PRESS RELEASES

August 01, 2000 First Union Announces CyberXport Letter of Credit The First Web Letter of Credit Service for Exporters in First Union's Cyber Trade Services Family CHARLOTTE--First Union Corporation has introduced its first Internet-based service for exporters, CyberXport. CyberXport offers First Union's customers enhanced export trade initiation capabilities, expanded export reporting capabilities, and state-of-the-art security controls through a software-free delivery channel. The service, accessible through www.firstunion.com/international, has successfully completed a three-month pilot test with several key customers. CyberXport allows customers to receive and review advised letters of credit on the Internet as soon as they are received by the bank, doing away with paper and manual effort currently involved. Customers can view and print complete copies of each letter of credit. In addition, special requests can be submitted over the Internet for letter of credit transfers and assignments. "Our goal is to provide our corporate customers with the latest technologies for international trade and e-commerce," said Steve Nichols, managing director of Global Trade Services. CyberXport extends First Union's reputation as a market innovator in web-enabled trade services. CyberbankLC, launched several years ago, was the first Web-based product in the world for import trade services. CyberXport is the mirror image of CyberbankLC, offering customers export trade services. CyberXport continues this leadership position with robust features allowing exporters to benefit from the latest advances in Web technology, with the security and confidentiality our clients expect. We'll soon be enhancing CyberXport with documentary collection initiation and reporting features." Using CyberXport for global trade provides customers with access to First Union's onshore and offshore Trade Finance centers for: Confirmed and unconfirmed letters of credit Banker acceptances Extensive reporting on all letter of credit and related activity CyberXport can be configured to the level of security most appropriate to meet internal control requirements. Each user has unique data, which determines privileges within the web site. The system's extensive security and control features include password verification, forced password change, valid user controls, multiple data entry levels, user logs and audit trails. CyberXport runs on a secure First Union web site behind multiple firewalls, and all web sessions are subject to Secure Socket Layer (SSL) encryption. First Union's International Division's Trade Services Unit is the fifth largest trade provider in the U.S. and the leading third party trade processor globally. First Union also ranks first in Eximbank insurance program usage. The company ranks seventh in CHIPS payment system volume and is a global market leader in U.S. cash letters processed for foreign banks. First Union's International Division has 7000 international correspondent banking relationships and more than 1,400 correspondent bank accounts in over 130 countries. The Division's global network encompasses 30 representative offices, five international processing centers and five foreign branches. In addition to correspondent banking, global trade services and trade services outsourcing, First Union also provides Embassy Banking and International Corporate Banking. First Union's International Division works with the company's Global Capital Markets, Global Capital Management and Global Cash Management divisions to service customers worldwide. First Union (NYSE:FTU), with $258 billion in assets and stockholders' equity of $14 billion at June 30, 2000, is a leading provider of financial services to 15 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 and international offices worldwide. Online banking products and services can be accessed through www.firstunion.com.

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