PRESS RELEASES

"This accomplishment is a clear indication of our commitment to a leadership position in the delivery of Internet-based services, and we are pleased that companies are choosing First Union to be their treasury partner," said Nina Archer, executive vice president and head of Global Cash Management. "We are dedicated to evolving our products and services to satisfy the growing financial requirements of our customers, and this top ranking confirms our success."

"We expect the number of business customers using these Internet information reporting products to at least double in each of the next three years," said Larry Forman, Ernst & Young consultant and cash management survey director. "We forecast that the majority of commercial information-reporting customers will be using an Internet product by the latter half of 2002."

Among the Internet information-reporting services that First Union provides are WebInVision and online business banking for small businesses. WebInVision provides a wide range of account information and allows companies to initiate a variety of online transactions, including stop payments, wire transfers and ACH. Online business banking is designed to serve the financial needs of small businesses, offering similar online services, including revolving credit inquiry.

In addition to its in-house development of online solutions to meet customer needs, the company has formed strategic alliances with Brightlane.com, E-Credit.com, LiveCapital.com, and Derivion to provide solutions such as e-commerce support, online loan capabilities and electronic bill presentment and payment.

"Helping customers migrate to electronic treasury solutions is our primary goal, and this ranking reflects our focus on providing the value-added technology expected from a leading financial services provider," Archer said. "Our strategic plan relies heavily on growing the electronic side of our business. We have concentrated on building our infrastructure and forming e-partnerships that allow us to offer superior electronic services to our customers."

During 2001, First Union will move to a new level of online capability through its next generation of Internet offerings. Through firstunion.com, customers will have a single point of entry, enabling them to quickly access their suite of treasury management products. They also will have access to self-service capabilities, allowing them to better service their accounts/products online. These new capabilities will enhance the efficiency and level of service First Union provides its customers.

Electronic commerce, Internet services, nationwide lockbox processing and a variety of PC-based options are among the many cash management services available at First Union. First Union offers a full-range of collection, disbursement, information reporting and electronic commerce services designed to improve day-to-day efficiency of company treasury operations and maximize company return on cash assets. First Union's cash management products have earned top marks in surveys by Ernst & Young. First Union is the third-largest cash management bank in the country, according to Ernst & Young.

First Union, 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.