SBF Morgan Stanley Spx Abslt Rtrn Barriernt

The Salomon Brothers Fund Inc (NYSE: SBF) announced today that the Fund will convert from a closed-end investment company to an open-end investment company as of the close of business today. The shareholders of the Fund approved the conversion at a special meeting held on May 1, 2006. Upon conversion, shares of the Fund will be reclassified as Class O shares, and each shareholder of the Fund will continue to own shares with the same aggregate net asset value as the shares the shareholder owned immediately prior to the conversion. The registration statement for the Class O shares has been declared effective by the Securities and Exchange Commission. A transaction confirmation will be mailed to each shareholder. The stock transfer records of the Fund as a closed-end investment company will be permanently closed after the close of business today, which will be the last day of trading in the Fund's shares. Trading in the Fund's shares on the New York Stock Exchange will be suspended by the Exchange before the opening of trading on Monday, July 3, 2006. Upon the conversion, Fund shareholders will be able to redeem their Class O shares at net asset value less a redemption fee equal to 0.75% of the aggregate net asset value of the Class O shares that are redeemed during the first 12 months following the conversion. The Salomon Brothers Fund Inc, a diversified investment management company, is managed by Salomon Brothers Asset Management Inc, a wholly owned subsidiary of Legg Mason, Inc. For additional information, please contact the Investor Relations group at 1-888-777-0102, or the Fund's web site at www.leggmason.com/InvestorServices. Note: "Smith Barney," "Salomon Brothers" and "Citi" are service marks of Citigroup, licensed for use by Legg Mason as the names of funds and investment advisers. Legg Mason and its affiliates, as well as the fund's investment manager, are not affiliated with Citigroup.