Corporate Webcast

Legg Mason Reports Results for Third Quarter of Fiscal Year 2010

• Net Income of $44.9 Million, or $0.28 per Diluted Share
• Real Estate Lease Losses Reduced Diluted EPS by $0.11 per Share
• Cash Income, As Adjusted, of $93.2 Million
• Debt Reduced by $550 Million in January 2010

January 21, 2010 - A conference call to discuss the Company's results, hosted by Mark R. Fetting, was held at 8:30 AM E.T.

• Earnings Press Release
• Presentation

Replay
A replay or transcript of the live broadcast will be available on the Legg Mason website, in the investor relations section, or by dialing 1-888-266-2081 (or for international calls 1-703-925-2533), access Pin Number 1426214 after the completion of the call. Please note that the replay will be available beginning at 2:00 p.m., E.D.T. on Thursday, January 21, 2010 and ending on February 4, 2010.

or

• Listen to the online webcast

For Further Information:

Alan Magleby
Investor Relations
Legg Mason
410.454.5246

Mary Athridge
Media Relations
Legg Mason
212.805.6035

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