Baltimore, Maryland -- April 18, 2006 -- 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 $0.18 per share, payable July 3, 2006 to shareholders of record at the close of business on June 6, 2006. The Board also declared a regular quarterly cash dividend equivalent to $0.18 per converted common share on its outstanding non-voting convertible preferred stock, which was issued in the Citigroup transaction.

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

For further information:
Jeffrey Bukowski
Corporate Communications
410-454-2616