PRESS RELEASES

First Union Corporate Trust Group believes in putting down roots in the local markets it serves. We have not wavered from this commitment and, as a result of our efforts in New York City, have been awarded a major book of business by the New York City Industrial Development Agency," said Jim Cornelius, senior vice president of the Corporate Trust Group.

"We are pleased to be a part of this world-class city and the entire metropolitan area. We have assembled a team with extraordinary dedication, commitment to quality, and record of success, and we look forward to building strong relationships with our customers and to helping them reach their goals."

David Massa, vice president, is managing the new office. Massa has ten year's experience in the corporate trust industry, with strong experience in municipal finance in the Northeast. He has provided trust services to many New York state and city agencies and to many corporations, and he is a member of the New York State Government Finance Officers Association. Massa graduated cum laude from the State University of New York at Stony Brook.

Michelle Mena, a native New Yorker, has moved from the First Union Bond Administration office in Hartford, Connecticut, and is the Account Relationship Manager for the New York City Industrial Development Agency issues in the new Corporate Trust Group office.

Mena, a corporate trust officer, has a strong background in corporate trust services. She received certification as a Corporate Trust Specialist from the Cannon Financial Institute. A graduate of Albertus Magnus College, she joined the First Union team in 1997.

The new office is located at 1 World Trade Center, 47th floor. The staff will handle a broad range of administration functions including bond trustee services (paying agent, bond registrar, transfer agent, escrow agent) and investment management services for corporate, municipal and institutional customers across New York. First Union Corporate Trust Group also provides structured finance trust services, claim track services (bankruptcy and class action claims administration) and equity services.

In addition to the new New York office, First Union serves its corporate trust customers from the following locations: Miami and Jacksonville, Fla; Charlotte; Philadelphia; Atlanta; Houston; Boston; Nashville; Richmond; Columbia, S. C.; Wilmington, Del.; Morristown, N.J.; and Hartford, Conn.

First Union's corporate trust services are delivered as a part of the companys Capital Management Group (CMG), which includes asset management and investment advisory products and services for individuals, businesses and governmental bodies. CMG businesses include the sixth largest broker-dealer, largest bank annuity provider, fourth largest discretionary personal trust asset manager, and a top twenty mutual fund company. The Corporate Trust Services Group currently has more than $6 billion in assets under management and more than $231 billion in assets under care.

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 46 states and international offices worldwide. Online banking products and services can be accessed through www.firstunion.com.