AP NEWS
Press release content from Business Wire. The AP news staff was not involved in its creation.
PRESS RELEASE: Paid content from Business Wire
Press release content from Business Wire. The AP news staff was not involved in its creation.

Leading Independent Proxy Advisory Firms ISS and Glass Lewis Recommend Stockholders Vote “FOR” Western Asset High Income Fund II’s Director Nominees

October 14, 2019

NEW YORK--(BUSINESS WIRE)--Oct 14, 2019--

Western Asset High Income Fund II Inc. (NYSE: HIX) (“the Fund”) today announced that two of the leading independent proxy advisory firms, Institutional Shareholder Services (“ISS”) and Glass Lewis & Co. (“Glass Lewis”), recommend that stockholders vote “FOR” the Fund’s highly-qualified and experienced director nominees – Carol L. Colman, CFA, William R. Hutchinson and Jane E. Trust, CFA – on the WHITE proxy card in connection with the Annual Meeting of Stockholders scheduled for 9:30 a.m. Eastern Time on October 25, 2019.

In their reports dated October 12, 2019, and October 7, 2019, respectively, ISS and Glass Lewis noted 1:

“ISS’s and Glass Lewis’s recommendations underscore our belief that we have the right Board to continue to oversee the successful execution of our strategy that is delivering strong returns,” said Jane E. Trust, Chairman, President and Chief Executive Officer of Western Asset High Income Fund II. “We are pleased that the proxy advisory firms recognize that the Fund’s Board is well positioned to continue serving the best interests of all stockholders.”

Ms. Trust continued, “Saba Capital’s candidates lack critical diversity and expertise, and would not help our Board continue its track record of achieving our investment objectives. We believe that the primary goal of Saba Capital’s proxy contest is to pressure our Board to implement changes that would be detrimental to our long-term stockholders. We urge our stockholders to protect the value of their investment by following the proxy advisory firms’ recommendations and supporting the Board that has delivered substantial stockholder value.”

Western Asset High Income Fund II’s Board has a proven track record of working with the Fund’s investment advisor to achieve its objectives, including:

The Board unanimously urges stockholders to follow the recommendations from ISS and Glass Lewis by voting “FOR” Carol L. Colman, CFA, William R. Hutchinson and Jane E. Trust, CFA and “AGAINST” Saba Capital’s Board De-Classification Proposal on the WHITE proxy card today.

 

Your Vote Is Important, No Matter How Many or How Few Shares You Own

 

You can vote by Internet, telephone or by signing and dating the WHITE proxy card and mailing it in the envelope provided.

 

If you have any questions about how to vote your shares, or need additional assistance, please contact:

 

Innisfree

 

Stockholders Call Toll-Free: (877) 750-8197

Banks and Brokers Call: (212) 750-5833

 

REMEMBER:

We urge you NOT to vote using any GOLD proxy card sent to you by Saba Capital, as doing so will revoke your vote on the WHITE proxy card.

About Western Asset High Income Fund II

Western Asset High Income Fund II 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, LLC, an affiliate of the investment manager.

For more information about the Fund, please call 1-888-777-0102 or consult the Fund’s web site at www.lmcef.com. Hard copies of the Fund’s complete audited financial statements are available free of charge upon request.

Forward Looking Statement

Past performance is no guarantee of future results. The information provided is not intended to be a forecast of future events, a guarantee of future results or investment advice.

All investments are subject to risk including the possible loss of principal. All benchmark performance reflects no deduction for fees, expenses or taxes. Please note that an investor cannot invest directly in a benchmark.

1 Permission to use quotations neither sought not obtained.

2 The Fund’s performance is based on the price of the Fund’s securities, which are listed for trading on the NYSE.

3 The Fund’s Lipper peer group refers to the peer group of high-yield, levered closed-end funds as selected by Lipper, an independent nationally recognized provider of investment company information.

4 The benchmark is based on the following blend of indexes: 80% of the benchmark consists of the Bloomberg Barclays U.S. Corporate High Yield —2%Issuer Cap Index; and 20% of the benchmark consists of the JPMorgan Emerging Markets Bond Index Global (EMBI Global). Please note that an investor cannot invest directly in an index. Additional information about the indexes can be found in the Fund’s annual shareholder report. Additional information about the Fund’s performance and about the history of the Board and the Fund’s management generating strong investor returns is included in the Fund’s Proxy Statement and in the Fund’s annual shareholder report.

5 Yield based on market price as of June 30, 2019.

View source version on businesswire.com:https://www.businesswire.com/news/home/20191014005686/en/

CONTACT: Western Asset High Income Fund II

888-777-0102

Or

Joele Frank, Wilkinson Brimmer Katcher

Andy Brimmer / Dan Katcher / Mahmoud Siddig

212-355-4449

KEYWORD: UNITED STATES NORTH AMERICA NEW YORK

INDUSTRY KEYWORD: BANKING PROFESSIONAL SERVICES FINANCE

SOURCE: Western Asset High Income Fund II Inc.

Copyright Business Wire 2019.

PUB: 10/14/2019 04:52 PM/DISC: 10/14/2019 04:52 PM

http://www.businesswire.com/news/home/20191014005686/en