NOTICE OF GUARANTEED DELIVERY
TENDER OF SHARES OF COMMON STOCK OF
WESTERN ASSET VARIABLE RATE STRATEGIC FUND INC.
This form, or one substantially equivalent hereto, must be used to accept the Offer (as defined below) if stockholders' certificates for shares of common stock (the
"Shares") of WESTERN ASSET VARIABLE RATE STRATEGIC FUND INC., are not immediately available or time will not permit the Letter of Transmittal and
other required documents to be delivered to the Depositary on or before 5:00 p.m., New York City time, May 24, 2010, or such later date to which the Offer is extended
(the "Termination Date") or the procedures for book-entry transfer cannot be completed before the Termination Date. Such form may be delivered by hand or transmitted
by telegram, facsimile transmission or mail to the Depositary, and must be received by the Depositary on or before the Termination Date. See Section 3, "Procedure for
Tendering Shares," of the Offer to Purchase.
AMERICAN STOCK TRANSFER & TRUST COMPANY
Facsimile Copy Number:
Confirm by Telephone:
DELIVERY OF THIS INSTRUMENT TO AN ADDRESS OTHER THAN AS SET FORTH
ABOVE OR TRANSMISSION VIA A FACSIMILE NUMBER OTHER THAN ONE LISTED
ABOVE DOES NOT CONSTITUTE A VALID DELIVERY
Ladies and Gentlemen:
The undersigned hereby tenders to Western Asset Variable Rate Strategic Fund Inc. (the "Fund"), upon the terms and subject to the conditions set forth in its Offer to
Purchase, dated April 26, 2010 and the related Letter of Transmittal (which together constitute the "Offer"), receipt of which is hereby acknowledged, the number of
Shares set forth on the reverse side pursuant to the guaranteed delivery procedures set forth in Section 3, "Procedure for Tendering Shares," of the Offer to Purchase.
By Mail or Overnight Courier:
American Stock Transfer & Trust
Attn: Reorganization Department