Legg Mason Announces 25th Anniversary of Value Trust

    BALTIMORE, April 19 /CNW/ -- Legg Mason, Inc. (NYSE:   LM) today announced
the 25th Anniversary of the Legg Mason Value Trust.  The Value Trust was Legg
Mason's first mutual fund, which was launched in April, 1982 by Ernie Kiehne,
with Bill Miller as co-manager. Bill Miller has been sole portfolio manager of
the Legg Mason Value Trust since 1990(1), and is today Chairman and Chief
Investment Officer of the fund's investment manager, Legg Mason Capital
Management with over $67 billion in assets.(2)
    The launch of Value Trust marked the initial step in Legg Mason's 23-year
evolution from principally a brokerage firm to a global asset management firm
with $945 billion in assets under management. The Legg Mason Value Trust was
launched in April 1982 and ended its first year with $6.8 million in net
assets under management. Today the Value Trust has assets under management of
more than $20 billion.(3) Mr. Miller manages similar products for
institutional and retail clients throughout the world.
    "As the very first investor in the fund, I am proud of the fund's
achievement.  I congratulate Ernie Kiehne, who has been part of the Legg Mason
family since 1967. Over the past 40 years, he has been a critical part of the
evolution of Legg Mason Capital Management and has long been the heart of that
organization.  Bill Miller's long-term record in delivering value for
shareholders over the years is truly remarkable by almost any standard. I look
forward to more accomplishments from Bill and the talented team he has built
and congratulate them on this milestone," said Raymond A. ("Chip") Mason,
Chairman and CEO of Legg Mason.
    In the April 2007 edition of Global Investor, Legg Mason Capital
Management was named winner of The 2007 Global Investor Award for Investment
Excellence in the US Equity category.(4)  In March 2007, Miller was named as
the winner of the Standard & Poor/Business Week's "Excellence in Fund
Management Award" in the Large Cap Blend Category for the fourth year in a row
(2003-2006).(5)  Miller and his team are known for consistent investment
performance over time and for seeking diverse sources of information in the
hopes of gaining insights that lead to investment ideas that may deliver
    Today, Legg Mason Capital Management offers investors six equity
capabilities in mutual fund and separately managed account vehicles: Value
Equity, Mid-Cap, All Cap, Growth Equity, Opportunity, and American Leading
Companies. The firm manages assets for clients around the globe including:
corporations, public funds, various government entities, endowments,
foundations, and individual investors.
    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).

    Past performance is no guarantee of future results. All investments are
subject to risk, including the possible loss of principal.

    Investors should consider the Fund's investment objectives, risks,
charges and expenses carefully before investing. The prospectus contains this
and other information about the Fund. To obtain a free prospectus, please call
your financial professional or visit www.leggmasonfunds.com. Investors should
read the prospectus carefully before investing.

    Average Annual Total Returns - Performance As of March 31, 2007

                                     1-year     5-year    10-year  Inception
    Value Trust Primary Class        3.51%      8.21%      11.59%      15.80%
    S&P 500                         11.83%      6.27%       8.20%      13.59%

    Inception Date is 4/17/1982

    The performance data quoted represents past performance of the Fund's
Primary Class and does not guarantee future results. Current performance may
be lower or higher than the performance data quoted.  To obtain the most
recent month-end information please visit www.leggmasonfunds.com.  The
investment return and principal value of the Fund will fluctuate so that an
investor's shares, when redeemed, may be worth more or less than the original
cost. Calculations assume reinvestment of dividends and capital gain
distributions. Performance would have been lower if fees had not been waived
in various periods. Performance of other share classes varies.

    (1)  Mary Chris Gay was appointed assistant PM of the Fund in March,
    (2)  LM and LMCM AUM numbers are as of December 31, 2006.
    (3)  AUM numbers are as of March 31, 2007.
    (4)  Picked by a panel of independent judges from a shortlist of
         nominations offered by the industry, the Awards recognize and
         acclaim consistent outperformance, rigorous investment processes and
         commitment to transparency and best practice.
    (5)  This award is not based on specific criteria.  It is based on
         the opinion of the writing staff.


For further information:

For further information: Mary Athridge, for Legg Mason, Inc., 
+1-212-559-0104 Web Site: http://www.leggmason.com                 

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