Legg Mason Announces Quarterly Dividend

    BALTIMORE, Oct. 16 /CNW/ -- 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.  The dividend is payable
December 31, 2007 to shareholders of record at the close of business on
December 5, 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
    About Legg Mason
    Legg Mason is a global asset management firm, with approximately $992
billion in assets under management as of June 30, 2007. 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 (NYSE:   LM).

For further information:

For further information: Maria Rosati of Legg Mason, +1-212-805-6036 Web
Site: http://www.leggmason.com

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