Davis Polk & Wardwell advised Wachovia Capital Markets, LLC and Citigroup Global Markets Inc. as joint book-running managers on the $218 million SEC-registered initial public offering of 10,900,000 shares of common stock of Western Asset Municipal Defined Opportunity Trust Inc. The shares are listed on the New York Stock Exchange under the symbol “MTT.”

Western Asset Municipal Defined Opportunity Trust Inc. is a newly organized, non-diversified, closed-end management investment company managed by Legg Mason Partners Fund Advisor, LLC.

The Davis Polk corporate team included partner Joseph A. Hall and associates John T. Rudy, Roman Ajzen and Emma L. Ahrens (not yet admitted). Partner Mary Conway and associate Kent Heggerud provided tax advice. Partner Nora M. Jordan and counsel Susan Betteridge Baker provided Investment Company Act advice. Amarilys Katy Barbosa was the legal assistant on the transaction. All members of the Davis Polk team are based in the New York office.