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PRESS RELEASES


Media Contact:   Danielle Dietz
(704) 383-5392

February 29, 2000
First Union Securities Names Anthony Gallo National Director of Equity Research

BALTIMORE - First Union Securities, Inc. has named Anthony Gallo, CFA as National Director of Equity Research. Anthony will co-manage the research division with Todd Wickwire, Director of Institutional Research.

"The addition of Anthony demonstrates our commitment to building a top quality equity research division," said Mickey Misera, Managing Director and Head of Equity Capital Markets for First Union Securities. "A strong research department is key to the success of our Equity Capital Markets business."

Gallo joins First Union Securities after six years with Deutsche Bank Alex. Brown where he was a Director/Senior Equity analyst and Head of the Transportation Equity Research Group. Prior to DB Alex Brown, Gallo worked in Chase Manhattan Bank's regional banking group. He will work out of the First Union Securities' Baltimore, MD equity research offices.

Gallo was a two-time Wall Street Journal All Star Analyst for stock picking and estimate accuracy. In addition he was an Institutional Investor All-American ranked research analyst. Gallo received his BS from Towson University and his MBA from the University of Baltimore.

First Union Securities Equity Research division currently has 51 senior analysts covering nearly 500 companies in nine main sectors: Communications & Technology, Real Estate, Healthcare, Industrial, Energy, Consumer, Furnishings & Textiles, Financial Services, Business Services.

First Union Corporation 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 $253 billion as of December 31, 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.

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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