Western Asset Managed Municipals Fund Inc. Announces Changes to Non-
Fundamental Investment Policies

NEW YORK - (BUSINESS WIRE) - November 19, 2007

Western Asset Managed Municipals Fund Inc. (NYSE: MMU) today announced
changes to non-fundamental investment policies relating to the credit
ratings and types of securities in which the Fund may invest. These
changes, which will be effective on December 19, 2007, are expected to
provide the portfolio managers with additional flexibility to meet the
Fund's investment objective and address developments in the market since
the Fund's inception in 1992, but there is no expectation that dramatic
changes in the Fund's portfolio composition or investment approach will
result.

Under the Fund's amended non-fundamental investment policies recommended
by Fund management and approved by the Board of Directors, the Fund may,
under normal market conditions, invest up 20% of its total assets in
municipal obligations that are, at the time of investment, rated below
investment grade ("high yield") by a nationally recognized statistical
rating organization ("NRSRO") or, if unrated, of equivalent quality as
determined by the investment manager. Previously, the Fund did not have
the ability to invest in municipal obligations that were not rated
investment grade by any NRSRO at the time of purchase.

In addition, under the amended non-fundamental policies approved by the
Board of Directors, the Fund has the ability to invest in participation
interests in municipal bonds, including industrial development bonds,
private activity bonds and floating and variable rate securities. The
Fund may also invest in non-appropriation municipal lease obligations.
Previously, the Fund had the ability to invest only up to 5% of its
assets in such participation interests and only up to 5% in non-
appropriation municipal lease obligations, respectively.

Additional Information About Securities Rated Below Investment Grade,
Participation Interests and Non-Appropriation Lease Obligations

Under the Fund's amended non-fundamental investment policies, the Fund
may, under normal market conditions, invest up 20% of its total assets
in municipal obligations that are, at the time of investment, rated
below investment grade ("high yield") by a nationally recognized
statistical rating organization ("NRSRO") or, if unrated, of equivalent
quality as determined by the investment manager. High yield securities,
commonly referred to as "junk bonds," and unrated securities generally
offer a higher current yield than that available from higher grade
issues, but are considered speculative and, compared to investment grade
securities, tend to have more volatile prices and increased price
sensitivity to changing interest rates and to adverse economic and
business developments, a greater risk of loss due to default or
declining credit quality, a greater likelihood that adverse economic or
company specific events will make the issuer unable to make interest
and/or principal payments, a greater susceptibility to negative market
sentiments leading to depressed prices and decreased liquidity. During
periods of economic downturn or rising interest rates, issuers of low
rated and unrated instruments may experience financial stress that could
adversely affect their ability to make payments of principal and
interest and increase the possibility of default. Adverse publicity and
investor perceptions, whether or not based on fundamental analysis, may
also decrease the values and liquidity of low rated and unrated
securities especially in a market characterized by a low volume of
trading.

Under the Fund's amended non-fundamental investment policies, the Fund
may also invest in participation interests in municipal bonds, including
industrial development bonds, private activity bonds and floating and
variable rate securities. A participation interest gives the Fund an
undivided interest in a municipal bond owned by a bank, which the Fund
has the right to sell back to the bank. If a participation interest is
unrated, it will be backed by an irrevocable letter of credit or
guarantee of a bank that the Board has determined meets certain credit
quality standards or the payment obligation will otherwise be
collateralized by U.S. government securities. The Fund will have the
right, with respect to certain participation interests, to draw on the
letter of credit on demand, after specified notice for all or any part
of the principal amount of the Fund's participation interest, plus
accrued interest. Generally, the Fund intends to exercise the demand
under the letters of credit or other guarantees only upon a default
under the terms of the underlying bond, or to maintain the Fund's assets
in accordance with its investment objective and policies. The ability of
a bank to fulfill its obligations under a letter of credit or guarantee
might be affected by possible financial difficulties of its borrowers,
adverse interest rate or economic conditions, regulatory limitations or
other factors. The manager will monitor the pricing, quality and
liquidity of the participation interests held by the Fund and the credit
standing of the banks issuing letters of credit or guarantees supporting
such participation interests on the basis of published financial
information reports of rating services and bank analytical services.

In addition, under the Fund's amended non-fundamental investment
policies, the Fund may invest in participations in lease obligations or
installment purchase contract obligations of municipal authorities or
entities that contain "non-appropriation" clauses ("non-appropriation
municipal lease obligations"). Although lease obligations do not
constitute general obligations of the municipality for which the
municipality's taxing power is pledged, a lease obligation is ordinarily
backed by the municipality's covenant to budget for, appropriate and
make the payments due under the lease obligation. However, certain lease
obligations contain "non-appropriation" clauses, which provide that the
municipality has no obligation to make lease or installment purchase
payments in future years unless money is appropriated for such purpose
on a yearly basis. In addition to the "non-appropriation" risk, these
securities represent a relatively new type of financing that has not yet
developed the depth of marketability associated with more conventional
securities. Although "non-appropriation" lease obligations are secured
by the leased property, disposition of the property in the event of
foreclosure might prove difficult. In addition, the tax treatment of
such obligations in the event of non-appropriation is unclear.

Western Asset Managed Municipals Fund 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, an affiliate of the
investment manager.

Contact the Fund at 1-888-777-0102 for additional information, or
consult the Fund's web site at www.leggmason.com.

Brenda Grandell, Director, Closed End Funds, Legg Mason & Co., LLC, 212-
291-3775