Western Asset Managed Municipals Fund Inc., Western Asset Municipal Partners Fund Inc., Western Asset Intermediate Muni Fund Inc. Announce Results of Stockholder Votes at Special Meeting of Stockholders Relating to Proposed Mergers

Western Asset Municipal Partners Fund Inc. (NYSE: MNP) today announced the results of the votes cast at MNP’s re-convened Special Meeting of Stockholders held on August 11, 2023.

Stockholders of MNP voted to approve the merger of MNP with and into Western Asset Managed Municipals Fund Inc. (NYSE: MMU) (the “Merger”) in accordance with the Maryland General Corporation Law (“MGCL”). The merger of Western Asset Intermediate Muni Fund Inc. (NYSE: SBI) with and into MMU did not receive sufficient favorable votes from SBI stockholders at SBI’s re-convened Special Meeting of Stockholders and was consequently not approved. SBI will continue as its own closed-end management investment company.

Previously, on July 14, 2023, stockholders of MMU voted to approve the Merger in accordance with the MGCL. It is currently anticipated that the Merger will be effective in mid-to-late October 2023, subject to all regulatory requirements and customary closing conditions being satisfied.

Upon completion of the Merger, each share of common stock of MNP, par value $0.001 per share, will convert into an equivalent dollar amount (to the nearest $0.001) of full shares of common stock of MMU, par value $0.001 per share, based on the net asset value of each fund on the business day preceding the Merger. MMU will not issue fractional shares to MNP stockholders. In lieu of issuing fractional shares, MMU will pay cash to each former holder of MNP common stock in an amount equal to the net asset value of the fractional shares of MMU common stock that the investor would otherwise have received in the Merger.

Prior to the closing of the Merger, MNP’s currently outstanding Auction Rate Cumulative Preferred Stock (“ARPS”) will be redeemed in connection with—and prior to the closing of—the Merger, pursuant to the redemption terms outlined in the Articles Supplementary for MNP’s ARPS. In addition, MMU’s currently outstanding ARPS will be redeemed in connection with—and prior to the closing of—the Merger, pursuant to the redemption terms outlined in the Articles Supplementary for MMU’s ARPS. The redemption price per share will be equal to the sum of the liquidation preference plus any accumulated, but unpaid, dividends thereon for both MNP’s ARPS and MMU’s ARPS.