PRESS RELEASES

Media Contact: Danielle Dietz
(704) 383-5392

January 12, 2000
First Union Securities Names Skip Grow Head of Telecommunications Investment Banking Group

CHARLOTTE, NC -First Union Securities Inc. has named Schuyler (Skip) Grow head of Telecommunications Investment Banking effective immediately.

"Telecommunications is an extremely important strategic business for First Union Securities and we expect it to be a very significant contributor to our growth," noted Steve Cummings, Co-Head of Investment Banking for First Union Securities. "Skip has been instrumental in the development of our business with emerging telecom companies and we look forward to the growth of this business under his leadership."

Skip joined First Union in 1993 and had been a member of the Mergers & Acquisitions group at Wheat, First Securities. Prior to joining the firm, Skip worked at Kidder, Peabody & Co. in New York and Sydney, Australia. Skip received his MBA from Harvard Business School and his BS in Finance from the University of Virginia.

"I am excited about the future of the Telecommunications Group and believe that we are well positioned to deliver creative and comprehensive financial solutions for emerging companies in this growing industry," noted Skip. "I believe we are poised for much success in the future."

First Union Securities Inc is a registered broker-dealer and member NYSE/NASD and SIPC providing investment banking, merger and acquisition advisory and brokerage services to corporations, individuals and other institutions throughout the United States. First Union is a leading provider of financial services to more than 16 million retail and corporate customers throughout the East Coast and the nation. It is the nation's sixth largest bank holding company with assets of $235 billion as of September 30, 1999. The company operates full-service banking offices in Connecticut, Delaware, Florida, Georgia, Maryland, New Jersey, New York, North Carolina, Pennsylvania, South Carolina, Tennessee, Virginia and Washington, D.C., and securities offices in 41 states.

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