Baltimore, MD -- October 6, 2003 -- Legg Mason, Inc. (NYSE:LM) announced today that on Friday, October 3, 2003 a federal district court jury in Baltimore rendered an approximately $20 million award against it in a civil copyright lawsuit. The lawsuit, brought by Lowry's Reports, Inc., alleged that Legg Mason engaged in copyright violations and breach of contract by making unauthorized copies and distributions of the Lowry's Market Trend Analysis newsletter. Legg Mason noted that it is not currently party to any similar lawsuit.

Legg Mason expressed its shock at the extent of the damages awarded to Lowry's by the jury and its belief that those damages are grossly excessive. Legg Mason said that over the course of the next few weeks, it will aggressively pursue all options to protect the interests of its stockholders.

Legg Mason also said that as a result of the award, it expects to record a $17.5 million non-recurring pre-tax charge in its second fiscal quarter ended September 30, 2003.

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.

For further information:
Maura Fox
Corporate Communications
(410) 454-2616