PRESS RELEASES

Media Contact: Mark Folk
(704) 383-7088

December 19, 1997
First Union Capital Markets Corp. Advised Hester Industries in Merger
First Union's Merger and Acquisition Group Completing Very Successful Year

CHARLOTTE - First Union Capital Markets Corp. served as financial advisor to Hester Industries in the acquisition of the company by ConAgra, Inc. Terms of the stock transaction -- accounted for as a pooling of interests -- were not disclosed. First Union Capital Markets Corp. is the investment banking subsidiary of Charlotte-based First Union Corporation.

Hester Industries, also known in the food industry as Pierce Foods, is headquartered in Winchester, Va., and operates a production facility in Moorefield, W.Va. Hester is a privately owned manufacturer of a wide array of value-added poultry products marketed primarily to food service outlets. ConAgra is an internationally diversified food company based in Omaha, Neb.

"We are extremely pleased with the expertise, dedication and service that First Union exhibited on behalf of Hester Industries in this transaction," said Wendell "Del" Hester, founder and chairman of Hester Industries. "First Union played a critical role in helping us through every stage of the transaction process."

Brian McDonagh, managing director of First Union Capital Markets Corp.'s Merger and Acquisition Group, said, "Hester Industries has had an important and long-term relationship with First Union in Virginia. We are pleased to assist Hester in positioning itself for its next stage of development. This transaction represents another example of First Union's commitment to helping clients achieve their corporate objectives."

The Merger and Acquisition Group is dedicated to providing middle market companies with full service financial advisory capabilities, including purchase and sale assignments, fairness opinions, valuations and takeover defense. The Group has acted as financial advisor on 21 closed or announced merger and acquisition transactions in 1997.

First Union Capital Markets Corp. provides a full range of investment banking products and services, including merger and acquisition advisory, asset-backed finance, public finance, syndicated loans, private finance, equity underwriting and investment grade and high-yield debt finance.

First Union has grown its capital markets business substantially over the last three years. First Union's Capital Markets Group reported 1997 fee income through Sept. 30 of $531 million, up from $464 million for the full year of 1996 and $265 million in 1995.

Charlotte-based First Union Corporation is the nation's sixth-largest bank holding company with assets of $144 billion as of Sept. 30, 1997. The company serves approximately 12 million customers throughout the East Coast and nation.

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