PRESS RELEASES

Contact: Arati Sontakay
(704) 383-6996

January 27, 2000
First Union Securities Names Steve Cummings and Barnes Hauptfuhrer Co-heads of Capital Markets

CHARLOTTE - First Union President G. Kennedy Thompson today announced that Stephen E. Cummings and W. Barnes Hauptfuhrer will jointly lead the Capital Markets Division of First Union Securities. Cummings and Hauptfuhrer were running the investment banking business within Capital Markets.

"As co-heads of the Investment Bank, Steve and Barnes have risen to the challenge of building that business and taking it to the next level. In addition, they have instilled a strong client-focused culture in their organization, which we are leveraging across our entire Capital Markets division," Thompson said. " I know that Steve and Barnes' combination of strategic vision, experience and hard work will propel our dynamic Capital Markets business even further."

As co-heads of First Union's investment banking business, Cummings and Hauptfuhrer successfully integrated the key businesses that the EVEREN, Wheat First and Bowles Hollowell acquisitions brought to the company. In addition, they have continued the growth of leveraged finance, expanded the principal investing area and positioned First Union's important equity underwriting platform for the future.

"Our clients are the growing companies making waves in their industries, and we are focused on bringing ideas, capital and execution expertise to help them meet their growth goals," Cummings said.

"First Union Capital Markets has grown tremendously since its formation in 1994 due to teamwork and dedication of our bankers, product specialists and research analysts, said Hauptfuhrer. "We look forward to continued strategic growth that will best serve our clients."

First Union Capital Markets revenues grew to $3.13 billion in 1999, up from $2.28 billion in 1998. The division employs 5,600.

Cummings joined First Union in 1998 after First Union acquired Charlotte-based merger and acquisition advisory firm Bowles Hollowell Conner. Cummings began his investment banking career in the corporate finance division of Kidder Peabody in New York. He joined Bowles Hollowell in 1984 and was elected Chairman and Chief Executive in 1993. He holds a bachelor's degree from Colby College and an M.B.A from Columbia University.

Hauptfuhrer joined First Union in 1988 to develop and lead First Union Capital Partners, the company's principal equity investing unit. Prior to joining First Union, Hauptfuhrer also worked for Kidder Peabody's investment banking department in New York for seven years. Hauptfuhrer has a bachelor's degree from Princeton University and a J.D. and M.B.A from the University of Virginia.

Important Notice: First Union Securities is the trade name under which First Union Corporation conducts its investment banking, merger and acquisition, asset management and mutual fund, brokerage and insurance businesses.

First Union Securities includes: (1) First Union Securities, Inc. ("FUSI"), 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; (2) First Union Brokerage Services, Inc. ("FUBS"), a separately registered broker-dealer and member NASD and SIPC providing primarily retail brokerage services; (3) First Clearing Corporation ("FCC"), a separately registered broker-dealer and member NYSE/NASD and SIPC, providing securities clearance and settlement services; (4) the Capital Markets and Capital Management Groups within First Union National Bank ("FUNB"), a national banking association, and its subsidiaries, providing asset management, lending, structured finance risk management, derivatives, and fiduciary services to institutions and individuals; (5) various subsidiaries within First Union Corporation providing investment advisory, administrative and other services to the Evergreen and Mentor families of mutual funds; and (6) various wholly-owned state insurance agencies.

Stocks, bonds, mutual funds or other securities offered or sold through First Union Corporation or any of its bank or non-bank subsidiaries are not deposits of any bank and are not insured, guaranteed or otherwise protected by the Federal Deposit Insurance Corporation or any other government agency; are not endorsed or guaranteed by First Union Corporation, FUNB or any bank; and involve investment risk, including possible loss of principal.

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