Western Asset Emerging Markets Income Fund Inc., which is listed on the
New York Stock Exchange under the symbol “EMD”, announced today a
quarterly distribution of $0.2900 per common share payable in December
2008. Effective on November 3, 2008, Western Asset Emerging Markets
Income Fund Inc. (NYSE: EMD) merged with and into Western Asset Emerging
Markets Income Fund II Inc. (NYSE: EDF). Also effective November 3,
Western Asset Emerging Markets Income Fund II Inc. (NYSE: EDF) changed
its name to Western Asset Emerging Markets Income Fund Inc. and changed
its trading symbol to "EMD".
The distribution schedule appears below:
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Month
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Ex-Date
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Record Date
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Payable Date
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Amount
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December
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12/17/2008
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12/19/2008
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12/26/2008
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$0.2900
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Under the terms of the Fund’s managed distribution policy, the Fund
seeks to maintain a consistent distribution level, stated as a fixed
rate per common share per quarter, that may be paid in part or in full
from net investment income and realized capital gains, or a combination
thereof. Shareholders should note, however, that if the Fund’s aggregate
net investment income and net realized capital gains are less than the
amount of the distribution level, the difference will be distributed
from the Fund's assets and will constitute a return of the shareholder’s
capital. A return of capital is not taxable; rather it reduces a
shareholder’s tax basis in his or her shares of the Fund.
The Board of Directors may reduce the Fund’s quarterly distribution rate
in the future or terminate or suspend the managed distribution policy at
any time. Any such reduction in the quarterly distribution rate,
termination or suspension could have an adverse effect on the market
price of the Fund's shares.
Based on the Fund's accounting records as of the date of this press
release, the Fund estimates that approximately 85.56% of the cumulative
fiscal year-to-date distributions through December 2008 are sourced from
net investment income, 2.16% are sourced from short-term capital gains
and 12.28% are sourced from long-term capital gains. The estimated
components of the distribution announced today will be provided to
shareholders of record in a separate notice.
Please note that neither this press release nor the separate notice
should be used for tax reporting purposes and that each is being
provided to announce the amount and source of the Fund's distributions
that have been declared by the Board of Directors. In early 2009 after
definitive information is available, the Fund will send shareholders a
Form 1099-DIV, if applicable, specifying how the distributions paid by
the Fund during the prior calendar year should be characterized for
purposes of reporting the distributions on a shareholder’s tax return
(e.g., ordinary income, long-term capital gain or return of capital).
Western Asset Emerging Markets Income Fund Inc., a non-diversified,
closed-end management investment company, is managed by Legg Mason
Partners Fund Advisor, LLC, a wholly-owned subsidiary of Legg Mason,
Inc. and is sub-advised by Western Asset Management Company and Western
Asset Management Company Limited, affiliates of the investment manager.
Contact the Fund at 1-888-777-0102 for additional information, or
consult the Fund’s web site at www.leggmason.com/cef.
Legg Mason & Co., LLC
Brenda Grandell, 212-857-8087
Director,
Closed End Funds