Legg Mason's Scholars Choice® College Savings Program Secures Fourth Year Among the Top Four

BALTIMORE, Dec. 19, 2013 /PRNewswire/ -- Legg Mason, Inc. (NYSE: LM) announced today that its Scholars Choice College Savings Program had delivered its 16th consecutive quarter of outstanding investment performance. As it has continuously for the past four years, the plan once again ranked among the top 4-performing advisor-sold 529 plans for a quarterly rolling 1-year period. Savingforcollege.com also named Scholars Choice the #1-ranked plan for both the 3- and 5-year periods ending September 30th, 2013, including and excluding the impact of sales charges.

"While we're grateful for the ongoing accolades, we're even more excited to know that we are continuing to help college savers and the advisors that guide those saving for college," noted John Kenney, Head of Legg Mason Global Asset Allocation.

"Recent data suggest that college tuition inflation may be slowing, which may make savings goals appear more achievable," stated Joe Hurley, founder of Savingforcollege.com. "As motivated parents make a greater effort to begin saving, they will be on the lookout for a top-performing 529."

Savingforcollege.com — an independent informational website owned by Saving for College, LLC — is generally regarded by industry professionals as one of the leading experts on college savings. Scholars Choice is managed by Legg Mason's independent investment firm, Legg Mason Global Asset Allocation, and distributed by Legg Mason Investor Services, for the State of Colorado.

All Savingforcollege.com rankings are as of September 30, 2013 and are based on the universe of 30 advisor-sold plans for Class A share performance (including maximum sales charges). The portfolios within the plans are compared and ranked based on published investment returns. The plan's composite ranking is determined by the average of its percentile ranking. The program ranked 4, 1, 1 and 11 for the quarterly rolling 1-, 3-, 5- and 10-year periods, respectively. Past performance is no guarantee of future results. The performance and rankings discussed are inherently limited and are not indicative of longer-term performance. Current performance may be lower or higher than performance results used for these rankings, resulting in different rankings that may be lower than those shown. Market volatility, interest-rate changes and economic events, among other factors, can affect an investment's short-term returns.

Ranking Methodology
Savingforcollege.com derives the rankings using each plan's relevant portfolio performance in seven unique asset allocation categories: 100% Equity, 80% Equity, 60% Equity, 40% Equity, 20% Equity, 100% Fixed and 100% Short Term. The plan's composite ranking is determined by the average of its percentile ranking in these categories. Within each category, portfolios are compared and ranked based on published investment returns. Separate rankings are produced for 1-, 3-, 5-, and 10-year periods. In addition, two versions of rankings for each performance period are produced: one based on performance without sales charges and the other based on performance with maximum sales charges. Please visit Savingforcollege.com for more information about the ranking.

Additional unit classes may exist for each plan ranked. Please refer to each plan's program disclosure statement for more information regarding its performance, fees and expenses. For Scholars Choice's program disclosure statement, please visit scholars-choice.com.

The ranking is based on short-term performance (i.e., rolling 1-, 3-, 5- and 10-year periods). The performance and ranking discussed are inherently limited and not indicative of longer-term performance. This information should not be the sole basis for any investment decision. Market volatility, interest-rate changes and economic events, among other factors, can affect an investment's short-term returns.

About Legg Mason

• A leading global investment company, with $656 billion* in assets invested worldwide, focused on long-term, actively managed strategies
• A diverse family of specialized investment managers, each with its own independent approach to research and analysis
• Over a century of experience in identifying opportunities and delivering astute investment solutions to clients in equities, fixed income and alternatives

About Scholars Choice
The Scholars Choice College Savings Program is the advisor-sold College Savings Program for the State of Colorado and is also used by investors and financial advisors throughout the U.S. It is one of the largest advisor-sold 529 college savings plans¹, with assets of over $3.2 billion*. Scholars Choice is managed by Legg Mason Global Asset Allocation, LLC and primarily distributed by Legg Mason Investors Services, LLC. It is one of the lowest-cost advisor-sold 529 college savings plans². Scholars Choice offers seven Age-Based Portfolios, five Years-to-Enrollment portfolios, and six Static Portfolios. Investment options encompass a wide range of carefully constructed portfolios consisting of funds managed by Legg Mason affiliates including Batterymarch Financial Management, Brandywine Global Investment Management, ClearBridge Investments, Royce & Associates and Western Asset Management; and one unaffiliated fund managed by Thornburg Investment Management.

Important Information
An investor should consider the Program's investment objectives, risks, charges and expenses before investing. The Program Disclosure Statement at scholars-choice.com, which contains more information, should be read carefully before investing. If an investor and/or an investor's beneficiary are not Colorado taxpayers, they should consider before investing whether their home states offer 529 plans that provide state tax and other benefits only available to state taxpayers investing in such plans.

Investments in the Scholars Choice College Savings Program are not insured by the FDIC or any other government agency and are not deposits or other obligations of any depository institution. Investments are not guaranteed by the State of Colorado; CollegeInvest, Legg Mason Global Asset Allocation, LLC; Legg Mason Investor Services, LLC; or Legg Mason, Inc. or its affiliates, and are subject to investment risks, including loss of principal amount invested.

Scholars Choice is a registered service mark of CollegeInvest. CollegeInvest and the CollegeInvest logo are registered trademarks. Administered and issued by CollegeInvest, State of Colorado. Legg Mason Global Asset Allocation, LLC, Investment Manager. Legg Mason Investor Services, LLC is the primary distributor of interest in the Program; together, they serve as Manager of the Program. Legg Mason Global Asset Allocation, LLC; ClearBridge Investments, LLC; Batterymarch Financial Management, Inc.; Brandywine Global Investment Management, LLC; Royce & Associates, LLC; Western Asset Management Company and Western Asset Management Company Limited; and Legg Mason Investor Services, LLC are Legg Mason, Inc. affiliates. Thornburg Investment Management, Inc. is not affiliated with Legg Mason, Inc. and its affiliates.

*As of 9/30/13.
¹ Source: Financial Research Corporation, "3Q13 College Savings Quarterly Update."
² Source: Financial Research Corporation, "529 College Savings Quarterly Fee Analysis, Third Quarter 2013."
©2013 Legg Mason Investor Services, LLC. Member FINRA, SIPC. Legg Mason Investor Services, LLC is a subsidiary of Legg Mason, Inc.
SCHX013129 409676 12/13 FN1314304

SOURCE Legg Mason

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