PRESS RELEASES

Media Contact: Elizabeth Hodges
(704) 383-5188

July 11, 2000
First Union Securities Announces New Head of Mergers and Acquisitions Advisory Group

CHARLOTTE-First Union Securities has named Mark W. Mealy head of its mergers and acquisitions group. Mealy is based in First Union's Charlotte office.

Mergers and acquisitions is a key strategic business for First Union Securities. I am excited to see Mark in this role and look forward to working with him in building on the significant business Bowles Hollowell Conner brought to First Union, said Steve Cummings, Co-Head of Capital Markets.

Mealy was previously a managing director within the mergers and acquisitions group focusing on emerging growth companies in the service and healthcare sectors. Mealy joined Charlotte-based merger and advisory firm Bowles Hollowell Conner & Co. from Morgan Stanley in 1989; First Union Securities acquired the firm in 1998. Mealy has over 20 years experience working with the capital and liquidity needs of rapidly growing companies. He is a graduate of the Woodrow Wilson School of Public and International Affairs at Princeton University.

Our strategy and commitment to this industry is clear," said Mealy. "We have added talented and experienced individuals with an outstanding track record of delivering value to our clients. First Union is uniquely positioned to provide the full range of advisory, financing and equity services to our clients and to provide creative new investment ideas by leveraging the relationships between product groups.

First Union Securities' mergers and acquisitions team of over 100 bankers provides private equity and corporate clients with industry expertise, strategic ideas, creative thinking and innovative financial solutions to help growing companies meet their financial goals. The M&A group has completed over 350 transactions with a value of $23 billion since 1992, with a balanced mix of sellside, buyside and strategic advisory assignments. The group maintains strong relationships with the nation's leading private equity groups and has access to domestic and foreign industry contacts. First Union Securities has a singular focus on proactive, value-added idea generation and high-quality execution.

First Union (NYSE:FTU), 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 41 states and international offices worldwide. Online banking products and services can be accessed through www.firstunion.com.

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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