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

                                                           Current Q            Previous Q            Prior Yr Q
                                                           July 31, 2009        April 30, 2009        July 31, 2008
Total Assets (a)                                           $      148,976,046   $       161,925,746   $      195,015,850
Total Net Assets (a)                                       $      120,331,327   $       115,462,726   $      129,363,642
NAV Per Share of Common Stock (b)                          $      17.04         $       16.35         $      18.32
Market Price Per Share                                     $      15.70         $       15.39         $      16.34
Premium / Discount                                         (7.86)%              (5.87)%               (10.81)%
Outstanding Shares                                         7,061,160            7,061,160             7,061,160
Total Net Investment Income (c)                            $      1,790,282     $       637,832       $      4,139,512
Total Net Investment Income Per Share (c)                  $      0.25          $       0.09          $      0.59
Total Net Realized/Unrealized Gain/(Loss) (c)              $      4,137,539     $       2,804,852     $      (5,740,891)
Total Net Realized/Unrealized Gain/(Loss) Per Share (c)    $      0.59          $       0.40          $      (0.81)
Undistributed/(Overdistributed) Net Investment Income (d)  $      (925,665)     $       (1,656,727)   $      3,097,200
Undistributed/(Overdistributed) Net Investment Income
Per Share (d)                                              $      (0.13)        $       (0.23)        $      0.44

Footnotes:
(a)   The difference between total assets and total net assets is due
      primarily to the Fund's use of borrowings; total net assets do not
      include borrowings.
(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 and Western Asset Management Company Limited, affiliates of the manager.

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

All data and commentary provided within this press release is for informational purposes only. Legg Mason, Inc. and all of its affiliates do not engage in selling any of the shares of the Fund. The Fund's common shares are traded on the New York Stock Exchange.

SOURCE: Western Asset Inflation Management Fund Inc.

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