First Union Structured Finance Trust Services launches a "Powered by ABSNet" Web Site

Investor reports, deal data, related documents disseminated via the Web

For Immediate Release

Contact:
Paul Arvidson
Director of Sales
Lewtan Technologies, Inc®
781-672-1216
parvidson@lewtan.com
www.lewtan.com

Charlotte NC and Waltham MA, August 8, 2001 - First Union (NYSE:FTU) today announced it has launched a new Web-based, interactive asset-backed securities reporting and deal data site. Marketed under the FirstLink family of Internet service deliveries as FirstLink-ABS, First Union's website will address the demands in the marketplace for secure, online investor interaction and data download capabilities to eliminate the inefficiencies of paper-based reporting.

Lewtan Technologies ("Lewtan"), the leading provider of software, data and analytics to the global securitization industry has developed FirstLink-ABS (http://www.firstlinkabs.com), a private labeled Web site for First Union Structured Finance Trust Services. The site distributes structured finance data, news and research to First Union's trustee customers.

First Union selected Lewtan Technologies to develop FirstLink-ABS because of its existing technology expertise. FirstLink-ABS is "powered by ABSNet™," leveraging Lewtan Technologies extensive data collection, dissemination, reporting and user authentication infrastructure. The site includes private and public deal information from multiple collateral types including home equity, residential MBS, CDOs and small business loans.

"We are extremely pleased to win this award because it is a tremendous vote of confidence from our customers, partners and industry peers," comments Stuart Lewtan, CEO of Lewtan Technologies. "We also believe the industry is beginning to embrace our vision of ABSNet as the communication, collaboration and e-commerce network for the securitization industry. We're eager to continue rolling out the tangible results of this vision, whether its "Powered by ABSNet" websites for trustees, conduit sponsors and dealers, or fully web-enabled front office and back office solutions that incorporate secure data sharing across the ABSNet infrastructure."

"We are proud to offer this level of service and capability for our clients," said Chuck Dooley, director of Structured Finance Trust Services for First Union. "Our mission is to provide the highest level of client satisfaction by providing premier services through effective use of leading-edge systems," Dooley added.

Stuart Lewtan, CEO of Lewtan Technologies, sees benefits for both parties. "Participants in the asset-backed industry are increasingly looking to the Web to retrieve information," said Lewtan. "With the deal permissioning capability on ABSNet™, we can offer First Union a secure environment for sharing information on its private deals, while providing information and analytics that will enhance the information supplied by First Union Structured Finance Trust Services."

ABSNet™ (http://www.ABSNet.net) is owned and maintained by Lewtan Technologies and currently disseminates deal information for over 4,500 ABS and MBS deals to more than 9,000 registered users. FirstLink-ABS shares ABSNet™ technology but is private labeled, consistent with First Union's "look and feel."

About First Union Structured Finance Trust Services

First Union Structured Finance Trust Services group is part of the Capital Management Group, First Union's asset and wealth management business, which includes the nation's sixth largest brokerage firm based on the number of registered representatives.

First Union (NYSE:FTU), with $254 billion in assets and stockholders' equity of $15 billion at December 31, 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 47 states. Online banking products and services can be accessed through www.firstunion.com.

About Lewtan Technologies, Inc.

Lewtan Technologies, Inc.® is the leading provider of software, data and analytics to the global securitization industry. Founded in 1986, Lewtan serves over 200 securitization customers worldwide. In 1999, Lewtan, working with an industry consortium including Standard & Poor's, Fitch, Bank One and others, launched ABSNet™ (www.ABSNet.net). ABSNet™ is now the leading Internet source of structured finance news, data, research and analytics, with over 9,000 users in over 50 countries. Lewtan offers industry participants "Powered by ABSNet™" solutions that leverage ABSNet's Web infrastructure, database and user base. Solutions benefit issuers, CDO collateral managers, dealers, investors, credit enhancers, trustees, rating agencies and asset-backed CP conduit sponsors.