Baltimore, Maryland – January 29, 2008 – Legg Mason, Inc. (NYSE:LM) announced today that Scott Nuttall has been elected to the Company's Board of Directors. Mr. Nuttall has been a member of Kohlberg, Kravis, Roberts & Co. (KKR) since 1996. He is currently a member of the board of directors of First Data Corporation, Capmark Financial Group, KKR Financial Corporation and Masonite International Corporation.

"As we recently announced, Legg Mason recently raised $1.25 billion through KKR, which enables us to better manage in a volatile marketplace, as well as to position the firm for future growth. Scott's insight and expertise as an investor will be valuable to the board in many ways. We look forward to forging strong bonds in the years to come," stated Mark Fetting, CEO and President of Legg Mason, Inc.

In addition, the Board of Directors has declared a regular quarterly cash dividend on its common stock in the amount of $0.24 per share. The dividend is payable April 7, 2008 to shareholders of record at the close of business on March 6, 2008. The Board also declared a regular quarterly cash dividend equivalent to $0.24 per converted common share on its outstanding non-voting convertible preferred stock, which was issued in its transaction with Citigroup.

About Legg Mason

Legg Mason is a global asset management firm. 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).

For further information:
Maria Rosati
Corporate Communications
(212) 805-6036