Company Press Release

June 17, 2009 -- Mr. Milder will start effective June 22, 2009. Mr. Milder’s appointment comes as Legg Mason’s Americas Division continues to expand its reach among independent advisors. His expertise in all aspects of planning and executing sales campaigns, including the creation and implementation of wholesaler training and support to IAD channels, will help him make immediate impact on an important growth area for Legg Mason. Mr. Milder will report to Matt Schiffman, head of Retail for the Americas.

Mr. Milder has over 25 years experience in the industry and over 22 years of experience supporting independent advisors. Most recently, he was the Director of National Sales for the Independent Advisors Channel of Nationwide Financial Services. Prior to Nationwide, Mr. Milder spent 19 years at MFS Investment Management with his last role as their Director of National Sales for the Financial Institutions and Advisors Division.

Matt Schiffman, Head of Retail, the Americas for Legg Mason, said, “The independent channel is a very important one for our business, and we are delighted to add someone to our team who has an intimate understanding of that channel. Larry’s significant experience in the independent channel gives him a strong understanding of the needs of the independent advisor, and this expertise will be critical as we seek to broaden our reach.”

“I looked forward to joining Legg Mason as this point in my career. There is a tremendous opportunity to work with the wholesalers to provide advisors with innovative solutions as they work with clients who are looking for ways to rebuild wealth. I look forward to assisting Legg Mason in broadening its scope,” stated Mr. Milder.