Legg Mason Hosting Conference Call to Discuss Fiscal Third Quarter Operating Results

    - General Public Invited to Participate Via Special Access Line -

    BALTIMORE, Jan. 21 /CNW/ -- Legg Mason, Inc. (NYSE:   LM) will announce
operating results for its fiscal 2009 third quarter ended December 31, 2008 on
Wednesday, January 28, 2009 in a press release that will be issued at
approximately 7:00 a.m., E.S.T.  The press release will also be available on
the firm's Web site at leggmason.com.

    A conference call to discuss the company's results will be hosted by Mark
R. Fetting, chairman and CEO of Legg Mason, Inc., at 8:30 a.m., E.S.T.  This
call will be open to the general public.  Interested participants can access
the conference call by dialing 1-866-802-4364 (or for international calls
1-703-639-1325) at least 10 minutes prior to the scheduled start to ensure

    The call will also be accessible through the firm's Web site at
leggmason.com.  For those participants unable to listen to the live broadcast
of the conference call, a replay will be available on the Legg Mason Web site
under the Investor Relations section or by dialing 1-888-266-2081 (or for
international calls 1-703-925-2533), access Pin Number 1326276 after the
completion of the call.  Please note that the replay will be available
beginning at 2:00 p.m., E.S.T. on Wednesday, January 28, 2009 and ending on
February 11, 2009.

    Legg Mason, Inc. is a global asset management firm, with $842 billion in
assets under management as of September 30, 2008.  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).

    Legg Mason, Inc.

For further information:

For further information: Mary Athridge, Corporate Communications of Legg
Mason, Inc., +1-212-805-6035 Web Site: http://www.leggmason.com

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