PRESS RELEASES

Media Contact: Elizabeth Hodges
(704) 383-5188

April 03, 2000
First Union Securities Completes Fourth Insurance Company Bond Offering This Year
Ace Limited Deal Marks 4th Insurance Sector Transaction in First Quarter 2000

CHARLOTTE - First Union Securities acted as senior co-manager on the placement of a $300 million bond issue for ACE Limited (NYSE:ACL), one of the world's largest providers of property and casualty insurance and reinsurance.

This deal is the fourth insurance company bond offering First Union Securities has co-managed this year including a $450 million offering for Everest Reinsurance (NYSE:RE), a $300 million offering for The MONY Group (NYSE:MNY) and a $800 million offering for Conseco (NYSE:CNC). First Union Securities' Insurance Group is the only investment banking group involved in that number of transactions in the insurance sector this year.

"We are committed to providing financial solutions to our clients in the insurance industry," noted Cathy Dolan, head of First Union Securities' Insurance Investment Banking. "Our high level of activity reflects our ability to provide relevant market knowledge to our insurance clients looking for financing solutions in a challenging market environment."

First Union Securities' Insurance Investment Banking Group stands as one of a limited number of full-service financial institutions with a specialized focus on the insurance industry. Through the coordination of the Insurance Investment and Corporate Banking Groups, First Union Securities remains committed to providing insurance companies with a full array of capital raising alternatives and strategic advice.

In addition, First Union Securities has announced a strategic focus on financial services technology firms through its newly formed eFinance group. eFinance will combine the efforts of the Technology, Insurance and Specialty Finance Investment Banking Groups to provide advisory and capital raising services to new and existing firms applying the Internet and technology in business-to-business and business-to-consumer segments.

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 Charlotte based 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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