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Western Asset High Income Fund II Inc. Portfolio Composition as of June 30, 2018

August 2, 2018

NEW YORK--(BUSINESS WIRE)--Aug 2, 2018--Western Asset High Income Fund II Inc. (NYSE:HIX) announces its portfolio composition as of June 30, 2018.

Investment Objective: The Fund seeks to maximize current income. As a secondary objective, the Fund seeks capital appreciation to the extent consistent with its objective of seeking to maximize current income.

Portfolio Composition*:

* Portfolio holdings and weightings are historical and are presented here for informational purposes only. They are subject to change at any time. Negative allocations and allocations in excess of 100%, if any, are primarily due to the Fund’s unsettled trade activity.

** Credit quality is a measure of a bond issuer’s ability to repay interest and principal in a timely manner. The credit ratings shown are based on each portfolio security’s rating as provided by Standard and Poor’s, Moody’s Investors Service and/or Fitch Ratings, Ltd. and typically range from AAA (highest) to D (lowest), or an equivalent and/or similar rating. For this purpose, when two or more of the agencies have assigned differing ratings to a security, the lowest rating is used. Securities that are unrated by all three agencies are reflected as such. The credit quality of the investments in the Fund’s portfolio does not apply to the stability or safety of the Fund. These ratings are updated monthly and may change over time. Please note, the Fund itself has not been rated by an independent rating agency.

*** The difference between total assets and net assets, if any, is due primarily to the Fund’s use of borrowings; net assets do not include borrowings. The Fund may employ leverage in the form of loans, preferred stock, reverse repurchase agreements and/or other instruments. When the Fund engages in transactions that have a leveraging effect on the Fund’s portfolio, the value of the Fund will be more volatile and all other risks will tend to be compounded.

**** Percentages are based on total assets. If the Fund employs leverage, the Effective Duration is based on net assets.

Western Asset High Income Fund II Inc., a diversified closed-end investment management company, 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, an affiliate of the advisor.

An investment in the Fund involves risk, including loss of principal. Investment return and the value of shares will fluctuate. Fixed income securities are subject to credit risk, inflation risk, call risk, and interest rate risks. As interest rates rise, bond prices fall, reducing the value of the Fund’s share price. High yield (“junk”) bonds are subject to greater risk and potential loss than higher rated bonds. International investing is subject to additional risks. These risks are greater in emerging markets.

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.

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

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View source version on businesswire.com:https://www.businesswire.com/news/home/20180802006011/en/

CONTACT: Investors:

Fund Investor Services

1-888-777-0102

KEYWORD: UNITED STATES NORTH AMERICA NEW YORK

INDUSTRY KEYWORD: PROFESSIONAL SERVICES BANKING FINANCE

SOURCE: Western Asset High Income Fund II Inc.

Copyright Business Wire 2018.

PUB: 08/02/2018 05:27 PM/DISC: 08/02/2018 05:27 PM

http://www.businesswire.com/news/home/20180802006011/en

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