PRESS RELEASES

Contact: Arati Sontakay
(704) 383-6996

May 19, 1998
First Union Global Cash Management Commits $70 Million for Product Development
Customers will have direct access to wide, sophisticated product range

CHARLOTTE - First Union's Global Cash Management Division has allocated more than $70 million for product development over the next two years. The money is committed to developing technologically sophisticated products tailored to individual market segment needs. This investment is the largest First Union has committed to cash management product development to date.

"We are committed to being an industry leader with advanced technological capabilities and innovative product offerings for our customers," said Nina Archer, First Union Executive Vice President and Head of Cash Management. "First Union is well ahead of the curve in Year 2000 preparation so we can focus our energies and resources on bringing customers the most advanced products."

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. Customers will be able to maximize their use of funds through what is virtually an electronic extension of their treasury operation.

Other plans call for:

Continued enhancement of small business electronic banking products, adding features such as loan applications and bill payment and presentment on the Internet;
Enhancing image technology for First Union's national lockbox network, including on-line and CD-ROM access to check/invoice and exception item images;
Expanding interstate customer processing capabilities including interstate zero balance account capability and access to comprehensive account activity; and
Expanding paper and electronic risk management capabilities.

"The depth of our product offerings gives us a clear competitive advantage. First Union is the only financial institution with all key products ranked in the top ten according to the most recent Ernst & Young survey," said Michael Daley, First Union manager of the domestic cash management wholesale product line. "We are working to meet the needs of our diverse customer base by developing products customized for their specific sizes and industries. In addition, First Union is developing a multicurrency payment offering to meet the requirements of customers around the world."

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 has 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 $220 billion following its merger with CoreStates Financial Corp. April 28, 1998. 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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