Company: MMU
Filing Date: 2025-07-30
Form Type: N-CSR
Source: 0001133228-25-007762
Chunk: 70

Company: WESTERN ASSET MANAGED MUNICIPALS FUND INC.
Filing Date: 2025-07-30
Form: N-CSR
Chunk 70
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 Matters                            
 relating to the Board of Directors |

Western Asset votes proxies for the election
of the company’s nominees for directors and for board-approved proposals on other matters relating to the board of directors with
the following exceptions:

| a. | Votes                                                                                               
 are withheld for the entire board of directors if the board does not have a majority of independent 
 directors or the board does not have nominating, audit and compensation committees composed         
 solely of independent directors.                                                                    |

| b. | Votes                                                                                            
 are withheld for any nominee for director who is considered an independent director by the       
 company and who has received compensation from the company other than for service as a director. |

| c. | Votes                                                                                      
 are withheld for any nominee for director who attends less than 75% of board and committee 
 meetings without valid reasons for absences.                                               |

| d. | Votes                                                                 
 are cast on a case-by-case basis in contested elections of directors. |

| 2. | Matters                            
 relating to Executive Compensation |

Western Asset generally favors compensation
programs that relate executive compensation to a company’s long-term performance. Votes are cast on a case-by-case basis on board-approved
proposals relating to executive compensation, except as follows:

| a. | Except                                                                                   
 where the firm is otherwise withholding votes for the entire board of directors, Western 
 Asset votes for stock option plans that will result in a minimal annual dilution.        |

| b. | Western                                                                                   
 Asset votes against stock option plans or proposals that permit replacing or repricing of 
 underwater options.                                                                       |

| c. | Western                                                                                       
 Asset votes against stock option plans that permit issuance of options with an exercise price 
 below the stock’s current market price.                                                       |

| d. | Except                                                                                         
 where the firm is otherwise withholding votes for the entire board of directors, Western       
 Asset votes for employee stock purchase plans that limit the discount for shares purchased     
 under the plan to no more than 15% of their market value, have an offering period of 27 months 
 or less and result in dilution of 10% or less.                                                 |

| 3. | Matters                    
 relating to Capitalization |

The Management of a company’s capital
structure involves a number of important issues, including cash flows, financing needs and market conditions that are unique to the circumstances
of each company. As a result, Western Asset votes on a case-by-case basis on board-approved proposals involving changes to a company’s
capitalization except where Western Asset is otherwise withholding votes for the