Legg Mason Announces Quarterly Dividend Increase

    BALTIMORE, Md., April 24 /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, an increase of
14.3% over the most regular dividend.  The dividend is payable July 9, 2007 to
shareholders of record at the close of business on June 12, 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 Citigroup.  This marks the
27th consecutive year of dividend increases to Legg Mason stockholders.

    About Legg Mason
    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).

For further information:

For further information: Maria Rosati of Legg Mason, Inc., 
+1-212-559-7171 Web Site: http://www.leggmason.com

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