PRESS RELEASES

Contact: Jennifer Whalen
704-374-2138

May 23, 2000
First Union Capital Management Group Serves Boston With Corporate Trust Group Office

CHARLOTTE - First Union is expanding its corporate trust capabilities in the Massachusetts market by bringing customers local expertise delivered with the national clout of the nations sixth largest bank holding company. The company opened its first corporate trust office in Boston on April 17th.

Our new office in Boston, MA demonstrates not only our commitment to the northeast market, but also our commitment to growth through extraordinary dedication, quality and service, said Jim Cornelius, First Union Securities' Senior Vice President and head of Corporate Trust Group. First Union Corporate Trust Group is dedicated to growing our business and exceeding customer expectations. Reinvesting in the business with new offices is critical to both of these goals.

Timothy Donmoyer has been named Vice President and Corporate Trust Officer for the new Boston Bond Administration office.

Prior to joining First Union, Donmoyer served as the Vice President of new business development for PFPC Inc., a mutual fund servicing company, where he was responsible for new client relationships for alternative investment structures. His 15 years of experience in the corporate trust industry also includes positions with Fleet Financial Group and BankBoston. Donmoyer received his BS and MBA from Monmouth University.

The Boston Bond Administration office will be located at Two International Place, 20th Floor, Boston, Massachusetts. The office will perform administrative functions for a broad range of Bond Trustee Services (Paying Agent, Bond Registrar, Transfer Agent, Escrow Agent) and Investment Management Services for corporate, municipal and institutional customers across Massachusetts. First Union Corporate Trust Group also provides Structured Finance Trust Services, ClaimTrack Services (Bankruptcy and Class Action Claims Administration) and Equity Services.

In addition to the new Boston office, First Union serves its corporate and municipal trust customers from the following locations: Miami and Jacksonville, Florida; Atlanta, Georgia; Columbia, South Carolina; Charlotte, North Carolina; Nashville, Tennessee; Richmond, Virginia; Philadelphia, Pennsylvania; Wilmington, Delaware; Morristown, New Jersey; Hartford, Connecticut; and Houston, Texas.

First Unions corporate trust services are delivered as a part of the companys Capital Management Group, which includes asset management and investment advisory products and services for individuals, businesses and governmental bodies. The Corporate Trust Services Group currently has over $6 billion in assets under management and over $231 billion in assets under care.

First Union (NYSE:FTU), with $254 billion in assets and stockholders equity of $17 billion at March 31, 2000, is a leading provider of financial services to 16 million retail and corporate customers throughout the East Coast and the nation. The company operates full-service banking offices in 12 East Coast states and Washington, D.C., and full-service brokerage offices in 41 states. Online banking products and services can be accessed through www.firstunion.com.

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