704051--5/29/2008--LEGG_MASON

related topics

{tax, income, asset}

{loss, insurance, financial}

{acquisition, growth, future}

{capital, credit, financial}

{competitive, industry, competition}

{operation, international, foreign}

{system, service, information}

{customer, product, revenue}

{personnel, key, retain}

{product, candidate, development}

{loan, real, estate}

{debt, indebtedness, cash}

{financial, litigation, operation}

Our Leverage May Affect our Business and May Restrict our Operating Results Support We Have Provided to Liquidity Funds Has, and Will Continue to, Affect Our Financial Position and Results of Operations Poor Investment Performance Could Lead to a Loss of Assets Under Management and a Decline in Revenues Assets Under Management May Be Withdrawn, Which May Reduce our Revenues and Net Income If We Are Unable to Maintain our Fee Levels or If Our Asset Mix Changes, our Revenues and Margins Could Be Reduced Our Mutual Fund Management Contracts May Not Be Renewed, Which May Reduce our Revenues and Net Income Unavailability of Appropriate Investment Opportunities Could Hamper our Investment Performance or Growth Changes in Securities Markets and Prices May Affect our Revenues and Net Income Increases in Interest Rates Could Have Adverse Effects on our Fixed Income and Liquidity Assets Under Management Competition in the Asset Management Industry Could Reduce our Revenues and Net Income We May Engage in Strategic Transactions That Could Create Risks Regulatory Matters May Negatively Affect our Business and Results of Operations If our Reputation Is Harmed, We Could Suffer Losses In our Business, Revenues and Net Income Failure to Properly Address Conflicts of Interest Could Harm our Reputation, Business and Results of Operations Our Business Involves Risks of Being Engaged in Litigation and Liability That Could Increase our Expenses and Reduce our Net Income Insurance May Not Be Available on a Cost Effective Basis to Protect us From Liability Failure to Comply With Contractual Requirements or Guidelines Could Result in Liability and Loss of Assets Under Management, Both of Which Could Cause our Net Income to Decline Loss of Key Personnel Could Harm our Business Our Business is Subject to Numerous Operational Risks Potential Impairment of Goodwill and Intangible Assets Could Increase our Expenses and Reduce our Assets Performance-Based Fee Arrangements May Increase the Volatility of our Revenues We Are Exposed to a Number of Risks Arising From our International Operations We Rely on Third Parties to Distribute our Mutual Funds and Certain Other Products Our Entry into the Funds-of-Hedge Funds Business has Created a Number of Risks

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704051--5/29/2008--LEGG_MASON_INC