Legg Mason Partners Fund Advisor, LLC to Assume Management Responsibility for Former Citigroup Asset Management-Advised Closed-End Funds as Part of Reorganization of Legg Mason Advisory Subsidiaries

Business Wire, July 12, 2006

NEW YORK -- Citigroup Investments Corporate Loan Fund Inc. (NYSE: TLI), High Income Opportunity Fund Inc. (NYSE: HIO), Intermediate Muni Fund, Inc. (AMEX: SBI), Managed High Income Portfolio Inc. (NYSE: MHY), Managed Municipals Portfolio Inc. (NYSE: MMU), Municipal High Income Fund Inc. (NYSE: MHF), Real Estate Income Fund Inc. (NYSE: RIT), Salomon Brothers Emerging Markets Debt Fund Inc. (NYSE: ESD), Salomon Brothers Emerging Markets Floating Rate Fund Inc. (NYSE: EFL), Salomon Brothers Emerging Markets Income Fund Inc. (NYSE: EMD), Salomon Brothers Emerging Markets Income Fund II Inc. (NYSE: EDF), Salomon Brothers Global High Income Fund Inc. (NYSE: EHI), Salomon Brothers Global Partners Income Fund Inc. (NYSE: GDF), Salomon Brothers High Income Fund Inc. (NYSE: HIF), Salomon Brothers High Income Fund II Inc. (NYSE: HIX), Salomon Brothers Inflation Management Fund Inc. (NYSE: IMF), Salomon Brothers Municipal Partners Fund Inc. (NYSE: MNP), Salomon Brothers Municipal Partners Fund II Inc. (NYSE: MPT), Salomon Brothers 2008 Worldwide Dollar Government Term Trust Inc. (NYSE: SBG), Salomon Brothers Variable Rate Strategic Fund Inc. (NYSE: GFY), Salomon Brothers Worldwide Income Fund Inc. (NYSE: SBW) and Zenix Income Fund Inc. (NYSE: ZIF) announced today that effective August 1, 2006, Legg Mason Partners Fund Advisor, LLC, an affiliate of each Fund's current investment adviser, will assume management responsibilities for each Fund as a result of a reorganization of Legg Mason's investment advisory subsidiaries.

Following the purchase of substantially all of Citigroup's asset management business in December 2005, Legg Mason undertook an internal reorganization to consolidate the advisory services provided to the Funds through a more limited number of advisers, focusing on the advisers' strengths. As part of this reorganization, at meetings held in June 2006, the Board of each Fund approved a new management agreement with Legg Mason Partners Fund Advisor, LLC ("LMPFA"), under which LMPFA will act as the investment adviser for each Fund. LMPFA, with offices at 100 Light Street, Baltimore, Maryland 21202, is a newly-organized investment adviser that has been formed to serve as the investment adviser of the Funds and other Legg Mason-sponsored funds.

In addition, the Boards of the following Funds approved new sub-advisory agreements for those Funds between LMPFA and Western Asset Management Company ("Western Asset"):

High Income Opportunity Fund Inc.
Intermediate Muni Fund, Inc.
Managed High Income Portfolio Inc.
Managed Municipals Portfolio Inc.
Municipal High Income Fund Inc.
Salomon Brothers Emerging Markets Debt Fund Inc.
Salomon Brothers Emerging Markets Floating Rate Fund Inc.
Salomon Brothers Emerging Markets Income Fund Inc.
Salomon Brothers Emerging Markets Income Fund II Inc.
Salomon Brothers Global High Income Fund Inc.
Salomon Brothers Global Partners Income Fund Inc.
Salomon Brothers High Income Fund Inc.
Salomon Brothers High Income Fund II Inc.
Salomon Brothers Inflation Management Fund Inc.
Salomon Brothers Municipal Partners Fund Inc.
Salomon Brothers Municipal Partners Fund II Inc.
Salomon Brothers 2008 Worldwide Dollar Government Term Trust Inc.
Salomon Brothers Variable Rate Strategic Fund Inc.
Salomon Brothers Worldwide Income Fund Inc.
Zenix Income Fund Inc.

Western Asset, established in 1971 and having offices at 385 East Colorado Boulevard, Pasadena, California 91101, acts as investment adviser to institutional accounts, such as corporate pension plans, mutual funds and endowment funds. As of March 31, 2006, Western Asset's total assets under management were approximately $512 billion (of which approximately $77 billion was managed by Western Asset Management Ltd.).

The Boards of Salomon Brothers Global High Income Fund Inc. and Salomon Brothers Variable Rate Strategic Fund Inc. approved additional sub-advisory agreements for those Funds between Western Asset and Western Asset Management Ltd. As of March 31, 2006, Western Asset Management Ltd., with offices at 10 Exchange Place, London, England, had approximately $77 billion of total assets under management.

LMPFA and Western Asset are wholly-owned subsidiaries of Legg Mason.

The Board of Real Estate Income Fund Inc. approved a sub-advisory agreement for that Fund between LMPFA and AEW Management and Advisors, L.P, the Fund's current sub-adviser.

The Board of Citigroup Investments Corporate Loan Fund Inc. approved a sub-advisory agreement for that Fund between LMPFA and Citigroup Alternative Investments LLC, the Fund's current sub-adviser.

LMPFA provides administrative and certain oversight services to the Funds. LMPFA has delegated to the sub-advisers, as applicable, the day-to-day portfolio management of the Funds. Legg Mason expects that the current portfolio managers who are responsible for the day-to-day management of the Funds, as well as senior management and other key employees, will be the same immediately after the new management and sub-advisory agreements take effect, and the current portfolio managers will have access to the same research and other resources to support their investment management functions. The management fees for each Fund will remain unchanged.