Legg Mason Canada declares quarterly dividend

    BALTIMORE, May 5 /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. $0.03 per common
share payable on July 13, 2009, to holders of record at the close of business
on June 16, 2009, 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, structured as a
holding company. 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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