BALTIMORE, MD. - January 3, 2005 - Legg Mason, Inc. (NYSE: LM) announced today that, as had been expected, it has completed its acquisition of the assets of the New York City, Philadelphia, Cincinnati and Chicago offices of Scudder Private Investment Counsel from Deutsche Bank. The transaction was originally announced on November 15, 2004.

Also as previously announced, Scudder Private Investment Counsel's chief investment officer and all of the portfolio managers, including the managing directors of each of the four Scudder offices, have signed long-term employment agreements with Legg Mason Investment Counsel, LLC, a wholly owned subsidiary of Legg Mason, Inc. that was formed to house the acquired operations.

Legg Mason, Inc., headquartered in Baltimore, is a holding company that provides asset management, securities brokerage, investment banking and related financial services through its subsidiaries.

For further information:
Alison Mackley
Corporate Communications
410-539-0000