Salomon Brothers Variable Rate Strategic Fund Inc. Announces Name Change of Advisory Affiliate

Business Wire, May 11, 2006

NEW YORK -- Salomon Brothers Variable Rate Strategic Fund Inc., which is traded on the New York Stock Exchange under the symbol "GFY," announced today that effective April 28, 2006, Citigroup Asset Management Limited, an affiliate of the Fund's manager that provides advisory services in connection with the Fund's transactions in currencies and non-dollar denominated debt securities, changed its name to Legg Mason International Equities Limited.

Salomon Brothers Variable Rate Strategic Fund Inc., a non-diversified investment management company, is managed by Salomon Brothers Asset Management Inc, a wholly owned subsidiary of Legg Mason, Inc.

For more information, call 1-888-777-0102 or visit the Fund's web site at www.leggmason.com/InvestorServices.> Note: On December 1, 2005, Citigroup Inc. ("Citigroup") sold substantially all of its worldwide asset management business, Citigroup Asset Management ("CAM"), to Legg Mason, Inc. ("Legg Mason"). As part of this transaction, the investment adviser for the fund(s) referenced herein became a wholly owned subsidiary of Legg Mason.

Under a licensing agreement between Citigroup and Legg Mason, the names of the funds, the names of any classes of shares of funds, and the names of investment advisers of the funds, as well as all logos, trademarks, and service marks related to Citigroup or any of its affiliates ("Citi Marks") are licensed for use by Legg Mason. Citi Marks include, but are not limited to, "Smith Barney," "Salomon Brothers," "Citi," and "Citigroup Asset Management". Legg Mason and its affiliates, as well as the Fund's investment adviser, are not affiliated with Citigroup.

All Citi Marks are owned by Citigroup, and are licensed for use until no later than one year after the date of the licensing agreement.

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