Western Asset Emerging Markets Income Fund Inc. as of December 31, 2008

Investment Objective: The Fund seeks high current income. As a secondary objective, the Fund seeks capital appreciation.

Portfolio Composition*: Asset Allocation Emerging Markets 91.1% Non-Investment Grade 34.3% US Dollar 30.2% Local Currency 4.1% Investment Grade 56.8% US Dollar 44.8% Local Currency 12.0% Cash & Other Securities 8.2% High Yield 0.6% Investment Grade 0.1% Credit Quality Allocation (Higher of S&P/Moody/Fitch) Aaa/AAA 7.0% A/A 12.7% Baa/BBB 45.8% Ba/BB 31.4% B/B 2.2% Ca/CC 0.4% D/D 0.5% Top Ten Emerging Market Countries Russia 24.4% Brazil 15.7% Mexico 13.1% Turkey 8.9% Venezuela 5.2% Colombia 4.0% Kazakhstan 4.0% Panama 4.0% Indonesia 2.2% Peru 2.2% Currency Allocation US Dollar 81.5% Brazilian Reals 10.1% Indonesian Rupiahs 2.4% Russian Rubles 2.0% Malaysian Ringgit 1.8% Euros 1.2% Egyptian Pounds 0.7% Turkish New Lira 0.2% Argentine Pesos 0.1% Average Life (years) 11.8 Effective Duration (years) 5.3 Average Credit Quality (S&P) BBB- Portfolio Statistics: Inception Date October 30, 1992 Inception Price $15.00 Total Net Assets $301,717,966 Market Price $8.14 NAV $10.54 (Daily NAV is available on market quotation systems using the symbol XEMDX.) Distribution Rate** $0.2900 per share Frequency Quarterly Leverage*** 0.00%

* Portfolio holdings and weightings are historical and are presented here for informational purposes only. They are subject to change at any time. ** Pursuant to its managed distribution policy, the Fund intends to make regular quarterly distributions to shareholders of its common stock at a fixed rate per common share, which may be adjusted from time to time by the Fund's Board of Directors. Under the Fund's managed distribution policy, if, for any quarterly distribution, the total of net investment income and net realized capital gain is less than the amount of the distribution, the difference will be distributed from the Fund's assets (and will constitute a "return of capital"). The Board of Directors may terminate the managed distribution policy at any time, including when certain events would make part of any return of capital taxable to shareholders. Any such termination could have an adverse effect on the market price for the Fund's shares. *** The Fund may employ leverage in the form of loans, preferred stock, reverse repurchase agreements and/or other instruments. If the Fund establishes a segregated account in which it maintains cash and/or liquid securities equal in value to its obligation in respect of the reverse repurchase agreements (or other instruments), these investments are not considered to be a borrowing or a "senior security" for purposes of the asset coverage requirements under the 1940 Act, although they may have the same economic effect as other types of leverage.

The Fund formerly operated as the Western Asset Emerging Markets Income Fund II Inc. On November 3, 2008, the Fund merged with and into the Western Asset Emerging Markets Income Fund Inc. The Fund changed its name to the Western Asset Emerging Markets Income Fund Inc. and changed its symbol to "EMD".

Western Asset Emerging Markets Income Fund Inc., a non-diversified closed-end investment management company traded on the New York Stock Exchange under the symbol "EMD," is advised 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 adviser.

Past performance is no guarantee of future results. An investment in the Fund involves risk, including loss of principal. Investment return and the value of shares will fluctuate.

For more information, please call Fund Investor Services at 888-777-0102, or consult the Fund's web site at www.leggmason.com/cef.

SOURCE: Western Asset Emerging Markets Income Fund Inc.

Fund Investor Services 888-777-0102 www.leggmason.com/cef