Legg Mason, Inc. (the "Company") retrospectively adopted, effective April 1, 2009, the Financial Accounting Standards Board's ("FASB") Staff Position No. APB 14-1, "Accounting for Convertible Debt Instruments That May Be Settled in Cash upon Conversion (Including Partial Cash Settlement)" ("FSP APB 14-1"), which clarifies the accounting for convertible debt instruments that may be settled in cash (including partial settlement) upon conversion and FASB Staff Position No. 160, "Noncontrolling Interests in Consolidated Financial Statements, an Amendment of ARB No. 51" ("FAS 160"), which changes the accounting for and reporting of noncontrolling interests in consolidated financial statements. Pursuant to the retrospective adoption of FSP APB 14-1 and FAS 160, the Company has revised the information contained in Items 6 (Selected Financial Data), 7 (Management's Discussion and Analysis of Financial Condition and Results of Operations) and 8 (Financial Statements and Supplementary Data) of its Annual Report on Form 10-K for the fiscal year ended March 31, 2009 (the "10-K Report"). Attached hereto as Exhibit 99, and incorporated herein by reference, are the restated Items 6, 7 and 8 of the 10-K Report. The information contained in Exhibit 99 has been revised to reflect only the adoption of FSP APB 14-1 and FAS 160, and has not been revised or updated to reflect any other developments or events that have occurred since the filing of the 10-K Report.

Item 9.01       Financial Statements and Exhibits.

    (d)         Exhibits

                Exhibit No.           Subject Matter
                12                    Computation of Consolidated Ratios of Earnings to
                                      Fixed Charges

                23                    Consent of Independent Registered Public
                                      Accounting Firm

                99                    Revised Items 6, 7 and 8 from the Company's Annual
                                      Report on Form 10-K for the fiscal year ended
                                      March 31, 2009