PRESS RELEASES

"The formation of the Financial Services Group brings us increased capabilities for this industry by tapping synergies between the various financial service sectors and allowing us to leverage our eFinance expertise with our traditional financial service clients," said Steve Cummings, First Union Securities' co-head of Capital Markets.

"Our strategy is to focus on delivering value-added ideas to our clients through merger and acquisition advisory services, private and public equity raises, and private and public debt placements," said Bob Grunewald, head of Financial Services Investment Banking. "Financial services are rapidly moving on-line, and we are particularly well-positioned to assist both our eFinance and traditional financial service clients in developing their Internet strategies."

"This restructuring allows us to leverage the capabilities of the insurance, asset management and specialty finance groups to better suit all aspects of the financial services industry," said Cathy Dolan, a managing director in the Financial Services Group who focuses on insurance investment banking.

The Financial Services Investment Banking Group focuses on the following sectors: specialty finance, insurance, and asset management. Insurance coverage includes Insurance Brokerage and Alternative Distribution, Life and Health, Property and Casualty, Reinsurance, Insurance Technology and Services, and Third-Party Administrators. eFinance coverage includes Online Insurers and Lenders, Online Marketplaces, and Financial Service Technology Enablers. Specialty Finance coverage includes Consumer Finance, Credit Cards, Diversified Commercial Finance, Leasing, and Mortgage Finance.

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.

Important Notice: First Union Securities is the trade name under which Charlotte based 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.