Western Asset Income Fund Declares Monthly Dividend Distribution

Pasadena, CA - July 1, 2008 - Western Asset Income Fund ("Fund") (NYSE:PAI) announced today the declaration of its monthly ordinary income dividend of $0.0775 per share on its Common Stock. The monthly dividend will be paid on July 31, 2008 to shareholders of record as of July 15, 2008. The ex-dividend date will be July 11, 2008.

This press release is not for tax reporting purposes and is being provided to announce the amount 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 calendar year 2008 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 Western Asset Management Company at (877) 844-8800.

For shareholder related questions please contact Computershare Investor Services, at (866) 290-4386.

Western Asset Income Fund Declares Monthly Dividend Distribution

Pasadena, CA - May 7, 2008 - Western Asset Income Fund ("Fund") (NYSE:PAI) announced today the declaration of short-term capital gains dividends of $0.0039 and long-term capital gains dividends of $0.0412 per share on its Common Stock. The monthly dividend will be paid on May 30, 2008 to shareholders of record as of May 21, 2008. The ex-dividend date will be May 19, 2008.

This press release is not for tax reporting purposes and is being provided to announce the amount 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 calendar year 2008 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 Western Asset Management Company at (877) 844-8800.

For shareholder related questions please contact Computershare Investor Services, at (866) 290-4386.

Western Asset Income Fund Declares Monthly Dividend Distribution

Pasadena, CA - May 1, 2008 - Western Asset Income Fund ("Fund") (NYSE:PAI) announced today the declaration of its monthly ordinary income dividend of $0.0775 per share on its Common Stock. The monthly dividend will be paid on May 30, 2008 to shareholders of record as of May 15, 2008. The ex-dividend date will be May 13, 2008.

This press release is not for tax reporting purposes and is being provided to announce the amount 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 calendar year 2008 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 Western Asset Management Company at (877) 844-8800.

For shareholder related questions please contact Computershare Investor Services, at (866) 290-4386.

Western Asset Income Fund Declares Monthly Dividend Distribution

Pasadena, CA - March 3, 2008 - Western Asset Income Fund ("Fund") (NYSE:PAI) announced today the declaration of its monthly ordinary income dividend of $0.0775 per share on its Common Stock. The monthly dividend will be paid on March 31, 2008 to shareholders of record as of March 14, 2008. The ex-dividend date will be March 12, 2008.

This press release is not for tax reporting purposes and is being provided to announce the amount 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 calendar year 2008 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 Western Asset Management Company at (877) 844-8800.

For shareholder related questions please contact Computershare Investor Services, at (866) 290-4386.

Western Asset Income Fund Declares Monthly Dividend Distribution

Pasadena, CA - February 1, 2008 - Western Asset Income Fund ("Fund") (NYSE:PAI) announced today the declaration of its monthly ordinary income dividend of $0.0775 per share on its Common Stock. The monthly dividend will be paid on February 29, 2008 to shareholders of record as of February 15, 2008. The ex-dividend date will be February 13, 2008.

This press release is not for tax reporting purposes and is being provided to announce the amount 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 calendar year 2008 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 Western Asset Management Company at (877) 844-8800.

For shareholder related questions please contact Computershare Investor Services, at (866) 290-4386.

Western Asset Income Fund Declares Monthly Dividend Distribution

Pasadena, CA - January 2, 2008 - Western Asset Income Fund ("Fund") (NYSE:PAI) announced today the declaration of its monthly ordinary income dividend of $0.0775 per share on its Common Stock. The monthly dividend will be paid on January 31, 2008 to shareholders of record as of January 15, 2008. The ex-dividend date will be January 11, 2008.

This press release is not for tax reporting purposes and is being provided to announce the amount 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 calendar year 2008 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 Western Asset Management Company at (877) 844-8800.

For shareholder related questions please contact Computershare Investor Services, at (866) 290-4386.

Western Asset Income Fund Declares Distributions

Pasadena, CA - December 3, 2007 - Western Asset Income Fund ("Fund") (NYSE:PAI) announced today the declaration of distributions totaling $0.2040 per share on its Common Stock, payable on December 31, 2007 to shareholders of record as of December 14, 2007. The ex-dividend date will be December 12, 2007. The payment consists of the following components on a per share basis:

December Ordinary Income Distribution: $0.0775
Additional Ordinary Income Distribution ⁽¹⁾: $0.0395
Long-term Capital Gain Distribution ⁽¹⁾: $0.0870

Total Distributions: $0.2040

⁽¹⁾ Additional income distribution and long-term capital gain distribution declared to meet excise tax requirements.

This press release is not for tax reporting purposes and is being provided to announce the amount of the Fund's distributions that have been declared by the Board of Directors. In early 2008, 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 calendar year 2007 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 Western Asset Management Company at (877) 844-8800.

For shareholder related questions please contact Computershare Investor Services, at (866) 290-4386.

Western Asset Income Fund Declares Monthly Dividend Distribution

Pasadena, CA - November 1, 2007 - Western Asset Income Fund ("Fund") (NYSE:PAI) announced today the declaration of its monthly ordinary income dividend of $0.0775 per share on its Common Stock. The monthly dividend will be paid on November 30, 2007 to shareholders of record as of November 15, 2007. The ex-dividend date will be November 13, 2007.

This press release is not for tax reporting purposes and is being provided to announce the amount of the Fund's distributions that have been declared by the Board of Directors. In early 2008, 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 calendar year 2007 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 Western Asset Management Company at (877) 844-8800.

For shareholder related questions please contact Computershare Investor Services, at (866) 290-4386.

Western Asset Income Fund Declares Monthly Dividend Distribution

October 1, 2007 -- Western Asset Income Fund ("Fund") (NYSE:PAI) announced today the declaration of its monthly ordinary income dividend of $0.0775 per share on its Common Stock. The monthly dividend will be paid on October 31, 2007 to shareholders of record as of October 15, 2007. The ex-dividend date will be October 11, 2007.

This press release is not for tax reporting purposes and is being provided to announce the amount of the Fund's distributions that have been declared by the Board of Directors. In early 2008, 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 calendar year 2007 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.

CONTACT:
Fund related questions:
Western Asset Management Company, 877-844-8800
or
Shareholder related questions:
Computershare Investor Services, 866-290-4386

Western Asset Income Fund Declares Monthly Dividend Distribution

September 4, 2007 -- Western Asset Income Fund ("Fund") (NYSE:PAI) announced today the declaration of its monthly ordinary income dividend of $0.0775 per share on its Common Stock. The monthly dividend will be paid on September 28, 2007 to shareholders of record as of September 14, 2007. The ex-dividend date will be September 12, 2007.

This press release is not for tax reporting purposes and is being provided to announce the amount of the Fund's distributions that have been declared by the Board of Directors. In early 2008, 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 calendar year 2007 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.

CONTACT:
Fund related questions:
Western Asset Management Company, 877-844-8800
or
Shareholder related questions:
Computershare Investor Services, 866-290-4386

Western Asset Income Fund Declares Monthly Dividend Distribution

August 1, 2007 -- Western Asset Income Fund ("Fund") (NYSE:PAI) announced today the declaration of its monthly ordinary income dividend of $0.0775 per share on its Common Stock. The monthly dividend will be paid on August 31, 2007 to shareholders of record as of August 15, 2007. The ex-dividend date will be August 13, 2007.

This press release is not for tax reporting purposes and is being provided to announce the amount of the Fund's distributions that have been declared by the Board of Directors. In early 2008, 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 calendar year 2007 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.

CONTACT:
Fund related questions:
Western Asset Management Company, 877-844-8800
or
Shareholder related questions:
Computershare Investor Services, 866-290-4386

Western Asset Income Fund Declares Monthly Dividend Distribution

July 1, 2007 -- Western Asset Income Fund ("Fund") (NYSE:PAI) announced today the declaration of its monthly ordinary income dividend of $0.0775 per share on its Common Stock. The monthly dividend will be paid on July 31, 2007 to shareholders of record as of July 13, 2007. The ex-dividend date will be July 11, 2007.

This press release is not for tax reporting purposes and is being provided to announce the amount of the Fund's distributions that have been declared by the Board of Directors. In early 2008, 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 calendar year 2007 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.

CONTACT:
Fund related questions:
Western Asset Management Company, 877-844-8800
or
Shareholder related questions:
Computershare Investor Services, 866-290-4386

Western Asset Income Fund Declares Monthly Dividend Distribution

June 1, 2007 -- Western Asset Income Fund ("Fund") (NYSE:PAI) announced today the declaration of its monthly ordinary income dividend of $0.0775 per share on its Common Stock. The monthly dividend will be paid on June 29, 2007 to shareholders of record as of June 15, 2007. The ex-dividend date will be June 13, 2007.

This press release is not for tax reporting purposes and is being provided to announce the amount of the Fund's distributions that have been declared by the Board of Directors. In early 2008, 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 calendar year 2007 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.

CONTACT:
Fund related questions:
Western Asset Management Company, 877-844-8800
or
Shareholder related questions:
Computershare Investor Services, 866-290-4386

Western Asset Income Fund Declares Capital Gain Distribution

May 8, 2007 -- Western Asset Income Fund ("Fund") (NYSE:PAI) announced today the declaration of a long-term capital gain in the amount of $0.0635 and a short-term capital gain of $0.0097 per share on its Common Stock. The distribution will be paid on May 31, 2007 to shareholders of record as of May 18, 2007. The ex-dividend date will be May 16, 2007.

This press release is not for tax reporting purposes and is being provided to announce the amount of the Fund's distributions that have been declared by the Board of Directors. In early 2008, 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 calendar year 2007 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.

CONTACT:
Fund related questions:
Western Asset Management Company, 877-844-8800
or
Shareholder related questions:
Computershare Investor Services, 866-290-4386

Western Asset Income Fund Declares Monthly Dividend Distribution

May 1, 2007 -- Western Asset Income Fund ("Fund") (NYSE:PAI) announced today the declaration of its monthly ordinary income dividend of $0.075 per share on its Common Stock. The monthly dividend will be paid on May 31, 2007 to shareholders of record as of May 15, 2007. The ex-dividend date will be May 11, 2007.

This press release is not for tax reporting purposes and is being provided to announce the amount of the Fund's distributions that have been declared by the Board of Directors. In early 2008, 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 calendar year 2007 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.

CONTACT:
Fund related questions:
Western Asset Management Company, 877-844-8800
or
Shareholder related questions:
Computershare Investor Services, 866-290-4386

Western Asset Income Fund Declares Monthly Dividend Distribution

April 2, 2007 -- Western Asset Income Fund ("Fund") (NYSE:PAI) announced today the declaration of its monthly ordinary income dividend of $0.075 per share on its Common Stock. The monthly dividend will be paid on April 30, 2007 to shareholders of record as of April 13, 2007. The ex-dividend date will be April 11, 2007.

This press release is not for tax reporting purposes and is being provided to announce the amount of the Fund's distributions that have been declared by the Board of Directors. In early 2008, 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 calendar year 2007 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.

CONTACT:
Fund related questions:
Western Asset Management Company, 877-844-8800
or
Shareholder related questions:
Computershare Investor Services, 866-290-4386

Western Asset Income Fund Declares Monthly Dividend Distribution

March 1, 2007 -- Western Asset Income Fund ("Fund") (NYSE:PAI) announced today the declaration of its monthly ordinary income dividend of $0.075 per share on its Common Stock. The monthly dividend will be paid on March 30, 2007 to shareholders of record as of March 15, 2007. The ex-dividend date will be March 13, 2007.

This press release is not for tax reporting purposes and is being provided to announce the amount of the Fund's distributions that have been declared by the Board of Directors. In early 2008, 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 calendar year 2007 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 Western Asset Management Company at (877) 844-8800.

For shareholder related questions please contact Computershare Investor Services, at (866) 290-4386.

Western Asset Income Fund Declares Monthly Dividend Distribution

February 1, 2007 -- Western Asset Income Fund ("Fund") (NYSE:PAI) announced today the declaration of its monthly ordinary income dividend of $0.075 per share on its Common Stock. The monthly dividend will be paid on February 28, 2007 to shareholders of record as of February 15, 2007. The ex-dividend date will be February 13, 2007.

This press release is not for tax reporting purposes and is being provided to announce the amount of the Fund's distributions that have been declared by the Board of Directors. In early 2008, 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 calendar year 2007 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 Western Asset Management Company at (877) 844-8800.

For shareholder related questions please contact Computershare Investor Services, at (866) 290-4386.

Western Asset Income Fund Declares Monthly Dividend Distribution

January 3, 2007 -- Western Asset Income Fund ("Fund") (NYSE:PAI) announced today the declaration of its monthly ordinary income dividend of $0.075 per share on its Common Stock. The monthly dividend will be paid on January 31, 2007 to shareholders of record as of January 16, 2007. The ex-dividend date will be January 11, 2007.

This press release is not for tax reporting purposes and is being provided to announce the amount of the Fund's distributions that have been declared by the Board of Directors. In early 2008, 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 calendar year 2007 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 Western Asset Management Company at (877) 844-8800.

For shareholder related questions please contact Computershare Investor Services, at (866) 290-4386.

Western Asset Income Fund Declares Monthly Dividend Distribution

December 1, 2006 -- Western Asset Income Fund ("Fund") (NYSE:PAI) announced today the declaration of its monthly ordinary income dividend of $0.075 per share on its Common Stock. The monthly dividend will be paid on December 29, 2006 to shareholders of record as of December 15, 2006. The ex-dividend date will be December 13, 2006.

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 Western Asset Management Company at (877) 844-8800.

For shareholder related questions please contact Computershare Investor Services, at (866) 290-4386.

Western Asset Income Fund Declares Monthly Dividend Distribution

November 1, 2006 -- Western Asset Income Fund ("Fund") (NYSE:PAI) announced today the declaration of its monthly ordinary income dividend of $0.075 per share on its Common Stock. The monthly dividend will be paid on November 30, 2006 to shareholders of record as of November 15, 2006. The ex-dividend date will be November 13, 2006.

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 Western Asset Management Company at (877) 844-8800.

Western Asset Income Fund Declares Monthly Dividend Distribution

October 2, 2006 -- Western Asset Income Fund ("Fund") (NYSE:PAI) announced today the declaration of its monthly ordinary income dividend of $0.075 per share on its Common Stock. The monthly dividend will be paid on October 31, 2006 to shareholders of record as of October 13, 2006. The ex-dividend date will be October 11, 2006.

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 Western Asset Management Company at (877) 844-8800.

For shareholder related questions please contact Computershare Investor Services, at (866) 290-4386.

Western Asset Income Fund Declares Monthly Dividend Distribution

September 1, 2006 -- Western Asset Income Fund (the "Fund") (NYSE:PAI - News) announced today the declaration of its monthly ordinary income dividend of $0.071667 per share on its Common Stock. The monthly dividend will be paid on September 29, 2006 to shareholders of record as of September 15, 2006. The ex-dividend date will be September 13, 2006.

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 Western Asset Management Company at (877) 844-8800.

For shareholder related questions please contact Computershare Investor Services, at (866) 290-4386.

Western Asset Income Fund Declares Monthly Dividend Distribution

August 1, 2006 -- Western Asset Income Fund (the "Fund") (NYSE:PAI - News) announced today the declaration of its monthly ordinary income dividend of $0.071667 per share on its Common Stock. The monthly dividend will be paid on August 31, 2006 to shareholders of record as of August 15, 2006. The ex-dividend date will be August 11, 2006.

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 Western Asset Management Company at (877) 844-8800.

For shareholder related questions please contact Computershare Investor Services, at (866) 290-4386.

Western Asset Income Fund Declares Monthly Dividend Distribution

July 3, 2006 -- Western Asset Income Fund (the "Fund") (NYSE:PAI - News) announced today the declaration of its monthly ordinary income dividend of $0.071667 per share on its Common Stock. The monthly dividend will be paid on July 31, 2006 to shareholders of record as of July 14, 2006. The ex-dividend date will be July 12, 2006.

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 Western Asset Management Company at (877) 844-8800.

For shareholder related questions please contact Computershare Investor Services, at (866) 290-4386.

Western Asset Income Fund Declares Monthly Dividend Distribution

June 1, 2006 -- Western Asset Income Fund (the "Fund") (NYSE:PAI - News) announced today the declaration of its monthly ordinary income dividend of $0.071667 per share on its Common Stock. The monthly dividend will be paid on June 30, 2006 to shareholders of record as of June 15, 2006. The ex-dividend date will be June 13, 2006.

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 Western Asset Management Company at (877) 844-8800.

For shareholder related questions please contact Computershare Investor Services, at (866) 290-4386.

Western Asset Income Fund Declares Monthly Dividend Distribution

May 1, 2006 -- Western Asset Income Fund (the "Fund") (NYSE:PAI - News) announced today the declaration of its monthly ordinary income dividend of $0.071667 per share on its Common Stock. The monthly dividend will be paid on May 31, 2006 to shareholders of record as of May 15, 2006. The ex-dividend date will be May 11, 2006.

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 Western Asset Management Company at (877) 844-8800.

For shareholder related questions please contact Computershare Investor Services, at (866) 290-4386.

Western Asset Income Fund Declares Monthly Dividend Distribution

April 3, 2006 -- Western Asset Income Fund (the "Fund") (NYSE:PAI - News) announced today the declaration of its monthly ordinary income dividend of $0.071667 per share on its Common Stock. The monthly dividend will be paid on April 28, 2006 to shareholders of record as of April 13, 2006. The ex-dividend date will be April 11, 2006.

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 Western Asset Management Company at (877) 844-8800.

For shareholder related questions please contact Computershare Investor Services, at (866) 290-4386.

Western Asset Income Fund Declares Monthly Dividend Distribution

March 1, 2006 -- Western Asset Income Fund (the "Fund") (NYSE:PAI - News) announced today the declaration of its monthly ordinary income dividend of $0.071667 per share on its Common Stock. The monthly dividend will be paid on March 31, 2006 to shareholders of record as of March 15, 2006. The ex-dividend date will be March 13, 2006.

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 Western Asset Management Company at (877) 844-8800.

For shareholder related questions please contact ComputerShare Investor Services, at (866) 290-4386.

Western Asset Income Fund Declares Monthly Dividend Distribution

February 1, 2006 -- Western Asset Income Fund (the "Fund") (NYSE:PAI - News) announced today the declaration of its monthly ordinary income dividend of $0.071667 per share on its Common Stock. The monthly dividend will be paid on February 28, 2006 to shareholders of record as of February 15, 2006. The ex-dividend date will be February 13, 2006.

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 Western Asset Management Company at (877) 844-8800.

For shareholder related questions please contact ComputerShare Investor Services, at (866) 290-4386.

Western Asset Income Fund Declares Monthly Dividend Distribution

January 3, 2006 -- Western Asset Income Fund (the "Fund") (NYSE:PAI - News) announced today the declaration of its monthly ordinary income dividend of $0.071667 per share on its Common Stock. The monthly dividend will be paid on January 31, 2006 to shareholders of record as of January 13, 2006. The ex-dividend date will be January 11, 2006.

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 Western Asset Management Company at (877) 844-8800.

For shareholder related questions please contact ComputerShare Investor Services, at (866) 290-4386.

Western Asset Income Fund Declares Monthly Dividend Distribution

December 1, 2005 -- Western Asset Income Fund (the "Fund") (NYSE:PAI - News) announced today the declaration of its monthly ordinary income dividend of $0.071667 per share on its Common Stock and the declaration of a long-term capital gain of $0.025 per share on its Common Stock. The monthly dividend and capital gain will be paid on December 30, 2005 to shareholders of record as of December 15, 2005. The ex-dividend date will be December 13, 2005.

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, and was named 2004 Fixed-Income Manager of the Year by Morningstar.

For Fund related questions, please contact Western Asset Management Company at (877) 844-8800.

For shareholder related questions please contact EquiServe Trust Company, c/o Computershare Investor Services, at (866) 290-4386.

Western Asset Income Fund Declares Monthly Dividend Distribution

November 1, 2005 -- Western Asset Income Fund (the "Fund") (NYSE:PAI - News) announced today the declaration of its monthly ordinary income dividend of $0.071667 per share on its Common Stock. The monthly dividend will be paid on November 30, 2005 to shareholders of record as of November 15, 2005. The ex-dividend date will be November 10, 2005.

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, and was named 2004 Fixed-Income Manager of the Year by Morningstar.

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, and was recently named 2004 Fixed-Income Manager of the Year by Morningstar. The name change will encourage investors to better identify the Fund with Western Asset Management Company. The dividend policy change brings the Fund in line with other bond funds that have been brought to market in recent years.

For Fund related questions, please contact Western Asset Management Company at (877) 844-8800.

For shareholder related questions please contact EquiServe Trust Company, c/o Computershare Investor Services, at (866) 290-4386.

Western Asset Income Fund Declares Monthly Dividend Distribution

October 3, 2005 -- Western Asset Income Fund (the "Fund") (NYSE:PAI - News) announced today the declaration of its monthly ordinary income dividend of $0.071667 per share on its Common Stock. The monthly dividend will be paid on October 31, 2005 to shareholders of record as of October 14, 2005. The ex-dividend date will be October 12, 2005.

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, and was named 2004 Fixed-Income Manager of the Year by Morningstar.

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, and was recently named 2004 Fixed-Income Manager of the Year by Morningstar. The name change will encourage investors to better identify the Fund with Western Asset Management Company. The dividend policy change brings the Fund in line with other bond funds that have been brought to market in recent years.

For Fund related questions, please contact Western Asset Management Company at (877) 844-8800.

For shareholder related questions please contact EquiServe Trust Company, c/o Computershare Investor Services, at (866) 290-4386.

Western Asset Income Fund Declares Monthly Dividend Distribution

September 1, 2005 -- Western Asset Income Fund (the "Fund") (NYSE:PAI - News) announced today the declaration of its monthly ordinary income dividend of $0.071667 per share on its Common Stock. The monthly dividend will be paid on September 30, 2005 to shareholders of record as of September 15, 2005. The ex-dividend date will be September 13, 2005.

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, and was named 2004 Fixed-Income Manager of the Year by Morningstar.

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, and was recently named 2004 Fixed-Income Manager of the Year by Morningstar. The name change will encourage investors to better identify the Fund with Western Asset Management Company. The dividend policy change brings the Fund in line with other bond funds that have been brought to market in recent years.

For Fund related questions, please contact Western Asset Management Company at (877) 844-8800.

For shareholder related questions please contact EquiServe Trust Company, c/o Computershare Investor Services, at (866) 290-4386.

Western Asset Income Fund Declares Monthly Dividend Distribution

August 1, 2005 -- Western Asset Income Fund (the "Fund") (NYSE:PAI - News) announced today the declaration of its monthly ordinary income dividend of $0.071667 per share on its Common Stock. The monthly dividend will be paid on August 31, 2005 to shareholders of record as of August 15, 2005. The ex-dividend date will be August 11, 2005.

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, and was named 2004 Fixed-Income Manager of the Year by Morningstar.

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, and was recently named 2004 Fixed-Income Manager of the Year by Morningstar. The name change will encourage investors to better identify the Fund with Western Asset Management Company. The dividend policy change brings the Fund in line with other bond funds that have been brought to market in recent years.

For Fund related questions, please contact Western Asset Management Company at (877) 844-8800.

For shareholder related questions please contact EquiServe Trust Company, c/o Computershare Investor Services, at (866) 290-4386.

Western Asset Income Fund (formerly, Pacific American Income Shares, Inc.) Declares Regular Monthly

July 1, 2005 -- Western Asset Income Fund (the "Fund") (NYSE:PAI - News) announced today the declaration of its monthly ordinary income dividend of $0.071667 per share on its Common Stock. The Fund will have an ex-dividend date of July 13, 2005, a record date of July 15, 2005 and a payable date of July 29, 2005.

At the Annual Meeting of Stockholders of the Fund held on May 10, 2005, stockholders approved an amendment to the Company's Certificate of Incorporation in order to change the name of the Fund from "Pacific American Income Shares, Inc." to "Western Asset Income Fund." Additionally, earlier this year, the Fund's Board of Directors approved a change to the Fund's dividend policy such that dividend distributions will be paid on a monthly basis instead of on a quarterly basis. The changes to the Fund's name and dividend policy became effective on June 30, 2005. The New York Stock Exchange ticker symbol of the Fund, "PAI", will remain unchanged.

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, and was recently named 2004 Fixed-Income Manager of the Year by Morningstar. The name change will encourage investors to better identify the Fund with Western Asset Management Company. The dividend policy change brings the Fund in line with other bond funds that have been brought to market in recent years.

For Fund related questions, please contact Western Asset Management Company at (877) 844-8800.

For shareholder related questions please contact Computershare (formerly Equiserve Trust Company) at (866) 290-4386.

Pacific American Income Shares Declares Regular Second Quarter Ordinary Income Dividend Distribution and Announces Stockholder Approval to Rename the Fund to Western Asset Income Fund

May 10, 2005 -- Pacific American Income Shares, Inc. (NYSE:PAI) announced today the declaration of a regular ordinary income dividend of $0.215 per share on its Common Stock. The Fund will have an ex-dividend date of May 20, 2005, a record date of May 24, 2005 and a payable date of June 15, 2005

At the 31st Annual Meeting of Stockholders' held on May 10, 2005, stockholders approved an amendment to the Company's Certificate of Incorporation in order to rename the Fund to Western Asset Income Fund. Additionally, earlier this year, the Board approved a change in the dividend policy from quarterly to monthly dividend distributions.

The changes to the Fund name and dividend policy are expected to be effective on June 30, 2005.

Western Asset Management Company has managed the Fund since its inception in March 1973 and was recently named 2004 Fixed-Income Manager of the Year by Morningstar. The name change will encourage investors to better identify the Fund with Western Asset Management Company. The dividend policy change brings the Fund in line with other bond funds that have been brought to market in recent years.

The Fund's investment objective and policies remain unchanged. The Fund seeks a high level of current income through investment in a diversified portfolio of debt securities.

For shareholder related questions, please contact Western Asset Management Company at (877) 844-8800.

Pacific American Income Shares Declares Long-Term and Short-Term Capital Gain Dividend Distribution

March 1, 2005 -- Pacific American Income Shares, Inc. (New York Stock Exchange - PAI) announced today the declaration of a long-term capital gain dividend of $0.115 per share on its Common Stock and a short-term capital gain dividend of $0.061 per share on its Common Stock, payable March 15, 2005 to shareholders of record on March 11, 2005.

Pacific American Income Shares, Inc. 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 and was recently named 2004 Fixed-Income Manager of the Year by Morningstar.

For shareholder related questions, please contact EquiServe Trust Company at (866) 290-4386.

Pacific American Income Shares Announces Renaming of Fund to Western Asset Income Fund and Announces Dividend Policy Change

February 11, 2005 -- Pacific American Income Shares, Inc. (NYSE: PAI) announced today that its Board of Directors has approved the following:
 

• The renaming of the Fund to Western Asset Income Fund, subject to shareholder approval on May 10, 2005, and;
• A change in the dividend policy from quarterly to monthly dividend distributions.

The changes to the Fund name and dividend policy are expected to be effective by July 2005.

Pacific American Income Shares, Inc. is a closed-end investment company listed on the New York Stock Exchange that invests predominantly in a diversified portfolio of debt securities. Its investment adviser, Western Asset Management Company, is a subsidiary of Legg Mason, Inc. Western Asset Management Company has managed the Fund since its inception in March 1973 and was recently named 2004 Fixed-Income Manager of the Year by Morningstar.

For shareholder related questions, please contact Western Asset Management Company at (877) 844-8800.

Source: Pacific American Income Shares, Inc.

Pacific American Income Shares Announces Ordinary Income Dividend Distribution

February 9, 2005 -- Pacific American Income Shares, Inc. (New York Stock Exchange - PAI) announced today the declaration of a regular ordinary income dividend of $0.225 per share on its Common Stock, payable March 15, 2005 to shareholders of record on February 25, 2005.

Pacific American Income Shares, Inc. 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.

For shareholder related questions, please contact EquiServe Trust Company at 866-290-4386.

Pacific American Income Shares Declares Long Term Capital Gain

November 12, 2004 -- Pacific American Income Shares, Inc. (New York Stock Exchange - PAI) announced today the declaration of a long-term capital gain distribution of $0.51 per share on its Common Stock, payable December 15, 2004 to shareholders of record on November 23, 2004.

Pacific American Income Shares, Inc. 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.

For shareholder related questions, please contact EquiServe Trust Company at (866) 290-4386.

Pacific American Income Shares Declares Regular Fourth Quarter Ordinary Income Dividend Distribution

November 9, 2004 -- Pacific American Income Shares, Inc. (NYSE:PAI)announced today the declaration of a regular ordinary income dividend of $0.225 per share on its Common Stock, payable December 15, 2004 to shareholders of record on November 23, 2004.

Pacific American Income Shares, Inc. 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.

For shareholder related questions, please contact EquiServe Trust Company at (866) 290-4386.

Pacific American Income Shares declares regular third quarter ordinary income dividend distribution

September 16, 2004 -- Pacific American Income Shares, Inc. (New York Stock Exchange - PAI) announced today the declaration of a regular ordinary income dividend of $0.23375 per share on its Common Stock, payable September 15, 2004 to shareholders of record on August 31, 2004.

Pacific American Income Shares, Inc. 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.

For shareholder related questions, please contact EquiServe Trust Company at (866) 290-4386.

Pacific American Income Shares declares regular second quarter ordinary income dividend distribution

May 4, 2004 -- Pacific American Income Shares, Inc. (New York Stock Exchange - PAI) announced today the declaration of a regular ordinary income dividend of $0.23375 per share on its Common Stock, payable June 15, 2004 to shareholders of record on May 18, 2004.

Pacific American Income Shares, Inc. 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.

For shareholder related questions, please contact EquiServe L.P. at (800) 426-5523.

Pacific American Income Shares declares regular first quarter ordinary income dividend and long term capital gain distribution

February 10, 2004 -- Pacific American Income Shares, Inc. (New York Stock Exchange - PAI) announced today the declaration of a regular ordinary income dividend of $0.24 per share and a long term capital gain distribution of $0.01 per share on its Common Stock, payable March 15, 2004 to shareholders of record on February 25, 2004.

Pacific American Income Shares, Inc. 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.

For shareholder related questions, please contact EquiServe L.P. at (800) 426-5523.

Pacific American Income Shares declares regular fourth quarter ordinary income dividend

November 4, 2003 -- Pacific American Income Shares, Inc. (New York Stock Exchange - PAI) announced today the declaration of a regular ordinary income dividend of $0.24000 per share, payable December 12, 2003 to shareholders of record on November 18, 2003.

Pacific American Income Shares, Inc. 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.

For shareholder related questions, please contact EquiServe L.P. at (800) 426-5523.

Pacific American Income Shares declares regular third quarter ordinary income dividend

August 15, 2003 -- Pacific American Income Shares, Inc. (New York Stock Exchange - PAI) announced today the declaration of a regular ordinary income dividend of $0.24625 per share, payable September 15, 2003 to shareholders of record on August 29, 2003.

Pacific American Income Shares, Inc. 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.

For shareholder related questions, please contact EquiServe L.P. at (800) 426-5523.

Pacific American Income Shares Declares Regular Second Quarter Ordinary Income Dividend

May 6, 2003 -- Pacific American Income Shares, Inc. (NYSE: PAI) announced today the declaration of a regular ordinary income dividend of $0.24625 per share, payable June 13, 2003 to shareholders of record on May 20, 2003.

Pacific American Income Shares, Inc. 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.

For shareholder related questions, please contact EquiServe L.P. at (800) 426-5523.

Pacific American Income Shares Declares Regular First Quarter Ordinary Income Dividend

February 04, 2003 -- Pacific American Income Shares, Inc. (NYSE: PAI) announced today the declaration of a regular ordinary income dividend of $0.24625 per share, payable March 14, 2003 to shareholders of record on February 19, 2003.

Pacific American Income Shares, Inc. 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.

For shareholder related questions, please contact EquiServe L.P. at (800) 426-5523.