Salomon Brothers Inflation Management Fund Inc. as of June 30, 2004 NEW YORK, July 21 /PRNewswire-FirstCall/ -- Salomon Brothers Inflation Management Fund Inc. (NYSE:IMF) as of June 30, 2004. Investment Objective: The Fund's primary investment objective is total return with an emphasis on income. Portfolio Composition* Asset Allocations: Inflation Protected Securities (IPS) 80.00% U.S. Treasury Inflation Protected Securities 71.78 Floaters/Short Duration 8.22 Emerging Market Debt 10.04 Cash 9.96 Portfolio Credit Breakdown: Treasury/Agency: 71.78% AAA 0.57 AA 0.10 A 2.56 BBB 5.89 BB 4.14 B 3.46 CCC 0.54 CC 0.19 Below C 0.81 Cash 9.96 Duration: 5.07 years Average Maturity: 9.8 years Average Life: 9.3 years *Portfolio holdings and weightings are subject to change at any time. Inception Date: May 25, 2004 Inception Price: $20.00 Total Assets: $183.789 million Market Price: $19.46 NAV: $19.13 (Daily NAV is available on market quotation systems using the symbol XIMFX.) Dividend Rate: To Be Announced Frequency: Monthly Salomon Brothers Inflation Management Fund Inc. is a non-diversified closed-end investment management company traded on the New York Stock Exchange under the symbol "IMF." The Fund is managed by Salomon Brothers Asset Management Inc, an indirect wholly owned subsidiary of Citigroup Inc. For more information, call 1-888-777-0102 or 1-800-SALOMON, or consult the Fund's web site at http://www.sbam.com/. DATASOURCE: Salomon Brothers Inflation Management Fund Inc. CONTACT: Brenda Grandell, Director, Closed-End Funds, Citigroup Asset Management, +1-212-291-3775; or Media Relations - Edward Giltenan, Head of Public Relations, Citigroup Asset Management, +1-212-559-6746 Web site: http://www.sbam.com/

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