Proxy Statement Pursuant to Section 14(a) of the Securities
Exchange Act of 1934

Filed by the Registrant [X]
Filed by a party other than the Registrant [ ]

Check the appropriate box:

[ ] Preliminary proxy statement
[X] Definitive proxy statement
[ ] Definitive additional materials
[ ] Soliciting material pursuant to Rule 14a-11(c) or Rule 14a-12

Salomon Brothers Emerging Markets Floating Rate Fund Inc.
(Name of Registrant as Specified in its Charter)

Judith C. Loomis
Name of Person Filing Proxy Statement

Payment of Filing Fee (Check appropriate box):
[X] No fee required
[ ] Fee computed on table below per Exchange Act Rules 14a- 6(i)(4) and 0-11.

(1) Title of each class of securities to which the transaction
applies:

(2) Aggregate number of securities to which transactions
applies:

(3) Per unit price or other underlying value of transaction
computed pursuant to Exchange Act Rule 0-11:1

(4) Proposed maximum aggregate value of transaction:

[ ] Check box if any part of the fee is offset as provided by Exchange Act
Rule 0-11(a)(2) and identify the filing for which the offsetting fee was paid
previously. Identify the previous filing by registration statement number, or
the form or schedule and the date of its filing.

(1) Amount previously paid:

(2) Form, schedule or registration statement no.:

(3) Filing party:

(4) Date filed:

SALOMON BROTHERS EMERGING MARKETS FLOATING RATE FUND INC.
125 BROAD STREET, NEW YORK, NEW YORK 10004

NOTICE OF ANNUAL MEETING OF STOCKHOLDERS

May 20, 2003

To the Stockholders:

The Annual Meeting of Stockholders (the "Meeting") of Salomon Brothers
Emerging Markets Floating Rate Fund Inc. (the "Fund") will be held at Citigroup
Center, 153 E. 53rd Street, 14th Floor Conference Center, New York, New York,
on Thursday, June 19, 2003 at 3:30 p.m., New York time, for the purposes of
considering and voting upon the following:

1. The election of Directors (Proposal 1); and

2. Any other business that may properly come before the Meeting.

The close of business on May 2, 2003 has been fixed as the record date for
the determination of stockholders entitled to notice of and to vote at the
Meeting.

By Order of the Board of Directors,

Christina T. Sydor
Secretary

- --------------------------------------------------------------------------------
TO AVOID UNNECESSARY EXPENSE OF FURTHER SOLICITATION, WE URGE YOU TO
INDICATE VOTING INSTRUCTIONS ON THE ENCLOSED PROXY, DATE AND SIGN IT AND RETURN
IT PROMPTLY IN THE ENVELOPE PROVIDED, NO MATTER HOW LARGE OR HOW SMALL YOUR
HOLDINGS MAY BE.
- --------------------------------------------------------------------------------

INSTRUCTIONS FOR SIGNING PROXY CARDS

The following general rules for signing proxy cards may be of assistance
to you and avoid the time and expense to the Fund involved in validating your
vote if you fail to sign your proxy card properly.

1. Individual Accounts: Sign your name exactly as it appears in the
registration on the proxy card.

2. Joint Accounts: Either party may sign, but the name of the party signing
should conform exactly to a name shown in the registration.

3. All Other Accounts: The capacity of the individual signing the proxy
card should be indicated unless it is reflected in the form of
registration. For example:

REGISTRATION VALID SIGNATURE
------------ ---------------

CORPORATE ACCOUNTS
- ------------------
(1) ABC Corp. ................................................... ABC Corp. (by John Doe, Treasurer)
(2) ABC Corp. ................................................... John Doe, Treasurer
(3) ABC Corp., c/o John Doe, Treasurer .......................... John Doe
(4) ABC Corp. Profit Sharing Plan ............................... John Doe, Trustee

TRUST ACCOUNTS
- --------------
(1) ABC Trust ................................................... Jane B. Doe, Trustee
(2) Jane B. Doe, Trustee, u/t/d 12/28/78 ........................ Jane B. Doe

CUSTODIAL OR ESTATE ACCOUNTS
- ----------------------------
(1) John B. Smith, Cust., f/b/o John B. Smith, Jr. UGMA ......... John B. Smith
(2) John B. Smith ............................................... John B. Smith, Jr., Executor

SALOMON BROTHERS EMERGING MARKETS FLOATING RATE FUND INC.

125 BROAD STREET, NEW YORK, NEW YORK 10004

----------------

PROXY STATEMENT

This proxy statement is furnished in connection with a solicitation by the
Board of Directors of Salomon Brothers Emerging Markets Floating Rate Fund Inc.
(the "Fund") of proxies to be used at the Annual Meeting of Stockholders of the
Fund to be held at Citigroup Center, 153 E. 53rd Street, 14th Floor Conference
Center, New York, New York, on Thursday, June 19, 2003 at 3:30 p.m. New York
time (and at any adjournment or adjournments thereof) for the purposes set
forth in the accompanying Notice of Annual Meeting of Stockholders. This proxy
statement and the accompanying form of proxy are first being mailed to
stockholders on or about May 20, 2003. Stockholders who execute proxies retain
the right to revoke them in person at the Meeting or by written notice received
by the Secretary of the Fund at any time before they are voted. Unrevoked
proxies will be voted in accordance with the specifications thereon and, unless
specified to the contrary, will be voted FOR the election of Directors. The
close of business on May 2, 2003 has been fixed as the record date for the
determination of stockholders entitled to notice of and to vote at the Meeting.
Each stockholder is entitled to one vote for each full share and an appropriate
fraction of a vote for each fractional share held. On May 2, 2003, there were
4,298,599 shares of the Fund's common stock outstanding.

In accordance with the Fund's By-Laws, a quorum is constituted by the
presence in person or by proxy of the holders of record of a majority of the
outstanding shares of the Fund's common stock entitled to vote at the Meeting.
In the event that a quorum is not present at the Meeting, or in the event that
a quorum is present but sufficient votes to approve any of the proposals are
not received, the persons named as proxies may propose one or more adjournments
of the Meeting to a date not more than 120 days after the original record date
to permit further solicitation of proxies. Any such adjournment will require
the affirmative vote of a majority of those shares represented at the Meeting
in person or by proxy. The persons named as proxies will vote those proxies
which they are entitled to vote FOR or AGAINST any such proposal in their
discretion. A stockholder vote may be taken on one or more of the proposals in
this proxy statement prior to any such adjournment if sufficient votes have
been received for approval.

Salomon Brothers Asset Management Inc ("SBAM"), whose principal business
address is 399 Park Avenue, New York, New York 10022, is the Fund's investment
adviser and administrator. SBAM is an indirect wholly-owned subsidiary of
Citigroup Inc.

PROPOSAL 1: ELECTION OF DIRECTORS

In accordance with the Fund's Charter, the Fund's Board of Directors is
divided into three classes: Class I, Class II and Class III. At the Meeting,
stockholders will be asked to elect two Class II Directors and two Class III
Directors. The terms of office of the Class II and Class III Directors expire
at the year 2006 and 2004 Annual Meetings of Stockholders, respectively, or
thereafter in each case when their respective successors are duly elected and
qualified. The effect of these staggered terms is to limit the ability of other
entities or persons to acquire control of the Fund by delaying the replacement
of a majority of the Board of Directors.

The persons named in the accompanying form of proxy intend to vote at the
Meeting (unless directed not to vote) FOR the election of the nominees named
below. One Director previously serving in Class II, Heath B. McLendon, resigned
as Chairman and Director of the Fund in order to serve as Chairman of the
Equity Research Policy Committee of Smith Barney Inc. Mr. R. Jay Gerken is
currently serving as a Director, having been nominated and elected by the Board
of Directors at a meeting held September 11, 2002, in order to fill the vacancy
resulting from Mr. McLendon's resignation. Mr. Gerken has been nominated by the
Board of Directors to be elected at the Meeting to serve as a Class II
Director. Ms. Colman and Mr. Cronin were nominated by the Board of Directors at
a meeting held December 19, 2002 to be elected to serve as Class III Directors.
Mr. Gelb is currently a member of the Board of Directors and has previously
been elected as a Director by the Fund's stockholders. The nominees have
indicated that they will serve if elected, but if any nominee should be unable
to serve, the proxy will be voted for any other person determined by the
persons named in the proxy in accordance with their judgment.

The following table provides information concerning the nominees for
election as Directors of the Fund:

NUMBER OF
PORTFOLIOS
ADVISED BY
SBAM AND
PRINCIPAL OVERSEEN BY OTHER
OCCUPATION(S) DIRECTOR DIRECTORSHIPS
NAME, ADDRESS POSITION(S) HELD LENGTH OF DURING PAST (INCLUDING HELD BY
AND AGE* WITH FUND TIME SERVED 5 YEARS THE FUND) DIRECTOR
- ------------------------------- ---------------- ----------- ------------------------- ----------- --------------------------

CLASS II DIRECTORS

NON-INTERESTED DIRECTOR NOMINEE

Leslie H. Gelb Director and Since 1994 President, 32 Britannica.com;
The Council on Member of The Council on Director of two
Foreign Relations the Audit Foreign Relations; registered
58 East 68th Street Committee formerly, Columnist, investment
New York, NY 10021 Deputy Editorial companies advised
Age: 65 Page Editor and by Advantage Advisers, Inc.
Editor, Op-Ed Page,
The New York Times.
INTERESTED DIRECTOR NOMINEE

+R. Jay Gerken Director and Since 2002 Managing Director 225 SBFM; TIA;
399 Park Avenue Co-Chairman of SBAM and The Travelers
New York, NY 10022 Citigroup Global Investment
Age: 51 Markets Inc. ("CGM"); Management
Chairman, President and Company.
Chief Executive Officer
of Smith Barney Fund
Management LLC
("SBFM"); President of
Travelers Investment
Adviser, Inc. ("TIA").

- ----------
+ Mr. Gerken is an "interested person" as defined in the Investment Company
Act of 1940, as amended (the "1940 Act"), because he is a Managing
Director of SBAM and a director and/or officer of affiliates of SBAM, the
Fund's investment adviser.

NUMBER OF
PORTFOLIOS
ADVISED BY
SBAM AND
PRINCIPAL OVERSEEN BY OTHER
OCCUPATION(S) DIRECTOR DIRECTORSHIPS
NAME, ADDRESS POSITION(S) HELD LENGTH OF DURING PAST (INCLUDING HELD BY
AND AGE* WITH FUND TIME SERVED 5 YEARS THE FUND) DIRECTOR
- ---------------------------------- ---------------- ----------- ------------------------- ----------- ------------------------

CLASS III DIRECTORS

NON-INTERESTED DIRECTOR NOMINEES

Carol L. Colman N/A N/A President, Colman 32 None
Colman Consulting Consulting Co., Inc.
Co., Inc.
278 Hawley Road
North Salem, NY 10560
Age: 57

Daniel Cronin N/A N/A Associate General 32 None
Pfizer Inc. Counsel, Pfizer Inc.
235 East 42nd Street
New York, NY 10017
Age: 57

The following table provides information concerning the remaining Directors
of the Fund:

NUMBER OF
PORTFOLIOS
ADVISED BY
SBAM AND
PRINCIPAL OVERSEEN BY OTHER
OCCUPATION(S) NOMINEE DIRECTORSHIPS
NAME, ADDRESS POSITION(S) HELD LENGTH OF DURING PAST (INCLUDING HELD BY
AND AGE* WITH FUND TIME SERVED 5 YEARS THE FUND) NOMINEE
- ------------------------------- ------------------ ------------- ----------------------- ------------- ------------------

CLASS I DIRECTORS

NON-INTERESTED DIRECTORS

Jeswald W. Salacuse Director and Since 1994 Henry J. Braker 32 None
Tufts University Member of Professor of
The Fletcher School of Law the Audit Commercial Law and
& Diplomacy Committee formerly Dean, The
Packard Avenue Fletcher School of
Medford, MA 02155 Law & Diplomacy,
Age: 65 Tufts University.

Dr. Riordan Roett Director and Since 1995 Professor and 32 The Latin America
The Johns Hopkins University Member of Director, Latin Equity Fund, Inc.
1710 Massachusetts Ave., NW the Audit American Studies
Washington, DC 20036 Committee Program, Paul H.
Age: 64 Nitze School
of Advanced
International Studies,
The Johns Hopkins
University.

- ----------
* Upon attainment of age 80, Fund Directors are required to change to
emeritus status. Directors emeritus are entitled to serve in emeritus
status for a maximum of 10 years, during such time they are paid 50% of
the annual retainer fee and meeting fees otherwise applicable to Fund
Directors together with reasonable out-of-pocket expenses for each
meeting attended.

The following table provides information concerning the dollar range of
equity securities owned beneficially by each Director and nominee for election
as Director as of December 31, 2002:

DOLLAR RANGE OF EQUITY AGGREGATE DOLLAR RANGE OF EQUITY SECURITIES IN ALL FUNDS OVERSEEN
NAME OF DIRECTOR/NOMINEE SECURITIES IN THE FUND BY DIRECTOR/NOMINEE AND ADVISED BY SBAM
- ---------------------------------- ------------------------ ------------------------------------------------------------------

NON-INTERESTED DIRECTORS/NOMINEES
Carol L. Colman None over $100,000
Daniel Cronin None $10,001 - $50,000
Leslie H. Gelb $1 - $10,000 $1 - $10,000
Dr. Riordan Roett None $1 - $10,000
Jeswald W. Salacuse $1 - $10,000 $10,001 - $50,000
INTERESTED DIRECTOR/NOMINEE
*R. Jay Gerken $10,001-$50,000 over $100,000

- ----------
* Mr. Gerken is an "interested person" as defined in the 1940 Act.

No Director or nominee for election as Director who is not an "interested
person" of the Fund as defined in the 1940 Act, nor any immediate family member
of such persons, had any interest in SBAM, the Fund's investment adviser, or
any person or entity (other than the Fund) directly or indirectly controlling,
controlled by, or under common control with SBAM as of May 2, 2003.

RESPONSIBILITIES OF THE BOARD OF DIRECTORS

The Board of Directors is responsible for ensuring that the Fund is
managed in the best interest of its stockholders. The Directors oversee the
Fund's business by, among other things, meeting with the Fund's management and
evaluating the performance of the Fund's service providers including SBAM, the
custodian, the transfer agent and the administrator. As part of this process,
the Directors consult with the Fund's independent auditors and with their own
separate independent counsel.

The Board of Directors has four regularly scheduled meetings each year and
additional meetings are scheduled as needed. During the fiscal year ended
February 28, 2003, the Board of Directors met five times. Each Director
attended at least 75% of the aggregate number of meetings of the Board and the
committees for which he was eligible. In addition, the Board has an audit
committee which meets periodically during the year and whose responsibilities
are described below.

The Directors regularly review the Fund's financial statements,
performance and market price as well as the quality of the services being
provided to the Fund. As part of this process, the Directors review the Fund's
fees and expenses to determine if they are reasonable and competitive in light
of the services being received and while also ensuring that the Fund continues
to have access to high quality services in the future. Based on these reviews,
the Directors periodically make suggestions to the Fund's management and
monitor to ensure that responsive action is taken. The Directors also monitor
potential conflicts of interest among the Fund, SBAM and its affiliates and
other funds and clients managed by SBAM to ensure that the Fund is managed in a
manner which is in the best interest of the Fund's stockholders.

At May 2, 2003, directors and officers of the Fund as a group owned
beneficially less than 1% of the outstanding shares of the Fund's common stock.
To the knowledge of the Fund's management, no person owned

of record, or owned beneficially, more than 5% of the Fund's outstanding shares
of common stock at that date, except that Cede & Co., a nominee for
participants in Depository Trust Company, held of record 4,009,037 shares,
equal to approximately 93.26% of the outstanding shares of the Fund's common
stock.

The Fund's executive officers are chosen each year at the meeting of the
Board of Directors of the Fund immediately following the Annual Meeting of
Stockholders, to hold office until the meeting of the Board following the next
Annual Meeting of Stockholders and until their respective successors are duly
elected and qualified. In addition to Mr. Gerken, the Fund's Chairman, the
executive officers of the Fund currently are:

POSITION(S)
HELD WITH LENGTH OF PRINCIPAL OCCUPATION(S)
NAME, ADDRESS AND AGE FUND TIME SERVED DURING PAST 5 YEARS
- ------------------------------- ----------------------------- ------------- ---------------------------------------

Peter Wilby President Since 2002 Managing Director of CGM and SBAM
CGM Executive Vice 1994-2002 since January 1998.
399 Park Avenue President
New York, NY 10022
Age: 44

James Craige Executive Vice Since 1999 Managing Director of CGM and SBAM
CGM President since December 1998; Director of CGM
399 Park Avenue and SBAM since January 1998 and
New York, NY 10022 Vice President of CGM and SBAM from
Age: 34 May 1992 to January 1998.

Lewis E. Daidone Executive Vice Since 1998 Managing Director of CGM; Director and
CGM President and Senior Vice President of SBFM and TIA.
125 Broad Street, 11th Floor Chief Administrative Officer
New York, NY 10004
Age: 45

Thomas Flanagan Executive Vice Since 1994 Managing Director of CGM and SBAM
CGM President since December 1998; Prior to December
399 Park Avenue 1998, Director of CGM and SBAM.
New York, NY 10022
Age: 50

Frances M. Guggino Controller Since 2002 Vice President of Citigroup Asset
CGM Management.
125 Broad Street
New York, NY 10004
Age: 45

Christina T. Sydor Secretary Since 1998 Managing Director of CGM; General
CGM Counsel and Secretary of SBFM and TIA.
300 First Stamford Place
Stamford, CT 06902
Age: 52

The Fund's Audit Committee is composed entirely of Directors who are not
"interested persons" of the Fund, SBAM or its affiliates within the meaning of
the 1940 Act, and who are "independent" as defined in the New York Stock
Exchange listing standards. The Fund's Audit Committee is composed of Messrs.
Gelb and Salacuse and Dr. Roett. The principal functions of the Audit Committee
are: (i) to recommend to the Board the appointment of the Fund's independent
auditors; (ii) to review with the independent auditors the scope and
anticipated cost of their audit; and (iii) to receive and consider a report
from the independent auditors concerning their conduct of the

audit, including any comments or recommendations they might want to make in
that connection. This Committee met twice during the fiscal year ended February
28, 2003. The Fund has no nominating or compensation committees. The Fund
adopted an Audit Committee Charter at a meeting held on May 23, 2000.

REPORT OF THE AUDIT COMMITTEE

Pursuant to a meeting of the Audit Committee on April 21, 2003, the Audit
Committee reports that it has: (i) reviewed and discussed the Fund's audited
financial statements with management; (ii) discussed with
PricewaterhouseCoopers LLP ("PwC"), the independent auditors to the Fund, the
matters (such as the quality of the Fund's accounting principals and internal
controls) required to be discussed by Statement on Auditing Standards No. 61;
and (iii) received written confirmation from PwC that it is independent and
written disclosures regarding such independence as required by Independence
Standards Board Standard No. 1, and discussed with PwC the auditors'
independence. Based on the review and discussions referred to in items (i)
through (iii) above, the Audit Committee recommended to the Board of Directors
(and the Board has approved) that the audited financial statements be included
in the Fund's annual report for the Fund's fiscal year ended February 28, 2003.

A representative of PwC will be available by telephone at the Meeting to
answer appropriate questions and will have an opportunity to make a statement
if he or she chooses to do so.

Under the federal securities laws, the Fund is required to provide to
stockholders in connection with the Meeting information regarding compensation
paid to the Directors by the Fund, as well as by the various other investment
companies advised by SBAM. The following table provides information concerning
the compensation paid from the Fund to each Director during the fiscal year
ended February 28, 2003 and the total compensation paid to each Director during
the calendar year ended December 31, 2002. Certain of the Directors listed
below are members of the Fund's Audit Committee and other committees of certain
other investment companies advised by SBAM and its affiliates, and accordingly,
the amounts provided in the table include compensation for service on such
committees. The Fund does not provide any pension or retirement benefits to
Directors. In addition, no remuneration was paid during the fiscal year ended
February 28, 2003 by the Fund to Mr. Gerken, who is an "interested person" as
defined in the 1940 Act.

TOTAL COMPENSATION
AGGREGATE FROM THE FUND AND
COMPENSATION OTHER FUNDS
FROM THE FUND ADVISED BY SBAM
FOR THE FISCAL AND ITS AFFILIATES FOR
YEAR ENDED CALENDAR YEAR ENDED
NAME OF DIRECTORS 2/28/03 12/31/02
- ------------------------------ ---------------- ----------------------
DIRECTORSHIPS(A)

Leslie H. Gelb ............... $7,900 $81,700(32)
Dr. Riordan Roett ............ $7,900 $93,400(32)
Jeswald W. Salacuse* ......... $8,000 $90,300(32)

- ------------
(A) The numbers in parentheses indicate the applicable number of investment
company directorships held by that Director.

During the Fund's last fiscal year, total compensation paid by the Fund to
a Director emeritus totaled $3,550.

SECTION 16(a) BENEFICIAL OWNERSHIP REPORTING COMPLIANCE

Section 16(a) of the Securities Exchange Act of 1934 and Section 30(h) of
the 1940 Act in combination require the Fund's Directors and officers, persons
who own more than 10% of the Fund's common stock, SBAM

and its directors and officers, to file reports of ownership and changes in
ownership with the Securities and Exchange Commission and the New York Stock
Exchange, Inc. The Fund believes that all relevant persons have complied with
applicable filing requirements during its most recently completed fiscal year
except that timely Form 3 filings may not have been made by Anthony Pace, Ross
Margolies, Virgil Cumming, Wendy Murdock, Mark Kleinman and William Arnold.
However, during the Fund's fiscal year ended December 31, 2002, no purchases or
sales were made by any of the foregoing people and, with the exception of
Anthony Pace, who is no longer employed by SBAM, they have each subsequently
filed Forms 3.

REQUIRED VOTE

Directors are elected by a plurality of the votes cast by the holders of
shares of the Fund's common stock present in person or represented by proxy at
a meeting at which a quorum is present. For purposes of the election of
Directors, abstentions and broker non-votes will not be considered votes cast,
and do not affect the plurality vote required for directors.

THE DIRECTORS, INCLUDING THE DIRECTORS WHO ARE NOT "INTERESTED PERSONS,"
UNANIMOUSLY RECOMMEND THAT THE STOCKHOLDERS VOTE "FOR" THE NOMINEES FOR
DIRECTOR.

FEES PAID TO INDEPENDENT ACCOUNTANTS

AUDIT FEES. The fees for the annual audit of the Fund's financial
statements by PricewaterhouseCoopers LLP ("PwC") for the fiscal year ended
February 28, 2003 were $53,000.

FINANCIAL INFORMATION SYSTEMS DESIGN AND IMPLEMENTATION FEES. There were
no fees billed for financial information systems design and implementation
services rendered by PwC to the Fund, SBAM, and entities controlled by or
affiliated with SBAM that provide services to the Fund for the fiscal year
ended February 28, 2003.

ALL OTHER FEES. The aggregate fees billed for all other non-audit
services, including fees for tax-related services, rendered by PwC to the Fund,
SBAM, and entities controlled by or affiliated with SBAM that provide services
to the Fund for the fiscal year ended February 28, 2003 were $15,000. The
Fund's Audit Committee has determined that provision of these non-audit
services is compatible with maintaining the independence of PwC.

PROPOSALS TO BE SUBMITTED BY STOCKHOLDERS

All proposals by stockholders of the Fund which are intended to be
presented at the Fund's next Annual Meeting of Stockholders to be held in 2004
must be received by the Fund for inclusion in the Fund's proxy statement and
proxy relating to that meeting no later than January 20, 2004. Any stockholder
who desires to bring a proposal at the Fund's 2004 Annual Meeting of
Stockholders without including such proposal in the Fund's proxy statement must
deliver written notice thereof to the Secretary of the Fund (addressed to
Salomon Brothers Emerging Markets Floating Rate Fund Inc., 125 Broad Street,
New York, New York 10004) during the period from March 22, 2004 to April 21,
2004.

OTHER INFORMATION

The Fund's Annual Report containing financial statements for the fiscal
year ended February 28, 2003 is available free of charge by writing to the Fund
c/o Salomon Brothers Asset Management Inc at the address listed on the front
cover, or by calling toll-free 1-888-777-0102.

EXPENSES OF PROXY SOLICITATION

The costs of preparing, assembling and mailing material in connection with
this solicitation of proxies will be borne by the Fund. Proxies may also be
solicited personally by officers of the Fund and by regular employees of SBAM
or its affiliates, or other representatives of the Fund or by telephone or
telegraph, in addition to the use of mails. Brokerage houses, banks and other
fiduciaries may be requested to forward proxy solicitation material to their
principals to obtain authorization for the execution of proxies, and will be
reimbursed by the Fund for such out-of-pocket expenses.

OTHER BUSINESS

The Board of Directors of the Fund does not know of any other matter which
may come before the Meeting. If any other matter properly comes before the
Meeting, it is the intention of the persons named in the proxy to vote the
proxies in accordance with their judgment on that matter.

May 20, 2003

SALOMON BROTHERS EMERGING MARKETS
FLOATING RATE FUND INC.

PROXY SOLICITED ON BEHALF OF THE DIRECTORS

The undersigned hereby appoints R. Jay Gerken, Lewis E. Daidone, Robert A.
Vegliante and Judith C. Loomis, and each of them, attorneys and proxies for the
undersigned, with full power of substitution and revocation to represent the
undersigned and to vote on behalf of the undersigned all shares of Salomon
Brothers Emerging Markets Floating Rate Fund Inc. (the "Fund") which the
undersigned is entitled to vote at the Annual Meeting of Stockholders of the
Fund to be held at Citigroup Center, 153 E. 53rd Street, 14th Floor Conference
Center, New York, New York on Thursday, June 19, 2003, at 3:30 p.m., and at any
adjournments thereof. The undersigned hereby acknowledges receipt of the Notice
of Annual Meeting and accompanying Proxy Statement and hereby instructs said
attorneys and proxies to vote said shares as indicated hereon. In their
discretion, the proxies are authorized to vote upon such other business as may
properly come before the Meeting. A majority of the proxies present and acting
at the Meeting in person or by substitute (or, if only one shall be so present,
then that one) shall have and may exercise all of the power and authority of
said proxies hereunder. The undersigned hereby revokes any proxy previously
given.

THIS PROXY, IF PROPERLY EXECUTED, WILL BE VOTED IN THE MANNER DIRECTED BY THE
STOCKHOLDER. IF NO DIRECTION IS MADE, THIS PROXY WILL BE VOTED FOR PROPOSAL 1.

Please refer to the Proxy Statement for a discussion of the Proposal.

(CONTINUED ON REVERSE SIDE)

ANNUAL MEETING OF STOCKHOLDERS OF

SALOMON BROTHERS EMERGING MARKETS FLOATING RATE FUND INC.

JUNE 19, 2003

PLEASE DATE, SIGN AND MAIL
YOUR PROXY CARD IN THE
ENVELOPE PROVIDED AS SOON
AS POSSIBLE.

PLEASE DETACH AND MAIL IN THE ENVELOPE PROVIDED.

- --------------------------------------------------------------------------------
THE BOARD OF DIRECTORS RECOMMENDS A VOTE "FOR" THE ELECTION OF DIRECTORS.
PLEASE SIGN, DATE AND RETURN PROMPTLY IN THE ENCLOSED ENVELOPE.
PLEASE MARK YOUR VOTE IN BLUE OR BLACK INK AS SHOWN HERE [X]
- --------------------------------------------------------------------------------

1. Election of Directors (Class III to serve until the year 2004 Annual Meeting
and Class II to serve until the year 2006 Annual Meeting).

NOMINEES
[ ] FOR ALL NOMINEES [ ] (01) Carol L. Colman (Class III)
[ ] (02) Daniel P. Cronin (Class III)
[ ] WITHHOLD Authority [ ] (03) Jay Gerken (Class II)
FOR ALL NOMINEES [ ] (04) Leslie H. Gelb (Class II)

[ ] FOR ALL EXCEPT
(See instructions below)

INSTRUCTION: To withhold authority to vote for any individual nominee(s), mark
- ------------ "FOR ALL EXCEPT" and fill in the circle next to each nominee you
wish to withhold, as shown here: [X]
- --------------------------------------------------------------------------------

- --------------------------------------------------------------------------------
To change the address on your account, please check the box at
right and indicate your new address in the address space above. [ ]
Please note that changes to the registered name(s) on the account
may not be submitted via this method.
- --------------------------------------------------------------------------------

2. Any other business that may properly come before the meeting.

Proxies are authorized to vote in their discretion on any other business as may
properly come before the meeting or any adjournments thereof.

Signature of Stockholder Date
--------------------------- --------------------

NOTE: This proxy must be signed exactly as the name appears hereon. When
shares are held jointly, each holder should sign. When signing as
executor, administrator, attorney, trustee or guardian, please give
full title as such. If the signer is a corporation, please sign full
corporate name by duly authorized officer, giving full title as such.
If signer is a partnership, please sign in partnership name by
authorized person.