Legg Mason Launches Senior Notes Offering

Legg Mason, Inc. LM announced today that it plans to offer and sell senior notes. The net proceeds from the senior notes offering are expected to be used, together with cash on hand and other borrowings, to repurchase $1.25 billion in aggregate principal amount of the Company's 2.5% contingent convertible senior notes due 2015. This announcement does not constitute an offer to sell or a solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any jurisdiction in which such an offer, solicitation or sale would be unlawful. The senior notes are being offered pursuant to Rule 144A and Regulation S under the Securities Act of 1933 (the "Securities Act"). The senior notes have not been registered under the Securities Act and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements.