Legg Mason Announces Close of Financing Transaction

    BALTIMORE, Jan. 31 /CNW/ -- Legg Mason, Inc. (NYSE:   LM), a global asset
management firm, today announced that it has closed its financing transaction
with an affiliate of Kohlberg Kravis Roberts & Co. This transaction was
initially announced on January 14, 2008.  In the transaction, the Company
raised $1.25 billion through the sale of its 2.5% convertible senior notes due
in 2015.

    About Legg Mason
    Legg Mason is a global asset management firm, with $998 billion in assets
under management as of December 31, 2007.  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: Mary Athridge of Legg Mason, +1-212-805-6035
Web Site: http://www.leggmason.com

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