High Income Opportunity Fund Inc. Announces Dividend for the Months of January, February and March 2004 NEW YORK, Dec. 22 /PRNewswire-FirstCall/ -- High Income Opportunity Fund Inc., which is listed on the New York Stock Exchange under the symbol "HIO," announced a dividend from ordinary income of $0.0500 per share for the months of January, February and March 2004. The dividend distribution schedule appears below: Ex-date Record Payable January 01/23/04 01/27/04 01/30/04 February 02/20/04 01/24/04 02/27/04 March 03/19/04 03/23/04 03/26/04 High Income Opportunity Fund Inc., a diversified investment management company, is managed by Smith Barney Fund Management LLC., an indirect wholly owned subsidiary of Citigroup Inc. For more information, call Investor Relations at 1-888-735-6507. DATASOURCE: High Income Opportunity Fund Inc. CONTACT: Richard Peteka, Treasurer, +1-212-291-2802, or Brenda Grandell, Director, Closed-End Funds, +1-212-291-3775, both of High Income Opportunity Fund Inc.

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