PRESS RELEASES

In the four month pilot, GTE CyberTrust Customer-Branded Service will issue First Union-branded digital certificates to a small group of First Union Cyberbanking customers. Digital certificates are electronic credentials for secure online transactions, containing information to identify the account holder. The certificates will provide ber authentication and be used to simplify the Cyberbanking log-in process. First Union will enhance customer privileges in the second phase with the addition of bill payment and fund transfer.

"The addition of GTE CyberTrust digital certificates will give our Cyberbanking customers an increased level of convenience and security," said Edgar D. Brown, senior vice president of First Union's Customer Direct Access Division. "Digital certificates are the wave of the future and we are excited to test this product with GTE. We are always looking for ways to offer our customers state-of-the-art online products as well as choice. First Union has more ways for its customers to manage their finances than most banks in America."

"First Union is taking the next step in online banking by testing digital certificates for Cyberbanking," said Tim Carty, vice president, marketing and business development, GTE. "Consumers are demanding ber authentication and transaction security in home banking applications. GTE CyberTrust digital certificates enable greater security for Internet account information and transactions."

First Union customers can access Cyberbanking at www.firstunion.com from any computer with World Wide Web access. Customers may check balances in their checking, savings, money market, CAP, credit card, IRA, loans and time deposit accounts. Cyberbanking customers can also pay bills, transfer funds within First Union, check recent account activity, re-order checks and issue stop payment requests.

Charlotte-based First Union Corp. provides financial products and services to more than 12 million customers nationwide. First Union is the nation's sixth-largest bank holding company with assets of $137 billion as of March 31, 1997.

GTE CyberTrust certification authority products and services enable financial institutions, systems integrators, technology providers and corporate enterprises to issue digital certificates for use in a wide range of applications. GTE CyberTrust digital certificates can be configured to comply with the Secure Sockets Layer (SSL) standard or the latest Secure Electronic Transaction (SET) protocol. GTE is the preferred provider of American ExpressIDs and the exclusive provider of MasterCard-issued SET certificates.

With revenues of more than $21 billion in 1996, GTE is one of the largest publicly held telecommunications companies in the world. In the United States, GTE offers local and wireless service in 29 states and long-distance service in all 50 states. GTE was the first among its peers to offer "one-stop shopping" for local, long-distance and Internet access services. Outside the United States, where GTE has operated for more than 40 years, the company serves over 6.5 million customers. GTE is also a leader in government and defense communications systems and equipment, directories and telecommunications-based information services, and aircraft-passenger telecommunications. Additional information about GTE can be found on the Internet.