Legg Mason Reports Results for First Quarter of Fiscal Year 2009



    
    - Net Loss Narrowed to $31 Million or $0.22 per Diluted Share -

    - Assets Under Management of $923 Billion -

    
    BALTIMORE, July 25 /CNW/ -- Legg Mason, Inc. (NYSE:   LM) today reported
its operating results for the first quarter of fiscal year 2009, which ended
June 30, 2008.  For the quarter, revenues were $1.05 billion, down 13% from
$1.21 billion in the first quarter of fiscal 2008.  The Company reported a net
loss of $31.3 million, or $0.22 per diluted share, compared to net income of
$191.0 million, or $1.32 per diluted share, in the first quarter of fiscal
2008, ended June 30, 2007, and compared to a net loss of $255.5 million, or
$1.81 per diluted share, in the quarter immediately prior, which ended March
31, 2008.
    The first quarter net loss resulted from charges arising from previously
announced support for money market funds, totaling $155.4 million after tax
and operating expense adjustments, or $1.09 per diluted share.  The total net
charges resulting from money market fund support in the quarter were 47% lower
than the charges in the fourth quarter of fiscal 2008.
    Cash income, as adjusted for the non-cash charges resulting from money
market fund support was $163.5 million for the quarter, or $1.15 per diluted
share, down 32% and 30%, respectively, from cash income, as adjusted, and the
related per share amount in the first quarter of fiscal 2008.
    Assets Under Management ("AUM") were $922.8 billion, down 3% from $950.1
billion at March 31, 2008, and down 7% from $992.4 billion at June 30, 2007.
    
    Comments on the First Quarter of Fiscal Year 2009
    
    Mark R. Fetting, President and Chief Executive Officer, said "While
challenges remain in the markets and in certain Legg Mason businesses, I am
proud of our franchise of asset managers. Business operations generated over
$800 million in cash flow over the past 12 months. The combination of strong
cash flow, ample capital and a fortified balance sheet, together with our
diversified asset base, provide the tools to deliver improved results to our
shareholders.
    "Our loss narrowed from the prior quarter despite increased support for
our money market funds that have exposure to Structured Investment Vehicles
(SIVs). By raising capital early and by taking proactive steps to reduce the
overall exposure of our funds to SIVs, we are acting in the best interests of
mutual fund clients and Legg Mason shareholders.
    "We have principal managers who are doing well, and others who are facing
investment performance issues. What all of our managers have are highly
disciplined investment strategies that have been validated across market
cycles. We believe that when the credit crisis abates, and as the broader
markets turn towards a renewed focus on fundamentals, this will bode well for
our underperforming managers.
    "Right now, across the Company, we are pursuing new initiatives to
deliver improved results. In these markets, our affiliates are working closely
with their clients to deliver against their investment objectives. We are
moving forward to enhance our operating efficiency, to build our multi-channel
distribution partnerships and to accelerate new product development. We are
working tirelessly to restore the Company to solid growth and to build our
global franchise."
    
    Assets Under Management Decreased to $923 Billion
    
    AUM decreased to $922.8 billion at June 30, 2008, down $27.3 billion, or
3%, from $950.1 billion at March 31, 2008, and down $69.6 billion, or 7%, from
June 30, 2007. In the first quarter of fiscal 2009, net client cash outflows
were $18.4 billion. Equity and fixed income outflows were approximately $11
billion each, while liquidity inflows were $4 billion in the quarter.
    Average AUM during the quarter were $949 billion, compared to $975
billion in the fourth quarter of fiscal 2008 and $985 billion in the first
quarter of fiscal 2008.  At June 30, 2008, equity products represented 28% of
AUM, fixed income represented 53% and liquidity represented 19%. By business
division, 53% of total AUM were in Institutional, 41% in Managed Investments
and 6% in Wealth Management. Assets managed for non-U.S. domiciled clients
represented 34% of total AUM at June 30, 2008.
    
    Comparison to the First Quarter of Fiscal Year 2008
    
    Revenues decreased 13% from the prior year quarter, reflecting a decline
in fees earned on lower average assets under management and lower performance
fees. Operating expenses decreased by 10% from the prior year quarter,
primarily due to lower compensation and benefits, including reductions taken
in connection with the money market fund support, and lower distribution and
servicing costs driven by lower levels of AUM. Other non-operating expenses in
the first quarter of fiscal 2009 were $278.9 million, including $266.9 million
of losses related to the Company's money market fund support; there were no
comparable expenses in the prior year quarter.
    For the quarter, the Company incurred a net loss of $31.3 million, or
$0.22 per diluted share, down from net income of $191.0 million, or $1.32 per
diluted share.  The net charge in the quarter for money market fund support
was $155.4 million, or $1.09 per diluted share. Cash income was $8.0 million,
or $0.06 per diluted share, compared to cash income of $238.9 million, or
$1.65 per diluted share, in the first quarter of fiscal 2008. Cash income, as
adjusted, was $163.5 million, or $1.15 per diluted share.
    The pre-tax profit margin decreased to (4.7%) from 25.3% in the first
quarter of fiscal 2008.  The pre-tax profit margin, as adjusted, was 27.1%
down from 34.5% in the prior year quarter.
    
    Comparison to the Fourth Quarter of Fiscal Year 2008
    
    Revenues of $1.05 billion decreased 1% from $1.07 billion in the quarter
ended March 31, 2008.  The loss of $31.3 million in the quarter, or $0.22 per
diluted share, compared to a loss of $255.5 million, or $1.81 per diluted
share, in the prior quarter, reflected a reduction in net charges on money
market fund support and the impairment of certain acquired management
contracts in the prior quarter.
    Cash income was $8.0 million, or $0.06 per diluted share, compared to a
cash loss of $207.3 million, or $1.47 per diluted share, in the fourth quarter
of fiscal 2008.  Cash income, as adjusted, was $163.5 million, or $1.15 per
diluted share, each of which represented a decrease of 8% compared to the
fourth quarter of fiscal 2008.
    The pre-tax profit margin was (4.7%), compared to (36.7%) in the prior
quarter. The pre-tax profit margin, as adjusted, was 27.1%, down from 30.1% in
the prior quarter.
    
    Business Developments
    
    The Company announced an important new product initiative: a roll-out of
a new family of target date funds that will provide an innovative solution to
the retirement challenge facing both 401(k) plan sponsors and individual
investors. The Legg Mason Target Date Funds feature a new approach that
combines income and long-term capital appreciation, together with investments
in real estate and exchange-traded funds, to seek the highest total return.
The new funds will include strategies from Batterymarch, Brandywine,
ClearBridge, Legg Mason Capital Management, Royce and Western Asset and will
be managed by Legg Mason Global Asset Allocation.
    
    Other new product activity in the quarter included:
    
    -- the introduction of a new portable alpha product, plus new structured
credit, emerging market debt and global opportunity funds from Western Asset;
    -- the launch of a new Global 130/30 product from Batterymarch, bringing
the firm's expertise in quantitative and long-short strategies to the global
arena; and
    -- creation of a white-label product group that provides a new revenue
stream for Permal, offering its leading fund-of-hedge fund strategies to
global banks and wealth managers.
    Legg Mason also announced the launch of Global Currents Investment
Management, a new investment subsidiary specializing in global equities.
Global Currents is anchored by the former international and global equities
team from Brandywine. The new firm is headquartered in Wilmington, Delaware.
Global Currents will be part of the newly formed Legg Mason Global Equities
Group, which will also include other independent investment teams in London
and Singapore later this year. The creation of the Legg Mason Global Equities
Group recognizes the importance of global equities as a growing asset class
and the Company's commitment to participate fully in this high opportunity
business sector, serving institutions, individual and high net worth
investors.
    Despite the challenging market conditions, important progress was made in
accelerating the Company's multi-channel strategy, with increased penetration
of the national broker dealer, independent advisor, insurance and sub-advisory
channels in the U.S., and additional distribution gains in the bank, insurance
and fund-of-fund channels in Europe and Asia.
    
    Balance Sheet
    
    At June 30, 2008, Legg Mason's cash position, including cash equivalents,
repurchase agreements and cash restricted for collateral purposes, was $4.1
billion, total debt was $3.9 billion and stockholders' equity was $6.5
billion.  The ratio of total debt to total capital (total equity plus total
debt) was 37%.
    Subsequent to quarter end, the Company repaid $425 million of Senior
Notes which were due July 2, 2008. After taking into account the repayment,
the Company's total debt was reduced to $3.5 billion and its ratio of total
debt to total capital declined to 35%.
    
    Use of Supplemental Data as Non-GAAP Performance Measures
    Cash Income and Cash Income, as Adjusted
    
    As supplemental information, we are providing performance measures that
are based on methodologies other than generally accepted accounting principles
("non-GAAP") for "cash income" and "cash income, as adjusted" that management
uses as benchmarks in evaluating and comparing the period-to-period operating
performance of Legg Mason, Inc. and its subsidiaries.
    We define "cash income" as net income plus amortization and deferred
taxes related to intangible assets.  We define "cash income, as adjusted" as
cash income plus net money market fund support losses and impairment charges.
    We believe that cash income and cash income, as adjusted, provide good
representations of our operating performance adjusted for non-cash acquisition
related items and other items that facilitate comparison of our results to the
results of other asset management firms that have not engaged in money market
fund support transactions or significant acquisitions.
    We also believe that cash income and cash income, as adjusted, are
important metrics in estimating the value of an asset management business.
These measures are provided in addition to net income, but are not a
substitute for net income and may not be comparable to non-GAAP performance
measures, including measures of cash earnings or cash income, of other
companies. Further, cash income and cash income, as adjusted, are not
liquidity measures and should not be used in place of cash flow measures
determined under GAAP.  Legg Mason considers cash income and cash income, as
adjusted, to be useful to investors because they are important metrics in
measuring the economic performance of asset management companies, as
indicators of value, and because they facilitate comparisons of Legg Mason's
operating results with the results of other asset management firms that have
not engaged in money market fund support transactions or significant
acquisitions.
    In calculating cash income, we add the impact of the amortization of
intangible assets from acquisitions, such as management contracts, to net
income to reflect the fact that these non-cash expenses distort comparisons of
Legg Mason's operating results with the results of other asset management
firms that have not engaged in significant acquisitions.  Deferred taxes on
indefinite-life intangible assets and goodwill represent actual tax benefits
that are not realized under GAAP absent an impairment charge or the
disposition of the related business.  Because we actually receive these tax
benefits on indefinite-life intangibles and goodwill, we add them to net
income in the calculation of cash income.  In calculating cash income, as
adjusted, we add net money market fund support losses and net impairment
charges to cash income to reflect that these non-recurring charges distort
comparisons of Legg Mason's operating results to prior periods and the results
of other asset management firms that have not engaged in money market fund
support transactions or significant acquisitions.
    Should a disposition or impairment charge for indefinite-life intangibles
or goodwill occur, its impact on cash income and cash income, as adjusted, may
distort actual changes in the operating performance or value of our firm.
Accordingly, we monitor changes in indefinite-life intangible assets and
goodwill and the related impact on cash income and cash income, as adjusted,
to ensure appropriate explanations accompany such disclosures.
    Although depreciation and amortization on fixed assets are non-cash
expenses, we do not add these charges in calculating cash income or cash
income, as adjusted because these charges are related to assets that will
ultimately require replacement.
    A reconciliation of net income to non-GAAP cash income and cash income,
as adjusted, is presented below.
    Pre-Tax Profit Margin from Continuing Operations, As Adjusted for
Distribution and Servicing Expense, Money Market Fund Support Losses and
Impairment Charges
    Legg Mason believes that pre-tax profit margin from continuing operations
adjusted for distribution and servicing expense, money market fund support
losses and impairment charges is a useful measure of our performance because
it indicates what our margins would have been without the distribution
revenues that are passed through to third parties as a direct cost of selling
our products, money market fund support losses and impairment charges that we
do not consider part of our core business metrics, and thus it shows the
effects of these items on our margins. This measure is provided in addition to
the Company's pre-tax profit margin from continuing operations calculated
under GAAP, but is not a substitute for calculations of margin under GAAP and
may not be comparable to non-GAAP performance measures, including measures of
adjusted margins, of other companies. A reconciliation of consolidated pre-tax
profit margin from continuing operations, as adjusted, to pre-tax profit
margin under GAAP below.
    
    Conference Call to Discuss Results
    
    A conference call to discuss the Company's results, hosted by Mr.
Fetting, will be held at 10:00 a.m., E.D.T. today. The call will be open to
the general public. Interested participants should access the call by dialing
1-866-847- 7864 (or for international calls 1-703-639-1430) at least 10
minutes prior to the scheduled start to ensure connection.
    A replay or transcript of the live broadcast will be available on the
Legg Mason website, in the investor relations section, or by dialing
1-888-266-2081 (or for international calls 1-703-925-2533), access Pin Number
1261734, after completion of the call.  Please note that the replay will be
available beginning at 2:00 p.m., E.D.T. on Friday, July 25, 2008 and ending
on August 8, 2008.
    
    About Legg Mason
    
    Legg Mason is a global asset management firm, with $923 billion in assets
under management at June 30, 2008.  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).
    This release contains forward-looking statements subject to risks,
uncertainties and other factors that may cause actual results to differ
materially. For a discussion of these risks and uncertainties, see "Risk
Factors" and "Management's Discussion and Analysis of Financial Condition and
Results of Operations" in Legg Mason's Annual Report on Form 10-K for the
fiscal year ended March 31, 2008.



    
                      LEGG MASON, INC. AND SUBSIDIARIES
                    CONSOLIDATED STATEMENTS OF OPERATIONS
               (Amounts in thousands, except per share amounts)
                                 (Unaudited)
    


    
                                   Quarters Ended              % Change
                                                          June 2008  June 2008
                                                           Compared  Compared
                                June     March      June   to March  to June
                                2008      2008      2007      2008      2007
    

    
    Operating Revenues:
      Investment advisory
       fees:
        Separate accounts   $316,675   $341,797  $380,977     (7.3)%   (16.9)%
        Funds                569,558    558,382   577,285      2.0      (1.3)
        Performance fees      10,145      3,258    54,349    211.4     (81.3)
      Distribution and
       service fees          153,499    158,721   183,498     (3.3)    (16.3)
      Other                    4,154      6,965     9,859    (40.4)    (57.9)
        Total operating
         revenues          1,054,031  1,069,123 1,205,968     (1.4)    (12.6)
    

    
    Operating Expenses:
      Compensation and
       benefits              377,668    326,899   446,010     15.5     (15.3)
      Distribution and
       servicing             307,873    304,674   321,506      1.0      (4.2)
      Communications and
       technology             50,286     52,326    47,348     (3.9)      6.2
      Occupancy               34,144     32,896    30,693      3.8      11.2
      Amortization of
       intangible assets       9,624     13,686    15,055    (29.7)    (36.1)
      Impairment of
       management contracts        -    151,000         -      n/m       n/m
      Other                   45,489     50,038    53,193     (9.1)    (14.5)
        Total operating
         expenses            825,084    931,519   913,805    (11.4)     (9.7)
    

    
    Operating Income         228,947    137,604   292,163     66.4     (21.6)
    

    
    Other Income (Expense)
      Interest income         23,268     22,922    16,491      1.5      41.1
      Interest expense       (36,611)   (28,073)  (17,144)    30.4     113.5
      Other                 (265,566)  (525,341)   14,060    (49.4)      n/m
        Total other income
         (expense)          (278,909)  (530,492)   13,407    (47.4)      n/m
    

    
    Income (Loss) from
     Operations before
     Income Tax Provision
     (Benefit) and Minority
     Interests               (49,962)  (392,888)  305,570    (87.3)   (116.4)
    

    
      Income tax provision
       (benefit)             (18,735)  (137,488)  114,590    (86.4)   (116.3)
    

    
    Income (Loss) from
     Operations before
     Minority Interests      (31,227)  (255,400)  190,980    (87.8)   (116.4)
    

    
      Minority interests,
       net of tax                (46)       (51)       35     (9.8)      n/m
    

    
    Net Income (Loss)       $(31,273) $(255,451) $191,015    (87.8)   (116.4)
    


    
    n/m - not meaningful
    



    
                        LEGG MASON, INC. AND SUBSIDIARIES
                      CONSOLIDATED STATEMENTS OF OPERATIONS
                 (Amounts in thousands, except per share amounts)
                                   (Unaudited)
                                   (continued)
    


    
                                   Quarters Ended              % Change
                                                          June 2008  June 2008
                                                           Compared  Compared
                                June    March     June     to March  to June
                                2008     2008     2007       2008      2007
    Net income (loss) per
     share:
      Basic                   $(0.22)  $(1.81)   $1.34      (87.8)%  (116.4)%
    

    
      Diluted                 $(0.22)  $(1.81)   $1.32      (87.8)   (116.7)
    

    
    Weighted average number
     of shares outstanding:
         Basic               140,505  141,132  142,107
         Diluted (1)         140,505  141,132  144,778
    


    
    (1)  Diluted shares are the same as basic shares for periods with a loss
    

    
    n/m - not meaningful
    



    
                      LEGG MASON, INC. AND SUBSIDIARIES
                              SUPPLEMENTAL DATA
    

    
          RECONCILIATION OF NET INCOME (LOSS) TO CASH INCOME (LOSS),
                         AND CASH INCOME, AS ADJUSTED
               (Amounts in thousands, except per share amounts)
                                 (Unaudited)
    


    
                                   Quarters Ended               % Change
                                                           June 2008 June 2008
                                                            Compared  Compared
                               June      March      June    to March  to June
                               2008       2008       2007      2008     2007
    

    
     Net Income (Loss)     $(31,273) $(255,451)   $191,015    (87.8)% (116.4)%
    

    
       Plus:
         Amortization of
          intangible
          assets              9,624     13,686      15,055    (29.7)   (36.1)
         Deferred income
          taxes on
          intangible
          assets             29,654     34,475      32,783    (14.0)    (9.5)
    

    
     Cash Income (Loss)       8,005   (207,290)    238,853   (103.9)   (96.6)
       Plus:
         Net money market
          fund support (1)  155,446    290,954           -    (46.6)     n/m
         Impairment of
          management
          contracts(2)            -     94,813           -      n/m      n/m
    

    
    Cash Income, as
     adjusted              $163,451   $178,477    $238,853     (8.4)   (31.6)
    

    
    Net Income (Loss) per
     Diluted Share           $(0.22)    $(1.81)      $1.32    (87.8)  (116.7)
    

    
      Plus:
        Amortization of
         intangible assets     0.07       0.10        0.10    (30.0)   (30.0)
        Deferred income
         taxes on
         intangible assets     0.21       0.24        0.23    (12.5)    (8.7)
    

    
    Cash Income (Loss) per
     Diluted Share             0.06      (1.47)       1.65   (104.1)   (96.4)
    

    
      Plus:
        Net money market
         fund support (1)      1.09       2.06           -    (47.1)     n/m
        Impairment of
         management
         contracts(2)             -       0.66           -      n/m      n/m
    

    
    Cash Income per Diluted
     Share, as adjusted       $1.15      $1.25       $1.65     (8.0)   (30.3)
    


    
    (1) Includes related adjustments to compensation and income tax benefits
    

    
    (2) Net of income tax benefit
    


    
    n/m - not meaningful
    



    
                      LEGG MASON, INC. AND SUBSIDIARIES
                              SUPPLEMENTAL DATA
    

    
       PRE-TAX PROFIT MARGIN FROM OPERATIONS ADJUSTED FOR DISTRIBUTION
       AND SERVICING EXPENSE, MONEY MARKET FUND SUPPORT AND IMPAIRMENT
                            (Amounts in thousands)
                                 (Unaudited)
    


    
                                   Quarters Ended               % Change
                                                           June 2008 June 2008
                                                            Compared  Compared
                               June      March       June   to March  to June
                               2008       2008       2007      2008     2007
    

    
    Operating Revenues,
     GAAP basis           $1,054,031 $1,069,123 $1,205,968     (1.4)%  (12.6)%
    

    
      Less:
        Distribution and
         servicing
         expense             307,873    304,674    321,506      1.0     (4.2)
    

    
    Operating Revenues,
     as adjusted            $746,158   $764,449   $884,462     (2.4)   (15.6)
    

    
    Income (Loss) from
     Operations before
     Income Tax Provision
     (Benefit) and
     Minority Interests,
     GAAP Basis             $(49,962) $(392,888)  $305,570    (87.3)  (116.4)
    

    
      Plus:
        Net money market
         fund support (1)    251,856    471,871          -    (46.6)     n/m
      Impairment of
       management contracts        -    151,000          -      n/m      n/m
    

    
    Income from Operations
     before Income Tax
     Provision and
     Minority Interests,
     as adjusted            $201,894   $229,983   $305,570    (12.2)   (33.9)
    

    
    Pre-tax profit margin,
     GAAP basis                 (4.7)%    (36.7)%     25.3%
    Pre-tax profit margin,
     as adjusted                27.1       30.1       34.5
    


    
    (1) Includes related adjustments to compensation
    

    
    n/m - not meaningful
    



    
                      LEGG MASON, INC. AND SUBSIDIARIES
                           ASSETS UNDER MANAGEMENT
                            (Amounts in billions)
                                 (Unaudited)
    

    
                                              Quarters Ended
                                  June    March   December  September   June
                                  2008    2008       2007      2007     2007
    By asset class:
      Equity                     $253.4  $271.6     $320.8    $343.9   $352.3
      Fixed Income                493.4   508.2      514.5     506.0    479.2
      Liquidity                   176.0   170.3      163.2     161.7    160.9
        Total                    $922.8  $950.1     $998.5  $1,011.6   $992.4
    

    
    By asset class (average):
      Equity                     $270.9  $292.5     $335.6    $341.6   $349.3
      Fixed Income                502.9   514.4      512.9     492.2    475.9
      Liquidity                   174.7   168.4      165.2     160.9    159.7
        Total                    $948.5  $975.3   $1,013.7    $994.7   $984.9
    

    
    By client domicile:
      US                         $604.6  $622.7     $661.0    $675.7   $659.9
      Non-US                      318.2   327.4      337.5     335.9    332.5
        Total                    $922.8  $950.1     $998.5  $1,011.6   $992.4
    

    
    By division:
      Managed Investments        $371.6  $376.6     $398.8    $411.4   $414.2
      Institutional               492.6   511.4      532.4     530.3    506.8
      Wealth Management            58.6    62.1       67.3      69.9     71.4
        Total                    $922.8  $950.1     $998.5  $1,011.6   $992.4
    



    
                      LEGG MASON, INC. AND SUBSIDIARIES
                 COMPONENT CHANGES IN ASSETS UNDER MANAGEMENT
                            (Amounts in billions)
                                 (Unaudited)
    

    
                                                 Quarters Ended
                                    June   March   December September   June
                                    2008    2008      2007      2007    2007
      Beginning of period          $950.1  $998.5  $1,011.6    $992.4  $968.5
      Net client cash flows         (18.4)  (19.2)     (9.1)      0.3     1.7
      Market performance and other   (8.4)  (28.5)     (4.0)     18.9    23.5
      Acquisitions (Dispositions),
       net                           (0.5)   (0.7)      -         -      (1.3)
      End of period                $922.8  $950.1    $998.5  $1,011.6  $992.4
    


    
      BY DIVISION
                                                 Quarters Ended
      Managed Investments           June   March    December September  June
                                    2008    2008      2007      2007    2007
        Beginning of period        $376.6  $398.8    $411.4    $414.2  $403.2
        Net client cash flows        (3.1)   (5.1)     (6.1)     (8.8)   (3.3)
        Market performance and
         other                       (1.4)  (16.4)     (6.5)      6.0    14.3
        Acquisitions
         (Dispositions), net         (0.5)   (0.7)      -         -       -
        End of period              $371.6  $376.6    $398.8    $411.4  $414.2
    

    
      Institutional
        Beginning of period        $511.4  $532.4    $530.3    $506.8  $496.3
        Net client cash flows       (12.7)  (11.7)     (0.2)      9.9     4.6
        Market performance and
         other                       (6.1)   (9.3)      2.3      13.6     5.9
        Acquisitions
         (Dispositions), net          -       -         -         -       -
        End of period              $492.6  $511.4    $532.4    $530.3  $506.8
    

    
      Wealth Management
        Beginning of period         $62.1   $67.3     $69.9     $71.4   $69.0
        Net client cash flows        (2.6)   (2.4)     (2.8)     (0.8)    0.4
        Market performance and
         other                       (0.9)   (2.8)      0.2      (0.7)    3.3
        Acquisitions
         (Dispositions), net          -       -         -         -      (1.3)
        End of period               $58.6   $62.1     $67.3     $69.9   $71.4
    
    Note:  Immaterial differences may result from the rounding of quarterly
amounts.




For further information:

For further information: Investors, F. Barry Bilson, +1-410-539-0000, or
Media, Mary Athridge, +1-410-454-4421, both of Legg Mason, Inc. Web Site:
http://www.leggmason.com

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LEGG MASON

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