Legg Mason Announces Appointment to Board of Directors and Quarterly Dividend

    - Scott Nuttall from KKR Joins Board of Directors -

    BALTIMORE, Jan. 29 /CNW/ -- Legg Mason, Inc. (NYSE:   LM) announced today
that Scott Nuttall has been elected to the Company's Board of Directors.  Mr.
Nuttall has been a member of Kohlberg, Kravis, Roberts & Co. (KKR) since 1996.
 He is currently a member of the board of directors of First Data Corporation,
Capmark Financial Group, KKR Financial Corporation and Masonite International
    "As we recently announced, Legg Mason recently raised $1.25 billion
through KKR, which enables us to better manage in a volatile marketplace, as
well as to position the firm for future growth.  Scott's insight and expertise
as an investor will be valuable to the board in many ways.  We look forward to
forging strong bonds in the years to come," stated Mark Fetting, CEO and
President of Legg Mason, Inc.
    In addition, the Board of Directors has declared a regular quarterly cash
dividend on its common stock in the amount of $0.24 per share.  The dividend
is payable April 7, 2008 to shareholders of record at the close of business on
March 6, 2008. The Board also declared a regular quarterly cash dividend
equivalent to $0.24 per converted common share on its outstanding non-voting
convertible preferred stock, which was issued in its transaction with
    About Legg Mason
    Legg Mason is a global asset management firm.  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).

For further information:

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

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