Western Asset Managed High Income Fund Inc. (“MHY”) Sets New Rate and Announces Distributions for the Months of December

  Western Asset Managed High Income Fund Inc. (“MHY”) Sets New Rate and
  Announces Distributions for the Months of December 2012, January and
  February 2013

Business Wire

NEW YORK -- November 13, 2012

Western Asset Managed High Income Fund Inc. (NYSE: MHY) today announced
monthly distributions of $0.0400 per common share for December 2012, January
and February 2013. The Fund had previously paid a monthly distribution of
$0.0405 per share.

The distribution schedule appears below:

Month     Ex-Date     Record Date  Payable     Amount   Type
December  12/12/2012  12/14/2012   12/21/2012  $0.0400  Income
January    01/16/2013   01/18/2013    01/25/2013   $0.0400   Income
February   02/13/2013   02/15/2013    02/22/2013   $0.0400   Income

The Fund has decreased its distributions to a level that better approximates
the current level of net investment income generated by its investment
portfolio. As the Fund reinvests principal and income, it reinvests at lower
levels as yields remain at historic lows.

This press release is not for tax reporting purposes but is being provided to
announce the amount of the Fund’s distributions that have been declared by the
Board of Directors. In early 2013 and early 2014, 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 Managed High Income Fund Inc., a 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, an affiliate of the investment manager.

Contact the Fund at 1-888-777-0102 for additional information, or consult the
Fund’s web site at www.lmcef.com.

Data and commentary provided in this press release are for informational
purposes only. Legg Mason and its affiliates do not engage in selling shares
of the Fund.

Contact:

Western Asset Managed High Income Fund Inc.
Maria Rosati, 212-805-6036
mrosati@leggmason.com
 
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