Legg Mason Canada declares quarterly dividend

    BALTIMORE, MD, Oct. 28 /CNW/ - Legg Mason Canada Holdings Ltd. (TSX: LMI)
is pleased to report that subsequent to a quarterly cash dividend declared by
the board of directors of Legg Mason, Inc. (NYSE:   LM) of U.S. $0.24 per common
share payable on January 5, 2009, to holders of record at the close of
business on December 10, 2008, the board of directors of Legg Mason Canada has
declared a quarterly cash dividend to holders of its exchangeable shares in
the same amount with the same record and payment dates.

    Legg Mason, Inc. is a global asset management firm. The Company provides
active asset management in many major investment centers throughout the world.
The firm 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: Thomas Merchant, (Legg Mason Canada), (410)

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