PRESS RELEASES

Media Contact: Elizabeth Hodges
(704) 383-5188

July 13, 2000
First Union Securities Hires James Rice to Head Utilities Investment Banking

CHARLOTTE-First Union Securities has announced that James Rice has joined the firm as head of Utilities Investment Banking. Rice was formerly a managing director in the Global Power Group at J. P. Morgan.

Jim has a track record of demonstrated expertise in the power industry, said Steve Cummings, co-head of Capital Markets. We look forward to Jim's contributions and know he will play an important role in the growth of this group.

"Jim will make an exceptional leader for the talent we already have in the Utilities Investment Banking Group," said John Papadopulos, managing director and head of consumer and industrial Corporate Finance. "We are thrilled to have someone of Jim's caliber and expertise join our team. His background brings the requisite experience to provide value-added leadership in this dynamic sector."

I'm delighted to join First Union because of its strong reputation for providing financial services to the utilities industry. Our group is in an excellent position to serve the needs of growing companies within the rapidly changing utilities market. I'm excited at the prospect of working with a team that has such an excellent platform," Rice said.

Rice was most recently at J. P. Morgan as managing director in the Global Power Group and the Telecom Group. Prior to J. P. Morgan, he worked in the Utility Group of Goldman Sachs. He holds a bachelors degree from the United States Naval Academy and a master of business administration from The Wharton School at the University of Pennsylvania.

First Union Securities' Utilities Investment Banking Group has earned its strong reputation for proactive idea generation, access to the capital markets including investment banking and fixed income products, and high-quality transaction execution through years of success. First Union has built a strong team of utilities experts focused exclusively on the financial challenges and opportunities in this evolving sector. Coverage includes electric, gas, water and propane companies.

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 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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