Clarion Partners Real Estate Income Fund Inc. Class S Shares (CPRSX), Class T Shares (CPRTX), Class D Shares (CPRDX) and Class I Shares (CPREX) Announces Results of Tender Offer

Clarion Partners Real Estate Income Fund Inc. (“CPREIF” or the “Fund”) announced today the results of its issuer tender offer for up to 5.0% of the Fund’s aggregate net asset value (“NAV”), or $2.50 million, at a price per share equal to the net asset value per share of each class of common stock (a “Share”), as of October 15, 2020, the date on which the tender offer expired (the “Expiration Date”).

A total of 2,196.628 Shares were duly tendered and not withdrawn, representing 0.04% of the Fund’s NAV. The purchase price of properly tendered Shares was $9.89, 9.88, $9.90 and $ 9.89 per Share for Class S Shares, Class T Shares, Class D Shares and Class I Shares, respectively, the respective net asset value per Share as of the close of the trading session on the New York Stock Exchange on the Expiration Date. The Fund expects to transmit payment to purchase the duly tendered and accepted Shares on or about October 19, 2020. Shares that were tendered but not accepted for payment, if applicable, and Shares that were not tendered will remain outstanding. The Fund intends, but is not obligated, to conduct quarterly tender offers for up to 5.0% of the aggregate NAV of its common stock then outstanding as of the applicable valuation date. Repurchases will be made at such times and on such terms as may be determined by the Fund’s Board of Directors, in its sole discretion. However, no assurance can be given that repurchases will occur or that any common stock properly tendered will be repurchased by the Fund.

Any questions about the tender offer should be directed to SS&C Technologies, Inc., the Information Agent for the tender offer, toll free at [phone].

CPREIF is a non-diversified, closed-end management investment company that continuously offers its common stock. The Fund is managed by Legg Mason Partners Fund Advisor, LLC, an indirect, wholly owned subsidiary of Franklin Resources, Inc. (“Franklin Resources”) and is sub-advised by Clarion Partners, LLC, an indirect, majority-owned subsidiary of Franklin Resources and by Western Asset Management Company, LLC, an indirect wholly-owned subsidiary of Franklin Resources.

Data and commentary provided in this press release are for informational purposes only. Hard copies of the Fund’s complete audited financial statements are available free of charge upon request. For more information on CPREIF, go to www.cpreif.com.

THIS PRESS RELEASE IS NOT A PROSPECTUS, CIRCULAR OR REPRESENTATION INTENDED FOR USE IN THE PURCHASE OR SALE OF FUND SHARES. 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 THE 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 ARE CONTAINED IN THE FUND’S FILINGS WITH THE SECURITIES AND EXCHANGE COMMISSION.