PRESS RELEASES

The new office provides commercial mortgages and other real estate finance related services to owners and developers of apartments, shopping centers, warehouses, office buildings and other commercial properties. First Union has hired Michael J. Spoor, who served as president of Banc One's commercial mortgage origination company, to manage the office. Working with Spoor will be Clay Wright, who also joined First Union from Banc One.

First Union Capital Markets Group is the trade name for the capital markets activities of Charlotte, N.C.-based First Union Corporation, the nation's sixth-largest bank holding company.

"We are excited to have such b and talented professionals as Michael and Clay join our team as we expand our presence in the Southwest and further enhance our national loan origination and commercial real estate finance capabilities," said Steve Jones, director of product delivery and client management within First Union's Real Estate Capital Markets Group. "Through this new office, we are putting ourselves and our competitive real estate capital markets products directly in front of customers in the Southwest."

In addition to Houston, First Union Capital Markets also has opened this year commercial real estate finance offices in Chicago and Irvine, Calif. First Union operates other commercial real estate finance offices along the East Coast.

The Houston office will service six states - Texas, Oklahoma, Arkansas, New Mexico, Arizona and Colorado.

Loans originated from the Houston office will be pooled and sold in the form of securities to insurance companies and other institutional investors. In 1996, First Union ranked as the nation's leading commercial bank originator of securitized commercial mortgage loans. First Union has originated more than $2 billion of commercial mortgages for securitization over the last three years.

Spoor has more than 24 years experience in commercial banking and real estate lending. In 1994, Spoor was named president of Banc One Commercial Loan Origination Corporation, which focused on financing existing income producing commercial properties. Prior to that, Spoor served as managing director of a Banc One subsidiary that specialized in commercial mortgage servicing.

Wright has more than 10 years of commercial banking and real estate finance experience. His primary responsibilities at Banc One included the underwriting of commercial loans and portfolio management. Wright also has worked in credit administration at First Interstate Bank of Texas.

First Union Corporation provides a full range of capital markets products and services to corporate clients including real estate finance, public finance, asset-backed securities, syndicated loans, merger and acquisition advisory, private placements and high-yield finance.

First Union Corporation is a full financial services provider with assets of $143 billion as of June 30, 1997. The company serves approximately 12 million customers throughout the East Coast and nation.

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