Exhibit 99
For immediate release	For information contact:
	F. Barry Bilson
	(410) 539-0000
	www.leggmason.com

LEGG MASON ANNOUNCES DECEMBER QUARTER OPERATING RESULTS

Net Income of $760.3 million, or $5.80 per diluted share, includes $643 million gainas well as compensation costs related to Citigroup transaction

Assets Under Management $850.8 billion

Baltimore, MD - February 1, 2006 - Legg Mason, Inc. (NYSE: LM) today reported its operating results for the quarter ended December 31, 2005, which included results associated with the firm's strategic transaction with Citigroup, which closed on December 1st, and the acquisition of Permal, which closed on November 3rd.

Net income for the quarter, which totaled $760.3 million, included a $643.4 million after-tax gain on the sale of the firm's brokerage and capital markets operations as well as $16.1 million of income (net of tax) from such discontinued operations. Income from continuing operations, which totaled $100.8 million, up 28% from $79.0 million a year ago, included $24.6 million of transaction-related compensation costs (net of tax) related to the Citigroup transaction.

Net income per diluted share for the quarter totaled $5.80, including $4.91 from the gain on sale of our discontinued brokerage and capital markets businesses, $0.12 of income from those discontinued operations, and $0.77 of income from continuing operations, up 12% from $0.69 in the prior year quarter, on a 13% increase in the weighted average number of diluted shares outstanding, and up 3% from the September quarter, on a 6% increase in the weighted average number of diluted shares outstanding.

Assets under management aggregated $850.8 billion, of which $430.7 billion is attributable to Legg Mason's "legacy" managers, $400.8 billion is attributable to Citigroup Asset Management and $19.3 billion from Permal.

Commenting on the results, Raymond A. "Chip" Mason, chairman and CEO, said:

"December was clearly a landmark quarter for Legg Mason. The acquisitions of the Citigroup Asset Management and Permal businesses enabled us to virtually double our assets under management while substantially increasing our global footprint. In fact, our assets managed for non-US clients now exceed $265 billion, or 31% of our total assets under management. As a result, we are now a much larger and broader, pure asset management company. The divestiture of our brokerage business, while certainly difficult on a personal level, enables us to focus solely on making Legg Mason, now one of the largest asset managers in the world, hopefully one of the most highly regarded asset managers in the world.

"I am both pleased by the results of our "legacy" Legg Mason asset management business this quarter and encouraged by the prospects of the Citigroup Asset Management and Permal businesses we have acquired.

"We recognize that many things make it difficult to make apples-to-apples comparisons of our December 2005 results to our results in prior quarters. Our operating results in this quarter include two months of results from Permal, two months of results from our discontinued brokerage operations, and just one month of results from Citigroup Asset Management. The quarter also recognizes our

LEGG MASON, INC.
News Release - February 1, 2006
Page 2

capital gain and related tax bill from the sale of our brokerage business, as well as certain transaction-related compensation costs, including certain retention costs related to the next six months' transition period. Yet minimal cost savings or other benefits that we expect from the consolidation and rationalization of our businesses are reflected in this quarter's results."

Results from Continuing Operations for the Quarter

The firm's operating revenues from continuing operations in the quarter ended December 31, 2005 were $689.0 million, up 68% from $410.9 million in the December 2004 quarter, and up 48% from $466.4 million in the September 2005 quarter, with the majority of the increases attributable to our two acquired businesses. Investment advisory fee revenues from separate accounts were $285.6 million, up 30% year-over-year and up 14% sequentially. Investment advisory fees from our proprietary funds were $281.7 million, up 136% year-over-year and up 105% sequentially.

Performance fee revenues included in the above totaled $27.7 million, up from $18.8 million in the year ago quarter, with the majority of the increase attributable to performance fees earned by Permal.

Distribution and service fee revenues totaled $114.9 million, up 72% since the December 2004 quarter and up 58% since the September 2005 quarter. Other revenues, which totaled $6.8 million, were up 23% year-over-year and up 54% sequentially.

The growth in our revenues that is not attributable to the acquisitions of Citigroup Asset Management and Permal was primarily a result of increases in the assets under management of our "legacy" managers over the last year and quarter, with Western Asset's increases being particularly strong in dollar terms, followed by Legg Mason Capital Management and Brandywine. The December 31, 2004 acquisition of Legg Mason Investment Counsel also contributed to the increase.

Income from continuing operations was $100.8 million, up 28% from the year ago quarter and up 9% from the September 2005 quarter. Diluted earnings per share from continuing operations totaled $0.77, up 12% from the year ago quarter on a 13% increase in the weighted average of diluted shares outstanding, and up 3% from the September quarter on a 6% increase in the weighted average of diluted shares outstanding.

Legg Mason's operating income margin was 22.4%, down from 30.4% year-over-year and 29.7% sequentially, and our pre-tax profit margin from continuing operations was 24.5%, down from 30.5% year-over-year and 31.7% sequentially; the current quarter's lower margins are primarily the result of the $40.0 million in transaction-related compensation charges we took in the quarter.

The firm's effective tax rate on continuing operations was 38.5% in the current quarter versus 36.9% a year ago and 37.6% in September.

As of December 31, 2005, Legg Mason's stockholders' equity was $5.6 billion, up from $2.2 billion a year ago. The firm had 125.2 million shares outstanding¹ as of December 31, 2005, up from 108.5 million shares a year ago, and 131.1 million weighted average diluted shares for the quarter, up from 116.4 million shares for the year ago quarter. Long-term debt increased to $1.2 billion from $0.8 billion at March 31, 2005.

Assets Under Management

Assets under management as of December 31, 2005 aggregated $850.8 billion, an increase of $488.8 billion, or 135%, from $362.0 billion a year ago. Legg Mason's "legacy" asset managers contributed $430.7 billion to the current total; their net client cash flows during the 12-month period totaled $61.8 billion. Citigroup Asset

______________________________
¹ Excludes the 13,346,632 shares of Legg Mason common stock issuable upon conversion and sale of the Legg Mason non-voting convertible preferred stock issued in connection with the Citigroup transaction.

LEGG MASON, INC.
News Release - February 1, 2006
Page 3

Management contributed $400.8 billion of the increase and Permal, $19.3 billion, while $4.6 billion of assets under management attributable to our brokerage operations was transferred to Citigroup as part of our disposition of this business.

In the last three months, assets under management increased by $432.3 billion, or 103%, from $418.5 billion as of September 30, 2005. The net client cash flows of our "legacy" asset managers during the quarter totaled $11.8 billion. As indicated above, Citigroup Asset Management contributed $400.8² billion of the increase and Permal, $19.3³ billion, while $4.6 billion of assets under management attributable to our brokerage operations⁴ was transferred to Citigroup as part of our disposition of this business.

Excluding any contribution from Citigroup Asset Management or Permal, the largest dollar increases in assets under management over the last year and quarter were at Western Asset, whose managed assets were up 27% over the last 12 months and up 4% during the quarter, and Legg Mason Capital Management, whose assets were up 23% and 9%, respectively. Brandywine had the largest percentage increases in assets under management, having grown by 42% over the last year and 18% during the December quarter.

At quarter end, our fixed income assets aggregated $542.5 billion, or 64% of our total assets under management, and our equity assets totaled $308.3 billion, or 36%. Our Institutional asset management division was responsible for $425.3 billion, or 50% of our total managed assets, while our Mutual Funds/Managed Services division was responsible for $362.6 billion, or 43%, and Wealth Management was responsible for $62.9 billion, or 7%. Citigroup Asset Management's fixed income and international equity separate accounts are included in our Institutional division, while its US equity separate accounts and all mutual fund assets are included in our Mutual Funds/Managed Services division. Permal's assets under management are included in our Wealth Management division.

As of December 31, 2005, our assets under management from non-US domiciled clients aggregated $267.8 billion, or 31% of our total assets under management.

Results of Continuing Operations Fiscal Year to Date

For the nine months ended December 31, 2005, Legg Mason's operating revenues from continuing operations totaled $1.6 billion, up 41% from $1.1 billion in the prior year period. Investment advisory fees from separate accounts were up 32% to $773.3 million; investment advisory fees from our proprietary funds were up 61%, to $545.6 million; distribution and service fees were up 35%, to $257.2 million; and other revenues were down 13%, to $17.0 million.

Net income and diluted earnings per share for the period were $994.1 million and $7.95 per share, respectively, including a $643.4 million ($5.13 per share) after-tax gain on the sale of our discontinued operations and also $68.6 million ($0.55 per share) in income from discontinued operations (net of tax). Income from continuing operations for the 9-month period was $282.1 million, up 35% from a year ago, or $2.27 per diluted share, up 23% from a year ago on an 8% increase in the weighted average of diluted shares outstanding.

Dividend Announcements

Legg Mason also announced that its Board of Directors has declared a regular quarterly cash dividend on its common stock in the amount of $0.18 per share, payable April 10, 2006 to shareholders of record at the close of

_____________________________
² Includes $408.6 billion of assets acquired plus $1.4 billion of market appreciation and $9.2 billion of net outflows in the one month since acquisition.
³ Includes $17.5 billion of assets acquired plus $1.1 billion of net flows and $0.7 billion of market appreciation in the two months since acquisition. Excludes $2.0 billion of cross-investments and $2.7 billion of assets managed for Haussmann Holdings, N.V. at December 31, 2005, as previously disclosed.
⁴ Such assets totaled $4.0 billion as of December 31, 2004 and $4.6 billion as of September 30, 2005.

LEGG MASON, INC.
News Release - February 1, 2006
Page 4

business on March 9, 2006; and a regular quarterly cash dividend on its non-voting convertible preferred stock, which was issued in the Citigroup transaction and which is convertible upon sale into 13,346,632 shares of Legg Mason common stock, in an amount equivalent to $0.18 per converted common share.

Conference Call to Discuss Results

A conference call to discuss the Company's results, hosted by Mr. Mason, will be held at 10:00 a.m. EST today. The call will be open to the general public. Interested participants should access the call by dialing 1-866-244-4616 (or 1-703-639-1175 for international calls) at least 10 minutes prior to the scheduled start in order to ensure connection.

A replay or transcript of the live broadcast will be available on the Legg Mason website, in the Investor Relations section, or by dialing 1-888-266-2081 (or 1-703-925-2533 for international calls), access Pin Number 844412, after the completion of the call.

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 (symbol: LM).

This release contains forward-looking statements subject to risks, uncertainties and other factors that may cause actual results to differ materially. For a discussion of these risks and uncertainties, see Legg Mason's Annual Report on Form 10-K for the fiscal year ended March 31, 2005 and the Current Report on From 8-K dated December 20, 2005, which are accessible on the SEC's website at www.sec.gov and on Legg Mason's website at www.leggmason.com. Legg Mason's subsequent filings with the SEC are also accessible on these websites.

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LEGG MASON, INC. News Release - February 1, 2006 Page 5
LEGG MASON, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(Dollar amounts in thousands, except per share amounts)
					Quarters Ended											Period to Period Change
																December 2005 Compared to September 2005		December 2005 Compared to December 2004
					December 2005			September 2005				December 2004
Operating Revenues:
	Investment advisory fees:
			Separate accounts		$	285,557		$	251,513				$	219,112		13.5	%		30.3	%
			Funds		281,748			137,636					119,483			104.7			135.8
	Distribution and service fees				114,881			72,817					66,737			57.8			72.1
	Other				6,803			4,422					5,539			53.8			22.8
				Total operating revenues	688,989			466,388					410,871			47.7			67.7
Operating Expenses:
	Compensation and benefits				278,715			209,937					181,028			32.8			54.0
	Transaction related compensation				39,982			-					-			n/m			n/m
			Total compensation and benefits		318,697			209,937					181,028			51.8			76.0
	Distribution and servicing				148,451			72,728					64,914			104.1			128.7
	Communications and technology				22,420			14,721					11,219			52.3			99.8
	Occupancy				13,002			8,016					7,084			62.2			83.5
	Amortization of intangible assets				10,520			5,844					5,152			80.0			104.2
	Other				21,666			16,573					16,630			30.7			30.3
				Total operating expenses	534,756			327,819					286,027			63.1			87.0
Operating Income					154,233			138,569					124,844			11.3			23.5
Other Income (Expense)
		Interest income			12,507			12,384					5,250			1.0			138.2
		Interest expense			( 12,825		)	( 10,567			)		( 11,194		)	21.4			14.6
		Other			14,740			7,321					6,421			101.3			129.6
				Total other income (expense)	14,422			9,138					477			57.8			n/m
Income from Continuing Operations
		before Income Tax Provision			168,655			147,707					125,321			14.2			34.6
		Income tax provision			64,881			55,572					46,281			16.8			40.2
Income before Minority Interest					103,774			92,135					79,040			12.6			31.3
Minority interest, net of tax					( 2,989		)	-					-			n/m			n/m
Income from Continuing Operations					100,785			92,135					79,040			9.4			27.5
		Income from discontinued operations, net of tax			16,076			28,901					33,670			( 44.4	)		( 52.3	)
		Gain on sale of discontinuted operations, net of tax			643,442			-					-			n/m			n/m
Net income					$	760,303		$		121,036			$	112,710		528.2			574.6
n/m - Not meaningful
[continued on next page]

LEGG MASON, INC. News Release - February 1, 2006 Page 6
LEGG MASON, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(Amounts in thousands, except per share amounts)
(continued)
			Quarters Ended							Period to Period Change
										December 2005 Compared to September 2005		December 2005 Compared to December 2004
			December 2005		September 2005		December 2004
Net income per common share:
	Basic
		Income from continuing operations	$	0.83	$	0.82	$	0.77	1.2		%		7.8	%
		Income from discontinued operations	0.13		0.26		0.33		( 50.0		)		( 60.6	)
		Gain on sale of discontinued operations	5.27		-		-		n/m				n/m
			$	6.23	$	1.08	$	1.10	476.9				466.4
	Diluted
		Income from continuing operations	$	0.77	$	0.75	$	0.69	2.7				11.6
		Income from discontinued operations	0.12		0.24		0.29		( 50.0		)		( 58.6	)
		Gain on sale of discontinued operations	4.91		-		-		n/m				n/m
			$	5.80	$	0.99	$	0.98	485.9				491.8
Weighted average number of common
	shares outstanding:
		Basic	121,999		111,682		102,771
		Diluted	131,142		123,444		116,401
As a result of the sale of the subsidiaries that constituted Legg Mason's private client and capital markets businesses during the quarter ended December 31, 2005, Legg Mason issued 13.346632 shares of non-voting convertible preferred stock, which convert, upon transfer, into an aggregate of 13,346,632 shares of Legg Mason common stock. These non-voting convertible preferred shares are considered "participating securities" and therefore are included in the calculation of basic earnings per common share.
n/m - Not meaningful

LEGG MASON, INC. News Release - February 1, 2006 Page 7
LEGG MASON, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(Dollar amounts in thousands, except per share amounts)
			For the Nine Months Ended						Period to
			December 2005			December 2004			Period Change
Operating Revenues:
	Investment advisory fees:
		Separate accounts	$	773,284		$	584,497		32.3	%
		Funds	545,580			339,091			60.9
	Distribution and service fees		257,245			190,632			34.9
	Other		16,954			19,494			( 13.0	)
		Total operating revenues	1,593,063			1,133,714			40.5
Operating Expenses:
	Compensation and benefits		680,434			480,258			41.7
	Transaction related compensation		39,982			-			n/m
		Total compensation and benefits	720,416			480,258			50.0
	Distribution and servicing		290,025			183,897			57.7
	Communications and technology		50,917			33,766			50.8
	Occupancy		28,211			20,436			38.0
	Amortization of intangible assets		22,209			15,426			44.0
	Litigation award settlement		( 8,150		)	-			n/m
	Other		56,387			52,982			6.4
		Total operating expenses	1,160,015			786,765			47.4
Operating income			433,048			346,949			24.8
Other Income (Expense)
	Interest income		34,211			12,543			172.7
	Interest expense		( 33,548		)	( 33,522		)	0.1
	Other		24,762			7,053			251.1
		Total other income (expense)	25,425			( 13,926		)	282.6
Income from Continuing Operations
	before Income Tax Provision		458,473			333,023			37.7
	Income tax provision		173,424			123,623			40.3
Income before Minority Interest			285,049			209,400			36.1
Minority interest, net of tax			( 2,989		)	-			n/m
Income from Continuing Operations			282,060			209,400			34.7
	Income from continuing operations, net of tax		68,612			81,386			( 15.7	)
	Gain on sale of discontinued operations, net of tax		643,442			-			n/m
Net Income			$	994,114		$	290,786		241.9
n/m - Not meaningful
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LEGG MASON, INC. News Release - February 1, 2006 Page 8
LEGG MASON, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(Amounts in thousands, except per share amounts)
(continued)
			For the Nine Months Ended					Period to
			December 2005		December 2004			Period Change
Net income per common share:
	Basic
		Income from continuing operations	$	2.47	$	2.05	20.5		%
		Income from discontinued operations	0.60		0.80		( 25.0		)
		Gain on sale of discontinued operations	5.64		-		n/m
			$	8.71	$	2.85	205.6
	Diluted
		Income from continuing operations	$	2.27	$	1.84	23.4
		Income from discontinued operations	0.55		0.71		( 22.5		)
		Gain on sale of discontinued operations	5.13		-		n/m
			$	7.95	$	2.55	211.8
Weighted average number of common
	shares outstanding:
		Basic	114,181		102,087
		Diluted	125,281		115,554
Book value per common share			$	45.04	$	19.94

As a result of the sale of the subsidiaries that constituted Legg Mason's private client and capital markets businesses during the quarter ended
December 31, 2005, Legg Mason issued 13.346632 shares of non-voting convertible preferred stock, which convert, upon transfer, into an aggregate
of 13,346,632 shares of Legg Mason common stock. These non-voting convertible preferred shares are considered "participating securities" and
therefore are included in the calculation of basic earnings per common share.

n/m - Not meaningful

LEGG MASON, INC. News Release - February 1, 2006 Page 9
LEGG MASON, INC. AND SUBSIDIARIES
OPERATING FINANCIAL RESULTS (000's)
			Quarters Ended
			December 2005		% of Total	September 2005		% of Total	December 2004		% of Total
Operating revenues by division:
	Mutual Funds / Managed   Services		$	326,392	47.4	$	203,525	43.6	$	183,803	44.8
	Institutional			196,216	28.5		170,233	36.5		137,314	33.4
	Weath Management			165,921	24.1		91,732	19.7		89,661	21.8
	Other			460	-		898	0.2		93	-
		Total Operating Revenue	$	688,989	100.0	$	466,388	100.0	$	410,871	100.0
			For the Nine Months Ended
			December 2005		% of Total	December 2004		% of Total
Operating revenues by division:
	Mutual Funds / Managed   Services		$	720,408	45.2	$	515,635	45.5
	Institutional			522,160	32.8		378,125	33.4
	Weath Management			348,991	21.9		239,330	21.1
	Other			1,504	0.1		624	-
		Total Operating Revenue	$	1,593,063	100.0	$	1,133,714	100.0

LEGG MASON, INC. News Release - February 1, 2006 Page 10
LEGG MASON, INC. AND SUBSIDIARIES
ASSETS UNDER MANAGEMENT
(Dollar amounts in billions)
(Unaudited)
			December 31								September 30
			2005		% of Total		2004		% of Total		2005		% of Total
By asset class:
	Equity		$	308.3	36.2	%	$	146.9	40.6	%	$	158.8	37.9	%
	Fixed Income			542.5	63.8	%		215.1	59.4	%		259.7	62.1	%
		Total	$	850.8	100.0	%	$	362.0	100.0	%	$	418.5	100.0	%
By division:
	Wealth Management		$	62.9	7.4	%	$	49.3	13.6	%	$	49.9	11.9	%
	Institutional			425.3	50.0	%		241.1	66.6	%		291.6	69.7	%
	Mutual Funds / Managed   Services			362.6	42.6	%		71.6	19.8	%		77.0	18.4	%
		Total	$	850.8	100.0	%	$	362.0	100.0	%	$	418.5	100.0	%

COMPONENT CHANGES IN ASSETS UNDER MANAGEMENT
(Dollar amounts in billions)
(Unaudited)
		Three Months Ended							Nine Months Ended				Twelve Months Ended
		December 31,				September 30,			December 31,				December,
		2005		2004		2005			2005		2004		2005
	Beginning of period	$	418.5	$	311.0	$	399.2		$	374.5	$	286.2	$	362.0
	Net client cash flows	3.7		22.3		14.0			34.0		45.3		54.0
	Market appreciation, net	7.1		22.5		6.2			21.7		24.3		14.2
	Acquisitions (Dispositions),   net	421.5		6.2		( 0.9		)	420.6		6.2		420.6
	End of period	$	850.8	$	362.0	$	418.5		$	850.8	$	362.0	$	850.8

All periods presented have been restated to include certain previously excluded client assets, principally assets subadvised
by unaffiliated parties and certain non-discretionary accounts. As a result, reported assets under management of our
"legacy" advisers increased by $2.0 billion, $1.9 billion and $1.5 billion at December 31, 2005, September 30, 2005
and December 31, 2004, respectively.