Legg Mason Announces Management Change

    BALTIMORE, June 1 /CNW/ -- Legg Mason, Inc. (NYSE:   LM) announced today
that Timothy C. Scheve, Senior Executive Vice President and Chief
Administrative Officer, having helped guide the firm through the integration
of the asset management business acquired from Citigroup in December 2005,
will leave the firm. Upon his departure, the administrative units that
previously reported to Mr. Scheve will report to Raymond A. "Chip" Mason, Legg
Mason's Chairman, President and Chief Executive Officer.
    In announcing the change, Mr. Mason commented, "Tim has had a
distinguished 23-year career with us.  Most notably, in 2003, he was appointed
President and CEO of Legg Mason Wood Walker until its sale to
Citigroup/SmithBarney in 2005.  At the time of the Citigroup transaction, Tim
agreed to stay with Legg Mason to help guide us through the important
transition period when we integrated Citigroup Asset Management into our
operations. Having successfully fulfilled that mission, Tim is now pursuing
his longstanding interest to lead a securities brokerage firm."
    Mr. Scheve noted, "Leaving Legg Mason is the most difficult professional
decision I have ever made. This is a great firm, with tremendous people and a
strong team, and my years here have been rewarding. Now that the transition is
successfully behind us, I felt the time was right for me to take on this new
    Mr. Scheve will remain with Legg Mason until he assumes his new role as
President and Chief Executive Officer of Janney Montgomery Scott LLC, a
Philadelphia-based securities brokerage firm, on or about August 1, 2007.

    About Legg Mason
    Legg Mason is a global asset management firm, with approximately $969
billion in assets under management as of March 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, Inc., 
+1-917-208-1710 Web Site: http://www.leggmason.com/

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