PRESS RELEASES

Media Contact: Elizabeth Hodges
(704) 383-5188

July 13, 2000
First Union Securities Acts as Lead Arranger, Sole Book Runner and Administrative Agent for Sleepmaster LLC

CHARLOTTE, NC--First Union Securities recently served as lead arranger, sole book runner and administrative agent for $172.5 million in senior secured credit facilities for Sleepmaster, the largest manufacturer and distributor of Serta-branded bedding products, based in Linden, NJ.

The financing supports Sleepmaster's acquisition of Crescent Sleep Products, the third largest Serta licensee, based in Greensboro, NC. Citicorp Venture Capital was the equity sponsor for the transaction.

"This is the third acquisition First Union Securities has financed for Sleepmaster over the past 18 months," said Charlie Schweitzer, CEO of Sleepmaster. "We were very pleased to further build on our relationship with First Union."

"This transaction highlights our ability to bring clients varied expertise and quick execution," said Bill Blue, managing director of First Union Securities' Consumer and Retail Investment Banking Group. "This deal exemplifies First Union's ability to bring ideas and capital to growing companies."

First Union Securities' Consumer and Retail Investment Banking Group has earned its strong reputation for proactive idea generation, access to the capital markets and high-quality transaction execution through years of success. First Union has built a strong team of 35 consumer and retail experts focused exclusively on dynamic growth companies and opportunities in this sector.

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., and full-service brokerage offices in 41 states. Online banking 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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