PRESS RELEASES

Contact: Arati Sontakay
(704) 383-6996

March 16, 1999
First Union Global Cash Management Introduces Dual Funds Transfer Capabilities in Single Internet Product
First user is Commonfund Treasury, investment organization for educational institutions nationwide

CHARLOTTE-First Union's Global Cash Management Division has launched significant enhancements to WebInVision, its popular Internet-based funds transfer and information reporting service. By the end of April, customers using WebInVision will have domestic repetitive wire and Automated Clearing House funds transfer capabilities. First Union is one of the first banks to offer these services in one Internet-based product.

"We are delighted to be among the first in the industry to bring our customers these wire transfer and ACH capabilities via the Internet," said Nina Archer, Global Cash Management Head and Executive Vice President. "WebInVision is just one example of our commitment to help our clients achieve their financial goals by providing them with cutting-edge cash management services that are delivered electronically."

Westport, Conn.-based Commonfund Treasury, Inc., a 25-year First Union customer, is the first to use these enhancements as part of its Treasury Access product. Commonfund is a non-profit investment organization for educational institutions. About 1,200 institutions such as day cares, schools and universities use Commonfund's short-term investment fund. Commonfund's mission is to substantially enhance the financial resources of the education community through superior funds management, advice and services designed to lower costs and improve administrative efficiencies.

"These added capabilities allow Commonfund's clients to concentrate payments into their investment accounts electronically using repetitive wires and have real-time access to their account information," said Jon Speare, Managing Director of Commonfund Treasury. "Initiating these transactions over the Internet is tremendously convenient because it eliminates the disconnect between the cash management service and the investment. First Union is a true leader in bringing funds transfer and electronic transaction capabilities to the Internet."

These enhancements to WebInVision provide customers with a speedy and secure way to make electronic funds transfers such as direct deposit of payroll and cash concentration.

This Internet-based product is an easy and economical choice for companies since it does not require any special software or extra staffing. First Union clients will be able to access WebInVision through Netscape Navigatord or Microsoft Internet Explorerd browser. WebInVision uses common browser technology so training is simplified.

Using WebInVision to initiate funds transfers will enable clients to:

Conduct financial business from anywhere in the world; Save time by using repetitive transfers; Export data into other applications, create custom reports and automatically update accounting systems; Achieve privacy through advanced encryption and authentication technology; and Receive expert assistance from First Union's Technical Consulting Hotline.

In May, First Union's Global Cash Management Division announced a $70 million commitment to new product development over the next two years. Priorities include enhancing international trade and payment products to better suit customers' global reach and focusing on technology that gives customers direct access to products, information, fulfillment and servicing.

Electronic commerce, Internet services, nationwide lockbox processing and a variety of PC-based options are among the many cash management services available at First Union. First Union offers a full range of collection, disbursement, information reporting and electronic commerce services designed to improve day-to-day efficiency of company treasury operations and maximize company return on cash assets. First Union's cash management products have earned top marks in surveys by Phoenix-Hecht and Ernst & Young. First Union is the third largest cash management bank in the country, according to Ernst & Young.

Charlotte-based First Union Corporation is the nation's sixth-largest bank with assets of $237 billion. First Union serves more than 16 million retail and commercial customers and has offices throughout the East Coast from Florida to Connecticut.

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