Baltimore, Maryland - January 23, 2007 -- Legg Mason, Inc. (NYSE:LM) announced today that its Board of Directors has declared a regular quarterly cash dividend on its common stock in the amount of $0.21 per share. The dividend is payable April 9, 2007 to shareholders of record at the close of business on March 8, 2007. The Board also declared a regular quarterly cash dividend equivalent to $0.21 per converted common share on its outstanding non-voting convertible preferred stock, which was issued in its transaction with Citigroup.

Legg Mason is a global asset management firm, structured as a holding company, with on-the-ground asset management capabilities around the world. The firm is headquartered in Baltimore, Maryland, and its common stock is listed on the New York Stock Exchange (symbol: LM).

For further information:
Mary Athridge
Legg Mason
(410) 454-4421