Mandate Highlights State Street’s Commitment to Providing Leading Asset Managers with Scaleable Solutions for Managed Accounts

BOSTON and NEW YORK, February 22, 2005 – State Street Corporation (NYSE: STT), the world’s leading provider of services to institutional investors, announced today that it has been appointed by Brandywine Asset Management, a wholly-owned subsidiary of Legg Mason, Inc. to provide managed account outsourcing services for several billion dollars in assets.

"Brandywine is excited about the opportunity to partner with State Street," said Larry Kassman, chief administrative officer of Brandywine. "State Street’s knowledge and experience were clear differentiators for us in choosing a partner to service our managed account business. During our rigorous selection process, it became clear that State Street was the best fit for Brandywine due to their partnership philosophy, knowledge of the managed account marketplace, risk management, internal controls and commitment to the business. This partnership will allow us to target our resources on managing assets, developing new products and expanding our business."

State Street will provide accounting, performance measurement, portfolio administration, trade support and investor reporting services for Brandywine’s managed account portfolios. The business will be serviced from State Street’s New York City operations at World Financial Center, under the direction of Thomas McKee, senior vice president of Wealth Manager Services for State Street.

"Investment managers are increasingly recognizing the value of outsourcing to a provider who has comprehensive technology solutions that can support the unique requirements of managed accounts at scale," said Anne Tangen, executive vice president and head of Wealth Manager Services for State Street. "Working together with Brandywine, we are confident that our infrastructure and customer-focused approach will be an ideal fit for its managed account business."

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