PRESS RELEASES

Green Earth is the result of a $5.3 million community development loan funded by First Union. The first loan made in the 'lower 48' states, it is also the largest under the U.S. Department of Housing and Urban Development's (HUD) Title VI Loan Guarantee Demonstration Program of the Native American Housing Assistance and Self-Determination Act (NAHASDA) of 1996.

Phase I will include 65 single-family homes, 25 cottage-type units and 30 apartments. Ultimately, Green Earth will include four phases of single- and multi-family housing, office and retail space, social services facilities and recreational areas. The site is located at the end of Sturgis Road in York County, just outside of Rock Hill.

"Green Earth reflects our commitment to work with our community development partners to make affordable housing a reality," said Jane Henderson, director of community development for First Union. "We're thrilled that our efforts and partnership with Iswa Development Corporation will take shape as energy-efficient homes and apartments for Catawba Nation families."

"First Union was instrumental in helping us take Green Earth from the concept stage to today's ground breaking," said Carson Blue, secretary/treasurer of the Catawba Indian Reservation and chairman of Iswa Development Corporation. "They worked with us to develop innovative financing in combination with HUD grants, and as a result, we're able to provide outstanding housing opportunities on a faster schedule."

The HUD NAHASDA Title VI Program provides tribes and Tribally Designated Housing Entities the ability to establish model programs that develop affordable housing and increase capital for further economic growth.

Iswa will construct the community in a way that minimizes environmental impact and reflects the Catawba Indians' reverence for nature. The community will be built using sustainable development techniques to protect the Catawba River, and homes will incorporate energy-efficient designs to earn the Energy Star rating from the U.S. Environmental Protection Agency.

First Union (NYSE:FTU), with $247 billion in assets and stockholders' equity of $15 billion at September 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 11 East Coast states and Washington, D.C., and full-service brokerage offices in 45 states and international offices worldwide. Online banking products and services can be accessed through www.firstunion.com.