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$11 BILLION LATER, LEGG MASON CELEBRATES 10TH ANNIVERSARY OF ITS FIRST STOCK FUND

 $11 BILLION LATER, LEGG MASON CELEBRATES
 10TH ANNIVERSARY OF ITS FIRST STOCK FUND
 BALTIMORE, May 6 /PRNewswire/ -- Legg Mason Wood Walker, Inc. today announced the ten-year anniversary of its first equity mutual fund, the Legg Mason Value Trust. Formation of the Value Trust in 1982 marked the entry of Legg Mason into the investment advisory business. Since then, assets managed by Legg Mason Inc. subsidiaries have grown to $11 billion.
 The Value Trust was capitalized by Legg Mason on April 16, 1982, and first offered to the public on May 6, 1982. For the ten-year period ending April 15, 1992, the fund has grown at an average annual rate of 18.13 percent. An initial investment of $10,000 would have grown to $52,921, including reinvestment of dividends and capital gain distributions. (See table of investment results below).
 The Value Trust, with current assets of $750 million, was later joined in the Legg Mason family of funds by two additional common stock funds -- the Legg Mason Total Return Trust and the Legg Mason Special Investment Trust. Today there are 10 Legg Mason mutual funds including two taxable bonds funds, three money market funds and tax-free municipal bond funds in Maryland and Pennsylvania. Assets in the ten funds total more than $2.5 billion. Including institutional fixed-income portfolios managed by Legg Mason subsidiary Western Asset Management Company of Los Angeles, the firm's subsidiaries now manage more than $11 billion in assets for clients.
 Legg Mason ranks 10th among all brokerage firms with money management subsidiaries in assets under management, and is second to none among regional brokerage firms.
 Legg Mason's corporate growth during the ten-year period through March 31, 1991, is parallel to its success in money management:
 1981 1991
 Assets managed Less than $200 million $10.9 billion
 Total revenues $31.3 million $250.9 million
 Net income $2.1 million $13.5 million
 Retail offices 19 80
 Investment executives 164 807
 Commenting on the company's investment advisory activities, Chairman Raymond A. Mason says: "One of our most important objectives over the past ten years has been to build Legg Mason's revenues and profits from investment advisory activities. Advisory fees are a more stable source of income than commissions on securities transactions and have lent stability to the company's operating results during difficult periods in the securities industry."
 The Value Trust was co-managed by Ernest C. Kiehne and William H. Miller III from its inception to 1990, when Miller succeeded Kiehne as president of Legg Mason Fund Adviser. Kiehne continues to serve as consultant to the fund.
 The Value Trust has been consistent in applying the value approach to investing, which emphasizes investment in undervalued, out-of-favor common stocks with sound and improving fundamentals.
 Miller explains the differences between value investing and growth stock investing: "Value investors typically are reluctant to pay high prices for earnings far into the future, given the inherent uncertainties of long term forecasting. We much prefer a margin of safety in our investments by buying companies at a wide discount to their estimated current worth."
 Value Trust total returns including reinvestment of dividends and capital gain distributions have been:
 Period Cumulative Average Annual
 One year
 4/1/91 to 3/31/92 19.53 percent 19.53 percent
 Five years
 4/1/87 to 3/31/92 35.57 percent 6.28 percent
 Ten years
 4/1/82 to 4/15/92 429.21 percent 18.13 percent
 Life
 4/16/82 to 3/31/92 414.14 percent 17.87 percent
 The investment return and principal value of an investment in the fund will fluctuate so than an investor's shares, when redeemed, may be worth more or less than their original cost. The returns shown are based on historical results and are not intended to indicate future performance.
 A prospectus for the fund containing more complete information including fees and other charges and expenses may be obtained by calling Legg Mason Wood Walker at 1-800-822-5544.
 -0- 5/6/92
 /CONTACT: Geraldine D. Leder of Legg Mason Wood Walker, 410-539-0000/ CO: Legg Mason Wood Walker, Inc. ST: Maryland IN: FIN SU:


TS-OS -- NY017 -- 6979 05/06/92 10:16 EDT
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Date:May 6, 1992
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