PRESS RELEASES

May 12, 2000
First Union Securities Adds Director in Asset Securitization Division

NEW YORK - First Union Securities, Inc. has announced that Mark Tuminello has joined the Asset Securitization division as director, focusing on the continued development of the company's aircraft asset backed securities business. Tuminello will be based in New York.

Tuminello has spent a good portion of his career focused in the aircraft and aviation finance business. Most recently he was a Vice President and Senior Analyst in Structured Finance at Moody's Investor's Services in New York, with an emphasis on the aircraft securitization market . Prior to Moody's, he worked at Credit Lyonnais Securities, Inc as Director of Structured Finance and at Barclays Group as Director in their Structured Finance Division. "We are pleased to have Mark on board directing our effort in this strategic and promising component of our business," said Scott Shannon, First Union's Managing Director of Commercial Assets. "Mark brings a wealth of experience that will help support our continued focus on providing proactive ideas and value-added solutions to our clients." First Union's Asset Securitization Division is dedicated to serving corporate clients with a comprehensive offering of asset-backed and structured finance capabilities. With more than 65 professionals covering a broad range of asset classes, this group has the capacity to deliver a full service asset-backed finance program that enables clients to optimize execution.

First Union, with $254 billion in assets and stockholders' equity of $17 billion at March 31, 2000, is a leading provider of financial services to 16 million retail and corporate customers throughout the East Coast and the nation. The company operates full service banking offices in 12 East Coast states and Washington, D.C., full service brokerage offices in 42 states and international offices worldwide. Online products and services can be accessed through www.firstunion.com.

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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