'Financial e-Volution': Legg Mason Equity Research Releases Study of the e-Finance Sector.

Business Editors

BALTIMORE--(BUSINESS WIRE)--Aug. 15, 2000

Legg Mason Wood Walker, Incorporated has released a new study that examines emerging trends in the eFinance sector.

"Financial eVolution," a report by Daniel R. Perlin, Vice President and analyst in Legg Mason's Technology Equity Research Group, examines eBanking and financial service eNablers, with a particular focus on electronic bill presentment and payment (EBPP) services.

Legg Mason Wood Walker also initiated research coverage of four eFinance companies on July 19, 2000.

"We view the eFinance industry as a spectrum, with technology-driven business models at one end and the financial services-driven business models at the opposite end," explained Mr. Perlin. "We believe that those companies at the technology end of the spectrum, those that enable online finance, currently represent the most attractive investment opportunities."

"We believe online banking is in its second phase of both consumer and commercial adoption, in which functionality, scalability, and product expansion take precedence over speed to market," said Mr. Perlin. "We believe banks need to be leaders in EBPP in order to retain their customer relationships and maintain their role in payment processing and data mining."

The report includes recommendation summaries for four companies currently under coverage by Legg Mason Wood Walker:

billserv.com, Inc. (NASDAQ - BLLS(a) $7 1/16), based in San Antonio, Texas, with Buy/Speculative Risk ratings on the shares;

CheckFree Holdings Corporation (NASDAQ - CKFR(a) $46), based in Norcross, Georgia, with Buy/Above-Average Risk ratings on the shares;

Online Resources & Communications Corporation (NASDAQ - ORCC(a) $4 7/8), based in McLean, Virginia, with Buy/Speculative Risk ratings on the shares; and

S1 Corporation (NASDAQ - SONE(a) $16 1/16), based in Atlanta, Georgia, with Buy/Above-Average Risk ratings on the shares.

The full report provides in-depth descriptions and statistical analyses of the companies in addition to a discussion of the rationale for, and risks of, investing in these companies' stocks.

Additional Information Available Upon Request. The information contained herein is based on sources believed to be reliable, but we do not guarantee its completeness or accuracy. This release is for information purposes only and is not intended to be an offer to buy or sell the securities referred to herein. Opinions expressed are subject to change without notice, and past performance is not indicative of future results. From time to time, Legg Mason Wood Walker, Incorporated and/or its employees, including the analysts who have commented herein, may have a position in the securities mentioned.

Legg Mason Wood Walker, Incorporated, a member of the New York Stock Exchange and a member SIPC, is the principal securities brokerage subsidiary of Legg Mason, Inc. (NYSE-LM), with approximately 1,300 Financial Advisors in 142 offices along the East Coast from Maine to Florida and across the South to Texas, including 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.

(a) Legg Mason Wood Walker, Incorporated makes a market in this security.

Checkfree Holdings Corp. is a Legg Mason Select List core holding.

Prices are as of the market's close on August 14, 2000.