Legg Mason Inc.

Mark R. Fetting is President and Chief Executive Officer of Legg Mason, Inc., a global asset management firm with nearly $1 trillion in assets under management. He is also a member of the Board of Directors. Mr. Fetting serves on the Executive Committee of the Board of Governors of the Investment Company Institute and as a director for the Legg Mason and Royce Funds. Prior to becoming CEO in January of 2008, he was responsible for Legg Mason’s mutual fund and managed account businesses throughout the world, including oversight of Legg Mason Capital Management, Royce and Associates, and ClearBridge Advisors. Since joining Legg Mason in June 2000, Mr. Fetting has played a leading role in the firm’s strategic development and major acquisitions, including Royce & Associates, Private Capital Management, Citigroup Asset Management and Permal. Prior to these transactions, he headed Legg Mason’s asset management segment. Prior to joining Legg Mason, Mr. Fetting ran a major business for Prudential Financial Group serving as President, Retirement Services. As a senior officer at Prudential, he also played a leading role in the transformation of the firm’s overall money management business. Prior to his career at Prudential, Mr. Fetting specialized in business management and strategy for money management firms. He served as a partner at Greenwich Associates and as a Vice President at T. Rowe Price. His career began at Citibank, NA, as a commercial lending officer. Mr. Fetting holds a Bachelor of Science in Economics from the Wharton School, University of Pennsylvania, and a Master of Business Administration, with distinction, from Harvard University’s Graduate School of Business Administration. Mr. Fetting has been active in public service, where he successfully managed a congressional campaign in Western Maryland. He is a graduate of Leadership programs in Baltimore and Scranton, Pennsylvania. Committed to improving education, Mr. Fetting served as a founding director of The Fund for Educational Excellence and Project Raise. While living in Pennsylvania, he and his wife ran a summer camp providing outdoor experiences for Baltimore’s children-at-risk. He currently serves on several community boards, including Baltimore School for the Arts, Mercy Hospital, and Gilman School.

Joseph A. Sullivan as Chief Administrative Officer. In this role, Mr. Sullivan will be responsible for all operational functions, including technology, risk management, human resources, and legal and compliance and will report to CEO and President Mark R. Fetting. Mr. Sullivan rejoins Legg Mason from Stifel Nicolaus, where he has been a Director of the firm and responsible for the firm’s fixed income capital markets business. He joined Stifel after its purchase of the Legg Mason capital markets business in 2005. He had been with the former Legg Mason Wood Walker for twelve years, also responsible for the firm’s fixed income activities, after previously holding senior roles at Dain Bosworth and Piper Jaffrey since entering the industry in 1979. Over the course of his career, Mr. Sullivan’s responsibilities have included the investment management of banking, trading, institutional sales and research functions across fixed income asset classes. Mr. Sullivan has been very active within the financial services industry. He previously chaired the Fixed Income Committee of NASDr and is currently a Trustee and Chair of the Curriculum Committee for the Securities Industry Institute, the securities industry's leading educational program. Mr. Sullivan is also an active Board Member within education and social services.

David R. Odenath as Head of the Americas. In this role, Mr. Odenath will have responsibility for all aspects of the firm’s mutual fund and retail managed account businesses; oversight of Legg Mason Capital Management, Royce & Associates, and ClearBridge Advisors; and Corporate Marketing and Communications. He will report to CEO and President Mark R. Fetting. Mr. Odenath joins Legg Mason from Prudential Financial, where he served most recently as President of Prudential Annuities and Co-Head of International Retirement. Under Odenath’s business leadership, Prudential built an innovative top-tier operation in the variable annuity business through a combination of organic growth and the successful acquisitions and integrations of the American Skandia and Allstate variable annuity businesses. From 2002, when he assumed the role, to 2007, adjusted operating income and sales for the division grew from a slight loss and $2 billion to over $700 million and almost $12 billion respectively, generating over a 20% return on equity. From 1999 until the end of 2002, Mr. Odenath was President of Prudential Investments, with more than $100 billion in AUM across mutual fund, annuity and managed accounts. He was also a member of the Operating Committee and on the Board of Prudential Securities. During that period, Prudential successfully repositioned its retail investment operations to focus on third party distribution with an emphasis on subadvisory relationships and innovative new products. Since joining the industry in 1979 as a financial advisor, Mr. Odenath has also held senior roles at Hyperion Capital and Paine Webber. Mr. Odenath is Chairman of the Insurance Marketing Standards Association, a nonprofit, independent organization created to strengthen consumer trust and confidence in the marketplace for individually sold life insurance, long-term care insurance and annuities. He is on the Board and the incoming Vice Chair of NAVA, an organization formed to address the need and importance of retirement income preparation and management for retirement-focused Americans. In 2000, Mr. Odenath was named Mutual Fund Marketer of the Year.

Mr. Bain, who previously was responsible for Legg Mason’s Wealth Management business, joined the Company in 2000 from Berkshire Capital Corporation, a privately held investment banking firm specializing in the investment management industry. At Berkshire, he was a principal owner and member of the firm’s Management Committee. Previously, Mr. Bain was a vice president in the Mergers & Acquisitions Department at Merrill Lynch & Co., specializing in financial institutions.

Mr. Dewhurst will have responsibility for planning and executing Legg Mason’s global growth strategy, working with Legg Mason investment subsidiaries and distribution units throughout Europe, Asia and the Americas. He will maintain offices in London and in Melbourne, Australia. Mr. Dewhurst will join the firm on February 11th. Most recently, Mr. Dewhurst was Chief Executive Officer of I00F, an investment management company in Australia from 2004 to 2007. Prior to that, from 1993 – 2002, he held various positions at J.P. Morgan including Head of Asian Equities, Hong Kong; Head of European Equities, London and Head of the Americas, New York, for J.P. Morgan Investment Management and J.P. Morgan Fleming Asset Management. He was also a member of the J.P. Morgan Global Committee for Private Banking and Asset Management.

Fred Muhl is Senior Vice President Investments with Legg Mason. A veteran at their Baltimore headquarters, he has been with the firm since 1982. He advises clients and manages assets for individual investors, non-profit organizations, and churches. Mr. Muhl is a member of the firm's prestigious President's Council. He is a licensed financial advisor, a certified Retirement Plan Consultant, and has earned the Trust Specialist designation. In addition, Fred has taught investment courses at Johns Hopkins University. He holds a Juris Doctor Degree from the University of Baltimore. Fred is Board Chair at the Chapelgate Christian Academy and chairs the National Federation of the Blind's Community Partnership Board. In 2002, he was elected a Director of the National Christian Choir. In addition, he currently serves on the Board of Directors of the Presbyterian Church in America Retirement and Benefits Investment Committee. In 2004, he was elected to the Presbyterian Eye Ear and Throat Charity Hospital Board of Governors. Fred has been an active member of Chapelgate Presbyterian Church since 1966. He was elected Deacon in 1968 and Elder in 1974, chairing various committees. He also served as Sunday School Superintendent for 12 years.

John Dillon is the first Vice President of Investments at Legg Mason in Bethesda. Since 1991, he has been advising families and businesses on investments and wealth management. Mr. Dillon is an expert on estate planning, retirement planning, and educational funding. Legg Mason is an industry leader on pension plans, public finance, and investment banking.

Jeffrey A. Nattans as Senior Vice President, Head of Specialized Managers. Mr. Nattans will have management responsibility for the Company’s Wealth Management division, including The Permal Group, Private Capital Management and Legg Mason Investment Counsel and Trust Company, as well as Royce & Associates. Mr. Nattans also will join the Company’s Executive Committee. He will report to Chairman and CEO Mark R. Fetting. Mr. Nattans joined Legg Mason in 2006 as a Managing Director in the Administrative Management group, focusing on corporate strategy and mergers and acquisitions. Since that time, he has played a key role in the Company’s strategic transactions, including the $1.25 billion convertible senior notes offering in January 2008, the divestiture of the Legg Mason Private Portfolio Group in April 2008 and the $1.15 billion mandatory equity units offering in May 2008. He has also served as a Director on the boards of several Legg Mason subsidiaries. Prior to joining Legg Mason, Mr. Nattans worked for Goldman, Sachs & Co. in New York as a Vice President in the Investment Banking division. During that time, he advised clients on mergers and acquisitions and corporate finance transactions in the asset management and insurance industries. He began his career with Deloitte & Touche and is a Certified Public Accountant. Mr. Nattans holds an M.B.A. from the Harvard Graduate School of Business Administration and a B.B.A. in Business Administration, summa cum laude, from Loyola College.

Cheryl Gordon Krongard, age 52, has been a director of Legg Mason since January 2006 and is engaged in private investment activities. Ms. Krongard served as a senior partner of Apollo Management, L.P., a private investment company from January 2002 to December 2004. Ms. Krongard is a director of US Airways Group Inc.

Raymond A. Mason, age 71, has been Chairman of the Board of Legg Mason since its formation in 1981. He also served as Chief Executive Officer from 1981 to January 2008 and President from 1981 to January 2008, except during fiscal year 2007.

Professor, University of Georgia; Former Chairman of Financial Accounting Standards Board (Chairman of Audit Committee)

Private Investor; Retired President, Securities Industry Association

Harold L. Adams, age 69, has been a director of Legg Mason since January 1988. He has been the Chairman Emeritus of RTKL Associates, Inc., an international architecture, engineering and planning firm, since April 2003. He is a director of Lincoln Electric Holdings, Inc. and Commercial Metals Company.

James E. Ukrop, age 70, has been a director of Legg Mason since January 1985. Since 1997, he has been the Chairman of the Board of Ukrop’s Super Markets, Inc., which operates a chain of supermarkets in Virginia. Mr. Ukrop is a director of Owens & Minor, Inc. and Chairman of First Market Bank.

Margaret Milner Richardson, age 65, has been a director of Legg Mason since November 2003. She is currently engaged in private consulting and investment activities. Ms. Richardson is a director of Jackson Hewitt Tax Service Inc.

Private Investor (Lead Independent Director and Chairman of Nominating & Corporate Governance Committee)

Robert E. Angelica, age 61, has been a director of Legg Mason since February 2007 and is currently engaged in private investment activities. Until December 2006, Mr. Angelica served as the Chairman and Chief Executive Officer of the AT&T Investment Management Corporation, an asset management subsidiary of AT&T Inc.

Private Investor (Chairman of the Compensation Committee)

Private Investor; Retired CEO, GM Asset Management Corporation