Western Asset Income Fund (“PAI”) Sets New Rate and Announces Distributions for the Months of December 2012, January &

  Western Asset Income Fund (“PAI”) Sets New Rate and Announces Distributions
  for the Months of December 2012, January & February 2013

Business Wire

PASADENA, Calif. -- November 14, 2012

Western Asset Income Fund, which is listed on the New York Stock Exchange
under the symbol “PAI”, announced today a monthly distribution rate of $0.0575
per common share for the months of December 2012, January and February 2013.
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 relative to current distribution rates as interest rates remain low.
The Fund had previously paid a monthly distribution rate of $0.0600 per common
share.

The distribution schedule appears below:

Month        Ex-Date        Record         Payable        Amount      Type
                                    Date               Date
December         12/12/2012         12/14/2012         12/21/2012         $0.0575         Income
January          01/16/2013         01/18/2013         01/25/2013         $0.0575         Income
February         02/13/2013         02/15/2013         02/22/2013         $0.0575         Income
                                                                                          

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 Trustees. 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
your tax return (e.g., ordinary income, long-term capital gain or return of
capital).

The Fund is a closed-end investment company that invests predominantly in a
diversified portfolio of debt securities. Its investment adviser is Western
Asset Management Company; a subsidiary of Legg Mason, Inc. Western Asset
Management Company has managed the Fund since its inception in March 1973.

For Fund-related questions, please contact Fund Investor Services at (888)
777-0102.

For shareholder-related questions please contact American Stock Transfer and
Trust Company at (888) 888-0151.

All data and commentary provided within this press release is for
informational purposes only. Legg Mason, Inc. and its affiliates do not engage
in selling any of the shares of the Fund.

Contact:

Western Asset Income Fund
Fund-Related Questions:
Fund Investor Services, 888-777-0102
or
Shareholder-Related Questions:
American Stock Transfer and Trust Company, 888-888-0151
 
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