Exhibit 99.(d)(iii) FEE WAIVER AGREEMENT Legg Mason Light Street Trust, Inc. 100 Light Street Baltimore, Maryland 21202 Re: LEGG MASON CLASSIC VALUATION FUND - FEE WAIVER/EXPENSE AGREEMENT Ladies and Gentlemen: Legg Mason Fund Adviser, Inc. ("LMFA")...Fee Waiver Agreement • February 25th, 2005 • Legg Mason Light Street Trust Inc
Legg Mason Fund Adviser, Inc. ("LMFA") hereby notifies you that it will waive its fees (and to the extent necessary bear other expenses) through February 28, 2006, to the extent that expenses of each class of the Legg Mason Classic Valuation Fund ("Fund") (exclusive of interest, taxes, deferred organizational expenses brokerage commissions, and extraordinary expenses) would exceed an annual rate of 1.95% for Primary Class and 0.95% for Institutional Class.
