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This additional financial settlement functionality will support MeetChina's existing suite of tools for conducting cross-border trade. The initial product roll-out will encompass CyberBankLC and CyberXport, First Union's international web-based products, allowing for full transactional processing of commercial letters of credit from initiation to advising to transferring.

"By licensing CyberXport to MeetChina.com, First Union enables their trading partners to receive an advance copy of letters of credit (LC) over the web, apply for transfers, and initiate LC and documentary collection requests, regardless of physical location," said Simon Constantinides, Director within First Union's Global Trade Services Group. "First Union's middle market and corporate client base will gain access to MeetChina's powerful procurement offering, be able to initiate their LC applications within MeetChina's advanced procurement solution, and leverage off our AutoLC technology for application generation. This capability will strip out excessive time delays that are prevalent in the world's current LC issuance and advising practice."

"First Union brings technology and innovation to the payment process, providing a critical step toward allowing buyers and sellers to complete transactions through our web-based marketplaces. For China, and other emerging markets where we are expanding, LC's are the dominant method of cross-border trade. First Union's capabilities and global reach give MeetChina a key partner to assist in our global expansion," said Bret Kushner, Vice President of Strategic Alliances at MeetChina.com.

MeetChina's platform will capture the data necessary for purchase orders to be conveyed to First Union. First Union will then issue commercial letters of credit on behalf of its clients, or will route data to the member's existing bank for letter of credit issuance. The MeetChina/First Union solution will encompass all traditionally required information for payment, including product specifications, quantity, shipment specifications and authorizations for letters of credit, directly within the MeetChina trading environment.

The integration of procurement and financial processes will benefit buyers by eliminating duplicate data input, enhancing accuracy (allowing real-time letter of credit status updates), decreasing discrepancies and reducing costs. Large-scale financial transactions have, until now, remained offline because of technological constraints, legal obstacles (e.g. making digital signatures valid on legal documents), and the lack of participation from a global financial institution like First Union. The open architecture of the MeetChina solution will allow seamless integration to other MeetChina partners for insurance, inspection and logistics services.

About MeetChina.com

Founded in 1998, MeetChina.com provides global purchasers the ability to search for Chinese suppliers and conduct on-line negotiations. MeetChina.com soon will offer the ability to raise purchase orders and complete all payment and fulfillment services on-line as well. Building from a foundation of listing trade leads and information for Chinese companies, MeetChina.com has grown into one of China's largest e-commerce firms, with 16 offices in China and the U.S., over 600 staff, and more than 70,000 listed manufacturers. The company, building on its China experience, is presently in the process of expanding its supplier reach to a number of other markets including Korea, Vietnam, India, Malaysia, Indonesia, Thailand, Australia and Brazil. Additional information can be found on the www.MeetChina.com.

About First Union

First Union's International Division's Global Trade Services unit is the fifth largest trade provider in the U.S. and the leading third party trade processor globally. First Union also ranks first in Eximbank insurance program usage. The company ranks seventh in CHIPS payment system volume and is a global market leader in U.S. cash letters processed for foreign banks. First Union's International Division has 7000 international correspondent banking relationships and more than 1,400 correspondent bank accounts in over 130 countries. The division's global network encompasses 30 representative offices, four international processing centers located domestically and six branches worldwide. In addition to correspondent banking, global trade services and trade services outsourcing, First Union also provides embassy banking and international corporate banking. First Union's International Division works with the company's Global Capital Markets, Global Capital Management and Global Cash Management divisions to service customers worldwide.

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.