PRESS RELEASES

Contact: Tara Bullock
(704) 383-8164

May 13, 1998
Jacksonville Resident Wins $25,000 in First Union "CAP Account Investment Challenge"

JACKSONVILLE, Fla. - Fred Voisen, of Middleburg, has won the First Union "CAP Account Investment Challenge" $25,000 grand prize. Outperforming more than 2,700 competitors in the Jacksonville area, he was awarded a "big check" in the amount of $25,000 during a surprise visit at his home today by Roger Pearce, First Union area president.

In February, First Union launched the "CAP Account Investment Challenge," as a unique program, open to the public, to support local Reading is Fundamental((RIF) chapters, to increase awareness of First Union's CAP Account - a combined banking and investment account - and to encourage Florida residents to learn about investment tools to best manage their money. Applicants "invested" $15,000 in "fun" money by choosing three NYSE stocks. Because the contest focused on investing, applicants had to keep their initial stock picks for the duration of the contest.

The "CAP Account Investment Challenge" raised more than $6,700 to be donated to local RIF initiatives as part of First Union's Excellence in Education program, a component of First Union's "Keep Florida Green" campaign. RIF is the United States' oldest and largest children's literacy nonprofit organization.

Voisen's 35.85 percent increase in the value of his chosen "stock portfolio" netted him first place. The second place portfolio was a close 32.75 percent increase. The contest lasted from March 16, 1998 until May 10, 1998.

OTHER DATA:

NYSE Composite for the same period: 2.92%
DOW performance for the same period: 3.17%
69.30% of contestants had a positive portfolio change, of those, their average portfolio change was 4.15%, equal to 49.80% annualized over 12 months
Average contestant portfolio change: 2.89%, equal to 34.69% annualized over 12 months
Top 25% of contestants had a portfolio change of 10.94%, equal to 131.30% annualized over 12 months
Top 50 contestants had a portfolio change of 19.90%, equal to 238.77% annualized over 12 months.

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