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Kelly, 46, recently retired from The Toronto Dominion Bank in Canada where he held several senior management positions during his 19-year tenure, most recently serving as vice chairman of the group office. Functions reporting to Kelly in this position included finance, information technology and other major staff areas. Earlier positions included vice chairman of retail banking, chief financial officer of the corporation, and senior positions in the Capital Markets Group. Kelly also had accountability for TD Waterhouse, now the third largest discount brokerage in the world.

"Bob brings to First Union not only a strong background in finance leadership, but a keen understanding of our business," said Thompson. "His direct experience with all three legs of our business model—general banking, capital management and capital markets—makes him an ideal chief financial officer for our company."

The Toronto Dominion Bank is one of Canada's largest banks in terms of market capitalization and customer base. With $180 billion in assets, the banking group offers a full range of financial products and services to 13 million customers, primarily in Canada and the U.S.A., through five key businesses: retail banking, discount brokerage, corporate and investment banking, mutual funds and investment management, and commercial banking.

Kelly holds a bachelor of commerce degree from St. Mary's University in Halifax, Nova Scotia, and a masters degree in business administration from The City University in London, England. Prior to joining The Toronto Dominion Bank in 1981 he worked as an accountant for major accounting firms.

"First Union is an exceptional financial services franchise with the scale, geographic positioning and business mix to be a leader in growth and shareholder returns," said Kelly. "The company has the customer base, products, services and talent to be a leading force in e-commerce and high-growth/high return businesses like wealth management and mutual funds. With strong foundations in general banking and capital markets, also, and an impressive leadership team, First Union has good potential for superior long-term value creation."

First Union (NYSE:FTU), with $247 billion in assets and market capitalization of $31 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.