Formation of Jolley Asset Management, LLC

September 3, 1998

Rocky Mount, N. C. - Frank G. Jolley is pleased to announce the formation of Jolley Asset Management LLC, an investment advisory firm located in Rocky Mount, N. C. The firm will provide investment management services for both individual and institutional clients. Jolley Asset Management will seek to provide a high level of service and personal attention in helping its clients reach their financial goals and objectives. "Selecting an investment adviser is one of the most important financial decisions an individual can make and the decision should not be taken lightly. It is our desire to make the process a pleasant one, where the individual will have personal contact and interaction with the portfolio manager," said Frank Jolley.

Prior to forming Jolley Asset Management, Mr. Jolley served as the Chief Investment Officer of the Trust Investment Department of Centura Bank, where he had direct oversight responsibility of $1.2 billion in assets. This included six mutual funds with total assets of approximately $500,000,000. Mr. Jolley personally was responsible for the management of two equity mutual funds for Centura, which had total assets of approximately $250,000,000. Jolley Asset Management will use a strict value discipline in managing equity portfolios, focusing on risk-adjusted performance. The research effort will focus on companies with strong business franchises, trading at a discount to their estimated private market value.

Mr. Jolley, the President and Chief Investment Officer of Jolley Asset Management, has over nineteen years experience in investments and financial analysis. The "Wall Street Journal-Southeast Edition" has quoted Mr. Jolley on numerous occasions over the past few years based on his experience and knowledge of investing in southeastern companies. Mr. Jolley is a Chartered Financial Analyst, a member of the Association for Investment Management and Research and the Institute of Chartered Financial Analysts. He is also an active member of the North Carolina of Society of Financial Analysts, where he served as the Secretary and a Board Member from 1996 through 1998.

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