Baltimore, MD - April 27, 2006 - Legg Mason, Inc. (NYSE:LM) announced today that on June 6, 2006 it will redeem all of its outstanding Liquid Yield OptionTM Notes due 2031 (the "Notes").

As provided in the Indenture relating to the Notes, unless the Notes are earlier converted as described below, Legg Mason will redeem the Notes at a price equal to the original issue price plus accrued original issue discount through the redemption date, or $505.19 per $1,000 principal amount at maturity of the Notes. The cash payment to redeem all of the outstanding Notes will be approximately $33 million.

At any time prior to 5:00 p.m. Eastern Time on June 2, 2006, holders of Notes may convert their holdings into Legg Mason Common Stock in accordance with the terms of the Indenture. Each $1,000 principal amount at maturity of the Notes is convertible into 11.5593 shares of Legg Mason Common Stock.

The trustee for the Notes will deliver a detailed redemption notice to each Note holder of record.

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.

For further information:
Mary K. Athridge
(212) 559-0104

Jeffrey D. Bukowski
(410) 454-4211
www.leggmason.com