On October 22, 2008 Legg Mason’s closed-end funds, that are advised or sub-advised by its affiliates, held a conference call to discuss the fixed income markets. Western Asset Management provided its view on the overall market, as well as the mortgage backed, high yield, emerging market and tax-exempt fixed income sectors.

This call featured the following Western Asset Management speakers:

• Stephen Walsh – Chief Investment Officer, Market Overview
• Ronald Mass – Portfolio Manager, Mortgage Backed Securities
• Michael Buchanan – Portfolio Manager, High Yield Securities
• Keith Gardner – Portfolio Manager, Emerging Markets Debt
• Joseph Deane – Portfolio Manager, Tax-Exempt Securities

The replay is also available on our website at www.leggmason.com/cef.

Investment advisory and sub-advisory services are provided by subsidiaries of Legg Mason, Inc., including: Western Asset Management Company; Legg Mason Partners Fund Advisor, LLC; and Western Asset Management Company Limited.

For more information:

• Please call 1-888-777-0102 or consult the Funds' web sites at http://www.leggmason.com/cef
• For information on PAI and WEA, please call 1-866-290-4386 or consult the Funds' web site at www.westernasset.com

SYMBOLS:

NYSE: EDF; EFL; EHI; EMD; ESD; GDF; GFY; HIF; HIO; HIX; IMF; MHF; MHY; MMU; MNP; PAI; SBG; SBW; SCD; WEA

NYSE Alternext US: SBI

Legg Mason
1-888-777-0102
http://www.leggmason.com/cef