C.J. Daley, chief financial officer of Legg Mason Inc., is leaving the Baltimore-based mutual fund firm for a privately-held asset manager. In his stead, Terrence Murphy, chief operating officer of ClearBridge Advisors, a Legg Mason affiliate, has been named interim CFO. Murphy also served as CFO of Citigroup Asset Management prior to it being acquired by Legg Mason in 2005.

In a statement, Daley said he was unexpectedly presented with an entrepreneurial opportunity that was too good to pass up.

Legg Mason said it is in the process of engaging an executive search firm to find a permanent CFO, and will consider internal and external candidates.

Company Press Release

BALTIMORE, MD, July 7, 2010�Legg Mason Inc. (NYSE: LM), a global asset management firm, today announced that C.J. Daley, its Chief Financial Officer, is leaving Legg Mason for a senior position with a privately-held asset manager. Terrence Murphy, Chief Operating Officer of ClearBridge Advisors, a Legg Mason affiliate, has been named Interim CFO. Murphy, 42, a veteran asset management executive, served as Chief Financial Officer of Citigroup Asset Management prior to Legg Mason�s acquisition of the division business in 2005.

Mark R. Fetting, Chairman and Chief Executive Officer of Legg Mason, said "We want to thank C.J. for his 22 years of outstanding service to Legg Mason. I particularly appreciate his service and dedication during my tenure as CEO. We wish him and his family well.

�At the same time, I am delighted that Terrence has agreed to serve as Interim CFO. Terrence possesses deep knowledge about Legg Mason and the asset management business. He is a highlyexperienced finance executive with strong operational expertise. Given the strength and depth of our finance team and his skills, we expect a seamless transition,� said Mr. Fetting.

Mr. Fetting added, "Despite very choppy equity markets this past quarter, we continue to make solid progress in performing for our clients and towards streamlining our business model.�

Mr. Daley said, �Legg Mason is a great company where I have been very fortunate to work for more than two decades. I was unexpectedly presented with an entrepreneurial opportunity that was too attractive to pass up. I will leave Legg Mason with many fond memories and the satisfaction that it is financially strong, operating well, and poised for future growth.�

Legg Mason said it is in the process of engaging an executive search firm to identify a permanent CFO, and will consider internal and external candidates.

Terrence Murphy has 21 years of finance experience. Mr. Murphy joined predecessor firm Citigroup Asset Management in 2000 as Director of Planning and Analysis and became Chief Financial Officer in 2005. From 1997 through 2000, Mr. Murphy was with Citigroup�s Corporate and Investment Bank where he was the Business Controller for various products, including project finance, asset backed lending and the Treasury desk. His previous positions include Business Controller for loan syndication and securitization at NatWest Bank�s Commercial Lending Division and a financial analyst at Capital Cities.

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