Wealthtrack

All information in the attached video replay has been compiled and prepared by Consuelo Mack Wealth Track. As a result, neither Legg Mason, Inc, nor ClearBridge Advisors can guarantee the accuracy or completeness of any statements set forth in the video replay. Views expressed are those of the portfolio manager as of September 7, 2007 and may differ from those of other portfolio managers or the Firm as a whole. Views expressed are not intended to be a forecast of future events, a guarantee of future results or investment advice. Forecasts are inherently limited and should not be relied upon as an indication of actual or future performance. All information and opinions expressed herein were current at the time of this televised recording and are subject to change without notice. Past performance is no guarantee of future results.

The information provided is intended solely to describe the managers' management style, investment strategies and securities selection process, and does not have regard to the specific investment objectives, financial situation and particular needs of any specific person who may receive it. It is not intended to constitute a solicitation or offering to sell any specific investment product.

The mention of any individual securities should neither constitute nor be construed as a recommendation to purchase or sell securities, and the information provided regarding such individual securities is not a sufficient basis upon which to make an investment decision. Investors seeking financial advice regarding the appropriateness of investing in any securities or investment strategies should consult their financial professional. Any statistics have been obtained from sources the portfolio manager believed to be reliable, but the accuracy and completeness of the information cannot be guaranteed.

Legg Mason Partners Appreciation Fund:Top 10 Holdings as of 6/30/07: Berkshire Hathaway Inc 5.7%, General Electric Co 5.2%, Exxon Mobil Corp 3.0%, Cisco Systems Inc 2.5%, United Technologies Corp 2.3%, IBM Corp 2.2%, Microsoft Corp 2.1%, Time Warner Inc 2.0%, Johnson & Johnson 2.0%, Travelers Cos Inc 2.0%. Portfolio holdings are subject to change at any time.

Top 5 Sectors as of 6/30/07: Financials 20.5%, Information Technology 18.0%, Industrials 16.9%, Energy 10.5%, Consumer Staples 8.2%.

Investment Risks: The Fund may invest in small- and mid-cap companies that may involve a higher degree of risk and volatility than investments in large cap companies. The Fund may use derivatives, such as options and futures, which can be illiquid, may disproportionately increase losses, and have a potentially large impact on Fund performance. The Fund may focus its investments in certain regions or industries, thereby increasing its potential vulnerability to market volatility.

An investor should consider the Fund's investment objectives, risks, charges and expenses carefully before investing. For a free prospectus, which contains this and other information on any Legg Mason Partners Fund, visit www.leggmason.com/investorservices. An investor should read the prospectus carefully before investing.

Legg Mason Investor Services, LLC and ClearBridge Advisors, LLC are subsidiaries of Legg Mason, Inc.

© 2007 Legg Mason Investor Services, LLC, member FINRA, SIPC

09/07 #04-0907