Baltimore, Maryland - March 22, 2005 - Legg Mason Capital Management (LMCM), a subsidiary of Legg Mason, Inc. (NYSE: LM), announced today that Sam Peters has joined the firm as Senior Vice President, Portfolio Manager. Mr. Peters will serve as co-manager of the Legg Mason Special Investment Trust and LMCM's Mid Cap separate accounts. Mr. Peters most recently worked for Fidelity Management & Research, serving as portfolio manager of the Fidelity Select Health Care Fund and the Fidelity Select Medical Equipment Fund.

Bill Miller, CEO of LMCM commented, "Sam represents the culmination of a year long portfolio manager search. We considered dozens of accomplished investors, many of whom we knew and admired. We were struck by Sam's unique combination of extraordinary talent, ideal temperament, and shared values. We couldn't be more delighted to have Sam as part of the LMCM family."

Sam Peters said, "I've been an avid student of Bill Miller's investment thinking for many years. I had the opportunity to meet Bill for the first time at the Santa Fe Institute in 2000, which further fueled my interest in his ideas and approach. I am thrilled to have the opportunity to co-manage with Bill and contribute to the investment process with the LMCM team. Also, I'd like to thank all of my colleagues at Fidelity for their warmth and friendship, which has been invaluable to me."

Prior to joining LMCM, Mr. Peters worked for Fidelity Management & Research, serving as portfolio manager of the Fidelity Select Health Care Fund and the Fidelity Select Medical Equipment Fund, as well as team leader for the Health Care sector. From 2002 to 2004, Mr. Peters was portfolio manager for the Fidelity Select Electronics Fund. From 2000 to 2001, Mr. Peters was portfolio manager for the Fidelity Select Banking Fund. Mr. Peters joined Fidelity in 1999 as a bank analyst. In 1996, Mr. Peters founded Samuel M. Peters Investment Advisors, an independent advisory firm. From 1992 to 1995, Mr. Peters was a financial analyst for Eppler, Guerin & Turner. Mr. Peters received a B.A. in economics from the College of William & Mary and an M.B.A. from the University of Chicago Graduate School of Business.

LMCM is a subsidiary of Legg Mason, Inc. The LMCM Investment Team provides investment advisory services for over $49 billion* in mutual fund, pooled account and separate account assets.

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.

*as of December 31, 2004

There are special considerations associated with investing in a fund that invests in small and mid-sized companies, which may involve a higher risk than a fund that invests in larger, more established companies. Small companies may have limited product lines, markets or financial resources.

You should consider a fund's investment objectives, risks, charges, and expenses carefully before investing. For a prospectus, which contains this and other information on any Legg Mason or Royce fund (Consultant Class only), call your Legg Mason Financial Advisor, call 1-800-577-8589, or visit www.leggmasonfunds.com. Please read the prospectus carefully before investing.

Legg Mason Wood Walker, Inc.
Member NYSE, Inc. - Member SIPC

For further information:
Alison Mackley/Jeffrey Bukowski
Corporate Communications
(410) 454-2616