Western Asset Term Funds Announce Stockholder Proposals

Western Asset Investment Grade Defined Opportunity Trust Inc. (NYSE: IGI) and Western Asset Global Corporate Defined Opportunity Fund Inc. (NYSE: GDO) (individually, a “Fund” and collectively, the “Funds”) announced today approval by each Fund’s Board of Directors of a proposal that will allow stockholders of each Fund to remain invested, subject to stockholder approval.

Due to the terminations of IGI and GDO scheduled to occur on December 2, 2024, the proposals ask stockholders of each Fund to vote to approve an amendment to their respective Fund’s articles of incorporation to remove the scheduled term and convert each Fund into a perpetual fund (the “Amendment Proposal”). Each Amendment Proposal will be contingent on the results of a tender offer for 100% of a Fund’s respective outstanding shares of common stock at a price per share equal to net asset value. If a Fund’s net assets following the tender offer are expected to be $50 million or greater, the tender offer will be completed and such Fund’s term will be eliminated. If a Fund’s net assets after the tender offer are expected to be below $50 million, the tender offer will be cancelled with no shares of common stock repurchased, and instead, the Amendment Proposal will not become effective, the Fund will remain a term Fund and the Fund will proceed to terminate as scheduled.

If a Fund’s term is eliminated, the Fund’s name will change to reflect the elimination to “Western Asset Investment Grade Opportunity Trust Inc.” and “Western Asset Global Corporate Opportunity Fund Inc.” for IGI and GDO, respectively. In addition, if a Fund’s term is eliminated, the common shares of the Fund will continue to trade on the New York Stock Exchange under its current ticker symbol, and each Fund will implement a 10 basis point fee waiver for two years following stockholder approval of the Amendment Proposal.

The approval of each Fund’s Amendment Proposal is not contingent upon the approval of the other Fund’s Amendment Proposal. If a Fund’s Amendment Proposal is approved, its tender offer is expected to occur during the third quarter of 2024.

THIS PRESS RELEASE IS NOT AN OFFER TO PURCHASE NOR A SOLICITATION OF AN OFFER TO SELL SHARES OF THE FUNDS. THIS PRESS RELEASE MAY CONTAIN STATEMENTS REGARDING PLANS AND EXPECTATIONS FOR THE FUTURE THAT CONSTITUTE FORWARD-LOOKING STATEMENTS WITHIN THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995. ALL STATEMENTS OTHER THAN STATEMENTS OF HISTORICAL FACT ARE FORWARD-LOOKING AND CAN BE IDENTIFIED BY THE USE OF WORDS SUCH AS “MAY,” “WILL,” “EXPECT,” “ANTICIPATE,” “ESTIMATE,” “BELIEVE,” “CONTINUE” OR OTHER SIMILAR WORDS. SUCH FORWARD-LOOKING STATEMENTS ARE BASED ON EACH FUND’S CURRENT PLANS AND EXPECTATIONS, AND ARE SUBJECT TO RISKS AND UNCERTAINTIES THAT COULD CAUSE ACTUAL RESULTS TO DIFFER MATERIALLY FROM THOSE DESCRIBED IN THE FORWARD-LOOKING STATEMENTS. ADDITIONAL INFORMATION CONCERNING SUCH RISKS AND UNCERTAINTIES IS CONTAINED IN EACH FUND’S FILINGS WITH THE SECURITIES AND EXCHANGE COMMISSION.