Legg Mason's Glenn Mueller Expanding Real Estate Research Role Through Affiliation With The Johns Hopkins University.

BALTIMORE--(BUSINESS WIRE)--Sept. 13, 1999--

Glenn R. Mueller, Ph.D., managing director of the Real Estate Research Group in Legg Mason Capital Markets, has been appointed director of the new Real Estate Capital Markets research effort at The Johns Hopkins University.

In his new capacity, Dr. Mueller will conduct major research studies on real estate industry trends and challenges facing the sector. In addition, he will teach courses in the Real Estate Masters degree program as well as in the new Johns Hopkins MBA program in the School of Professional Studies in Business and Education.

The new Real Estate Capital Markets effort at Johns Hopkins will include industry studies in both public and private debt and equity. Hopkins expects to announce collaborative research projects with major industry groups in the seniors housing, multifamily and other REIT areas in the near future.

Dr. Mueller will remain a managing director at Legg Mason and will continue to provide strategic input for Legg Mason's real estate efforts, including production of his well-known Real Estate Market Cycle Monitor and the Enhanced REIT Index. "Most people who know me well know that I love to research and teach, and have always wanted to get back to academia. The combination of a university with the stature of Johns Hopkins along with my continuing commitment to Legg Mason's high-quality real estate research efforts, gives me the best of both worlds," said Dr. Mueller.

Robert A. Frank, CFA, who is executive vice president and head of the Research Department at Legg Mason and who also sits on the advisory board of the Hopkins Real Estate Institute, said, "Glenn has been the catalyst for the development of an outstanding 10-person real estate research team at Legg Mason that is one of the most innovative and respected in the industry. When I recruited Glenn three years ago, he was intrigued by the idea of creating a real estate research effort that would be different from others on Wall Street. The strategy was to staff it with researchers who understand real estate both as an asset class and as a security. We're pleased that Glenn will continue to contribute to Legg Mason real estate research in conjunction with our seasoned research principals, who include Jerry Doctrow (27 years of experience), David M. Fick, CPA (19 years of experience), Rod Petrik (17 years of experience) and myself (24 years of real estate experience)."

Mr. Frank further remarked, "We see this as a `Win, Win, Win' situation for Legg Mason, Johns Hopkins and the real estate industry at large!"

Dr. Mueller can be reached in Baltimore at 410-977-0546.

Legg Mason Wood Walker, Inc., a member of NYSE, Inc. and a member SIPC, is the principal securities brokerage subsidiary of Legg Mason, Inc. (NYSE:LM), with approximately 1,200 Financial Advisors in 120 offices along the East Coast from Maine to Florida and across the South to Texas, plus affiliate institutional offices in San Francisco, Chicago, London and Geneva.

Legg Mason, Inc. is a financial services holding company that provides investment advisory, securities brokerage, investment banking and related financial services through its wholly owned subsidiaries.