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

TORONTO, March 26 /CNW/ - Legg Mason Canada Holdings Ltd. (TSX:LMI) announced today that its board of directors has established a redemption date in respect of all of its outstanding Exchangeable Shares on May 26, 2010 (the "Redemption Date") and that 3040692 Nova Scotia Company ("Callco") has elected to exercise its overriding redemption call right to acquire all of the outstanding Exchangeable Shares, other than Exchangeable Shares held by affiliates of Legg Mason, Inc. on the Redemption Date.

On the Redemption Date, each Exchangeable Share will be acquired by Callco for purchase consideration of one share of Legg Mason, Inc. common stock ("LM Common Stock"). Holders of Exchangeable Shares must deliver their share certificates and accompanying documentation to CIBC Mellon Trust Company ("CIBC Mellon") in order to receive shares of LM Common Stock.

After May 26, 2010, former holders of Exchangeable Shares will not have any rights as holders thereof other than the right to receive shares of LM Common Stock.

Notice of redemption of Exchangeable Shares and the exercise by Callco of its redemption call right and a Letter of Transmittal, will be mailed to registered holders of Exchangeable Shares. Copies of these documents will be filed on the Canadian System for Electronic Document Analysis and Retrieval (SEDAR) at www.sedar.com. Holders of Exchangeable Shares should follow the instructions in these materials to ensure they receive the shares of LM Common Stock they are entitled to receive.

Holders of Exchangeable Shares who do not wish to await the Redemption Date, may continue to exercise their retraction rights and exchange their Exchangeable Shares for shares of LM Common Stock at any time before the Redemption Date. For additional information about how to exchange their Exchangeable Shares before the Redemption Date, holders of Exchangeable Shares should contact CIBC Mellon at 1-800-387-0825 or (416) 643-5500 in the Toronto area or send an e-mail to inquiries@cibcmellon.com

Legg Mason Canada Holdings Ltd. is a subsidiary of Legg Mason, Inc. Legg Mason, Inc. is a global asset management firm with $679 billion in assets under management as of February 28, 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

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LEGG MASON CANADA HOLDINGS LTD.

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