Legg Mason Canada Holdings Ltd. Announces Acquisition of Exchangeable Shares
by Exercise of Redemption Call Right by 3040692 Nova Scotia Company.

TORONTO, May 26 /CNW/ - Legg Mason Canada Holdings Ltd. (the "Corporation") announced today that all of the outstanding exchangeable shares of the Corporation (the "Exchangeable Shares"), other than Exchangeable Shares held by affiliates of Legg Mason, Inc., were acquired by 3040692 Nova Scotia Company ("Callco") on May 26, 2010 (the "Redemption Date").

In connection with the establishment by the Corporation of the Redemption Date for the Exchangeable Shares, notice of which was provided on March 26, 2010, Callco exercised its redemption call right and, in accordance with that right, acquired all of the outstanding Exchangeable Shares, other than Exchangeable Shares held by affiliates of Legg Mason, Inc., on the Redemption Date. Each Exchangeable Share was acquired by Callco for purchase consideration of one share of Legg Mason, Inc. common stock.

The Exchangeable Shares are listed on the Toronto Stock Exchange under the symbol LMI. The Corporation has applied to the Toronto Stock Exchange to voluntarily delist the Exchangeable Shares effective as of the close of trading on the Redemption Date and intends to seek to cease to be a reporting issuer following the Redemption Date.

Legg Mason Canada Holdings Ltd. is a subsidiary of Legg Mason, Inc. Legg Mason, Inc. is a global asset management firm with $685.3 billion in assets under management as of April 30, 2010. The Company provides active asset management in many major investment centers throughout the world. Legg Mason is headquartered in Baltimore, Maryland, and its common stock is listed on the New York Stock Exchange (symbol: LM).

SOURCE LEGG MASON CANADA HOLDINGS LTD.

For further information: For further information: Shareholders: Alan Magleby, (410) 454-5246, afmagleby@leggmason.com; Media: Mary Athridge, (212) 805-6035, mkathridge@leggmason.com

Organization Profile

LEGG MASON CANADA HOLDINGS LTD.

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