Legg Mason and Permal Announce Launch of the Legg Mason Permal Tactical Allocation Fund

    - Legg Mason's First Mutual Fund Partnership with Permal -

    BALTIMORE, April 14 /CNW/ -- Legg Mason (NYSE:   LM) today announced the
launch of the Legg Mason Permal Tactical Allocation Fund, a global multi-asset
tactical allocation mutual fund, managed by its fund-of-hedge-funds affiliate,
Permal Asset Management. Targeting institutional and retail taxable and
tax-exempt investors, this will be the first Legg Mason 40-Act open-end mutual
fund to be managed by Permal, one of the world's leading Fund of Hedge Fund

    The Legg Mason Permal Tactical Allocation Fund is an opportunistic and
diversified product which seeks to benefit from any market condition and to
outperform a traditional 60/30/10 (equity/fixed income/cash) portfolio over a
medium-term time frame.  The asset allocation strategy seeks to exploit
perceived inefficiencies or imbalances in equity, fixed-income or other asset
classes in any region or country.

    The Fund incorporates the top-down and bottom-up investment practices of
Permal's Investment Committee and its associated portfolio managers, alongside
rigorous quantitative and qualitative analysis, in its asset allocation. It is
designed to be forward-looking and flexible, reflecting the relative value
opportunities in a constantly changing environment and will not be constrained
by geography or investment style.  The fund invests primarily in both passive
and actively managed investment funds, to include specifically, affiliated and
unaffiliated open-end mutual funds, unaffiliated closed-end mutual funds and
exchange traded funds and notes, as well as cash equivalents and alternative

    Jim Hodge, Permal Asset Management's Chief Investment Officer, commented:
"By being both tactical and opportunistic, the Legg Mason Permal Tactical
Allocation Fund is designed for these times.  We are not only looking to
generate alpha from today's volatility, but also to be positioned to benefit
from the recovery, which, perhaps still in the distance, will eventually
occur. These are fundamental traders' markets, where insight needs to be
matched by analysis and self-belief, and the Fund looks to incorporate these

    "We believe that Permal brings to the table a virtually unparalleled view
of global markets and the asset management industry, in both traditional and
alternative asset classes, together with extensive quantitative and
qualitative risk management practices. The Fund incorporates all these traits,
which we believe will result in optimum fund positioning and allocation."

    Matt Schiffman, Head of Americas Retail at Legg Mason, added: "Permal has
an expertise in asset allocation and a deep global perspective and we believe
they can find opportunities in these markets to deliver value to our clients. 
This is an innovative way to bring their fund of hedge fund expertise to
traditional asset classes in a mutual fund offering.  We remain focused on
leveraging the expertise of our affiliates to deliver new investment solutions
that are responsive to the market environment."

    About Legg Mason

    Legg Mason is a global asset management firm, with $698 billion in assets
under management as of December 31, 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).

    About The Permal Group

    The Permal Group, one of the oldest and largest alternative asset
management firms, provides investment opportunities in directional and
absolute return strategies across global financial markets. Permal offers
access to independent investment managers worldwide through its multi-manager
and single manager funds, separate accounts, and participation in structured

    Important Information

    In choosing open-end funds for investment, the Fund will invest in Legg
Mason-affiliated funds when they offer access to an asset class or employs a
strategy which Permal wishes to utilize and, in Permal's judgment, the Legg
Mason-affiliated fund can accommodate the Fund's investments.

    All investments are subject to risks, including the possible loss of
principal.  The Fund is a newly organized, open-end investment company with a
limited history of operations. Specific risks of the Fund's investments
include the risks associated with equity securities, small-cap securities,
fixed income securities, high yield securities, international securities,
emerging market securities, derivatives, short selling, leverage, tactical
asset allocation strategies, and alternative investments.  Alternative
investments are speculative and involve substantial risks.  In addition to the
Fund's operating expenses, you will indirectly bear the operating expenses of
the underlying funds. The portfolio managers' judgment about the
attractiveness, value, or potential appreciation of a particular security or
sector may prove to be incorrect which could have a negative impact on the
Fund's performance. There can be no assurance that the Fund will achieve its
investment objectives.  Please see the prospectus for a more complete
discussion of the Fund's risks.

    Diversification does not assure a profit or protect against market loss

    Investors should consider a fund's investment objectives, risks, charges
and expenses carefully before investing. The prospectus contains this and
other information about a fund. To obtain a free prospectus, please visit
www.leggmason.com/individualinvestors.  An investor should read the prospectus
carefully before investing.

    Legg Mason Investor Services, LLC. Member FINRA, SIPC.
    Legg Mason Investor Services LLC and the Permal Group are subsidiaries of
Legg Mason Inc.


For further information:

For further information: Maria Rosati of Legg Mason, +1-212-805-6036 Web
Site: http://www.leggmason.com/individualinvestors

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