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<p align="right"><font size="2" face="Times New Roman">As filed with the Securities and Exchange Commission on May 2, 2003<br />
Registration No. 333-_________</font></p>

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<p align="center"><b><font size="3" face="Times New Roman">UNITED STATES<br />
SECURITIES AND EXCHANGE COMMISSION<br />
</font></b>Washington, D.C. 20549</p>

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<p align="center"><b><font size="3" face="Times New Roman">Form S-8</font></b></p>

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<p align="center"><font size="3" face="Times New Roman">REGISTRATION STATEMENT</font></p>
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<p align="center"><font size="3" face="Times New Roman">THE SECURITIES ACT OF 1933</font></p>
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<p align="center"><b><font size="4" face="Times New Roman">LEGG MASON, INC.</font></b></p>
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<p align="center"><i><font size="2" face="Times New Roman">(Exact name of registrant as specified in its charter)</font></i></p>
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<p align="center"><b><font size="2" face="Times New Roman">Maryland</font></b></p>
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<p align="center"><b><font size="2" face="Times New Roman">52-1200960</font></b></p>
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<p align="center"><i><font size="2" face="Times New Roman">(State or other jurisdiction of<br />
 incorporation or organization)</font></i></p>
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<p align="center"><i><font size="2" face="Times New Roman">(IRS Employer Identification Number)<br />
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<p align="center"><b><font size="2" face="Times New Roman">100 Light Street<br />
 Baltimore, MD</font></b></p>
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 <b>21202</b></font></p>
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<p align="center"><b><font size="2" face="Times New Roman">LEGG MASON WOOD WALKER, INCORPORATED<br />
 DEFERRED COMPENSATION/PHANTOM STOCK PLAN</font></b></p>
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<p align="center"><i><font size="2" face="Times New Roman">(Full Title of the Plan)</font></i></p>
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<p align="center"><b><font size="2" face="Times New Roman">ROBERT F. PRICE, ESQUIRE</font></b></p>
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<p align="center"><b><font size="2" face="Times New Roman">Senior Vice President, General Counsel and Secretary</font></b></p>
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<p align="center"><b><font size="2" face="Times New Roman">Legg Mason, Inc.</font></b></p>
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<p align="center"><b><font size="2" face="Times New Roman">100 Light Street</font></b></p>
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<p align="center"><b><font size="2" face="Times New Roman">Baltimore, MD&nbsp; 21202</font></b></p>
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<p align="center"><b><font size="2" face="Times New Roman">(410) 539-0000</font></b></p>
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<p align="center"><i><font size="2" face="Times New Roman">(Telephone number, including area code, of agent for service)</font></i></p>
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 Title of<br />
 securities to<br />
 be registered</font></p>
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<p align="center"><font size="1" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
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<br />
 Amount<br />
 to be registered (1)</font></p>
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<p align="center"><font size="1" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
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<p align="center"><font size="1" face="Times New Roman">Proposed<br />
 maximum<br />
 offering price<br />
 per share (2)</font></p>
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<p align="center"><font size="1" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
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<p align="center"><font size="1" face="Times New Roman">Proposed<br />
 maximum<br />
 aggregate offering<br />
 price</font></p>
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<p align="center"><font size="1" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
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 Amount of<br />
 registration<br />
 fee</font></p>
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<p><font size="1" face="Times New Roman">Common Stock<br />
 ($.10 Par Value)</font></p>
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 2,500,000 shs.</font></p>
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 $54.20</font></p>
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 $135,500,000</font></p>
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 $10,975.50</font></p>
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<p><font size="1" face="Times New Roman">(1)</font></p>
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<p><font size="1" face="Times New Roman">Pursuant to Rule 416(a) under the Securities Act of 1933, as amended, this Registration Statement also registers such indeterminate<br />
 number of additional shares as may be issuable under the Legg Mason Wood Walker, Incorporated Deferred Compensation Phantom<br />
 Stock Plan in connection with stock splits, stock dividends or similar transactions.</font></p>
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<p><font size="1" face="Times New Roman">&nbsp;</font></p>
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<p><font size="1" face="Times New Roman">(2)</font></p>
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<p><font size="1" face="Times New Roman">Estimated solely for the purpose of determining the registration fee pursuant to Rule 457(h).&nbsp; The proposed maximum offering price<br />
 per share is based upon the average of the high and low sale prices for Legg Mason, Inc. common stock on the New York Stock<br />
 Exchange on April 25, 2003.</font></p>
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<p align="center"><font size="3" face="Times New Roman">EXPLANATORY NOTE</font></p>

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<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; This Registration Statement is filed pursuant to General Instruction E of Form S-8 for
the purpose of registering an additional 2,500,000 shares of common stock, $.10 par value, of Legg Mason, Inc. (the &ldquo;Company&rdquo; or the &ldquo;Registrant&rdquo;) issuable pursuant to Legg Mason Wood Walker, Incorporated Deferred Compensation/Phantom Stock
Plan (the &ldquo;Plan&rdquo;).</font></p>

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<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; This Registration Statement hereby incorporates by reference the contents of the
Company&rsquo;s previously filed Registration Statement on Form S-8 (Registration No.: 333-86863).</font></p>

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<p><font size="3" face="Times New Roman">PART II.&nbsp; INFORMATION REQUIRED IN THE REGISTRATION STATEMENT</font></p>

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<p><font size="3" face="Times New Roman">Item 3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Incorporation of Documents by Reference</u>.</font></p>

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<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The following documents filed by the Company with the Securities and Exchange Commission (the &ldquo;Commission&rdquo;) are incorporated herein by reference
and made a part hereof:</font></p>

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<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Company&rsquo;s Annual Report on Form
10-K for the fiscal year ended March 31, 2002.</font></p>

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<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Company&rsquo;s Quarterly Reports on
Form 10-Q for the quarters ended June 30, 2002, September 30, 2002 and December 31, 2002.</font></p>

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<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The description of the Company&rsquo;s
common stock, $.10 par value, contained in Amendment No. 5 to the Company&rsquo;s Application for Registration on Form 8-A, filed February 23, 2001.</font></p>

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<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In addition to the foregoing, all documents subsequently filed by the Company pursuant
to Sections 13(a), 13(c), 14 and 15(d) of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), prior to the filing of a post-effective amendment indicating that all of the securities offered hereunder have been sold or deregistering all securities
then remaining unsold, shall be deemed to be incorporated by reference in this Registration Statement and to be part hereof from the date of filing of such documents.&nbsp; Any statement contained in a document incorporated or deemed to be incorporated by reference
in this Registration Statement shall be deemed to be modified or superseded for purposes of this Registration Statement to the extent that a statement contained herein or in any subsequently filed document that also is or is deemed to be incorporated by reference
herein modifies or supersedes such statement.&nbsp; Any statement so modified or superseded shall not be deemed, except as so modified or superseded, to constitute a part of this Registration Statement.</font></p>

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<p><u><font size="3" face="Times New Roman">Independent Accountants</font></u></p>

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<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The financial statements and financial statement schedules incorporated in this
registration statement by reference to the Annual Report on Form 10-K of the Company for the year ended March 31, 2002 have been so incorporated in reliance on the reports of PricewaterhouseCoopers LLP, independent accountants, given on the authority of said firm as
experts in auditing and accounting.</font></p>

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<p><font size="3" face="Times New Roman">Item 5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Interests of Named Experts and Counsel</u>.</font></p>

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<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The validity of the shares of the Company&rsquo;s common stock registered hereby that
will be newly issued by the Company have been passed upon for the Company by Robert F. Price, Esq., the Company&rsquo;s General Counsel, Senior Vice President and Secretary.&nbsp; Mr. Price beneficially owns, and has rights to acquire under any employee benefit plan
of the Company, an aggregate of less than one percent of the common stock of the Company.</font></p>

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<p><font size="3" face="Times New Roman">Item 8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>Exhibits</u>.</font></p>

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<p><u><font size="3" face="Times New Roman">Description of Document</font></u></p>
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<p align="center"><font size="3" face="Times New Roman">4.1</font></p>
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<p><font size="3" face="Times New Roman">Legg Mason Wood Walker, Incorporated Deferred Compensation/Phantom Stock Plan (incorporated by reference to Registration Statement No. 333-86863 on Form S-8).</font></p>
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<p><font size="3" face="Times New Roman">Articles of Incorporation of the Company, as amended (incorporated by reference to the Company&rsquo;s Form 10-Q for the quarter ended September 30, 2000).</font></p>
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<p align="center"><font size="3" face="Times New Roman">4.3</font></p>
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<p><font size="3" face="Times New Roman">By-laws of the Company, as amended and restated April 25, 1988 (incorporated by reference to the Company&rsquo;s Annual Report on Form 10-K for the year ended March 31, 1988).</font></p>
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<p align="center"><font size="3" face="Times New Roman">5</font></p>
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<p><font size="3" face="Times New Roman">Opinion of Robert F. Price, Esq., Senior Vice President, General Counsel and Secretary of the Registrant.</font></p>
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<p align="center"><font size="3" face="Times New Roman">23(a)</font></p>
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<p><font size="3" face="Times New Roman">Consent of Pricewaterhouse Coopers LLP,<br />
 Independent Accountants</font></p>
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<p align="center"><font size="3" face="Times New Roman">23(b)</font></p>
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<p><font size="3" face="Times New Roman">Consent of Robert F. Price, Esq. (included in Exhibit 5)</font></p>
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<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The plan is not intended to be qualified under Section 401 of the Internal Revenue Code of 1986, as amended.</font></p>

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<p align="center"><b><font size="3" face="Times New Roman">SIGNATURES</font></b></p>

<p><i><font size="3" face="Times New Roman">The Registrant</font></i>.&nbsp; Pursuant to the requirements of the Securities Act of 1933, the Registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form S-8
and has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Baltimore, State of Maryland, on the 2nd day of May, 2003.</p>

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Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
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<p><font size="3" face="Times New Roman">LEGG MASON, INC.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
</tr>

<tr>
<td colspan="4">
<p><font size="2" face="Times New Roman">&nbsp;</font></p>
</td>
</tr>

<tr height="16">
<td height="16" valign="top"></td>
<td height="16" valign="top">
<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td colspan="2" height="16" valign="top">
<p><font size="3" face="Times New Roman">By:&nbsp;/s/ Robert F. Price</font></p>
</td>
</tr>

<tr height="1">
<td height="1" valign="top"></td>
<td height="1" valign="top"></td>
<td colspan="2" height="1" valign="top" bgcolor="black"></td>
</tr>

<tr height="38">
<td height="38" valign="top"></td>
<td height="38" valign="top"></td>
<td height="38" valign="top">
<p><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td height="38" valign="top">
<p><font size="3" face="Times New Roman">Robert F. Price<br />
 Senior Vice President</font></p>
</td>
</tr>
</table>
</div>

<p><font size="3" face="Times New Roman"></font></p>

<p align="center"><font size="3" face="Times New Roman">POWER OF ATTORNEY</font></p>

<p><font size="3" face="Times New Roman"></font></p>

<p><font size="3" face="Times New Roman">KNOW ALL MEN BY THESE PRESENTS, that each person whose signature appears below constitutes and appoints Raymond A. Mason, Richard J. Himelfarb and Robert F. Price, and each of them, his true and lawful attorney-in-fact and
agent, with full power of substitution and resubstitution, for him and in his name, place and stead, in any and all capacities, to sign any and all amendments (including post-effective amendments) to this Registration Statement, and to file the same, with all
exhibits thereto, and other documents in connection therewith, with the Securities and Exchange Commission, granting unto said attorneys-in-fact and agents, and each of them acting singly, full power and authority to do and perform each and every act and thing
necessary and requisite to be done, as fully and to all intents and purposes as he might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents or any of them may lawfully do or cause to be done by virtue hereof.</font></p>

<p><font size="3" face="Times New Roman"></font></p>

<p><font size="3" face="Times New Roman">Pursuant to the requirements of the Securities Act of 1933, this Registration Statement has been signed by the following persons in the capacities and on the dates indicated.</font></p>

<p><font size="3" face="Times New Roman"></font></p>

<table border="0" cellspacing="0" cellpadding="0">
<tr height="16">
<td height="16" valign="top">
<p align="center"><font size="2" face="Times New Roman">Signature</font></p>
</td>
<td height="16" valign="top">
<p align="center"><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td height="16" valign="top">
<p align="center"><font size="2" face="Times New Roman">Title</font></p>
</td>
<td height="16" valign="top">
<p align="center"><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td height="16" valign="top">
<p align="center"><font size="2" face="Times New Roman">Date</font></p>
</td>
</tr>

<tr height="1">
<td height="1" valign="top" bgcolor="black"></td>
<td height="1" valign="top"></td>
<td height="1" valign="top" bgcolor="black"></td>
<td height="1" valign="top"></td>
<td height="1" valign="top" bgcolor="black"></td>
</tr>

<tr height="15">
<td height="15" valign="top">
<p><font size="2" face="Times New
Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td height="15" valign="top"></td>
<td height="15" valign="top">
<p><font size="2" face="Times New
Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td height="15" valign="top"></td>
<td height="15" valign="top">
<p><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
</tr>

<tr height="15">
<td height="15" valign="top">
<p><font size="2" face="Times New Roman">&nbsp;</font></p>
</td>
<td height="15" valign="top"></td>
<td height="15" valign="top"></td>
<td height="15" valign="top"></td>
<td height="15" valign="top"></td>
</tr>

<tr height="15">
<td height="15" valign="top">
<p><font size="2" face="Times New Roman">&nbsp;</font></p>
</td>
<td height="15" valign="top"></td>
<td height="15" valign="top"></td>
<td height="15" valign="top"></td>
<td height="15" valign="top"></td>
</tr>

<tr height="16">
<td height="16" valign="top">
<p><font size="2" face="Times New Roman">&nbsp;</font></p>
</td>
<td height="16" valign="top"></td>
<td height="16" valign="top"></td>
<td height="16" valign="top"></td>
<td height="16" valign="top"></td>
</tr>

<tr height="15">
<td height="15" valign="top">
<p><font size="2" face="Times New Roman">/s/ Raymond A. Mason</font></p>
</td>
<td height="15" valign="top"></td>
<td height="15" valign="top"></td>
<td height="15" valign="top"></td>
<td height="15" valign="top"></td>
</tr>

<tr height="1">
<td height="1" valign="top" bgcolor="black"></td>
<td height="1" valign="top"></td>
<td height="1" valign="top"></td>
<td height="1" valign="top"></td>
<td height="1" valign="top"></td>
</tr>

<tr height="15">
<td height="15" valign="top">
<p><font size="2" face="Times New Roman">Raymond A. Mason</font></p>
</td>
<td height="15" valign="top"></td>
<td height="15" valign="top">
<p><font size="2" face="Times New Roman">Chairman of the Board,<br />
 President and Chief Executive<br />
 Officer (Principal Executive<br />
 Officer)</font></p>
</td>
<td height="15" valign="top"></td>
<td height="15" valign="top">
<p><font size="2" face="Times New Roman">May 2, 2003</font></p>
</td>
</tr>

<tr height="16">
<td height="16" valign="top">
<p><font size="2" face="Times New Roman">&nbsp;</font></p>
</td>
<td height="16" valign="top"></td>
<td height="16" valign="top"></td>
<td height="16" valign="top"></td>
<td height="16" valign="top"></td>
</tr>

<tr height="15">
<td height="15" valign="top">
<p><font size="2" face="Times New Roman">&nbsp;</font></p>
</td>
<td height="15" valign="top"></td>
<td height="15" valign="top"></td>
<td height="15" valign="top"></td>
<td height="15" valign="top"></td>
</tr>

<tr height="16">
<td height="16" valign="top"><font size="3" face="Times New Roman"><br clear="all" />
</font>

<p><font size="2" face="Times New Roman">&nbsp;</font></p>
</td>
<td height="16" valign="top"></td>
<td height="16" valign="top"></td>
<td height="16" valign="top"></td>
<td height="16" valign="top"></td>
</tr>

<tr height="15">
<td height="15" valign="top">
<p><font size="2" face="Times New Roman">&nbsp;</font></p>
</td>
<td height="15" valign="top"></td>
<td height="15" valign="top"></td>
<td height="15" valign="top"></td>
<td height="15" valign="top"></td>
</tr>

<tr height="16">
<td height="16" valign="top">
<p><font size="2" face="Times New Roman">&nbsp;</font></p>
</td>
<td height="16" valign="top"></td>
<td height="16" valign="top"></td>
<td height="16" valign="top"></td>
<td height="16" valign="top"></td>
</tr>

<tr height="15">
<td height="15" valign="top">
<p><font size="2" face="Times New Roman">/s/ Charles J. Daley, Jr.</font></p>
</td>
<td height="15" valign="top"></td>
<td height="15" valign="top"></td>
<td height="15" valign="top"></td>
<td height="15" valign="top"></td>
</tr>

<tr height="1">
<td height="1" valign="top" bgcolor="black"></td>
<td height="1" valign="top"></td>
<td height="1" valign="top"></td>
<td height="1" valign="top"></td>
<td height="1" valign="top"></td>
</tr>

<tr height="15">
<td height="15" valign="top">
<p><font size="2" face="Times New Roman">Charles J. Daley, Jr.</font></p>
</td>
<td height="15" valign="top"></td>
<td height="15" valign="top">
<p><font size="2" face="Times New Roman">Senior Vice President and<br />
 Treasurer (Principal Financial<br />
 Officer)</font></p>
</td>
<td height="15" valign="top"></td>
<td height="15" valign="top">
<p><font size="2" face="Times New Roman">May 2, 2003</font></p>
</td>
</tr>

<tr height="15">
<td height="15" valign="top">
<p><font size="2" face="Times New Roman">&nbsp;</font></p>
</td>
<td height="15" valign="top"></td>
<td height="15" valign="top"></td>
<td height="15" valign="top"></td>
<td height="15" valign="top"></td>
</tr>

<tr height="16">
<td height="16" valign="top">
<p><font size="2" face="Times New Roman">&nbsp;</font></p>
</td>
<td height="16" valign="top"></td>
<td height="16" valign="top"></td>
<td height="16" valign="top"></td>
<td height="16" valign="top"></td>
</tr>

<tr height="16">
<td height="16" valign="top">
<p><font size="2" face="Times New Roman">&nbsp;</font></p>
</td>
<td height="16" valign="top"></td>
<td height="16" valign="top"></td>
<td height="16" valign="top"></td>
<td height="16" valign="top"></td>
</tr>

<tr height="16">
<td height="16" valign="top">
<p><font size="2" face="Times New Roman">&nbsp;</font></p>
</td>
<td height="16" valign="top"></td>
<td height="16" valign="top"></td>
<td height="16" valign="top"></td>
<td height="16" valign="top"></td>
</tr>

<tr height="15">
<td height="15" valign="top">
<p><font size="2" face="Times New Roman">/s/ Harold L. Adams</font></p>
</td>
<td height="15" valign="top"></td>
<td height="15" valign="top"></td>
<td height="15" valign="top"></td>
<td height="15" valign="top"></td>
</tr>

<tr height="1">
<td height="1" valign="top" bgcolor="black"></td>
<td height="1" valign="top"></td>
<td height="1" valign="top"></td>
<td height="1" valign="top"></td>
<td height="1" valign="top"></td>
</tr>

<tr height="15">
<td height="15" valign="top">
<p><font size="2" face="Times New Roman">Harold L. Adams</font></p>
</td>
<td height="15" valign="top"></td>
<td height="15" valign="top">
<p><font size="2" face="Times New Roman">Director</font></p>
</td>
<td height="15" valign="top"></td>
<td height="15" valign="top">
<p><font size="2" face="Times New Roman">May 2, 2003</font></p>
</td>
</tr>

<tr height="16">
<td height="16" valign="top">
<p><font size="2" face="Times New Roman">&nbsp;</font></p>
</td>
<td height="16" valign="top"></td>
<td height="16" valign="top"></td>
<td height="16" valign="top"></td>
<td height="16" valign="top"></td>
</tr>

<tr height="16">
<td height="16" valign="top">
<p><font size="2" face="Times New Roman">&nbsp;</font></p>
</td>
<td height="16" valign="top"></td>
<td height="16" valign="top"></td>
<td height="16" valign="top"></td>
<td height="16" valign="top"></td>
</tr>

<tr height="16">
<td height="16" valign="top">
<p><font size="2" face="Times New Roman">&nbsp;</font></p>
</td>
<td height="16" valign="top"></td>
<td height="16" valign="top"></td>
<td height="16" valign="top"></td>
<td height="16" valign="top"></td>
</tr>

<tr height="16">
<td height="16" valign="top">
<p><font size="2" face="Times New Roman">&nbsp;</font></p>
</td>
<td height="16" valign="top"></td>
<td height="16" valign="top"></td>
<td height="16" valign="top"></td>
<td height="16" valign="top"></td>
</tr>

<tr height="16">
<td height="16" valign="top">
<p><font size="2" face="Times New Roman">&nbsp;</font></p>
</td>
<td height="16" valign="top"></td>
<td height="16" valign="top"></td>
<td height="16" valign="top"></td>
<td height="16" valign="top"></td>
</tr>

<tr height="15">
<td height="15" valign="top">
<p><font size="2" face="Times New Roman">/s/ Dennis R. Beresford</font></p>
</td>
<td height="15" valign="top"></td>
<td height="15" valign="top"></td>
<td height="15" valign="top"></td>
<td height="15" valign="top"></td>
</tr>

<tr height="1">
<td height="1" valign="top" bgcolor="black"></td>
<td height="1" valign="top"></td>
<td height="1" valign="top"></td>
<td height="1" valign="top"></td>
<td height="1" valign="top"></td>
</tr>

<tr height="17">
<td height="17" valign="top">
<p><font size="2" face="Times New Roman">Dennis R. Beresford</font></p>
</td>
<td height="17" valign="top"></td>
<td height="17" valign="top">
<p><font size="2" face="Times New Roman">Director</font></p>
</td>
<td height="17" valign="top"></td>
<td height="17" valign="top">
<p><font size="2" face="Times New Roman">May 2, 2003</font></p>
</td>
</tr>

<tr height="16">
<td height="16" valign="top">
<p><font size="2" face="Times New Roman">&nbsp;</font></p>
</td>
<td height="16" valign="top"></td>
<td height="16" valign="top"></td>
<td height="16" valign="top"></td>
<td height="16" valign="top"></td>
</tr>

<tr height="16">
<td height="16" valign="top">
<p><font size="2" face="Times New Roman">&nbsp;</font></p>
</td>
<td height="16" valign="top"></td>
<td height="16" valign="top"></td>
<td height="16" valign="top"></td>
<td height="16" valign="top"></td>
</tr>

<tr height="16">
<td height="16" valign="top">
<p><font size="2" face="Times New Roman">&nbsp;</font></p>
</td>
<td height="16" valign="top"></td>
<td height="16" valign="top"></td>
<td height="16" valign="top"></td>
<td height="16" valign="top"></td>
</tr>

<tr height="16">
<td height="16" valign="top">
<p><font size="2" face="Times New Roman">&nbsp;</font></p>
</td>
<td height="16" valign="top"></td>
<td height="16" valign="top"></td>
<td height="16" valign="top"></td>
<td height="16" valign="top"></td>
</tr>

<tr height="16">
<td height="16" valign="top">
<p><font size="2" face="Times New Roman">&nbsp;</font></p>
</td>
<td height="16" valign="top"></td>
<td height="16" valign="top"></td>
<td height="16" valign="top"></td>
<td height="16" valign="top"></td>
</tr>

<tr height="15">
<td height="15" valign="top">
<p><font size="2" face="Times New Roman">/s/ Carl Bildt</font></p>
</td>
<td height="15" valign="top"></td>
<td height="15" valign="top"></td>
<td height="15" valign="top"></td>
<td height="15" valign="top"></td>
</tr>

<tr height="1">
<td height="1" valign="top" bgcolor="black"></td>
<td height="1" valign="top"></td>
<td height="1" valign="top"></td>
<td height="1" valign="top"></td>
<td height="1" valign="top"></td>
</tr>

<tr height="15">
<td height="15" valign="top">
<p><font size="2" face="Times New Roman">Carl Bildt</font></p>
</td>
<td height="15" valign="top"></td>
<td height="15" valign="top">
<p><font size="2" face="Times New Roman">Director</font></p>
</td>
<td height="15" valign="top"></td>
<td height="15" valign="top">
<p><font size="2" face="Times New Roman">May 2, 2003</font></p>
</td>
</tr>

<tr height="16">
<td height="16" valign="top">
<p><font size="2" face="Times New Roman">&nbsp;</font></p>
</td>
<td height="16" valign="top"></td>
<td height="16" valign="top"></td>
<td height="16" valign="top"></td>
<td height="16" valign="top"></td>
</tr>

<tr height="16">
<td height="16" valign="top">
<p><font size="2" face="Times New Roman">&nbsp;</font></p>
</td>
<td height="16" valign="top"></td>
<td height="16" valign="top"></td>
<td height="16" valign="top"></td>
<td height="16" valign="top"></td>
</tr>

<tr height="16">
<td height="16" valign="top">
<p><font size="2" face="Times New Roman">&nbsp;</font></p>
</td>
<td height="16" valign="top"></td>
<td height="16" valign="top"></td>
<td height="16" valign="top"></td>
<td height="16" valign="top"></td>
</tr>

<tr height="16">
<td height="16" valign="top">
<p><font size="2" face="Times New Roman">&nbsp;</font></p>
</td>
<td height="16" valign="top"></td>
<td height="16" valign="top"></td>
<td height="16" valign="top"></td>
<td height="16" valign="top"></td>
</tr>

<tr height="16">
<td height="16" valign="top">
<p><font size="2" face="Times New Roman">&nbsp;</font></p>
</td>
<td height="16" valign="top"></td>
<td height="16" valign="top"></td>
<td height="16" valign="top"></td>
<td height="16" valign="top"></td>
</tr>

<tr height="15">
<td height="15" valign="top">
<p><font size="2" face="Times New Roman">/s/ James W. Brinkley</font></p>
</td>
<td height="15" valign="top"></td>
<td height="15" valign="top"></td>
<td height="15" valign="top"></td>
<td height="15" valign="top"></td>
</tr>

<tr height="1">
<td height="1" valign="top" bgcolor="black"></td>
<td height="1" valign="top"></td>
<td height="1" valign="top"></td>
<td height="1" valign="top"></td>
<td height="1" valign="top"></td>
</tr>

<tr height="15">
<td height="15" valign="top">
<p><font size="2" face="Times New Roman">James W. Brinkley</font></p>
</td>
<td height="15" valign="top"></td>
<td height="15" valign="top">
<p><font size="2" face="Times New Roman">Director</font></p>
</td>
<td height="15" valign="top"></td>
<td height="15" valign="top">
<p><font size="2" face="Times New Roman">May 2, 2003</font></p>
</td>
</tr>

<tr height="16">
<td height="16" valign="top">
<p><font size="2" face="Times New Roman">&nbsp;</font></p>
</td>
<td height="16" valign="top"></td>
<td height="16" valign="top"></td>
<td height="16" valign="top"></td>
<td height="16" valign="top"></td>
</tr>

<tr height="16">
<td height="16" valign="top">
<p><font size="2" face="Times New Roman">&nbsp;</font></p>
</td>
<td height="16" valign="top"></td>
<td height="16" valign="top"></td>
<td height="16" valign="top"></td>
<td height="16" valign="top"></td>
</tr>

<tr height="5">
<td height="5" valign="top">
<p><font size="2" face="Times New Roman">&nbsp;</font></p>
</td>
<td height="5" valign="top"></td>
<td height="5" valign="top"></td>
<td height="5" valign="top"></td>
<td height="5" valign="top"></td>
</tr>

<tr height="16">
<td height="16" valign="top">
<p><font size="2" face="Times New Roman">&nbsp;</font></p>
</td>
<td height="16" valign="top"></td>
<td height="16" valign="top"></td>
<td height="16" valign="top"></td>
<td height="16" valign="top"></td>
</tr>

<tr height="5">
<td height="5" valign="top">
<p><font size="2" face="Times New Roman">&nbsp;</font></p>
</td>
<td height="5" valign="top"></td>
<td height="5" valign="top"></td>
<td height="5" valign="top"></td>
<td height="5" valign="top"></td>
</tr>

<tr height="15">
<td height="15" valign="top">
<p><font size="2" face="Times New Roman">/s/ Harry M. Ford</font></p>
</td>
<td height="15" valign="top"></td>
<td height="15" valign="top"></td>
<td height="15" valign="top"></td>
<td height="15" valign="top"></td>
</tr>

<tr height="1">
<td height="1" valign="top" bgcolor="black"></td>
<td height="1" valign="top"></td>
<td height="1" valign="top"></td>
<td height="1" valign="top"></td>
<td height="1" valign="top"></td>
</tr>

<tr height="15">
<td height="15" valign="top">
<p><font size="2" face="Times New Roman">Harry M. Ford</font></p>
</td>
<td height="15" valign="top"></td>
<td height="15" valign="top">
<p><font size="2" face="Times New Roman">Director</font></p>
</td>
<td height="15" valign="top"></td>
<td height="15" valign="top">
<p><font size="2" face="Times New Roman">May 2, 2003</font></p>
</td>
</tr>

<tr height="15">
<td height="15" valign="top">
<p><font size="2" face="Times New Roman">&nbsp;</font></p>
</td>
<td height="15" valign="top"></td>
<td height="15" valign="top"></td>
<td height="15" valign="top"></td>
<td height="15" valign="top"></td>
</tr>

<tr height="15">
<td height="15" valign="top">
<p><font size="2" face="Times New Roman">&nbsp;</font></p>
</td>
<td height="15" valign="top"></td>
<td height="15" valign="top"></td>
<td height="15" valign="top"></td>
<td height="15" valign="top"></td>
</tr>

<tr height="15">
<td height="15" valign="top">
<p><font size="2" face="Times New Roman">&nbsp;</font></p>
</td>
<td height="15" valign="top"></td>
<td height="15" valign="top"></td>
<td height="15" valign="top"></td>
<td height="15" valign="top"></td>
</tr>

<tr height="16">
<td height="16" valign="top">
<p><font size="2" face="Times New Roman">&nbsp;</font></p>
</td>
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<p><font size="2" face="Times New Roman">/s/ Richard J. Himelfarb</font></p>
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<p><font size="2" face="Times New Roman">Richard J. Himelfarb</font></p>
</td>
<td height="15" valign="top"></td>
<td height="15" valign="top">
<p><font size="2" face="Times New Roman">Director</font></p>
</td>
<td height="15" valign="top"></td>
<td height="15" valign="top">
<p><font size="2" face="Times New Roman">May 2, 2003</font></p>
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<p><font size="2" face="Times New Roman">&nbsp;</font></p>
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<p><font size="2" face="Times New Roman">&nbsp;</font></p>
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<tr height="16">
<td height="16" valign="top"><font size="3" face="Times New Roman"><br clear="all" />
</font>

<p><font size="2" face="Times New Roman">&nbsp;</font></p>
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<p><font size="2" face="Times New Roman">&nbsp;</font></p>
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<p><font size="2" face="Times New Roman">&nbsp;</font></p>
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<p><font size="2" face="Times New Roman">&nbsp;</font></p>
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<p><font size="2" face="Times New Roman">/s/ John E. Koerner, III</font></p>
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<p><font size="2" face="Times New Roman">John E. Koerner, III</font></p>
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<td height="15" valign="top"></td>
<td height="15" valign="top">
<p><font size="2" face="Times New Roman">Director</font></p>
</td>
<td height="15" valign="top"></td>
<td height="15" valign="top">
<p><font size="2" face="Times New Roman">May 2, 2003</font></p>
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<p><font size="2" face="Times New Roman">&nbsp;</font></p>
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<p><font size="2" face="Times New Roman">&nbsp;</font></p>
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<p><font size="2" face="Times New Roman">&nbsp;</font></p>
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<p><font size="2" face="Times New Roman">&nbsp;</font></p>
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<p><font size="2" face="Times New Roman">&nbsp;</font></p>
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<p><font size="2" face="Times New Roman">/s/ Edward I. O&rsquo;Brien</font></p>
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<td height="15" valign="top">
<p><font size="2" face="Times New Roman">Edward I. O&rsquo;Brien</font></p>
</td>
<td height="15" valign="top"></td>
<td height="15" valign="top">
<p><font size="2" face="Times New Roman">Director</font></p>
</td>
<td height="15" valign="top"></td>
<td height="15" valign="top">
<p><font size="2" face="Times New Roman">May 2, 2003</font></p>
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<p><font size="2" face="Times New Roman">&nbsp;</font></p>
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<p><font size="2" face="Times New Roman">&nbsp;</font></p>
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<p><font size="2" face="Times New Roman">&nbsp;</font></p>
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<p><font size="2" face="Times New Roman">&nbsp;</font></p>
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<p><font size="2" face="Times New Roman">&nbsp;</font></p>
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<p><font size="2" face="Times New Roman">/s/ Peter F. O&rsquo;Malley</font></p>
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<td height="15" valign="top">
<p><font size="2" face="Times New Roman">Peter F. O&rsquo;Malley</font></p>
</td>
<td height="15" valign="top"></td>
<td height="15" valign="top">
<p><font size="2" face="Times New Roman">Director</font></p>
</td>
<td height="15" valign="top"></td>
<td height="15" valign="top">
<p><font size="2" face="Times New Roman">May 2, 2003</font></p>
</td>
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<p><font size="2" face="Times New Roman">&nbsp;</font></p>
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<p><font size="2" face="Times New Roman">&nbsp;</font></p>
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<p><font size="2" face="Times New Roman">&nbsp;</font></p>
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<p><font size="2" face="Times New Roman">&nbsp;</font></p>
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<p><font size="2" face="Times New Roman">&nbsp;</font></p>
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<td height="15" valign="top">
<p><font size="2" face="Times New Roman">/s/ Nicholas J. St. George</font></p>
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<p><font size="2" face="Times New Roman">Nicholas J. St. George</font></p>
</td>
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<td height="15" valign="top">
<p><font size="2" face="Times New Roman">Director</font></p>
</td>
<td height="15" valign="top"></td>
<td height="15" valign="top">
<p><font size="2" face="Times New Roman">May 2, 2003</font></p>
</td>
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<p><font size="2" face="Times New Roman">&nbsp;</font></p>
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<p><font size="2" face="Times New Roman">&nbsp;</font></p>
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<p><font size="2" face="Times New Roman">&nbsp;</font></p>
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<p><font size="2" face="Times New Roman">&nbsp;</font></p>
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<p><font size="2" face="Times New Roman">&nbsp;</font></p>
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<td height="15" valign="top">
<p><font size="2" face="Times New Roman">/s/ Roger W. Schipke</font></p>
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<tr height="1">
<td height="1" valign="top" bgcolor="black"></td>
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<tr height="15">
<td height="15" valign="top">
<p><font size="2" face="Times New Roman">Roger W. Schipke</font></p>
</td>
<td height="15" valign="top"></td>
<td height="15" valign="top">
<p><font size="2" face="Times New Roman">Director</font></p>
</td>
<td height="15" valign="top"></td>
<td height="15" valign="top">
<p><font size="2" face="Times New Roman">May 2, 2003</font></p>
</td>
</tr>

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<td height="16" valign="top">
<p><font size="2" face="Times New Roman">&nbsp;</font></p>
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<p><font size="2" face="Times New Roman">&nbsp;</font></p>
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<p><font size="2" face="Times New Roman">&nbsp;</font></p>
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<p><font size="2" face="Times New Roman">&nbsp;</font></p>
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<p><font size="2" face="Times New Roman">&nbsp;</font></p>
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<td height="16" valign="top"></td>
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<tr height="15">
<td height="15" valign="top">
<p><font size="2" face="Times New Roman">/s/ Kurt L. Schmoke</font></p>
</td>
<td height="15" valign="top"></td>
<td height="15" valign="top"></td>
<td height="15" valign="top"></td>
<td height="15" valign="top"></td>
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<tr height="1">
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<td height="1" valign="top"></td>
<td height="1" valign="top"></td>
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<tr height="15">
<td height="15" valign="top">
<p><font size="2" face="Times New Roman">Kurt L. Schmoke</font></p>
</td>
<td height="15" valign="top"></td>
<td height="15" valign="top">
<p><font size="2" face="Times New Roman">Director</font></p>
</td>
<td height="15" valign="top"></td>
<td height="15" valign="top">
<p><font size="2" face="Times New Roman">May 2, 2003</font></p>
</td>
</tr>

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<td height="16" valign="top">
<p><font size="2" face="Times New Roman">&nbsp;</font></p>
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<tr height="16">
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<p><font size="2" face="Times New Roman">&nbsp;</font></p>
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<td height="16" valign="top"></td>
<td height="16" valign="top"></td>
<td height="16" valign="top"></td>
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<tr height="16">
<td height="16" valign="top">
<p><font size="2" face="Times New Roman">&nbsp;</font></p>
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<td height="16" valign="top"></td>
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<td height="16" valign="top"></td>
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<tr height="16">
<td height="16" valign="top">
<p><font size="2" face="Times New Roman">&nbsp;</font></p>
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<p><font size="2" face="Times New Roman">&nbsp;</font></p>
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<td height="16" valign="top"></td>
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<tr height="15">
<td height="15" valign="top">
<p><font size="2" face="Times New Roman">/s/ James E. Ukrop</font></p>
</td>
<td height="15" valign="top"></td>
<td height="15" valign="top"></td>
<td height="15" valign="top"></td>
<td height="15" valign="top"></td>
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<tr height="1">
<td height="1" valign="top" bgcolor="black"></td>
<td height="1" valign="top"></td>
<td height="1" valign="top"></td>
<td height="1" valign="top"></td>
<td height="1" valign="top"></td>
</tr>

<tr height="15">
<td height="15" valign="top">
<p><font size="2" face="Times New Roman">James E. Ukrop</font></p>
</td>
<td height="15" valign="top"></td>
<td height="15" valign="top">
<p><font size="2" face="Times New Roman">Director</font></p>
</td>
<td height="15" valign="top"></td>
<td height="15" valign="top">
<p><font size="2" face="Times New Roman">May 2, 2003</font></p>
</td>
</tr>

<tr height="16">
<td height="16" valign="top">
<p><font size="2" face="Times New Roman">&nbsp;</font></p>
</td>
<td height="16" valign="top"></td>
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<td height="16" valign="top"></td>
<td height="16" valign="top"></td>
</tr>
</table>

<p><font size="3" face="Times New Roman"></font></p>

<font size="3" face="Times New Roman"><br clear="all" />
</font>

<p align="center"><u><font size="3" face="Times New Roman">EXHIBIT INDEX</font></u></p>

<p><b><font size="3" face="Times New Roman"></font></b></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%">
<tr height="18">
<td height="18">
<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td nowrap height="18">
<p align="center"><u><font size="3" face="Times New Roman">Exhibit Number</font></u></p>
</td>
<td height="18">
<p><font size="3" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></p>
</td>
<td height="18">
<p><u><font size="3" face="Times New Roman">Description of Document</font></u></p>
</td>
</tr>

<tr height="18">
<td height="18">
<p><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td nowrap height="18"></td>
<td height="18"></td>
<td height="18"></td>
</tr>

<tr height="18">
<td height="18"></td>
<td nowrap height="18" valign="top">
<p align="center"><font size="3" face="Times New Roman">4.1</font></p>
</td>
<td height="18"></td>
<td height="18">
<p><font size="3" face="Times New Roman">Legg Mason Wood Walker, Incorporated Deferred Compensation/Phantom Stock Plan (incorporated by reference to Registration Statement No. 333-86863 on Form S-8).</font></p>
</td>
</tr>

<tr height="18">
<td height="18">
<p><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td nowrap height="18" valign="top"></td>
<td height="18"></td>
<td height="18"></td>
</tr>

<tr height="18">
<td height="18"></td>
<td nowrap height="18" valign="top">
<p align="center"><font size="3" face="Times New Roman">4.2</font></p>
</td>
<td height="18"></td>
<td height="18">
<p><font size="3" face="Times New Roman">Articles of Incorporation of the Company, as amended (incorporated by reference to the Company&rsquo;s Form 10-Q for the quarter ended September 30, 2000).</font></p>
</td>
</tr>

<tr height="18">
<td height="18">
<p><font size="3" face="Times New Roman">&nbsp;</font></p>
</td>
<td nowrap height="18" valign="top"></td>
<td height="18"></td>
<td height="18"></td>
</tr>

<tr height="18">
<td height="18"></td>
<td nowrap height="18" valign="top">
<p align="center"><font size="3" face="Times New Roman">4.3</font></p>
</td>
<td height="18"></td>
<td height="18">
<p><font size="3" face="Times New Roman">By-laws of the Company, as amended and restated April 25, 1988 (incorporated by reference to the Company&rsquo;s Annual Report on Form 10-K for the year ended March 31, 1988).</font></p>
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<p><font size="3" face="Times New Roman">Opinion of Robert F. Price, Esq., Senior Vice President, General Counsel and Secretary of the Registrant.</font></p>
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{"company-data": {"conformed-name": "LEGG MASON INC", "cik": "0000704051", "assigned-sic": "6211", "irs-number": "521200960", "state-of-incorporation": "MD", "fiscal-year-end": "0331"}, "filing-values": {"form-type": "S-8", "act": "33", "file-number": "333-104955", "film-number": "03680054"}, "business-address": {"street1": "100 LIGHT ST", "city": "BALTIMORE", "state": "MD", "zip": "21202-1476", "phone": "4105390000"}, "mail-address": {"street1": "100 LIGHT ST", "city": "BALTIMORE", "state": "MD", "zip": "21202-1476"}}
Legg Mason, Inc. Form S-8
As filed with the Securities and Exchange Commission on May 2, 2003
Registration No. 333-_________
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form S-8
REGISTRATION STATEMENT
UNDER
THE SECURITIES ACT OF 1933
LEGG MASON, INC.
(Exact name of registrant as specified in its charter)
Maryland
52-1200960
(State or other jurisdiction of
incorporation or organization)
(IRS Employer Identification Number)
100 Light Street
Baltimore, MD
21202
(Address of principal executive offices)
(Zip code)
LEGG MASON WOOD WALKER, INCORPORATED
DEFERRED COMPENSATION/PHANTOM STOCK PLAN
(Full Title of the Plan)
ROBERT F. PRICE, ESQUIRE
Senior Vice President, General Counsel and Secretary
Legg Mason, Inc.
100 Light Street
Baltimore, MD  21202
(Name and address of agent for service)
(410) 539-0000
(Telephone number, including area code, of agent for service)
Title of
securities to
be registered
Amount
to be registered (1)
Proposed
maximum
offering price
per share (2)
Proposed
maximum
aggregate offering
price
Amount of
registration
fee
Common Stock
($.10 Par Value)
2,500,000 shs.
$54.20
$135,500,000
$10,975.50
(1)
Pursuant to Rule 416(a) under the Securities Act of 1933, as amended, this Registration Statement also registers such indeterminate
number of additional shares as may be issuable under the Legg Mason Wood Walker, Incorporated Deferred Compensation Phantom
Stock Plan in connection with stock splits, stock dividends or similar transactions.
(2)
Estimated solely for the purpose of determining the registration fee pursuant to Rule 457(h).  The proposed maximum offering price
per share is based upon the average of the high and low sale prices for Legg Mason, Inc. common stock on the New York Stock
Exchange on April 25, 2003.
EXPLANATORY NOTE
This Registration Statement is filed pursuant to General Instruction E of Form S-8 for
the purpose of registering an additional 2,500,000 shares of common stock, $.10 par value, of Legg Mason, Inc. (the "Company" or the "Registrant") issuable pursuant to Legg Mason Wood Walker, Incorporated Deferred Compensation/Phantom Stock
Plan (the "Plan").
This Registration Statement hereby incorporates by reference the contents of the
Company's previously filed Registration Statement on Form S-8 (Registration No.: 333-86863).
PART II.  INFORMATION REQUIRED IN THE REGISTRATION STATEMENT
Item 3.
Incorporation of Documents by Reference
.
The following documents filed by the Company with the Securities and Exchange Commission (the "Commission") are incorporated herein by reference
and made a part hereof:
(a)        The Company's Annual Report on Form
10-K for the fiscal year ended March 31, 2002.
(b)        The Company's Quarterly Reports on
Form 10-Q for the quarters ended June 30, 2002, September 30, 2002 and December 31, 2002.
(c)        The description of the Company's
common stock, $.10 par value, contained in Amendment No. 5 to the Company's Application for Registration on Form 8-A, filed February 23, 2001.
In addition to the foregoing, all documents subsequently filed by the Company pursuant
to Sections 13(a), 13(c), 14 and 15(d) of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), prior to the filing of a post-effective amendment indicating that all of the securities offered hereunder have been sold or deregistering all securities
then remaining unsold, shall be deemed to be incorporated by reference in this Registration Statement and to be part hereof from the date of filing of such documents.  Any statement contained in a document incorporated or deemed to be incorporated by reference
in this Registration Statement shall be deemed to be modified or superseded for purposes of this Registration Statement to the extent that a statement contained herein or in any subsequently filed document that also is or is deemed to be incorporated by reference
herein modifies or supersedes such statement.  Any statement so modified or superseded shall not be deemed, except as so modified or superseded, to constitute a part of this Registration Statement.
Independent Accountants
The financial statements and financial statement schedules incorporated in this
registration statement by reference to the Annual Report on Form 10-K of the Company for the year ended March 31, 2002 have been so incorporated in reliance on the reports of PricewaterhouseCoopers LLP, independent accountants, given on the authority of said firm as
experts in auditing and accounting.
Item 5.
Interests of Named Experts and Counsel
.
The validity of the shares of the Company's common stock registered hereby that
will be newly issued by the Company have been passed upon for the Company by Robert F. Price, Esq., the Company's General Counsel, Senior Vice President and Secretary.  Mr. Price beneficially owns, and has rights to acquire under any employee benefit plan
of the Company, an aggregate of less than one percent of the common stock of the Company.
Item 8.
Exhibits
.
Exhibit Number
Description of Document
4.1
Legg Mason Wood Walker, Incorporated Deferred Compensation/Phantom Stock Plan (incorporated by reference to Registration Statement No. 333-86863 on Form S-8).
4.2
Articles of Incorporation of the Company, as amended (incorporated by reference to the Company's Form 10-Q for the quarter ended September 30, 2000).
4.3
By-laws of the Company, as amended and restated April 25, 1988 (incorporated by reference to the Company's Annual Report on Form 10-K for the year ended March 31, 1988).
5
Opinion of Robert F. Price, Esq., Senior Vice President, General Counsel and Secretary of the Registrant.
23(a)
Consent of Pricewaterhouse Coopers LLP,
Independent Accountants
23(b)
Consent of Robert F. Price, Esq. (included in Exhibit 5)
The plan is not intended to be qualified under Section 401 of the Internal Revenue Code of 1986, as amended.
SIGNATURES
The Registrant
.  Pursuant to the requirements of the Securities Act of 1933, the Registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form S-8
and has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Baltimore, State of Maryland, on the 2nd day of May, 2003.
LEGG MASON, INC.
By: /s/ Robert F. Price
Robert F. Price
Senior Vice President
POWER OF ATTORNEY
KNOW ALL MEN BY THESE PRESENTS, that each person whose signature appears below constitutes and appoints Raymond A. Mason, Richard J. Himelfarb and Robert F. Price, and each of them, his true and lawful attorney-in-fact and
agent, with full power of substitution and resubstitution, for him and in his name, place and stead, in any and all capacities, to sign any and all amendments (including post-effective amendments) to this Registration Statement, and to file the same, with all
exhibits thereto, and other documents in connection therewith, with the Securities and Exchange Commission, granting unto said attorneys-in-fact and agents, and each of them acting singly, full power and authority to do and perform each and every act and thing
necessary and requisite to be done, as fully and to all intents and purposes as he might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents or any of them may lawfully do or cause to be done by virtue hereof.
Pursuant to the requirements of the Securities Act of 1933, this Registration Statement has been signed by the following persons in the capacities and on the dates indicated.
Signature
Title
Date
/s/ Raymond A. Mason
Raymond A. Mason
Chairman of the Board,
President and Chief Executive
Officer (Principal Executive
Officer)
May 2, 2003
/s/ Charles J. Daley, Jr.
Charles J. Daley, Jr.
Senior Vice President and
Treasurer (Principal Financial
Officer)
May 2, 2003
/s/ Harold L. Adams
Harold L. Adams
Director
May 2, 2003
/s/ Dennis R. Beresford
Dennis R. Beresford
Director
May 2, 2003
/s/ Carl Bildt
Carl Bildt
Director
May 2, 2003
/s/ James W. Brinkley
James W. Brinkley
Director
May 2, 2003
/s/ Harry M. Ford
Harry M. Ford
Director
May 2, 2003
/s/ Richard J. Himelfarb
Richard J. Himelfarb
Director
May 2, 2003
/s/ John E. Koerner, III
John E. Koerner, III
Director
May 2, 2003
/s/ Edward I. O'Brien
Edward I. O'Brien
Director
May 2, 2003
/s/ Peter F. O'Malley
Peter F. O'Malley
Director
May 2, 2003
/s/ Nicholas J. St. George
Nicholas J. St. George
Director
May 2, 2003
/s/ Roger W. Schipke
Roger W. Schipke
Director
May 2, 2003
/s/ Kurt L. Schmoke
Kurt L. Schmoke
Director
May 2, 2003
/s/ James E. Ukrop
James E. Ukrop
Director
May 2, 2003
EXHIBIT INDEX
Exhibit Number
Description of Document
4.1
Legg Mason Wood Walker, Incorporated Deferred Compensation/Phantom Stock Plan (incorporated by reference to Registration Statement No. 333-86863 on Form S-8).
4.2
Articles of Incorporation of the Company, as amended (incorporated by reference to the Company's Form 10-Q for the quarter ended September 30, 2000).
4.3
By-laws of the Company, as amended and restated April 25, 1988 (incorporated by reference to the Company's Annual Report on Form 10-K for the year ended March 31, 1988).
5
Opinion of Robert F. Price, Esq., Senior Vice President, General Counsel and Secretary of the Registrant.
23(a)
Consent of Pricewaterhouse Coopers LLP,
Independent Accountants
23(b)
Consent of Robert F. Price, Esq. (included in Exhibit 5)