Western Asset Inflation Management Fund Inc. Announces Financial Position as of January 31, 2009

                                                           Current Q             Previous Q             Prior Yr Q
                                                           January 31, 2009      October 31, 2008       January 31, 2008
Total Assets (a)                                           $        127,822,843  $        137,207,733   $        154,236,776
Total Net Assets (a)                                       $        113,220,393  $        107,947,927   $        143,062,467
NAV Per Share of Common Stock (b)                          $        16.03        $        15.29         $        19.25
Market Price Per Share                                     $        15.10        $        13.49         $        17.22
Premium / Discount                                                  (5.80)%               (11.77)%               (10.55)%
Outstanding Shares                                                  7,061,160             7,061,160              7,432,800
Total Net Investment Income/(Loss)(c)                      $        (2,891,715)  $        2,132,112     $        1,997,152
Total Net Investment Income/(Loss) Per Share (c)           $        (0.41)       $        0.30          $        0.27
Total Net Realized/Unrealized Gain/(Loss) (c)              $        10,211,963   $        (22,096,007)  $        7,909,048
Total Net Realized/Unrealized Gain/(Loss) Per Share (c)    $        1.45         $        (3.13)        $        1.06
Undistributed/(Overdistributed) Net Investment Income (d)  $        (1,094,208)  $        3,845,289     $        628,794
Undistributed/(Overdistributed) Net Investment Income
Per Share (d)                                              $        (0.15)       $        0.54          $        0.08

Footnotes:

(a)  The difference between total assets and total net assets is due
     primarily to the issuance of preferred stock and/or the Fund's use
     of borrowings; total net assets do not include borrowings and the
     redemption value of preferred stock, if any.
(b)  NAVs are calculated as of the close of business on the last business
     day in the periods indicated above.
(c)  For the quarter indicated.
(d)  As of the period indicated above.

This financial data is unaudited.

The Fund files its semi-annual and annual reports with the Securities and Exchange Commission as well as its complete schedule of portfolio holdings for the first and third quarters of each fiscal year on Form N-Q. These reports are available on the Commission's website at www.sec.gov. To obtain information on Form N-Q or a semi-annual or annual report from the Fund, shareholders can call 1-800-451-2010.

Western Asset Inflation Management Fund Inc., a non-diversified, closed-end management investment company, is managed by Legg Mason Partners Fund Advisor, LLC, a wholly owned subsidiary of Legg Mason, Inc. and is sub-advised by Western Asset Management Company, an affiliate of the investment manager.

Contact the Fund at 1-888-777-0102 for additional information, or consult the Fund's website at www.leggmason.com/cef.

SOURCE: Western Asset Inflation Management Fund Inc.

Legg Mason & Co., LLC 
Brenda Grandell, 1-212-857-8087 
Director, Closed-End Funds