Salomon Brothers Inflation Management Fund Inc. Declares Initial Distribution of $0.08750 per Share for September, October and November 2004 NEW YORK, Aug. 2 /PRNewswire-FirstCall/ -- Salomon Brothers Inflation Management Fund Inc., which is traded on the New York Stock Exchange under the symbol "IMF," announced today a distribution of $0.08750 per common share for the months of September, October and November 2004. Based on the Fund's offering price of $20 per share, this equates to an annualized yield of 5.25%. The dividend distribution schedule appears below: Ex-Dividend Record Payable September 9/10/04 9/14/04 9/24/04 October 10/8/04 10/13/04 10/29/04 November 11/12/04 11/16/04 11/26/04 The Salomon Brothers Inflation Management Fund's Dividend Reinvestment Plan ("DRIP Plan") is a convenient and easy way for investors to accumulate additional shares of the Fund. If you would like further information about the DRIP plan, you may contact the Plan Agent by calling 1-888-888-0151 or by writing to P.O. Box 922, Wall Street Station, New York, NY 10269-0560, or your financial advisor. Salomon Brothers Inflation Management Fund Inc., a non-diversified closed- end investment management company, 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 of Citigroup Asset Management, +1-212-291-3775, or Media Relations: Edward Giltenan, Head of Public Relations of Citigroup Asset Management, +1-212-559-6746 Web site: http://www.sbam.com/

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