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Business Description
Legg Mason, Inc. is a holding company, that is engaged in providing services to individuals, institutions, corporations, governments and government agencies. The services are asset management, securities brokerage, investment banking and other related financial services. The Company operates through three business segments: Asset Management segment provides investment advisory services to institutional and individual clients and company-sponsored investment funds; Private Clientbusiness segment distributes a wide range of financial products through its branch distribution network, including equity and fixed income securities, and non-affiliated mutual funds and annuities, and Capital Markets segment consists equity and fixed income institutional sales and trading; investment banking; syndicate; structured products, and research. The Corporate Business segment consists of unallocated corporate revenues and expenses.

Financial Information
For the six months ended 9/30/04, total revenues rose 26% to $1.14 billion. Net income from continuing operations rose 51% to $178.1 million. Revenues reflect higher investment advisory fees. Earnings also benefitted from improved operating margins.