PRESS RELEASES

December 18, 1998
First Union Global Cash Management Ranks as Third Largest in 1998 Ernst & Young Survey
All Key Products Ranked in Top Five

First Union Corporation's Global Cash Management Division is the third largest domestic cash management provider in the country, according to the 1998 Ernst & Young Cash Management Services Survey. First Union's Global Cash Management revenue is also growing at a 14% clip, two times faster than the banking industry average, according to the survey.

According to Ernst & Young, First Union's Global Cash Management Division also ranks in the top five for its key cash management products. Some of the highest ranked products include corporate check clearing, retail and wholesale lockbox, PC-based information reporting and Automated Clearing House services. In addition, First Union ranked sixth in total wire transfers. Ernst & Young measures the domestic cash management industry.

"We are pleased with our strong rankings because they mean that companies of all sizes are choosing First Union to be their treasury partner. In addition, our continued growth is being fueled by the expansion of existing customer relationships," said Nina Archer, Executive Vice President of First Union's Global Cash Management Division. "Our sophisticated and diverse array of product offerings and continued commitment to technology serve all our customers' needs. First Union is well positioned to anticipate and meet customers' financial requirements as they continue to evolve."

First Union is a leading provider of interstate banking services through its East Coast franchise. First Union's cash management services are available worldwide and meet the needs of a diverse client base. The company has a broad scope of product offerings to meet the needs of a diverse client base. The company has a broad scope of product offerings to meet the clients' full cash flow requirements such as nationwide lockbox processing, international cash management capabilities and Internet-based electronic commerce services.

"By serving high growth customer segments and through an impressive series of acquisitions, First Union has propelled itself to the top ranks of domestic cash management players," said Lawrence Forman, Ernst & Young consultant.

In May, First Union's Global Cash Management Division announced a $70 million commitment to new product development over the next two years. Priorities include enhancing international trade and payment products to better suit customers' global reach and focusing on technology that gives customers direct access to products, information, fulfillment and servicing.

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