Baltimore, Maryland – April 24, 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 $0.24 per share, an increase of 14.3% over the most recent regular dividend. The dividend is payable July 9, 2007 to shareholders of record at the close of business on June 12, 2007. The Board also declared a regular quarterly cash dividend equivalent to $0.24 per converted common share on its outstanding non-voting convertible preferred stock, which was issued in its transaction with Citigroup. This marks the 27th consecutive year of dividend increases to Legg Mason stockholders.

Legg Mason is a global asset management firm, with approximately $945 billion in assets under management as of December 31, 2006. The company provides active asset management in many major investment centers throughout the world. Legg Mason is headquartered in Baltimore, Maryland, and its common stock is listed on the New York Stock Exchange (symbol: LM).

For further information:
Maria Rosati
Legg Mason
(212) 559-7171