PRESS RELEASES

Media Contact: Danielle Deabler
(704) 374-4254

February 02, 2000
First Union Securities Facilitates $290 Million Loan Syndication for DynCorp

CHARLOTTE, NC - First Union Securities recently syndicated $290 million in loans for Reston, Virginia-based DynCorp, a $1.4 billion global information technology (IT) and outsourcing company. First Union's Defense, Aerospace and Technical Services Investment Banking Group raised the capital needed for DynCorp to purchase GTE Information Systems, LLC.

"We chose First Union to be among the three major banks leading the recapitalization of DynCorp because they have expert financial knowledge of the information technology and defense industry as well as a reputable track record with mergers and acquisitions," noted Patrick FitzPatrick, Sr. Vice President and Chief Financial Officer of DynCorp. "Going forward, First Union Securities will continue to be a source of capital for our growing company."

With worldwide headquarters in Reston, Va., DynCorp is among the largest employee- owned technology companies in the United States. DynCorp's purchase of GTE Information Systems, LLC increases DynCorp sales to $1.7 billion in 2000.

"The technology services industry persists in its mode of relentless consolidation," noted Tom Gallagher, Managing Director and head of First Union's Defense, Aerospace and Technical Services Investment Banking Group. "Our firm's domain expertise has enabled us to continue expanding our participation and sustain the industry's trend."

"The technology services industry persists in its mode of relentless consolidation," noted Tom Gallagher, Managing Director and head of First Union's Defense, Aerospace and Technical Services Investment Banking Group. "Our firm's domain expertise has enabled us to continue expanding our participation and sustain the industry's trend."

"This is a critical element of DynCorp's strategy going forward, and we are pleased to have had the opportunity to bring our expertise in this space to bear on this transaction."

First Union served as co-lead and documentation agent, Citibank Salomon Smith Barney served as administrative agent and Deutsche Bank Alex Brown served as the syndication agent in the DynCorp financing deal. Based in Charlotte, NC, First Union's Defense, Aerospace and Technical Services Investment Banking Group currently has a team of 22 professionals focused exclusively on the financial challenges and opportunities in the aerospace, defense, commercial and government IT services sectors. The group provides its industry clients with access to global capital markets and strategic financial advice.

First Union Securities, Inc. is a subsidiary of First Union Corporation, a leading provider of financial services to more than 16 million retail and corporate customers throughout the East Coast and the nation. First Union Corporation 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.

First Union Securities, Inc. ("FUSI") is a registered broker-dealer and member NYSE/NASD and SIPC.

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