PRESS RELEASES

Media Contact: Danielle Dietz
(704) 383-5392

March 09, 2000
First Union Securities Names Horace Zona Head of Telecommunications Corporate Banking

CHARLOTTE, NC -First Union Securities, Inc. has named Horace J. Zona III head of Telecommunications Corporate Banking effective immediately. Mr. Zona will work jointly with Joe Dempsey, head of Telecommunications Investment Banking. Mr. Zona and his team will focus on the delivery of value-added debt products solutions (including senior debt, high yield and derivatives) to the rapidly growing Telecommunications sector.

"We are very excited to have Horace join us to run our Telecommunications Corporate Banking group," noted Roger Pearce, Head of Corporate Banking for First Union Securities. "Horace brings a wealth of knowledge and experience in this dynamic industry."

Mr. Zona joins First Union Securities from TD Securities where he held several positions and was most recently a Managing Director of the Media, Telecom and Technology group. Prior to TD, Mr. Zona worked with UBS Securities and Kidder, Peabody & Co., Inc. Mr. Zona received his BA from Boston College.

Telecommunications is on of eighteen industry groups through which First Union offers clients corporate and investment banking products. Currently, First Union Securities is building a team of bankers dedicated to the Telecommunications Industry.

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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