Baltimore, Maryland — October 17, 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 $0.21 per share, payable January 2, 2007 to shareholders of record at the close of business on December 6, 2006. The Board also declared a regular quarterly cash dividend equivalent to $0.21 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, where it trades under the symbol LM.

For further information:
Mary Athridge
www.leggmason.com
212-559-0104