Western Asset Emerging Markets Income Fund II Inc. Announces Changes to Non-Fundamental Investment Policies.

NEW YORK -- Western Asset Emerging Markets Income Fund II Inc. (NYSE: EDF) today announced the elimination of non-fundamental investment policies imposing upper limits on the credit ratings of the securities in which the Fund may invest, the clarification of non-fundamental investment policies regarding the maturities of the securities in which the Fund may invest and the amendment of non-fundamental investment policies relating to the types of securities in which the Fund may invest. These changes will be effective September 17, 2007.

Under the Fund's amended non-fundamental investment policies recommended by Fund management and approved by the Board of Directors, the Fund is no longer subject to upper limits on the credit ratings of the emerging market country debt securities in which it may invest. The Fund was previously limited to investing in emerging market country debt securities rated below investment grade.

The Board of Directors also clarified the non-fundamental policies relating to the maturities of the securities in which the Fund may invest. Now, the Fund is subject to no restrictions on the maturities of the emerging market country debt securities it holds. The Fund's previous policy provided that those securities could have maturities ranging from overnight to 30 years.

In addition, under amended policies approved by the Board of Directors, the Fund is no longer prohibited from investing more than 35% of its total assets in debt securities of corporate issuers in emerging market countries. Under the amended policies, the Fund will invest a minimum of 80% of its total assets in debt securities of government and government-related issuers located in emerging market countries, of entities organized to restructure outstanding debt of such issuers, and debt of corporate issuers in emerging market countries.

The Fund's investment policies also were changed to permit the Fund to invest up to 20% of its total assets in a broad range of other U.S. and non-U.S. fixed income securities, including, but not limited to: corporate bonds, loans, mortgage- and asset-backed securities, preferred stock and sovereign debt, derivative instruments of the foregoing securities and dollar rolls. Such securities may be rated high yield (i.e., rated below investment grade by any nationally recognized statistical rating organization or, if unrated, of equivalent quality as determined by the manager). Previously, the Fund was not permitted to invest in dollar rolls, mortgage-backed securities or asset-backed securities and was limited to investing in non-U.S. fixed income securities.

These changes to the Fund's non-fundamental investment policies are intended to broaden the investment opportunities of the Fund and to allow the Fund to invest a greater percentage of its assets in securities, particularly emerging market debt securities, that are rated investment grade. As the emerging market sector has evolved and developed since the Fund's inception in June of 1993, more fixed income securities issued by governments and corporations in emerging market countries ("emerging market debt") have earned investment grade ratings. These increases in the ratings of emerging market debt have resulted from issuers benefiting from substantial increases in commodity prices and increased fiscal responsibility on the part of the governments of emerging market countries. Currently, approximately 39% of the JP Morgan Emerging Markets Bond Index Global, the unmanaged benchmark against which the Fund measures its performance, is composed of emerging market debt that is rated investment grade.

It is important to note that the proposed changes are expected to provide the portfolio managers with additional flexibility to meet the Fund's investment objectives and address developments in the market, but there is no expectation that dramatic changes in the Fund's portfolio composition or investment approach will result.

Additional Information About Dollar Rolls, Mortgage-Backed Securities and Asset-Backed Securities

Under the Fund's amended non-fundamental investment policies, the Fund will be able to invest in dollar rolls, mortgage-backed securities and asset-backed securities as part of its investment strategies. Under a dollar roll transaction, the Fund sells securities for delivery in the current month, or sells securities it has purchased on a "to-be-announced" basis, and simultaneously contracts to repurchase substantially similar (same type and coupon) securities on a specified future date. During the roll period, the Fund forgoes principal and interest paid on the purchased securities. Dollar rolls are speculative techniques involving leverage, and are considered borrowings by the Fund if the Fund does not establish and maintain a segregated account. In addition, dollar rolls involve the risk that the market value of the securities the Fund is obligated to repurchase may decline below the repurchase price. In the event the buyer of securities under a dollar roll files for bankruptcy or becomes insolvent, the Fund's use of proceeds may be restricted pending a determination by the other party, or its trustee or receiver, whether to enforce the Fund's obligation to repurchase the securities. Successful use of dollar rolls may depend upon the ability of the Fund's investment manager to correctly predict interest rates and prepayments. There is no assurance that dollar rolls can be successfully employed.

Mortgage-backed securities may be issued by private companies or by agencies of the U.S. Government and represent direct or indirect participations in, or are collateralized by and payable from, mortgage loans secured by real property. Asset-backed securities represent participations in, or are secured by and payable from, assets such as installment sales or loan contracts, leases, credit card receivables and other categories of receivables. Certain debt instruments may only pay principal at maturity or may only represent the right to receive payments of principal or payments of interest on underlying pools of mortgages, assets or government securities, but not both. The value of these types of instruments may change more drastically than debt securities that pay both principal and interest during periods of changing interest rates. The Fund may obtain a below market yield or incur a loss on such instruments during periods of declining interest rates. Principal only and interest only instruments are subject to extension risk. For mortgage derivatives and structured securities that have imbedded leverage features, small changes in interest or prepayment rates may cause large and sudden price movements. Mortgage derivatives may be illiquid and hard to value in declining markets.

Western Asset Emerging Markets Income Fund II Inc., a non-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 and Western Asset Management Company Limited, affiliates of the investment manager.

For more information on the Fund, please contact our Investor Relations Group at 1-888-777-0102 or consult the Fund's website at www.leggmason.com.