PRESS RELEASES

Media Contact: Danielle Dietz
(704) 383-5392

February 17, 2000
First Union Securities Names Joseph Dempsey Head of Telecommunications Investment Banking Group

CHARLOTTE, NC - First Union Securities, Inc. has named Joseph Dempsey head of Telecommunications Investment Banking effective immediately.

"The telecommunications industry group is an extremely important strategic business for First Union Securities," noted Steve Cummings, Co-Head of Capital Markets for First Union Securities. "Joe brings a wealth of knowledge and experience in this dynamic industry that will be pivotal in the growth of this group for us."

Dempsey joins First Union Securities from Bear Stearns where he was a Managing Director in the Telecom Group focusing on the CLEC and ISP businesses. Prior to Bear Stearns, Dempsey worked with Goldman Sachs and Merrill Lynch. Dempsey received his MBA and AB from Dartmouth College.

"I am excited about joining First Union Securities' Telecommunications Group and look forward to the opportunity to build a premier business in this growing industry," noted Dempsey.

First Union Securities' Telecommunications Investment Banking group has a team of twenty-six professionals dedicated to serving clients' financial needs with a broad range of investment banking products including M&A advisory services, Equity Underwriting, and Loan Syndications. In addition, three senior equity research analysts covering a variety of sectors within the telecommunications industry support the group.

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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