="top" style="padding:0pt .7pt 0pt 0pt;width:3.88%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:92.08%;">
  <p style="margin:0pt 0pt .0001pt;"><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="4%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:4.04%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" colspan="2" valign="top" style="padding:0pt .7pt 0pt 0pt;width:3.88%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(2)</font></p>
  </td>
  <td width="92%" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:92.08%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Form, Schedule or Registration Statement No.:</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="4%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:4.04%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" colspan="2" valign="top" style="padding:0pt .7pt 0pt 0pt;width:3.88%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:92.08%;">
  <p style="margin:0pt 0pt .0001pt;"><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="4%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:4.04%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" colspan="2" valign="top" style="padding:0pt .7pt 0pt 0pt;width:3.88%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(3)</font></p>
  </td>
  <td width="92%" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:92.08%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Filing Party:</font></p>
  </td>
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  <td width="4%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:4.04%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" colspan="2" valign="top" style="padding:0pt .7pt 0pt 0pt;width:3.88%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:92.08%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
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  <td width="4%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:4.04%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" colspan="2" valign="top" style="padding:0pt .7pt 0pt 0pt;width:3.88%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(4)</font></p>
  </td>
  <td width="92%" valign="top" style="border:none;padding:0pt .7pt 0pt 0pt;width:92.08%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Date Filed:</font></p>
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  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" colspan="2" valign="top" style="padding:0pt .7pt 0pt 0pt;width:3.88%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="92%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:92.08%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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<p style="line-height:1.0pt;margin:0pt 0pt 12.0pt;"><font size="1" face="Times New Roman">&nbsp;</font></p>

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<p align="center"><font face="Times New Roman PS, Times New Roman, Times" size="3">WESTERN ASSET INTERMEDIATE MUNI FUND INC.</font></p>
<p align="center"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>125 Broad Street, New York, New York 10004</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<BR>TO BE HELD ON APRIL 27, 2007</b></font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2"><i>To the Stockholders of Western Asset Intermediate Muni Fund Inc.:</i></font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">The Annual Meeting of Stockholders of Western Asset Intermediate Muni Fund Inc. (the "Fund") will be held at the offices of Bingham McCutchen LLP, 399 Park Avenue, 19th Floor, New York, New York, on April 27, 2007 at 3:30 p.m. (Eastern time) for the following purposes:</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2">1. To elect two Class II Directors and one Class III director of the Fund (Proposal No. 1), each to hold office for the term indicated and until his or her successor shall have been duly elected and qualified, or until he or she resigns or is removed; and</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2">2. To transact such other business as may properly come before the meeting or any adjournments or postponements thereof.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">The Board of Directors has fixed the close of business on March 19, 2007 as the record date for the determination of stockholders entitled to notice of, and to vote at, the meeting and any adjournments thereof.</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 align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2">New York, New York<BR>April 6, 2007</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>IT IS IMPORTANT THAT YOUR SHARES BE REPRESENTED AT THE MEETING IN PERSON OR BY PROXY; IF YOU DO NOT EXPECT TO ATTEND THE MEETING, PLEASE COMPLETE, DATE, SIGN AND RETURN THE ENCLOSED PROXY IN THE ACCOMPANYING ENVELOPE PROVIDED FOR YOUR CONVENIENCE, WHICH REQUIRES NO POSTAGE IF MAILED IN THE UNITED STATES.</b></font></p>
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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 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="3" width="52" valign="bottom">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="246" 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="482" 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="246" 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="246" 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="246" 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="246" 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="482" 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="246" 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="246" 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="482" 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="246" 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="246" 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, 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 INTERMEDIATE MUNI FUND INC.</font></p>
<p align="center"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>125 Broad Street, New York, New York 10004</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 align="center"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>FOR THE ANNUAL MEETING OF STOCKHOLDERS<BR>TO BE HELD ON APRIL 27, 2007</b></font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">This proxy statement is furnished in connection with the solicitation by the Board of Directors (the "Board") of Western Asset Intermediate Muni Fund Inc. (formerly, Intermediate Muni Fund, Inc.) (the "Fund") of proxies to be voted at the Annual Meeting of Stockholders of the Fund, to be held at the offices of Bingham McCutchen LLP, 399 Park Avenue, 19th Floor, New York, New York, on April 27, 2007 at 3:30 p.m. (Eastern time), and at any adjournments or postponements thereof (the "Meeting"), for the purposes set forth in the accompanying Notice of Annual Meeting of Stockholders (the "Notice").</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">The costs of soliciting proxies and the expenses incurred in preparing this proxy statement will be borne by the Fund and are expected to be approximately $18,000. The Fund will reimburse brokerage firms or other record holders for their expenses in forwarding solicitation material to beneficial owners of shares of the Fund. Proxy solicitations will be made primarily by mail. In addition, certain officers, directors, employees, and/or other affiliated persons of the Fund (namely Legg Mason, Inc.; Legg Mason Partners Fund Advisor, LLC ("LMPFA" or the "Manager"), the Fund's investment manager, a wholly owned subsidiary of Legg Mason, Inc.; and/or Western Asset Management Company ("Western Asset" or the "subadviser"), the Fund's investment sub-adviser) may, together with American Stock Transfer &amp; Trust Company ("AST"), the Fund's transfer agent, solicit proxies in person or by telephone or mail. Legg Mason, Inc. is located at 100 Light Stre
et, Baltimore, Maryland 21202; LMPFA is located at 399 Park Avenue, New York, New York 10022; Western Asset is located at 385 East Colorado Boulevard, Pasadena, California 91101; and AST is located at 6201 15th Avenue, 1st Floor, Brooklyn, New York 11219.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">The Annual Report of the Fund, including audited financial statements for the fiscal year ended December 31, 2006, has previously been furnished to all stockholders of the Fund. This proxy statement and form of proxy are first being mailed to stockholders on or about April 6, 2007. The Fund will provide, without charge, additional copies of the annual report to any stockholder upon request by calling the Fund at 1-800-331-1710.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">All properly executed proxies received prior to the Meeting will be voted at the Meeting in accordance with the instructions marked thereon or otherwise as provided therein. Unless instructions to the contrary are marked, shares represented by the proxies will be voted "FOR" the proposals. Proposal No. 1 requires for approval the affirmative vote of a plurality of the votes cast at the Meeting with a quorum present. For purposes of determining the presence of a quorum for transacting business at the Meeting, abstentions and broker "non-votes" (i.e., proxies from brokers or nominees indicating that such persons have not received instructions from the beneficial </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><font face="Times New Roman PS, Times New Roman, Times" size="2">owner or other persons entitled to vote shares on a particular matter with respect to which the brokers or nominees do not have discretionary power) will be treated as shares that are present but which have not been voted. Because the requisite approval of the proposals is measured by a portion of the votes actually cast, abstentions and broker "non-votes" will have no impact on the approval of Proposal No. 1. Any proxy may be revoked at any time prior to the exercise thereof by submitting another proxy bearing a later date, by giving written notice to the Secretary of the Fund at the Fund's address indicated above, or by voting in person at the Meeting.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">The Board knows of no business other than that specifically mentioned in the Notice to be presented for consideration at the Meeting. If any other matters are properly presented, it is the intention of the persons named in the enclosed proxy to vote in accordance with their best judgment to the extent permissible under applicable law.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">The Board of Directors of the Fund has fixed the close of business on March 19, 2007 as the record date (the "Record Date") for the determination of stockholders of the Fund entitled to notice of and to vote at the Meeting. Stockholders of the Fund on that date will be entitled to one vote on each matter for each share held, and a fractional vote with respect to fractional shares, with no cumulative voting rights. The Fund has one class of common stock, which has a par value of $0.001 per share ("Common Shares"). At the Record Date, the Fund had outstanding 14,032,785 Common Shares. The Fund has one series of preferred stock outstanding, Municipal Auction Rate Cumulative Preferred Stock, Series M, with a $25,000-per-share liquidation preference ("Preferred Shares"). As of the Record Date, there were 2,000 Preferred Shares outstanding. The Common Shares and the Preferred Shares are referred to collectively as the "Shares."</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">At the Record Date, 13,845,617 Common Shares, or 96.5% of the Fund's outstanding Common Shares, were held in accounts, but not beneficially owned, by Cede &amp; Co. as nominee for The Depository Trust Company, 55 Water Street, 25th Floor, New York, New York 10041. At the Record Date, no single shareholder or "group" (as that term is used in Section 13(d) of the Securities Exchange Act of 1934, as amended (the "1934 Act")), to the knowledge of the Fund, owned beneficially 5% or more of the outstanding Shares. As of the Record Date, the officers and Directors of the Fund in the aggregate beneficially owned less than 1% of the outstanding Shares.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">In the event that a quorum is not present, or if sufficient votes in favor of Proposal No. 1 set forth in the Notice and this Proxy Statement are not received by the time scheduled for the Meeting, the persons named as proxies may move for one or more adjournments of the Meeting to permit further solicitation of proxies with respect to such proposal. In determining whether to adjourn the Meeting, the following factors may be considered: the nature of the proposals that are the subject of the Meeting, the percentage of votes actually cast, the percentage of negative votes actually cast, the nature of any further solicitation and the information to be provided to stockholders with respect to the reasons for the solicitation. Any such adjournment will require the affirmative vote of a majority of the Shares present at the Meeting. The persons named as proxies will vote in favor of such adjournment those Shares which they are entitled to vote an
d which have voted in favor of such proposals.</font></p>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times"><br>2</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="175" 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>PROPOSAL</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="324" 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>COMMON SHARES AND<BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>PREFERRED SHARES STOCKHOLDERS,<BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>VOTING AS A SINGLE CLASS</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="248" 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>PREFERRED SHARES STOCKHOLDERS</b></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="175" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1. Election of Directors</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="324" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Common Shares and Preferred Shares Stockholders as a single class elect two Directors:<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Paolo M. Cucchi and Leslie H. Gelb</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="248" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Preferred Shares Stockholders as a single class elect one Director: <BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Carol L. Colman</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr height="8"><td colspan="12" height="8"></td></tr>
<tr>
<td colspan="3" width="98" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2. </font><font face="Times New Roman PS, Times New Roman, Times" size="1">Other Business</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="7" width="572" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Common Shares and Preferred Shares Stockholders, voting together as a single class</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr height="8"><td colspan="12" height="8"></td></tr>
</table>

<p>&nbsp;</p>
<p align="center"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>Proposal No. 1: 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 Board of Directors of the Fund is currently classified into three classes. The Directors serving in Class II have terms expiring at the Meeting; two Class II Directors, one of whom currently serves on the Board, have been nominated by the Board of Directors for election at the Meeting to serve for a term of three years (until the 2010 Annual Meeting of Stockholders) or until their successors have been duly elected and qualified or until their earlier resignation or removal. One person has also been nominated by the Board of Directors for election at the meeting as a Class III Director for a term of one year (until the 2008 Annual Meeting of Stockholders), or until his successor has been duly elected and qualified or until their earlier resignation or removal. The affirmative vote of a plurality of the votes cast at the Meeting at which a quorum is present is sufficient to elect each nominee. It is t
he intention of the persons named in the enclosed proxy to vote in favor of the election of the persons listed below as nominees.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">The Board knows of no reason why any of the nominees listed below will be unable to serve, but in the event of any such unavailability, the proxies received will be voted for such substitute nominees as the Board may recommend.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">Certain information concerning the nominees is set forth below. Ms. Colman, one of the two Class II nominees for election to the Board of Directors of the Fund, currently serves as a Director of the Fund, and will stand for election by holders of Preferred Shares of the Fund at the 2007 Annual Meeting of Stockholders. Any director affiliated with the Manager or otherwise considered an "interested person" of the Fund, as defined in the Investment Company Act of 1940, as amended (the "1940 Act"), is indicated by an asterisk (*). Information as to beneficial ownership is based upon information furnished to the Fund by the Directors.</font></p>
<p align="center"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>Persons Nominated for Election as Directors</b></font></p>
<table border="0" cellspacing="0" cellpadding="0">
<tr>
<td colspan="3" width="155" 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 Year of Birth</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="189" 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="89" 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>Term of<BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Office and<BR></b></font><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 <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="1871" 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 Five 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="342" 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="155" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Class II Director Nominees</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="189" valign="top">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="89" valign="top">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="1871" valign="top">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="77" valign="top">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="342" valign="top">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr height="8"><td colspan="24" height="8"></td></tr>
<tr>
<td colspan="3" width="155" 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>
<td colspan="3" width="189" valign="top">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="89" valign="top">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="1871" valign="top">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="77" valign="top">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="342" valign="top">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr height="8"><td colspan="24" height="8"></td></tr>
<tr>
<td colspan="3" width="155" 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="189" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Director</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="89" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Since February 2007</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="1871" 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">37</font></td>
<td colspan="1" width="8" valign="top">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="342" 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>3</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
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<table border="0" cellspacing="0" cellpadding="0">
<tr>
<td colspan="3" width="155" 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 Year of Birth</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="189" 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="89" 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>Term of<BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Office and<BR></b></font><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 <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="1871" 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 Five 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="342" 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="155" 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="189" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">None</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="89" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">N/A</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="1871" 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">7</font></td>
<td colspan="1" width="8" valign="top">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="342" 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="155" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Class III Director Nominee</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="189" valign="top">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="89" valign="top">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="1871" valign="top">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="77" valign="top">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="342" valign="top">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr height="8"><td colspan="24" height="8"></td></tr>
<tr>
<td colspan="3" width="155" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>NON-INTERESTED DIRECTOR:</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="189" valign="top">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="89" valign="top">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="1871" valign="top">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="77" valign="top">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="342" valign="top">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr height="8"><td colspan="24" height="8"></td></tr>
<tr>
<td colspan="3" width="155" 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 </font><font face="Times New Roman PS, Times New Roman, Times" size="1">Park Avenue&#150;<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">4</font><font face="Times New Roman PS, Times New Roman, Times" size="1">th 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="189" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">None</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="89" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">N/A</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="1871" 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">32</font></td>
<td colspan="1" width="8" valign="top">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="342" 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 AsiaAdvisors L.L.C.</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 remainder of the Board currently constitutes the Class I and two Class III directors, none of whom will stand for election at the Meeting, as their terms are not due to expire until the year 2009 and 2008, respectively.</font></p>
<p align="center"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>Directors Continuing in Office</b></font></p>
<table border="0" cellspacing="0" cellpadding="0">
<tr>
<td colspan="3" width="155" 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 Year of Birth</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="189" 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="89" 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>Term of<BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Office and<BR></b></font><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 <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="1871" 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 Five 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="342" 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 Director</b></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="155" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Class I Directors</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="189" valign="top">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="89" valign="top">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="1871" valign="top">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="77" valign="top">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="342" valign="top">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr height="8"><td colspan="24" height="8"></td></tr>
<tr>
<td colspan="3" width="155" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>NON-INTERESTED DIRECTOR:</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="189" valign="top">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="89" valign="top">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="1871" valign="top">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="77" valign="top">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="342" valign="top">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr height="8"><td colspan="24" height="8"></td></tr>
<tr>
<td colspan="3" width="155" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Richard E. Hanson, Jr.<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">2751 </font><font face="Times New Roman PS, Times New Roman, Times" size="1">Vermont Route 140<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Poultney, VT 05760 <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="189" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Director and member of Nominating Committee</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="89" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">1999 </font><font face="Times New Roman PS, Times New Roman, Times" size="1">to present</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="1871" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Retired; Former Head of the New Atlanta Jewish Community High School (from 1996 to 2000)</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">27</font></td>
<td colspan="1" width="8" valign="top">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="342" 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>4</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
<!-- SEQ.=6,FOLIO='4',FILE='07-1334-2.ca',USER='sgirard',CD='Apr 02 15:19 2007' -->
<br clear="all" style="page-break-before:always;">
<table border="0" cellspacing="0" cellpadding="0">
<tr>
<td colspan="3" width="155" 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 Year of Birth</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="189" 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="89" 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>Term of<BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Office and<BR></b></font><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 <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="1871" 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 Five 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="342" 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 Director</b></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="155" 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>
<td colspan="3" width="189" valign="top">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="89" valign="top">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="1871" valign="top">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="top">
&nbsp;</td>
<td colspan="1" width="61" valign="top">
&nbsp;</td>
<td colspan="1" width="8" valign="top">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="342" valign="top">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr height="8"><td colspan="24" height="8"></td></tr>
<tr>
<td colspan="3" width="155" 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 ("Legg Mason")<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">399 </font><font face="Times New Roman PS, Times New Roman, Times" size="1">Park Avenue<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: 1951</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="189" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Chairman, President and Chief Executive Officer</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="89" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2002 </font><font face="Times New Roman PS, Times New Roman, Times" size="1">to present</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="1871" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Managing Director, Legg Mason; Chairman of the Board, Trustee, or Director and Chief Executive Officer of 168 funds associated with LMPFA and its affiliates; President, LMPFA (since 2006); 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 Advisers Inc. (2002 to 2005); formerly, Portfolio Manager, Smith Barney Allocation Series Inc. ("SBAS") (1996 to 2001)</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">168</font></td>
<td colspan="1" width="8" valign="top">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="342" 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="155" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Class III Directors</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="189" valign="top">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="89" valign="top">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="1871" valign="top">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="top">
&nbsp;</td>
<td colspan="1" width="61" valign="top">
&nbsp;</td>
<td colspan="1" width="8" valign="top">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="342" valign="top">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr height="8"><td colspan="24" height="8"></td></tr>
<tr>
<td colspan="3" width="155" 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>
<td colspan="3" width="189" valign="top">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="89" valign="top">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="1871" valign="top">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="top">
&nbsp;</td>
<td colspan="1" width="61" valign="top">
&nbsp;</td>
<td colspan="1" width="8" valign="top">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="342" valign="top">
&nbsp;</td>
<td colspan="1">&nbsp;</td>
</tr>
<tr height="8"><td colspan="24" height="8"></td></tr>
<tr>
<td colspan="3" width="155" 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">399 </font><font face="Times New Roman PS, Times New Roman, Times" size="1">Park Avenue&#150;<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">4</font><font face="Times New Roman PS, Times New Roman, Times" size="1">th 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: 1946</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="189" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Director</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="89" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Since February 2007</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="1871" 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">32</font></td>
<td colspan="1" width="8" valign="top">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="342" 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="155" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Jane F. Dasher<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Korsant Partners<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">283 Greenwich Avenue &#150; 3rd Fl<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Greenwich, CT 06830<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Birth Year: 1949</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="189" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Director and chairperson of Audit Committee</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="89" 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">1999</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="1871" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Controller of PBK Holdings Inc., a family investment company</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">27</font></td>
<td colspan="1" width="8" valign="top">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="3" width="342" 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><font face="Times New Roman PS, Times New Roman, Times" size="1">*&nbsp;&nbsp;Designates a Director who is affiliated with the Manager and considered an "interested person" of the Fund as defined in the 1940 Act.</font></p>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times"><br>5</font></p>
<hr size="3" width="100%" noshade color="gray" align="center">
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<br clear="all" style="page-break-before:always;">
<p align="center"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>Beneficial Ownership Report</b></font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="341" 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="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>Dollar Range* of Equity<BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Securities in the Fund</b><b><sup>(1)</sup></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>Aggregate Dollar Range* of Equity<BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Securities in All Funds Overseen by<BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Director and Advised by LMPFA</b><b><sup>(1)</sup></b></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="11" width="576" 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="341" 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="80" 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="80" 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="341" 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="80" 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="80" 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="341" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Paolo Cucchi</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">A</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">C</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr height="8"><td colspan="12" height="8"></td></tr>
<tr>
<td colspan="3" width="341" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Jane F. Dasher</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">B</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">E</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr height="8"><td colspan="12" height="8"></td></tr>
<tr>
<td colspan="3" width="341" 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="80" 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="80" 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="341" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Richard E. Hanson, Jr.</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">A</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">E</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr height="8"><td colspan="12" height="8"></td></tr>
<tr>
<td colspan="11" width="576" 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="341" 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="80" 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="80" 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">(*)&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">(1)&nbsp;&nbsp;This information has been furnished by each Director as of December 31, 2006. "Beneficial ownership" is determined in accordance with Rule 16a-1(a)(2) promulgated under the 1934 Act.</font></p>
<p align="center"><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 1934 Act and Section 30(h) of the 1940 Act in combination require the Fund's Directors and officers, and persons who own more than 10% of the Fund's common stock as well as LMPFA and certain of its affiliated persons, to file reports of ownership and changes in ownership with the U.S. Securities and Exchange Commission ("SEC") and the American Stock Exchange ("AMEX"). Such persons are required by SEC regulations to furnish the Fund with copies of all such filings. Based solely upon its review of the copies of such forms received by it and certain other information received by it, the Fund believes that, for the fiscal year ended December 31, 2006, all filing requirements applicable to such persons were met.</font></p>
<p align="center"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>Committees of the Board of Directors</b></font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">The Fund has a separately designated standing Corporate Governance and Nominating Committee ("Nominating Committee"). On December 31, 2006, the members of the Nominating Committee were Mr. Lee Abraham, Mr. Donald R. Foley, and Mr. Hanson. The Fund has a separately designated standing Audit Committee ("Audit Committee") established in accordance with Section 3(a)(58)(A) of the 1934 Act. Both committees are comprised solely of members who are independent as defined in the AMEX's listing standards applicable to closed-end funds and are not "interested persons" of the Fund as defined in the 1940 Act. On December 31, 2006, the members of the Audit Committee were Mr. John P. Toolan, Mr. Abraham, and Ms. Dasher. The Board of Directors of the Fund has determined that all members of the Fund's Audit Committee are financially literate. Ms. Dasher has been designated as the Audit Committee financial expert within the meaning of the rules adopted and im
plemented under Section 407 of the Sarbanes-Oxley Act of 2002.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">The principal functions of the Audit Committee are to (a) assist the Board of Directors in its oversight of (i) the integrity of the Fund's financial statements, (ii) the Fund's compliance with legal and regulatory requirements, (iii) the qualifications and independence of the Fund's independent registered public accounting firm and (iv) the performance of the Fund's internal audit function and independent registered public accounting firm; (b) approve, and recommend to the Independent Board Members (as such term is defined in the Audit Committee Charter) for </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">their ratification, the selection, appointment, retention or termination of the Fund's independent registered public accounting firm, as well as approving the compensation thereof; (c) approve all audit and permissible non-audit services provided to the Fund and certain other persons by such independent registered public accounting firm; and (d) prepares the report required to be prepared by the committee pursuant to SEC rules for inclusion in the Fund's annual proxy statement. A current copy of the Audit Committee's Charter is not available on the Fund's website. The Audit Committee's Charter is attached hereto as Exhibit A.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">The Fund has an Investment Committee responsible for reviewing the investment performance of the Fund. The members of this committee are directors who are not "interested persons" of the Fund as defined in the 1940 Act. The members of the Investment Committee are Messrs. Hardin, Rasmussen and Toolan.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">The Fund also has a pricing committee composed of the Chairman of the Board and one Non-Interested Director which is charged with determining fair value prices for securities when required. During the Fund's most recent fiscal year, the Pricing Committee did not meet.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">Five meetings of the Board were held between January 1, 2006 and December 31, 2006, four of which were regular meetings. Four Audit Committee meetings and four Investment Committee meetings were held during the fiscal year ended December 31, 2006. The Nominating Committee did not meet during the Fund's most recent fiscal year. No Director attended less than 75% of the Board meetings and the committee meetings of which he or she is a member. The Fund does not have a formal policy regarding attendance by Directors at annual meetings but may consider a policy in the future. One Director attended the 2006 Annual Meeting of Shareholders.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">The Nominating Committee will accept nominees recommended by a stockholder as it deems appropriate. At the present time there are no vacancies on the Board. 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 elected by the stockholders. A current copy of the Nominating Committee's Charter is not available on the Fund's website. The Nominating Committee's Charter is attached hereto as Exhibit B.</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. 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 Nominating 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 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 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 the person serves on boards of, or is otherwise affiliated with, competing financial service organizations or their related mutual fund complexes;</font></p>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times"><br>7</font></p>
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<p><font face="Times New Roman PS, Times New Roman, Times" size="2">&#149; whether 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 that 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 that 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 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 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">Only the Non-Interested Directors receive remuneration from the Fund for acting as Directors. Aggregate fees and expenses (including reimbursement for travel and out-of-pocket expenses) of $24,155 were paid to such Directors by the Fund during the calendar year ended December 31, 2006. Fees for the Non-Interested Directors, who also serve as board members of certain other funds sponsored by or affiliated with Legg Mason, are currently set at $60,000 per annum plus a per-meeting fee of $2,500 with respect to in-person meetings and $100 for each telephone meeting. The fees are allocated among the funds for which the Directors serve based on the average net assets of such funds. None of the officers of the Fund received any compensation from the Fund for such period. Officers and interested Directors of the Fund are compensated by the Manager or Legg Mason.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">The following table shows the compensation paid by the Fund to each person who was a Director during the Fund's fiscal year ended December 31, 2006:</font></p>
<p align="center"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>Compensation Table</b></font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="97" 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 Person</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="96" 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 Fund<BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>for the Fiscal<BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Year Ended<BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>12/31/06</b></font></td>
<td colspan="1">&nbsp;</td>
<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>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 Fund<BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>and 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>Paid to Directors<BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>for the Calendar<BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Year Ended<BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>12/31/06</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="87" 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<BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Within 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>for Which <BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Director Serves</b></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="97" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Lee Abraham</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="68" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">508</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="77" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">79,900</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="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="71" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">26</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="97" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Allan J. Bloostein*</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="68" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">293</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">61,800</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="71" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">26</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="97" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Jane F. Dasher</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="68" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">915</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="77" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">86,100</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="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="71" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">26</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="97" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Donald R. Foley</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="68" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">820</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">74,380</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="71" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">26</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="97" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">R. Jay Gerken&#134;</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="68" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">0</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="77" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">0</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="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="71" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">162</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="97" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Richard E. Hanson, Jr.</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="68" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">803</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">80,900</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="71" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">26</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="97" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Paul Hardin</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="68" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">703</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="77" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">146,800</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="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="71" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">33</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="97" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Roderick C. Rasmussen</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="68" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">703</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="20" valign="bottom">
&nbsp;</td>
<td colspan="1" width="77" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">80,000</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="71" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">26</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="97" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">John P. Toolan</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="20" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="68" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">811</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="77" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">80,900</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="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="71" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">26</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
</table>

<p>&nbsp;</p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="1">&#134;&nbsp;&nbsp;Designates a director who is an "interested person" of the Fund as defined under the 1940 Act.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="1">*&nbsp;&nbsp;Mr. Bloostein became a Director Emeritus on January 1, 2005. Mr. Bloostein died on February 8, 2007. Prior to January 1, 2007, Mr. Bloostein served as an Emeritus Director.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">Prior to January 1, 2007, at the end of the calendar year during which a Director attained the age of 80, the Director was required to change to emeritus status. Directors Emeritus were entitled to serve in emeritus status </font></p>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times"><br>8</font></p>
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<p><font face="Times New Roman PS, Times New Roman, Times" size="2">for a maximum of 10 years during which time they were paid 50% of the annual retainer fee and meeting fees otherwise applicable to the Fund's Directors, together with reasonable out-of-pocket expenses for each meeting attended.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">The Fund's Board voted to terminate the emeritus plan effective January 1, 2007, and to adopt the Emeritus Retirement Plan for the purpose of providing the payments of the emeritus plan described above to current emeritus and retiring Board members.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">On June 22, 2006, the Fund's Board voted to establish a mandatory retirement age of 75 for current Board members and 72 for future Board members who do not currently oversee another fund within the fund complex.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">Each current emeritus and retiring Board member will be entitled to receive under the Emeritus Retirement Plan an aggregate benefit generally equal to the compensation the Board member would have received under the emeritus plan, discussed above, had the plan remained in effect. This benefit will be paid in quarterly installments unless a Board member elects to receive a lump sum payment calculated on a net present value basis. The aggregate benefit (calculated on a net present value basis) to which each emeritus or retiring Board member is entitled under the Emeritus Retirement Plan is set forth below.</font></p>
<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr>
<td colspan="3" width="99" 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>Emeritus/Retiring<BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Board Member</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="113" 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 Benefit<BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>(Net Present Value) ($)</b></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="99" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Lee Abraham</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="97" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">288,607</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="99" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Allan J. Bloostein</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="97" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">235,359</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="99" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Donald R. Foley</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="97" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">245,580</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="99" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Paul Hardin</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="97" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">288,607</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="99" bgcolor="#cceeff" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Roderick C. Rasmussen</font></td>
<td colspan="1" bgcolor="#cceeff">&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="97" bgcolor="#cceeff" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">288,607</font></td>
<td colspan="1" width="8" bgcolor="#cceeff" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8" bgcolor="#cceeff">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="99" align="left" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">John P. Toolan</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="97" align="right" valign="bottom">
<font face="Times New Roman PS, Times New Roman, Times" size="1">288,607</font></td>
<td colspan="1" width="8" valign="bottom">
&nbsp;</td>
<td colspan="1" width="8">&nbsp;</td>
</tr>
</table>

<p>&nbsp;</p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">Each fund overseen by an emeritus or retiring Board member will pay a pro rata share (based upon asset size) of the aggregate benefit to such emeritus or retiring Board member. Legg Mason or its affiliates will reimburse each fund in the fund complex an amount equal to 50% of the emeritus and retiring Board member benefits paid by the fund.</font></p>
<p align="center"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>Current Officers</b></font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">The following is a list of the current executive officers of the Fund, all of whom have been elected by the Directors to serve until their respective successors are elected:</font></p>
<table border="0" cellspacing="0" cellpadding="0">
<tr>
<td colspan="3" width="100" 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, Address and<BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Year of Birth</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="162" 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 Fund</b></font></td>
<td colspan="1">&nbsp;</td>
<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>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="300" 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) During<BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Past Five Years</b></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="100" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">R. Jay Gerken<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">399 </font><font face="Times New Roman PS, Times New Roman, Times" size="1">Park Avenue<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: 1951</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="162" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Chairman, President and Chief Executive<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">Officer</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="72" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2002 </font><font face="Times New Roman PS, Times New Roman, Times" size="1">to present</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="300" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">(see table of Directors above)</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr height="8"><td colspan="16" height="8"></td></tr>
</table>

<p>&nbsp;</p>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times"><br>9</font></p>
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<tr>
<td colspan="3" width="100" 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, Address and<BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Year of Birth</b></font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="162" 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 Fund</b></font></td>
<td colspan="1">&nbsp;</td>
<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>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="300" 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) During<BR></b></font><font face="Times New Roman PS, Times New Roman, Times" size="1"><b>Past Five Years</b></font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr>
<td colspan="3" width="100" 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 Stanford Place<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">4</font><font face="Times New Roman PS, Times New Roman, Times" size="1">th Floor<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="162" 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="72" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2003 </font><font face="Times New Roman PS, Times New Roman, Times" size="1">to present</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="300" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Managing Director and General Counsel, Global Mutual Funds for Legg Mason and Citigroup Asset Management ("CAM," a group of affiliated investment advisers, which included SBFM, Smith Barney Asset Management and CFM and other affiliated investment advisory entities) and Vice President and Division Counsel of its predecessor (since 1994); Secretary and Chief Legal Officer of 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="100" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Robert J. Brault<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">125 </font><font face="Times New Roman PS, Times New Roman, Times" size="1">Broad Street<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">11</font><font face="Times New Roman PS, Times New Roman, Times" size="1">th Floor<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">New York, NY 10004<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="162" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Chief Financial Officer and Treasurer</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="72" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2004 </font><font face="Times New Roman PS, Times New Roman, Times" size="1">to present</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="300" 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; formerly, Director of Internal Control for CAM U.S. Mutual Fund Administration (2002 to 2004); Director of Project Management &amp; Information Systems for CAM U.S. Mutual Fund Administration (2000 to 2002)</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr height="8"><td colspan="16" height="8"></td></tr>
<tr>
<td colspan="3" width="100" 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">11</font><font face="Times New Roman PS, Times New Roman, Times" size="1">th Floor<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">125 </font><font face="Times New Roman PS, Times New Roman, Times" size="1">Broad Street<BR></font><font face="Times New Roman PS, Times New Roman, Times" size="1">New York, NY 10004<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="162" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Controller</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="72" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2002 </font><font face="Times New Roman PS, Times New Roman, Times" size="1">to present</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="300" 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; Controller of certain funds associated with Legg Mason or its predecessor (2002-2004)</font></td>
<td colspan="1">&nbsp;</td>
</tr>
<tr height="8"><td colspan="16" height="8"></td></tr>
<tr>
<td colspan="3" width="100" 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">399 </font><font face="Times New Roman PS, Times New Roman, Times" size="1">Park Avenue<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: 1951</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="162" 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="72" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">2006 </font><font face="Times New Roman PS, Times New Roman, Times" size="1">to present</font></td>
<td colspan="1">&nbsp;</td>
<td colspan="3" width="300" align="left" valign="top">
<font face="Times New Roman PS, Times New Roman, Times" size="1">Managing Director of Compliance at Legg Mason (2005 to present); Chief Compliance Officer with certain mutual funds associated with Legg Mason (2006 to present); Chief Compliance Officer of LMPFA and certain affiliates; Managing Director of Compliance at CAM (2002 to 2005); prior to 2002, Managing Director-Internal Audit &amp; Risk Review at Citigroup</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"><b>THE BOARD OF DIRECTORS, INCLUDING ALL OF THE NON-INTERESTED DIRECTORS, RECOMMENDS THAT YOU VOTE "FOR" THE ELECTION OF NOMINEES TO THE BOARD.</b></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 align="center"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>Audit Committee Report</b></font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">The purposes of the Fund's Audit Committee include assisting the Board of Directors in its oversight of the Fund's financial reporting process and internal controls, the Fund's financial statements and the selection of the Fund's independent registered public accounting firm. Management, however, is responsible for the preparation, presentation and integrity of the Fund's financial statements, and the independent registered public accounting firm is responsible for planning and carrying out proper audits and reviews.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">In connection with the audited financial statements as of and for the year ended December 31, 2006 included in the Fund's Annual Report for the year ended December 31, 2005 (the "Annual Report"), at a meeting held on February 28, 2007, the Audit Committee considered and discussed the audited financial statements with management and the independent registered public accounting firm, and discussed the audit of such financial statements with the independent registered public accounting firm.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">In addition, the Audit Committee discussed with the independent registered public accounting firm the quality, and not just the acceptability under generally accepted accounting principles, of the accounting principles applied by the Fund, and such other matters brought to the attention of the Audit Committee by the independent registered public accounting firm required by Statement of Auditing Standards No. 61, as currently in effect. The Audit Committee also received from the independent registered public accounting firm the written statement required by Independence Standards Board Statement No. 1, as currently in effect, delineating relationships between the independent registered public accounting firm and the Fund and discussed the impact that any such relationships may have on the objectivity and independence of the independent registered public accounting firm.</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 not experts in the fields of accounting or auditing, including auditor independence. 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 principles or appropriate 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 any assurance that the audit of the Fund's financial statements has been carried out in accordance with generally accepted accoun
ting standards, that the financial statements are presented in accordance with generally accepted accounting principles or that the Fund's registered public accounting firm is in fact "independent."</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">Based on its consideration of the audited financial statements and the discussions referred to above with management and the independent registered public accounting firm and subject to the limitations on the responsibilities and role of the Audit Committee set forth in the Charter and those discussed above, the Committee recommended to the Board of Directors that the audited financial statements be included in the Fund's Annual Report.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2">Respectfully submitted,</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2">Jane F. Dasher<BR>Lee Abraham<BR>John P. Toolan&nbsp;&nbsp;<BR>February 28, 2007</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>Disclosure of Independent Registered Public Accounting Firm Fees</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"> Fees for the annual audit of the Fund's financial statements by KPMG LLP ("KPMG"), the Fund's independent registered public accounting firm, for the fiscal years ended December 31, 2005 and December 31, 2006 were $17,500 and $19,500, respectively.</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"> KPMG did not receive any fees for services related to the audit of the Fund's financial statements for the fiscal years ended December 31, 2005 and December 31, 2006.</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"> Fees for services rendered by KPMG for tax compliance for the fiscal years ended December 31, 2005 and December 31, 2006 were $2,300 and $2,500, respectively. These amounts represent aggregate fees paid for tax compliance, tax advice and tax planning services, which include the filing and amendment of federal, state and local income tax returns, timely tax qualification review and tax distribution and analysis planning rendered by KPMG to the Fund.</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"> Fees for services rendered by KPMG related to its annual review of agreed-upon procedures for the fiscal years ended December 31, 2005 and December 31, 2006 were $10,000 and $10,000, respectively.</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"> The Audit Committee Charter requires that the Audit Committee shall 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 by the Fund's independent registered public accounting firm to the Manager and any service providers controlling, controlled by or under common control with the Manager that provide ongoing services to the Fund ("Covered Service Providers") if the engagement relates 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.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">The Audit Committee may 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 included 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 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 f
unctions 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, the Manager and any Covered Service Provider constitutes not more than 5% of the total amount of revenues paid to the independent registered public accounting firm during the fiscal year in which the permissible non-audit services are provided to (a) the Fund, (b) the Manager and (c) any Covered Service Provider during the fiscal year in which the services are provided that would not 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 Committee (or its delegate(s)) prior to the completion of the audit.</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><font face="Times New Roman PS, Times New Roman, Times" size="2">There were no services rendered by KPMG to the Fund for which the pre-approval requirement was waived.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>Aggregate Non-Audit Fees.</b></font><font face="Times New Roman PS, Times New Roman, Times" size="2"> The aggregate non-audit fees billed by KPMG for non-audit services rendered to the Fund, the Manager and Covered Service Providers for the fiscal years ended December 31, 2005 and December 31, 2006 were $0 and $0, respectively.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">The Fund's Audit Committee has considered whether the provision of non-audit services that were rendered by KPMG to the Manager and Covered Service Providers which were not pre-approved (not requiring pre-approval) is compatible with maintaining KPMG's independence. All services provided by KPMG to the Fund, the Manager or Covered Service Providers which were required to be pre-approved were pre-approved as required.</font></p>
<p align="center"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>Submission of Stockholder Proposals and Other Stockholder Communications</b></font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">Stockholder proposals intended to be presented at the 2008 Annual Meeting of the stockholders of the Fund must be received by November 30, 2007 to be included in the proxy statement and the form of proxy relating to that meeting, as the Fund expects that the 2008 Annual Meeting will be held in April 2008. The submission by a stockholder of a proposal for inclusion in the proxy statement does not guarantee that it will be included. Any stockholder who desires to submit a proposal at the 2008 Annual Meeting of Shareholders without including such proposal in the Fund's proxy statement must deliver written notice thereof to the Secretary of the Fund (addressed to Western Asset Intermediate Muni Fund Inc., 125 Broad Street, New York, New York 10004) prior to February 28, 2008. However, if less than 70 days' notice or prior public disclosure of the date of the 2008 Annual Meeting of Shareholders is given or made to stockholders, any such notice to
 be timely must be received not later than the close of business on the 10th day following the day on which notice of the date of the annual or special meeting was given or such public disclosure was made. Stockholder proposals are subject to certain regulations under the federal securities laws.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">The persons named as proxies for the 2008 Annual Meeting of stockholders will have discretionary authority to vote on any matter presented by a stockholder for action at that meeting unless the Fund receives notice of the matter by February 28, 2008, in which case these persons will not have discretionary voting authority except as provided in the SEC's rules governing stockholder proposals.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">The Fund's Audit Committee has 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 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 be submitted on an anonymous basis.</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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<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 &amp; Co., LLC<BR>Compliance Department<BR>399 Park Avenue, 4th Floor<BR>New York, New York 10022</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 Intermediate Muni Fund Inc.<BR>Audit Committee Chair<BR>c/o Jane Dasher<BR>P.O. Box 7441<BR>Greenwich, CT 06836-7441</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">A stockholder who wishes to send any other communications to the Board should also deliver such communications to the Secretary of the Fund at 300 First Stamford Place, 4th Floor, Stamford, CT 06902. 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 face="Times New Roman PS, Times New Roman, Times" size="2"><b>Additional Information</b></font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">Legg Mason is a global asset management firm, structured as a holding company. The firm is headquartered in Baltimore, Maryland. Legg Mason's sole business is asset management, with on-the-ground management capabilities located around the world and assets under management as of December 31, 2006 aggregating approximately $945 billion.</font></p>
<p align="center"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>Other Matters</b></font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">The Manager knows of no other matters which are to be brought before the Meeting. However, if any other matters not now known or determined properly come before the Meeting, it is the intention of the persons named in the enclosed form of proxy to vote such proxy in accordance with their judgment on such matters.</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"><font face="Times New Roman PS, Times New Roman, Times" size="2">Robert I. Frenkel<BR>Secretary<BR>April 6, 2007</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>IT IS IMPORTANT THAT PROXIES BE RETURNED PROMPTLY. STOCKHOLDERS WHO DO NOT EXPECT TO ATTEND THE MEETING ARE THEREFORE URGED TO COMPLETE AND SIGN, DATE AND RETURN THE PROXY CARD AS SOON AS POSSIBLE IN THE ENCLOSED POSTAGE-PAID ENVELOPE.</b></font></p>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times"><br>14</font></p>
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<p align="center"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>EXHIBIT A</b></font></p>
<p align="center"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>AUDIT COMMITTEE CHARTER<BR>AMENDED AND RESTATED AS OF DECEMBER 16, 2005</b></font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>Establishment and Purpose</b></font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">This document serves as the Charter for the Audit Committee (the "Committee") of the Board of each registered investment company (the "Fund") advised by Smith Barney Fund Management or Salomon Brothers Asset Management or one of their affiliates (each, an "Adviser") listed on Appendix A hereto (each such Charter being a separate Charter). The primary purposes of the Committee are to (a) assist Board oversight of (i) the integrity of the Fund's financial statements, (ii) the Fund's compliance with legal and regulatory requirements, (iii) the qualifications and independence of the Fund's independent auditors and (iv) the performance of the Fund's internal audit function and independent auditors; (b) approve, and recommend to the Independent Board Members (as such term is defined below) for their ratification, the selection, appointment, retention or termination of the Fund's independent auditors, as well as approving the compensation thereof; 
(c) approve all audit and permissible non-audit services provided to the Fund and certain other persons by the Fund's independent auditors; and (d) for each closed-end Fund, prepare the report required to be prepared by the Committee pursuant to the rules of the Securities and Exchange Commission for inclusion in the Fund's annual Proxy Statement.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>Duties and Responsibilities</b></font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">The Fund's independent auditors are accountable to the Committee.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">The Committee shall:</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">1.&nbsp;&nbsp;Bear direct responsibility for the appointment, compensation, retention and oversight of the Fund's independent auditors, or of any other public accounting firm engaged for the purpose of performing other audit, review or attest services for the Fund.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">2.&nbsp;&nbsp;Confirm with any independent auditor retained to provide audit services that the independent auditor has ensured the appropriate rotation of the lead audit partner pursuant to applicable regulations.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">3.&nbsp;&nbsp;Approve (a) all audit and permissible non-audit services<sup>1</sup> to be provided to the Fund and (b) all permissible non-audit services to be provided by the Fund's independent auditors to the Adviser and any Covered Service Providers if the engagement relates directly to the operations and financial reporting of the Fund. The Committee may implement policies and procedures by which such services are approved other than by the full Committee.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">4.&nbsp;&nbsp;Discuss with the independent auditors any disclosed relationships or services that may diminish the objectivity and independence of the independent auditors and, if so determined by the Committee, </font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="1"><sup>1</sup>&nbsp;&nbsp;The Committee shall not approve non-audit services that the Committee believes may impair the independence of the auditors. As of the date of the approval of this 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 auditors, other than those provided to the Fund in connection with an audit or a review of the financial 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 align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times"><br>A-1</font></p>
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<p><font face="Times New Roman PS, Times New Roman, Times" size="2">recommend that the Board take appropriate action to ensure the independence of the independent auditors.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">5.&nbsp;&nbsp;Review, in consultation with the independent auditors, the proposed scope of the Fund's audit each year, including the audit procedures to be utilized in the review of the Fund's financial statements.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">6.&nbsp;&nbsp;Inquire of the Adviser and the independent auditors as to significant tax and accounting policies elected by the Fund (including matters affecting qualification under Subchapter M of the Internal Revenue Code).</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">7.&nbsp;&nbsp;Review with the independent auditors any problems or difficulties the auditors may have encountered during the conduct of the audit and management's response, including a discussion with the independent auditors of the matters required to be discussed by Statement on Auditing Standards No.</font><font face="Times New Roman PS, Times New Roman, Times" size="2"> </font><font face="Times New Roman PS, Times New Roman, Times" size="2">61, 89, 90 or any subsequent Statement, relating to the conduct of the audit.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">8.&nbsp;&nbsp;Review, in consultation, as appropriate, with the independent auditors and significant Fund service providers, matters relating to internal controls over financial reporting and disclosure controls and procedures of the Fund and of the Fund's significant service providers.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">9.&nbsp;&nbsp;Request, receive and/or review from the independent auditors such other materials as deemed necessary or advisable by the Committee in the exercise of its duties under this Charter; such materials may include, without limitation, any other material written communications bearing on the Fund's financial statements, or internal or disclosure controls, between the independent auditors and the Fund, the Adviser or other Fund service providers, such as any management letter or schedule of unadjusted differences, and any comment or "deficiency" letter (to the extent such letters relate to financial reporting) received from a regulatory or self-regulatory organization addressed to the Fund or the Adviser that relates to services rendered to the Fund.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">10.&nbsp;&nbsp;For each closed-end Fund, establish procedures regarding the receipt, retention and treatment of complaints that the Fund may receive regarding Fund accounting, internal accounting controls or auditing matters, including procedures for the confidential or anonymous submission by Fund officers, employees, stockholders or service providers of concerns regarding questionable accounting or auditing matters related to the Fund.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">11.&nbsp;&nbsp;For each closed-end Fund, obtain and review a report by the Fund's independent auditors describing (i) the auditing firm's internal quality-control procedures; (ii) any material issues raised by the most recent internal quality-control review, or peer review, of the auditing firm, or by any inquiry or investigation by governmental or professional authorities, within the preceding five years, respecting one or more independent audits carried out by the auditing firm, and any steps taken to deal with any such issues; and (iii) (to assess the auditor's independence) all relationships between the independent auditor and the Fund.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">12.&nbsp;&nbsp;For each closed-end Fund, discuss policies with respect to risk assessment and risk management.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="1">Pre-approval by the 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, the Adviser and any service providers controlling, controlled by or under common control with the Adviser that provide ongoing services to the Fund ("Covered Service Providers") constitutes not more than 5% of the total amount of revenues paid to the independent auditors during the fiscal year in which the permissible non-audit services are provided by (a) the Fund, (b) the Adviser and (c) any entity controlling, controlled by or under common control with the Adviser 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 serv
ices are promptly brought to the attention of the Committee and approved by the Committee (or its delegate(s)) prior to the completion of the audit.</font></p>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times"><br>A-2</font></p>
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<p><font face="Times New Roman PS, Times New Roman, Times" size="2">13.&nbsp;&nbsp;For each closed-end Fund, review hiring policies for employees or former employees of the Fund's independent auditors.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">14.&nbsp;&nbsp;For each closed-end Fund, discuss with management and the Fund's independent auditors the Fund's audited financial statements and discuss with management the Fund's unaudited financial statements, including any narrative discussion by management concerning the Fund's financial condition and investment performance and, if appropriate, recommend the publication of the Fund's annual audited financial statements in the Fund's annual report in advance of the printing and publication of the annual report.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">15.&nbsp;&nbsp;For each closed-end Fund, discuss the Fund's earnings press releases, as well as financial information and earnings guidance provided to analysts and rating agencies;</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">16.&nbsp;&nbsp;For each closed-end Fund, review and evaluate annually the performance of the Committee and the adequacy of this Charter and recommend any proposed changes to the Charter to the Board for approval.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">The Committee shall have the resources and authority appropriate to discharge its responsibilities, including the authority to retain, as it deems necessary to carry out its duties, special counsel and other experts or consultants at the expense of the Fund. The Fund shall provide appropriate funding, as determined by the Committee, for the Committee to carry out its duties and its responsibilities, including (a) for compensation to be paid to, or services to be provided by, the Fund's independent auditors or other public accounting firm providing audit, review or attest services for the Fund, (b) for payment of compensation to any outside legal, accounting or other advisors, counsel or consultants employed by the Committee and (c) for the ordinary administrative expenses of the Committee. In performing its duties, the Committee shall consult as it deems appropriate with the members of the Board, officers and employees of the Fund, the Advis
er, the Fund's sub-adviser(s), if any, the Fund's counsel, counsel to the Independent Board Members and the Fund's other service providers.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>Composition</b></font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">The Committee shall be composed of each Board member who has been determined not to be an "interested person," as that term is defined in Section 2(a)(19) of the Investment Company Act of 1940, as amended ("1940 Act"), of the Fund (the "Independent Board Members"), or such lesser number as the Board of the Fund may specifically determine and reflect in the Board's minutes, each of whom shall be financially literate and at least one of whom shall have accounting or related financial management expertise as determined by the Fund's Board in its business judgment. Each member of the Committee must also meet the independence and experience requirements as set forth in the New York Stock Exchange's Listed Company Manual or as set forth in the American Stock Exchange's listing standards, as applicable, and the independence requirements applicable to investment companies set forth in the Securities Exchange Act of 1934. The Committee shall elect a 
Chairperson, who shall preside over Committee meetings. The Chairperson shall serve for a term of three years, which term may be renewed from time to time.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>Meetings</b></font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">The Committee shall meet on a regular basis, but not less frequently than twice a year. Special meetings may also be held upon reasonable notice to the members of the Committee. An agenda shall be established for each </font></p>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times"><br>A-3</font></p>
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<p><font face="Times New Roman PS, Times New Roman, Times" size="2">meeting. The Committee may request any officer or employee of the Fund, the Fund's counsel, counsel to the Independent Board Members, the Adviser, the Fund's independent auditors or other interested persons to attend a meeting of the Committee or to meet with any members of, or consultants to, the Committee. The Committee will meet periodically with the Fund's independent auditors outside the presence of the Fund's and the Adviser's officers and employees. The Committee will also meet periodically with the fund's management outside the presence of the Fund's independent auditors. Meetings of the Committee may be held in person, by telephone or by other appropriate means.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">One-third of the Committee's members, but not fewer than two members, shall constitute a quorum. At any meeting of the Committee, the decision of a majority of the members present and voting shall be determinative as to any matter submitted to a vote.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>Reporting</b></font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">The Chairperson shall report regularly to the Board on the result of the Committee's deliberations and make such recommendations as deemed appropriate.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>Limits on Role of Committee</b></font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">The function of the Committee is oversight. The Fund's management is responsible for (i) the preparation, presentation and integrity of the Fund's financial statements, (ii) the maintenance of appropriate accounting and financial reporting principles and policies and (iii) the maintenance of internal controls and procedures designed to assure compliance with accounting standards and applicable laws and regulations. The independent auditors are responsible for planning and carrying out proper audits and reviews. In fulfilling their responsibilities hereunder, it is recognized that members of the Committee are not employees of the Fund. As such, it is not the duty or responsibility of the Committee or its members to conduct "field work" or other types of auditing or accounting reviews or procedures or to set auditor independence standards. Each member of the Committee shall be entitled to rely on (i) the integrity of those persons and organiza
tions within and outside the Fund from which it receives information and (ii) the accuracy of the financial and other information provided to the Committee by such persons and organizations absent actual knowledge to the contrary (which shall be promptly reported to the Fund's Board) and (iii) statements made by the officers and employees of the Fund, the Adviser or other third parties as to any information technology, internal audit and other non-audit services provided by the independent auditors to the Fund. The designation of a person as an "audit committee financial expert," within the meaning of the rules adopted and implemented under Section 407 of the Sarbanes-Oxley Act of 2002, shall not impose any greater responsibility or liability on that person than the responsibility and liability imposed on such person as a member of the Committee, nor does it decrease the duties and obligations of other Committee members or the Board.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">In carrying out its responsibilities, the Committee's policies and procedures shall be adapted, as appropriate, in order to best react to a changing environment.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>Amendments</b></font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">This Charter may be amended by a vote of a majority of the Board members.</font></p>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times"><br>A-4</font></p>
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<p><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>Appendix A</b></font></p>
<p align="center"><font face="Times New Roman PS, Times New Roman, Times" size="2">Smith Barney Equity Funds</font></p>
<p align="center"><font face="Times New Roman PS, Times New Roman, Times" size="2">Smith Barney Social Awareness Fund</font></p>
<p align="center"><font face="Times New Roman PS, Times New Roman, Times" size="2">Smith Barney Muni Funds</font></p>
<p align="center"><font face="Times New Roman PS, Times New Roman, Times" size="2">California Money Market Portfolio</font></p>
<p align="center"><font face="Times New Roman PS, Times New Roman, Times" size="2">Florida Portfolio</font></p>
<p align="center"><font face="Times New Roman PS, Times New Roman, Times" size="2">Georgia Portfolio</font></p>
<p align="center"><font face="Times New Roman PS, Times New Roman, Times" size="2">Limited Term Portfolio</font></p>
<p align="center"><font face="Times New Roman PS, Times New Roman, Times" size="2">National Portfolio</font></p>
<p align="center"><font face="Times New Roman PS, Times New Roman, Times" size="2">Massachusetts Money Market Portfolio</font></p>
<p align="center"><font face="Times New Roman PS, Times New Roman, Times" size="2">New York Money Market Portfolio</font></p>
<p align="center"><font face="Times New Roman PS, Times New Roman, Times" size="2">New York Portfolio</font></p>
<p align="center"><font face="Times New Roman PS, Times New Roman, Times" size="2">Pennsylvania Portfolio</font></p>
<p align="center"><font face="Times New Roman PS, Times New Roman, Times" size="2">Smith Barney Municipal Money Market Fund, Inc.</font></p>
<p align="center"><font face="Times New Roman PS, Times New Roman, Times" size="2">High Income Opportunity Fund Inc.*</font></p>
<p align="center"><font face="Times New Roman PS, Times New Roman, Times" size="2">Smith Barney Funds, Inc.</font></p>
<p align="center"><font face="Times New Roman PS, Times New Roman, Times" size="2">Large Cap Value Fund</font></p>
<p align="center"><font face="Times New Roman PS, Times New Roman, Times" size="2">U.S. Government Securities Fund</font></p>
<p align="center"><font face="Times New Roman PS, Times New Roman, Times" size="2">Short-Term Investment Grade Bond Fund</font></p>
<p align="center"><font face="Times New Roman PS, Times New Roman, Times" size="2">Smith Barney Income Funds</font></p>
<p align="center"><font face="Times New Roman PS, Times New Roman, Times" size="2">Smith Barney Dividend and Income Fund</font></p>
<p align="center"><font face="Times New Roman PS, Times New Roman, Times" size="2">SB Convertible Fund</font></p>
<p align="center"><font face="Times New Roman PS, Times New Roman, Times" size="2">Smith Barney Diversified Strategic Income Fund</font></p>
<p align="center"><font face="Times New Roman PS, Times New Roman, Times" size="2">Smith Barney Exchange Reserve Fund</font></p>
<p align="center"><font face="Times New Roman PS, Times New Roman, Times" size="2">Smith Barney High Income Fund</font></p>
<p align="center"><font face="Times New Roman PS, Times New Roman, Times" size="2">Smith Barney Municipal High Income Fund</font></p>
<p align="center"><font face="Times New Roman PS, Times New Roman, Times" size="2">SB Capital and Income Fund</font></p>
<p align="center"><font face="Times New Roman PS, Times New Roman, Times" size="2">Smith Barney Total Return Bond Fund</font></p>
<p align="center"><font face="Times New Roman PS, Times New Roman, Times" size="2">Smith Barney Small Cap Core Fund, Inc.</font></p>
<p align="center"><font face="Times New Roman PS, Times New Roman, Times" size="2">Intermediate Muni Fund, Inc.*</font></p>
<p align="center"><font face="Times New Roman PS, Times New Roman, Times" size="2">Smith Barney Money Funds, Inc.</font></p>
<p align="center"><font face="Times New Roman PS, Times New Roman, Times" size="2">Cash Portfolio</font></p>
<p align="center"><font face="Times New Roman PS, Times New Roman, Times" size="2">Government Portfolio</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="1">*&nbsp;&nbsp;Closed-end Funds. The duties and responsibilities of paragraphs 10, 11, 12, and 13 and any other provision applicable exclusively to closed-end funds apply to this fund only.</font></p>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times"><br>A-5</font></p>
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<p align="center"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>EXHIBIT B</b></font></p>
<p align="center"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>CORPORATE GOVERNANCE AND <BR>NOMINATING COMMITTEE CHARTER</b></font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>Purpose of Committee</b></font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">The purpose of the Corporate Governance and Nominating Committee (the "Committees") of the Board of Directors (the "Boards") of the Smith Barney Investment Companies listed on Appendix A (the "Funds") is to oversee the board governance practices of the Funds, to identify and recommend individuals to the Board for nomination as members of the Board and their committees (including these Committees) and to establish the agenda for meetings of the Independent Directors. The Board of the Fund shall establish a Committee. The Committees shall report to the Board on their activities when appropriate.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>Committee Membership</b></font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">The Committees shall consist solely of two or more members of the Board, (a) none of whom is an "interested person" of the Fund or their investment adviser as defined in the Investment Company Act of 1940 (the "Act") or has a direct or indirect financial interest in the operation of any Fund's plan under Rule 12b-1 under the Act or in any agreements related to a plan (any such person, an "Independent Director"), and (b) each of whom the Board has determined has no material relationship with the Fund and is otherwise "independent" under the rules of the American Stock Exchange, Inc.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">The initial members of the Committees shall be appointed by the Board, including a majority of the Independent Directors. Candidates to fill subsequent vacancies in the Committees shall be nominated by the Committees as set forth below and appointed by the Board. Members shall serve at the pleasure of the Board and for such term or terms as the Board may determine.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>Committee Structure and Operations</b></font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">Each Committee shall designate one member as its chairperson. In the event of a tie vote on any issue, the chairperson's vote shall decide the issue. Each Committee shall meet in person or telephonically as appropriate for the conduct of its business at times and places determined by the Committee chairperson. In addition, actions may be taken by unanimous written consent when deemed necessary or desirable by the Committee.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>Committee Duties and Responsibilities</b></font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">The following are the duties and responsibilities of the Committees:</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">1.&nbsp;&nbsp;To monitor developments in corporate governance of the registered investment company with a view to advising the Board on their policies, programs and procedures designed to assure compliance with legislative, regulatory and self-regulatory requirements applicable to investment company board governance.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">2.&nbsp;&nbsp;To make recommendations to the Board from time to time as to changes that the Committees believe to be desirable to the size of the Board or any committee thereof.</font></p>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times"><br>B-1</font></p>
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<p><font face="Times New Roman PS, Times New Roman, Times" size="2">3.&nbsp;&nbsp;To identify individuals believed to be qualified to become Independent Directors of the Funds, and to recommend to the Board the nominees to stand for election as directors at meetings of stockholders. In the case of a vacancy to be filled in the office of a director (including a vacancy created by an increase in the size of a Board), each Committee shall recommend to the Board an individual to fill such vacancy either through appointment by the Board or through election by stockholders. In nominating candidates, each Committee shall take into consideration such factors as it deems appropriate. The Committees may consider candidates proposed by management but is not required to do so.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">In evaluating a person as a potential nominee to serve as a Director of the Fund, the Committee should consider among other factors it may deem relevant:</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">&#149;&nbsp;&nbsp;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;&nbsp;&nbsp;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, other Fund service providers or their affiliates;</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">&#149;&nbsp;&nbsp;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;&nbsp;&nbsp;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;&nbsp;&nbsp;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;&nbsp;&nbsp;the character and integrity of the person; and</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">&#149;&nbsp;&nbsp;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><font face="Times New Roman PS, Times New Roman, Times" size="2">&#149;&nbsp;&nbsp;While the Committee is solely responsible for the selection and nomination of Directors. It may consider nominees recommended by Fund stockholders but is not required to do so. Stockholders who wish to recommend a nominee should send nominations to the Secretary of the Fund that include all information relating to such person that is required to be disclosed in solicitations of proxies for the election of Directors. The 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 elected by the stockholders.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">4.&nbsp;&nbsp;To develop and recommend to the Board standards to be applied in making determinations as to the absence of material relationships between the Company and a director.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">5.&nbsp;&nbsp;To identify Board members qualified to fill vacancies on any committee of a Board (including the Committee) and to recommend that the Board appoint the identified member or members to the respective committee. In nominating a candidate for committee membership, the Committee shall take into consideration the factors set forth in the charter of that committee, if any, as well as any other factors it deems appropriate, including without limitation the consistency of the candidate's experience with the </font></p>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times"><br>B-2</font></p>
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<p><font face="Times New Roman PS, Times New Roman, Times" size="2">goals of the committee and the interplay of the candidate's experience with the experience of other committee members.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">6.&nbsp;&nbsp;Establish agendas for the executive sessions of the Independent Directors and coordinate with management on agendas for regular meetings of the Board.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">7.&nbsp;&nbsp;Prepare and issue the evaluation required under "Performance Evaluation" below.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">8. &nbsp;&nbsp;Review on a periodic basis director fees and compensation.</font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">9.&nbsp;&nbsp;Any other duties or responsibilities expressly delegated to the Committees by the Board from time to time relating to the nomination of Board and committee members and to corporate governance matters.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>Delegation to Subcommittee</b></font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">A Committee may, in its discretion, delegate all or a portion of its duties and responsibilities to a subcommittee of the Committee or a committee of the Board.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>Performance Evaluation</b></font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">The Committees shall produce and provide to the Board an annual performance evaluation of the Committee, which evaluation shall compare the performance of the Committee with the requirements of this charter. The performance evaluation shall also recommend to the Board any improvements to the Committee charter or to Board governance practices deemed necessary or desirable by the Committees. The performance evaluation by the Committees shall be conducted in such manner as the Committees deem appropriate. The report to the Board may take the form of an oral report by the chairperson of the Committees or any other member designated by the Committees to make this report.</font></p>
<p align="left"><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>Resources and Authority of the Committees</b></font></p>
<p><font face="Times New Roman PS, Times New Roman, Times" size="2">The Committees shall have the resources and authority appropriate to discharge the duties and responsibilities specified in this Charter, including the authority to select, retain, terminate, and approve the fees and other retention terms of special counsel or other experts or consultants, such as search firms used to identify director candidates, as it deems appropriate, without seeking approval of the Board or management. While it is expected that, in the normal course of business the Committees would consult with the other Independent Directors in connection with any such retention, the Committees are not required to do so.</font></p>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times"><br>B-3</font></p>
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<p><font face="Times New Roman PS, Times New Roman, Times" size="2"><b>Appendix A</b></font></p>
<p align="center"><font face="Times New Roman PS, Times New Roman, Times" size="2">Smith Barney Equity Funds</font></p>
<p align="center"><font face="Times New Roman PS, Times New Roman, Times" size="2">Smith Barney Social Awareness Fund</font></p>
<p align="center"><font face="Times New Roman PS, Times New Roman, Times" size="2">Smith Barney Muni Funds</font></p>
<p align="center"><font face="Times New Roman PS, Times New Roman, Times" size="2">California Money Market Portfolio</font></p>
<p align="center"><font face="Times New Roman PS, Times New Roman, Times" size="2">Florida Portfolio</font></p>
<p align="center"><font face="Times New Roman PS, Times New Roman, Times" size="2">Georgia Portfolio</font></p>
<p align="center"><font face="Times New Roman PS, Times New Roman, Times" size="2">Limited Term Portfolio</font></p>
<p align="center"><font face="Times New Roman PS, Times New Roman, Times" size="2">National Portfolio</font></p>
<p align="center"><font face="Times New Roman PS, Times New Roman, Times" size="2">Massachusetts Money Market Portfolio</font></p>
<p align="center"><font face="Times New Roman PS, Times New Roman, Times" size="2">New York Money Market Portfolio</font></p>
<p align="center"><font face="Times New Roman PS, Times New Roman, Times" size="2">New York Portfolio</font></p>
<p align="center"><font face="Times New Roman PS, Times New Roman, Times" size="2">Pennsylvania Portfolio</font></p>
<p align="center"><font face="Times New Roman PS, Times New Roman, Times" size="2">Smith Barney Municipal Money Market Fund, Inc.</font></p>
<p align="center"><font face="Times New Roman PS, Times New Roman, Times" size="2">High Income Opportunity Fund Inc.</font></p>
<p align="center"><font face="Times New Roman PS, Times New Roman, Times" size="2">Smith Barney Funds, Inc.</font></p>
<p align="center"><font face="Times New Roman PS, Times New Roman, Times" size="2">Large Cap Value Fund</font></p>
<p align="center"><font face="Times New Roman PS, Times New Roman, Times" size="2">U.S. Government Securities Fund</font></p>
<p align="center"><font face="Times New Roman PS, Times New Roman, Times" size="2">Short-Term Investment Grade Bond Fund</font></p>
<p align="center"><font face="Times New Roman PS, Times New Roman, Times" size="2">Smith Barney Income Funds</font></p>
<p align="center"><font face="Times New Roman PS, Times New Roman, Times" size="2">Smith Barney Dividend and Income Fund</font></p>
<p align="center"><font face="Times New Roman PS, Times New Roman, Times" size="2">SB Convertible Fund</font></p>
<p align="center"><font face="Times New Roman PS, Times New Roman, Times" size="2">Smith Barney Diversified Strategic Income Fund</font></p>
<p align="center"><font face="Times New Roman PS, Times New Roman, Times" size="2">Smith Barney Exchange Reserve Fund</font></p>
<p align="center"><font face="Times New Roman PS, Times New Roman, Times" size="2">Smith Barney High Income Fund</font></p>
<p align="center"><font face="Times New Roman PS, Times New Roman, Times" size="2">Smith Barney Municipal High Income Fund</font></p>
<p align="center"><font face="Times New Roman PS, Times New Roman, Times" size="2">SB Capital and Income Fund</font></p>
<p align="center"><font face="Times New Roman PS, Times New Roman, Times" size="2">Smith Barney Total Return Bond Fund</font></p>
<p align="center"><font face="Times New Roman PS, Times New Roman, Times" size="2">Smith Barney Small Cap Core Fund, Inc.</font></p>
<p align="center"><font face="Times New Roman PS, Times New Roman, Times" size="2">Intermediate Muni Fund, Inc.</font></p>
<p align="center"><font face="Times New Roman PS, Times New Roman, Times" size="2">Smith Barney Money Funds, Inc.</font></p>
<p align="center"><font face="Times New Roman PS, Times New Roman, Times" size="2">Cash Portfolio</font></p>
<p align="center"><font face="Times New Roman PS, Times New Roman, Times" size="2">Government Portfolio</font></p>
<p align="center"><font size="2" face="Times New Roman PS, Times New Roman, Times"><br>B-4</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman">&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 style="margin:0in 0in .0001pt;text-autospace:none;"><font size="2" face="Times New Roman">&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</font></b></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;">INTERMEDIATE
MUNI FUND INC.</font></b></p>

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

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

<p align="center" style="margin:0in 0in 24.0pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">April 27, 2007</font></b></p>

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

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="4" face="Times New Roman" style="font-size:14.0pt;">Please date, sign and mail</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="4" face="Times New Roman" style="font-size:14.0pt;">your
proxy card in the</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="4" face="Times New Roman" style="font-size:14.0pt;">envelope provided as soon</font></p>

<p align="center" style="margin:0in 0in 24.0pt;text-align:center;text-autospace:none;"><font size="4" face="Times New Roman" style="font-size:14.0pt;">as possible .</font></p>

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

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  <p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:7.0pt;">3</font></p>
  </td>
  <td width="72%" valign="top" style="padding:0in 0in 0in 0in;width:72.66%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman"><img width="12" height="23" src="g13341dei001.jpg"></font><font size="1" style="font-size:8.0pt;">&nbsp;Please
  detach along perforated line and mail in the envelope provided.&nbsp;</font><font size="1"><img width="12" height="23" src="g13341dei001.jpg"></font></p>
  </td>
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</table>

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

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  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><img width="18" height="14" src="g13341dei002.jpg"></font></p>
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  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">20200000000000000000&nbsp;&nbsp;&nbsp;&nbsp;6</font></p>
  </td>
  <td width="38%" valign="top" style="padding:0in 0in 0in 0in;width:38.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">042707</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.0pt;">&nbsp;</font></p>

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  <td width="100%" colspan="5" valign="top" style="border:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:100.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:7.0pt;font-weight:bold;">&nbsp;</font></b></p>
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  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:7.0pt;font-weight:bold;">The Board of Directors recommends a vote &quot;FOR&quot; the
  following proposal.</font></b></p>
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><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><b><font size="1" face="Wingdings" style="font-size:9.0pt;font-weight:bold;">x</font></b></p>
  </td>
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  <p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>
  </td>
  <td width="48%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:48.76%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>
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  <p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">1. Election of
  Directors:</font></p>
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  <p style="margin:0in 0in .0001pt .25in;text-align:justify;text-indent:-.15in;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">2.&nbsp; In their
  discretion, the Proxies are authorized to vote upon such other business as
  may properly come before the meeting.</font></p>
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  <p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>
  </td>
  <td width="30%" colspan="2" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:30.66%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>
  </td>
  <td width="48%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:48.76%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>
  </td>
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  <td width="3%" style="padding:0in 0in 0in 0in;width:3.26%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><img width="22" height="22" src="g13341dei003.jpg"></font></p>
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  <p style="margin:0in 0in .0001pt;"><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="30%" colspan="2" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:30.66%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:7.0pt;font-weight:bold;">NOMINEES:</font></b><font size="1" style="font-size:7.0pt;"><br>
  <font style="position:relative;top:1.0pt;"><img width="17" height="12" src="g13341dei004.jpg">&nbsp;</font>Paolo M. Cucchi&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class II Nominee<br>
  <font style="position:relative;top:1.0pt;"><img width="17" height="12" src="g13341dei004.jpg">&nbsp;</font>Leslie H. Gelb&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class lll Nominee</font></p>
  </td>
  <td width="48%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:48.76%;">
  <p style="margin:0in 0in .0001pt .1in;text-align:justify;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">This proxy, when properly executed, will be
  voted in the manner directed herein by the undersigned stockholder. If no
  direction is made, this proxy will be voted FOR each nominee for director.</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="3%" style="padding:0in 0in 0in 0in;width:3.26%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><img width="22" height="22" src="g13341dei003.jpg"></font></p>
  </td>
  <td width="17%" style="padding:0in 0in 0in 0in;width:17.32%;">
  <p style="margin:2.0pt 0in .0001pt;"><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="30%" colspan="2" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:30.66%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="48%" rowspan="3" valign="top" style="border:none;padding:0in 0in 0in 0in;width:48.76%;">
  <p style="margin:0in 0in .0001pt .1in;text-align:justify;"><a name="row"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;"><br>
  PLEASE MARK, SIGN, DATE AND RETURN THE PROXY CARD PROMPTLY USING THE ENCLOSED
  ENVELOPE. </font></b></a></p>
  </td>
 </tr>
 <tr>
  <td width="3%" style="padding:0in 0in 0in 0in;width:3.26%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:4.0pt;">&nbsp;</font></p>
  </td>
  <td width="17%" style="padding:0in 0in 0in 0in;width:17.32%;">
  <p style="margin:4.0pt 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:4.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="30%" colspan="2" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:30.66%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:4.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="3%" style="padding:0in 0in 0in 0in;width:3.26%;">
  <p style="margin:4.0pt 0in .0001pt;"><font size="2" face="Times New Roman"><img width="22" height="22" src="g13341dei003.jpg"></font></p>
  </td>
  <td width="17%" style="padding:0in 0in 0in 0in;width:17.32%;">
  <p style="margin:4.0pt 0in .0001pt;"><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 instruction below)</font></p>
  </td>
  <td width="30%" colspan="2" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:30.66%;">
  <p style="margin:0in 0in .0001pt 14.0pt;text-indent:-14.0pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr height="7" style="height:4.95pt;">
  <td width="51%" colspan="4" height="7" valign="top" style="border:none;border-right:solid windowtext 1.0pt;height:4.95pt;padding:0in 0in 0in 0in;width:51.24%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>
  </td>
  <td width="48%" height="7" valign="top" style="border:none;height:4.95pt;padding:0in 0in 0in 0in;width:48.76%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="51%" colspan="4" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:51.24%;">
  <p style="margin:0in 0in .0001pt 48.95pt;text-indent:-48.95pt;"><font size="1" face="Times New Roman" style="font-size:6.0pt;letter-spacing:.1pt;">&nbsp;</font></p>
  <p style="margin:0in 0in .0001pt 48.95pt;text-indent:-48.95pt;"><font size="1" face="Times New Roman" style="font-size:6.0pt;letter-spacing:.1pt;">&nbsp;</font></p>
  <p style="margin:0in 0in .0001pt 48.95pt;text-indent:-48.95pt;"><font size="1" face="Times New Roman" style="font-size:6.0pt;letter-spacing:.1pt;">&nbsp;</font></p>
  <p style="margin:0in 0in .0001pt 48.95pt;text-indent:-48.95pt;"><font size="1" face="Times New Roman" style="font-size:6.0pt;letter-spacing:.1pt;">&nbsp;</font></p>
  <p style="margin:0in 0in .0001pt 48.95pt;text-indent:-48.95pt;"><font size="1" face="Times New Roman" style="font-size:6.0pt;letter-spacing:.1pt;">&nbsp;</font></p>
  <p style="margin:0in 0in .0001pt 48.95pt;text-indent:-48.95pt;"><font size="1" face="Times New Roman" style="font-size:6.0pt;letter-spacing:.1pt;">&nbsp;</font></p>
  <p style="margin:0in 0in .0001pt 48.95pt;text-indent:-48.95pt;"><font size="1" face="Times New Roman" style="font-size:6.0pt;letter-spacing:.1pt;">&nbsp;</font></p>
  <p style="margin:0in 0in .0001pt 48.95pt;text-indent:-48.95pt;"><font size="1" face="Times New Roman" style="font-size:6.0pt;letter-spacing:.1pt;">&nbsp;</font></p>
  <p style="line-height:7.0pt;margin:0in 0in .0001pt 48.95pt;text-indent:-48.95pt;"><font size="1" face="Times New Roman" style="font-size:6.0pt;letter-spacing:.1pt;">&nbsp;</font></p>
  <p style="margin:0in 0in .0001pt 48.95pt;text-indent:-48.95pt;"><b><u><font size="1" face="Times New Roman" style="font-size:6.0pt;font-weight:bold;letter-spacing:.1pt;">INSTRUCTION:</font></u></b><font size="1" style="font-size:3.0pt;letter-spacing:.1pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font size="1" style="font-size:6.0pt;letter-spacing:.1pt;">To
  withhold authority to vote for any individual nominee(s), mark <b>&#147;FOR ALL EXCEPT&#148; </b>and fill in the circle next to each
  nominee you wish to withhold, as shown here: <font style="position:relative;top:1.0pt;"><img width="13" height="12" src="g13341dei005.jpg"></font></font></p>
  </td>
  <td width="48%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:48.76%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="51%" 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 0in 0in 0in;width:51.24%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>
  </td>
  <td width="48%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:48.76%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="46%" colspan="3" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:46.0%;">
  <p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">To change the
  address on your account, please check the box at right and indicate your new
  address in the space above. Please note that changes to the registered
  name(s) on the account may not be submitted via 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 0in 0in 0in;width:5.24%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="6" face="Times New Roman"><img width="22" height="22" src="g13341dei003.jpg"></font></p>
  </td>
  <td width="48%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:48.76%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr height="0">
  <td width="24" style="border:none;"></td>
  <td width="130" style="border:none;"></td>
  <td width="190" style="border:none;"></td>
  <td width="39" style="border:none;"></td>
  <td width="365" style="border:none;"></td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:2.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="14%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.16%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;"><br>
  </font><font size="1" style="font-size:7.0pt;">Signature of Stockholder</font></p>
  </td>
  <td width="21%" valign="top" style="border:solid windowtext 1.0pt;border-left:none;padding:0in 0in 0in 0in;width:21.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:3.52%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:7.0pt;"><br> &nbsp;Date:</font></p>
  </td>
  <td width="11%" valign="top" style="border:solid windowtext 1.0pt;border-left:none;padding:0in 0in 0in 0in;width:11.32%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="14%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.14%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:7.0pt;"><br> &nbsp;Signature of Stockholder</font></p>
  </td>
  <td width="20%" valign="top" style="border:solid windowtext 1.0pt;border-left:none;padding:0in 0in 0in 0in;width:20.52%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:4.04%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:7.0pt;"><br> &nbsp;Date:</font></p>
  </td>
  <td width="11%" valign="top" style="border:solid windowtext 1.0pt;border-left:none;padding:0in 0in 0in 0in;width:11.3%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:5.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.76%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman"><img width="19" height="14" src="g13341dei006.jpg"></font></p>
  </td>
  <td width="93%" valign="top" style="padding:0in 0in 0in 0in;width:93.08%;">
  <p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><b><font size="1" face="Times New Roman" style="font-size:6.0pt;font-weight:bold;letter-spacing:-.1pt;">Note:</font></b><font size="1" style="font-size:8.5pt;letter-spacing:-.1pt;"> </font><font size="1" style="font-size:6.0pt;letter-spacing:-.1pt;">Please
  sign exactly as your name or names appear on this Proxy. When shares are held
  jointly, each holder should sign.&nbsp;&nbsp;
  When signing as executor, administrator, attorney, trustee or
  guardian, please give full title as such. If the signer is a corporation,
  please sign full corporate name by duly authorized officer, giving full title
  as such.&nbsp; If signer is a partnership,
  please sign in partnership name by authorized person. </font></p>
  </td>
  <td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.16%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Times New Roman"><img width="19" height="14" src="g13341dei006.jpg"></font></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>

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

</div>
<!-- SEQ.=1,FOLIO='',FILE='C:\JMS\eudelhofen\07-1334-1\task1955195\1334-1-de.htm',USER='eudelho',CD='Apr  2 11:30 2007' -->


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

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

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<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
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  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="17%" valign="top" style="padding:0in .7pt 0in .7pt;width:17.36%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><img width="10" height="16" src="g13341dei007.jpg"></font></p>
  </td>
  <td width="3%" valign="top" style="padding:0in .7pt 0in .7pt;width:3.3%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><img width="22" height="19" src="g13341dei008.jpg"></font></p>
  </td>
 </tr>
</table>

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

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

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

<table border="0" cellspacing="0" cellpadding="0" width="98%" style="border-collapse:collapse;margin-left:8.8pt;width:98.38%;">
 <tr>
  <td width="33%" valign="top" style="padding:0in .7pt 0in .7pt;width:33.78%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">COMMON STOCK</font></b></p>
  </td>
  <td width="7%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:7.26%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="16%" valign="top" style="padding:0in .7pt 0in .7pt;width:16.26%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">PROXY</font></b></p>
  </td>
  <td width="23%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:23.96%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="18%" valign="top" style="padding:0in .7pt 0in .7pt;width:18.72%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">COMMON STOCK</font></b></p>
  </td>
 </tr>
</table>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:7.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="4" face="Times New Roman" style="font-size:14.0pt;font-weight:bold;">WESTERN ASSET INTERMEDIATE MUNI FUND INC.</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:7.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">125 Broad Street<br>
New York, New York 10004</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:7.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">This Proxy is Solicited on Behalf of the
Board of Directors of the Fund</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:7.0pt;">&nbsp;</font></p>

<p style="margin:0in .2in .0001pt .1in;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The undersigned hereby appoints R. JAY GERKEN,
ROBERT I. FRENKEL, and TODD LEBO, and each of them acting in the absence of the
other, as Proxies, each with the power to appoint a substitute, and hereby
authorizes them to represent and to vote, as designated herein, all the shares
of Common Stock of Western Asset Intermediate Muni Fund Inc. held of record by
the undersigned on March 19, 2007 at a Meeting of Stockholders to be held on
April 27, 2007 or any adjournment thereof.</font></p>

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

<table border="0" cellspacing="0" cellpadding="0" width="96%" style="border-collapse:collapse;margin-left:8.35pt;width:96.66%;">
 <tr>
  <td width="15%" valign="top" style="border:solid windowtext 1.0pt;padding:0in .7pt 0in .7pt;width:15.9%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><a name="TableHead"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">SEE REVERSE<br>
  SIDE</font></b></a></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in .7pt 0in .7pt;width:9.74%;">
  <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="48%" valign="top" style="padding:0in .7pt 0in .7pt;width:48.98%;">
  <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;">(Continued and to be signed on the reverse
  side.)</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in .7pt 0in .7pt;width:9.28%;">
  <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="16%" valign="top" style="border:solid windowtext 1.0pt;border-left:none;padding:0in .7pt 0in .7pt;width:16.1%;">
  <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;">SEE REVERSE<br>
  SIDE</font></b></p>
  </td>
 </tr>
</table>

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

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

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

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

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="88%" valign="top" style="padding:0in .7pt 0in .7pt;width:88.4%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><img width="22" height="19" src="g13341dei008.jpg"></font></p>
  </td>
  <td width="8%" valign="top" style="padding:0in .7pt 0in .7pt;width:8.3%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">14475</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0in .7pt 0in .7pt;width:3.3%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><img width="22" height="19" src="g13341dei008.jpg"></font></p>
  </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>
<!-- SEQ.=1,FOLIO='',FILE='C:\JMS\eudelhofen\07-1334-1\task1955195\1334-1-de.htm',USER='eudelho',CD='Apr  2 11:30 2007' -->


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


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

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

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

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

<p align="center" style="margin:0in 0in 24.0pt;text-align:center;text-autospace:none;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">April 27, 2007</font></b></p>

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

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="4" face="Times New Roman" style="font-size:14.0pt;">Please date, sign and mail</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="4" face="Times New Roman" style="font-size:14.0pt;">your
proxy card in the</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;text-autospace:none;"><font size="4" face="Times New Roman" style="font-size:14.0pt;">envelope provided as soon</font></p>

<p align="center" style="margin:0in 0in 24.0pt;text-align:center;text-autospace:none;"><font size="4" face="Times New Roman" style="font-size:14.0pt;">as possible.</font></p>

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

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="27%" style="padding:0in 0in 0in 0in;width:27.34%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:7.0pt;">2</font></p>
  </td>
  <td width="72%" valign="top" style="padding:0in 0in 0in 0in;width:72.66%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman"><img width="12" height="23" src="g13341dei001.jpg"></font><font size="1" style="font-size:8.0pt;">&nbsp;Please
  detach along perforated line and mail in the envelope provided.&nbsp;</font><font size="1"><img width="12" height="23" src="g13341dei001.jpg"></font></p>
  </td>
 </tr>
</table>

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

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="7%" valign="bottom" style="padding:0in 0in 0in 0in;width:7.08%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><img width="18" height="14" src="g13341dei002.jpg"></font></p>
  </td>
  <td width="54%" valign="bottom" style="padding:0in 0in 0in 0in;width:54.42%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">20300000000000000000&nbsp;&nbsp;5</font></p>
  </td>
  <td width="38%" valign="top" style="padding:0in 0in 0in 0in;width:38.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">042707</font></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:6.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="100%" colspan="6" valign="top" style="border:none;border-top:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:100.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:7.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="100%" colspan="6" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:100.0%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:7.0pt;font-weight:bold;">The Board of Directors recommends a vote &quot;FOR&quot; the
  following proposal.</font></b></p>
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><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&#146; IN BLUE OR. BLACK INK AS SHOWN HERE </font></b><b><font size="1" face="Wingdings" style="font-size:9.0pt;font-weight:bold;">x</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="51%" colspan="5" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:51.4%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>
  </td>
  <td width="48%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:48.6%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="51%" colspan="5" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:51.4%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">1. Election of
  Directors:</font></p>
  </td>
  <td width="48%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:48.6%;">
  <p style="margin:0in 0in .0001pt .25in;text-align:justify;text-indent:-.15in;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">2.&nbsp; In their
  discretion, the Proxies are authorized to vote upon such other business as
  may properly come before the meeting.</font></p>
  </td>
 </tr>
 <tr>
  <td width="21%" colspan="2" valign="top" style="padding:0in 0in 0in 0in;width:21.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>
  </td>
  <td width="30%" colspan="3" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:30.4%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>
  </td>
  <td width="48%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:48.6%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="3%" style="padding:0in 0in 0in 0in;width:3.26%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><img width="22" height="22" src="g13341dei003.jpg"></font></p>
  </td>
  <td width="17%" style="padding:0in 0in 0in 0in;width:17.74%;">
  <p style="margin:0in 0in .0001pt;"><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="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.0%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:7.0pt;font-weight:bold;">NOMINEES:</font></b><font size="1" style="font-size:7.0pt;"><br>
  <font style="position:relative;top:1.0pt;"><img width="17" height="12" src="g13341dei004.jpg">&nbsp;</font>Carol L. Colman</font></p>
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="position:relative;top:1.0pt;"><img width="17" height="12" src="g13341dei004.jpg"></font><font size="1" style="font-size:7.0pt;position:relative;top:1.0pt;">&nbsp;</font><font size="1" style="font-size:7.0pt;">Paolo M.
  Cucchi</font></p>
  </td>
  <td width="16%" colspan="2" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:16.4%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:7.0pt;">&nbsp;</font></p>
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:7.0pt;">Class ll Nominee</font></p>
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:7.0pt;">Class ll Nominee</font></p>
  </td>
  <td width="48%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:48.6%;">
  <p style="margin:0in 0in .0001pt .1in;text-align:justify;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;">This proxy, when properly executed, will be
  voted in the manner directed herein by the undersigned stockholder. If no
  direction is made, this proxy will be voted FOR each nominee for director.</font></b></p>
  </td>
 </tr>
 <tr>
  <td width="3%" style="padding:0in 0in 0in 0in;width:3.26%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><img width="22" height="22" src="g13341dei003.jpg"></font></p>
  </td>
  <td width="17%" style="padding:0in 0in 0in 0in;width:17.74%;">
  <p style="margin:2.0pt 0in .0001pt;"><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="14%" valign="top" style="padding:0in 0in 0in 0in;width:14.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:7.0pt;position:relative;top:1.0pt;"><img width="17" height="12" src="g13341dei004.jpg">&nbsp;</font><font size="1" style="font-size:7.0pt;">Leslie H. Gelb</font></p>
  </td>
  <td width="16%" colspan="2" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:16.4%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:7.0pt;">Class lll Nominee</font></p>
  </td>
  <td width="48%" rowspan="3" valign="top" style="border:none;padding:0in 0in 0in 0in;width:48.6%;">
  <p style="margin:0in 0in .0001pt .1in;text-align:justify;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;font-weight:bold;"><br>
  PLEASE MARK, SIGN, DATE AND RETURN THE PROXY CARD PROMPTLY USING THE ENCLOSED
  ENVELOPE. </font></b></p>
  </td>
 </tr>
 <tr>
  <td width="3%" style="padding:0in 0in 0in 0in;width:3.26%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:4.0pt;">&nbsp;</font></p>
  </td>
  <td width="17%" style="padding:0in 0in 0in 0in;width:17.74%;">
  <p style="margin:4.0pt 0in .0001pt;"><b><font size="1" face="Times New Roman" style="font-size:4.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="30%" colspan="3" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:30.4%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:4.0pt;position:relative;top:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="3%" style="padding:0in 0in 0in 0in;width:3.26%;">
  <p style="margin:4.0pt 0in .0001pt;"><font size="2" face="Times New Roman"><img width="22" height="22" src="g13341dei003.jpg"></font></p>
  </td>
  <td width="17%" style="padding:0in 0in 0in 0in;width:17.74%;">
  <p style="margin:4.0pt 0in .0001pt;"><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 instruction below)</font></p>
  </td>
  <td width="30%" colspan="3" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:30.4%;">
  <p style="margin:0in 0in .0001pt 14.0pt;text-indent:-14.0pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr height="7" style="height:4.95pt;">
  <td width="51%" colspan="5" height="7" valign="top" style="border:none;border-right:solid windowtext 1.0pt;height:4.95pt;padding:0in 0in 0in 0in;width:51.4%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>
  </td>
  <td width="48%" height="7" valign="top" style="border:none;height:4.95pt;padding:0in 0in 0in 0in;width:48.6%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="51%" colspan="5" valign="bottom" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:51.4%;">
  <p style="margin:0in 0in .0001pt 48.95pt;text-indent:-48.95pt;"><font size="1" face="Times New Roman" style="font-size:6.0pt;letter-spacing:.1pt;">&nbsp;</font></p>
  <p style="margin:0in 0in .0001pt 48.95pt;text-indent:-48.95pt;"><font size="1" face="Times New Roman" style="font-size:6.0pt;letter-spacing:.1pt;">&nbsp;</font></p>
  <p style="margin:0in 0in .0001pt 48.95pt;text-indent:-48.95pt;"><font size="1" face="Times New Roman" style="font-size:6.0pt;letter-spacing:.1pt;">&nbsp;</font></p>
  <p style="margin:0in 0in .0001pt 48.95pt;text-indent:-48.95pt;"><font size="1" face="Times New Roman" style="font-size:6.0pt;letter-spacing:.1pt;">&nbsp;</font></p>
  <p style="margin:0in 0in .0001pt 48.95pt;text-indent:-48.95pt;"><font size="1" face="Times New Roman" style="font-size:6.0pt;letter-spacing:.1pt;">&nbsp;</font></p>
  <p style="margin:0in 0in .0001pt 48.95pt;text-indent:-48.95pt;"><font size="1" face="Times New Roman" style="font-size:6.0pt;letter-spacing:.1pt;">&nbsp;</font></p>
  <p style="margin:0in 0in .0001pt 48.95pt;text-indent:-48.95pt;"><font size="1" face="Times New Roman" style="font-size:6.0pt;letter-spacing:.1pt;">&nbsp;</font></p>
  <p style="margin:0in 0in .0001pt 48.95pt;text-indent:-48.95pt;"><font size="1" face="Times New Roman" style="font-size:6.0pt;letter-spacing:.1pt;">&nbsp;</font></p>
  <p style="margin:0in 0in .0001pt 48.95pt;text-indent:-48.95pt;"><font size="1" face="Times New Roman" style="font-size:6.0pt;letter-spacing:.1pt;">&nbsp;</font></p>
  <p style="margin:0in 0in .0001pt 48.95pt;text-indent:-48.95pt;"><b><u><font size="1" face="Times New Roman" style="font-size:6.0pt;font-weight:bold;letter-spacing:.1pt;">INSTRUCTION:</font></u></b><font size="1" style="font-size:3.0pt;letter-spacing:.1pt;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font size="1" style="font-size:6.0pt;letter-spacing:.1pt;">To
  withhold authority to vote for any individual nominee(s), mark <b>&#147;FOR ALL EXCEPT&#148;</b> and fill in the circle next to each
  nominee you wish to withhold, as shown here: <font style="position:relative;top:1.0pt;"><img width="13" height="12" src="g13341dei005.jpg"></font></font></p>
  </td>
  <td width="48%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:48.6%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="51%" colspan="5" valign="top" style="border-bottom:solid windowtext 1.0pt;border-left:none;border-right:solid windowtext 1.0pt;border-top:none;padding:0in 0in 0in 0in;width:51.4%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>
  </td>
  <td width="48%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:48.6%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr>
  <td width="46%" colspan="4" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:46.0%;">
  <p style="margin:0in 0in .0001pt;text-align:justify;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">To change the
  address on your account, please check the box at right and indicate your new address
  in the space above. Please note that changes to the registered name(s) on the
  account may not be submitted via 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 0in 0in 0in;width:5.4%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="6" face="Times New Roman"><img width="22" height="22" src="g13341dei003.jpg"></font></p>
  </td>
  <td width="48%" valign="top" style="border:none;padding:0in 0in 0in 0in;width:48.6%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr height="0">
  <td width="24" style="border:none;"></td>
  <td width="133" style="border:none;"></td>
  <td width="105" style="border:none;"></td>
  <td width="82" style="border:none;"></td>
  <td width="40" style="border:none;"></td>
  <td width="364" style="border:none;"></td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:2.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="14%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.16%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;"><br>
  </font><font size="1" style="font-size:7.0pt;">Signature of Stockholder</font></p>
  </td>
  <td width="21%" valign="top" style="border:solid windowtext 1.0pt;border-left:none;padding:0in 0in 0in 0in;width:21.0%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:3.52%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:7.0pt;"><br> &nbsp;Date:</font></p>
  </td>
  <td width="11%" valign="top" style="border:solid windowtext 1.0pt;border-left:none;padding:0in 0in 0in 0in;width:11.32%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="14%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:14.14%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:7.0pt;"><br> &nbsp;Signature of Stockholder</font></p>
  </td>
  <td width="20%" valign="top" style="border:solid windowtext 1.0pt;border-left:none;padding:0in 0in 0in 0in;width:20.5%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="top" style="border:none;border-right:solid windowtext 1.0pt;padding:0in 0in 0in 0in;width:4.04%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:7.0pt;"><br> &nbsp;Date:</font></p>
  </td>
  <td width="11%" valign="top" style="border:solid windowtext 1.0pt;border-left:none;padding:0in 0in 0in 0in;width:11.32%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:2.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="3%" valign="bottom" style="padding:0in 0in 0in 0in;width:3.76%;">
  <p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman"><img width="19" height="14" src="g13341dei006.jpg"></font></p>
  </td>
  <td width="93%" valign="top" style="padding:0in 0in 0in 0in;width:93.32%;">
  <p style="margin:0in 0in .0001pt .25in;text-indent:-.25in;"><b><font size="1" face="Times New Roman" style="font-size:6.0pt;font-weight:bold;letter-spacing:-.1pt;">Note :</font></b><font size="1" style="font-size:8.5pt;letter-spacing:-.1pt;"> </font><font size="1" style="font-size:6.0pt;letter-spacing:-.1pt;">Please
  sign exactly as your name or names appear on this Proxy. When shares are held
  jointly, each holder should sign.&nbsp; When
  signing as executor, administrator, attorney, trustee or guardian, please
  give full title as such. If the signer is a corporation, please sign full
  corporate name by duly authorized officer, giving full title as such.&nbsp; If signer is a partnership, please sign in
  partnership name by authorized person.</font></p>
  </td>
  <td width="2%" valign="bottom" style="padding:0in 0in 0in 0in;width:2.92%;">
  <p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="1" face="Times New Roman"><img width="19" height="14" src="g13341dei006.jpg"></font></p>
  </td>
 </tr>
</table>

<p style="margin:0in 0in .0001pt;"><font size="1" face="Times New Roman" style="font-size:8.0pt;">&nbsp;</font></p>

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

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


<div>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="79%" valign="top" style="padding:0in .7pt 0in .7pt;width:79.34%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="17%" valign="top" style="padding:0in .7pt 0in .7pt;width:17.36%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><img width="10" height="16" src="g13341dei007.jpg"></font></p>
  </td>
  <td width="3%" valign="top" style="padding:0in .7pt 0in .7pt;width:3.3%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><img width="22" height="19" src="g13341dei008.jpg"></font></p>
  </td>
 </tr>
</table>

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

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

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

<table border="0" cellspacing="0" cellpadding="0" width="98%" style="border-collapse:collapse;margin-left:7.45pt;width:98.62%;">
 <tr>
  <td width="33%" valign="top" style="padding:0in .7pt 0in .7pt;width:33.96%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">PREFERRED STOCK</font></b></p>
  </td>
  <td width="7%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:7.24%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="16%" valign="top" style="padding:0in .7pt 0in .7pt;width:16.22%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">PROXY</font></b></p>
  </td>
  <td width="21%" valign="bottom" style="padding:0in .7pt 0in .7pt;width:21.8%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:1.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="20%" valign="top" style="padding:0in .7pt 0in .7pt;width:20.78%;">
  <p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">PREFERRED STOCK</font></b></p>
  </td>
 </tr>
</table>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:7.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="4" face="Times New Roman" style="font-size:14.0pt;font-weight:bold;">WESTERN ASSET INTERMEDIATE MUNI FUND INC.</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:7.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">125 Broad Street<br>
New York, New York 10004</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:7.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">This Proxy is Solicited on Behalf of the
Board of Directors of the Fund</font></b></p>

<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="1" face="Times New Roman" style="font-size:7.0pt;">&nbsp;</font></p>

<p style="margin:0in .2in .0001pt .1in;text-align:justify;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The undersigned hereby appoints R. JAY GERKEN,
ROBERT I. FRENKEL, and TODD LEBO, and each of them acting in the absence of the
other, as Proxies, each with the power to appoint a substitute, and hereby
authorizes them to represent and to vote, as designated herein, all the shares
of Preferred Stock of Western Asset Intermediate Muni Fund Inc. held of record
by the undersigned on March 19, 2007 at a Meeting of Stockholders to be held on
April 27, 2007 or any adjournment thereof.</font></p>

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

<table border="0" cellspacing="0" cellpadding="0" width="96%" style="border-collapse:collapse;margin-left:8.8pt;width:96.58%;">
 <tr>
  <td width="15%" valign="top" style="border:solid windowtext 1.0pt;padding:0in .7pt 0in .7pt;width:15.66%;">
  <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;">SEE
  REVERSE<br>
  SIDE</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;padding:0in .7pt 0in .7pt;width:9.9%;">
  <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="49%" valign="top" style="padding:0in .7pt 0in .7pt;width:49.02%;">
  <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;">(Continued
  and to be signed on the reverse side.)</font></b></p>
  </td>
  <td width="9%" valign="bottom" style="border:none;border-right:solid windowtext 1.0pt;padding:0in .7pt 0in .7pt;width:9.3%;">
  <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="16%" valign="top" style="border:solid windowtext 1.0pt;border-left:none;padding:0in .7pt 0in .7pt;width:16.1%;">
  <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;">SEE
  REVERSE<br>
  SIDE</font></b></p>
  </td>
 </tr>
</table>

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

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

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

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

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;width:100.0%;">
 <tr>
  <td width="88%" valign="top" style="padding:0in .7pt 0in .7pt;width:88.4%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><img width="22" height="19" src="g13341dei008.jpg"></font></p>
  </td>
  <td width="8%" valign="top" style="padding:0in .7pt 0in .7pt;width:8.3%;">
  <p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">14475</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0in .7pt 0in .7pt;width:3.3%;">
  <p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman"><img width="22" height="19" src="g13341dei008.jpg"></font></p>
  </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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-----END PRIVACY-ENHANCED MESSAGE-----
