Company Press Release

BALTIMORE, Dec. 8 /PRNewswire-FirstCall/ -- As the next step in a leadership succession which began earlier this year, the Board of Directors of Legg Mason, Inc. (NYSE: LM - News) today announced that Mark R. Fetting, President, Chief Executive Officer and a Director, was elected Chairman of the Board of Directors, effective today. He succeeds long-serving Chairman and Legg Mason co-founder Raymond A. ("Chip") Mason, who has served in a non-executive capacity since Mr. Fetting's appointment as chief executive in January of this year. Mr. Mason, who leaves the Board, will continue to serve as a senior advisor.

Speaking for the Board of Directors, Lead Independent Director W. Allen Reed said, "Mark's leadership during a very difficult period for the asset management industry has earned him the respect of everyone on the Board. He was instrumental in shaping Legg Mason's multi-manager business model and understands its unique strengths. Since taking on the CEO role, he has built an impressive management team and laid out a compelling plan that draws on Legg Mason's successful business model to drive the company's future growth on a global scale.

"The Board also wishes to thank Chip Mason and gratefully acknowledge his extraordinary level of leadership over the past 46 years. Chip's integrity and vision remain at the core of Legg Mason's success."

Mr. Fetting said, "I am honored to succeed Chip Mason as Chairman. Chip's professional achievements are truly remarkable. He created a franchise firm, respected for both its capabilities and its character. Thanks to the Board and to Chip, our leadership transition has been smooth and supportive, in the midst of extremely turbulent markets."

About Legg Mason

Legg Mason, Inc. is a global asset management firm, providing active asset management in many major investment centers throughout the world. Legg Mason's principal subsidiaries are Western Asset Management, Batterymarch Financial Management, Brandywine Global Investment Management, ClearBridge Advisors, Legg Mason Capital Management, The Permal Group, Private Capital Management and Royce & Associates. Legg Mason is headquartered in Baltimore, Maryland and its common stock is listed on the New York Stock Exchange (symbol: LM).