Exhibit 12(a)

LEGG MASON, INC. AND SUBSIDIARIES

Computation of Consolidated Ratios of Earnings to Fixed Charges

(Dollars in thousands)

	Six Months Ended September 30,			Years Ended March 31,
	2013			2013			2012			2011			2010			2009
Earnings (loss) from continuing operations before income tax provision	$	181,738		$	(510,607	)	$	303,083		$	365,197		$	329,656		$	(3,188,197	)
Fixed Charges:
Interest Expense		24,978			57,903			86,236			89,598			124,573			177,588
Interest on uncertain tax positions included in earnings (loss) from continuing operations before income tax provision(1)		949			5,016			1,348			2,559			1,700			5,217
Portion of rental expenses representative of interest factor(2)		20,623			41,246			41,992			42,074			43,066			37,487
Earnings (loss) available for fixed charges	$	228,288		$	(406,442	)	$	432,659		$	499,428		$	498,995		$	(2,967,905	)
Fixed Charges:
Interest Expense	$	25,927		$	62,919		$	87,584		$	92,157		$	126,273		$	182,805
Interest expense included in interest expense not related to third party indebtedness(1)		(949	)		(5,016	)		(1,348	)		(2,559	)		(1,700	)		(5,217	)
Portion of rental expense representative of interest factor(2)		20,623			41,246			41,992			42,074			43,066			37,487
Total Fixed Charges	$	45,601		$	99,149		$	128,228		$	131,672		$	167,639		$	215,075
Consolidated ratio of earnings (loss) to fixed charges		5.0			(4.1	)		3.4			3.8			3.0			(13.8	)

(1) The portion of interest related to uncertain tax positions is excluded from the calculation.

(2) The portion of rental expense representative of interest factor is calculated as one third of the total of Rent, Market Data Services, Maintenance, DP Service Bureau and Equipment Rental expenses.