Legg Mason Chairman and CEO Mark R. Fetting to Provide Business Update at
2009 Barclays Global Financial Services Conference

    Assets under management at approximately $693 Billion as of August 31,

<p><location>BALTIMORE</location>, <chron>Sept. 16</chron> /CNW/ -- Legg Mason, Inc. (NYSE:   LM) Chairman and CEO Mark R. Fetting will provide an update on the company's operating performance, including its progress against its strategic priorities, while speaking to investors at the 2009 Barclays Capital Global Financial Services Conference in <location>New York City</location> today at approximately <chron>12:00 p.m.</chron> E.D.T.</p>
<p>In his presentation, <person>Mr. Fetting</person> expects to report that assets under management increased to approximately <money>$693 billion</money> as of <chron>August 31, 2009</chron>, representing an increase of <money>$36 billion</money>, or 5%, from <chron>June 30, 2009</chron>, reflecting market appreciation and reduced client outflows.</p>
<p><person>Mr. Fetting</person>'s remarks can be heard via webcast through Legg Mason's website at leggmason.com under the "Investor Relations" section and his presentation is available on the web site at <a href="http://www.leggmason.com/investorrelations">www.leggmason.com/investorrelations</a>.</p>

    About Legg Mason

<p>Legg Mason is a global asset management firm, with <money>$693 billion</money> in assets under management as of <chron>August 31, 2009</chron>.  The Company provides active asset management in many major investment centers throughout the world.  Legg Mason is headquartered in <location>Baltimore</location>, Maryland.  Its common stock and the Corporate Units are listed on the New York Stock Exchange under the symbols "LM" and "LMI," respectively.</p>


For further information: For further information: Investor Relations: Alan Magleby, +1-410-454-5246, or Media: Mary Athridge, +1-212-805-6035 Web Site: http://www.leggmason.com

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