THURSDAY, JANUARY 20, 2000

NEW YORK--The Federal Reserve Bank of New York Monday approved the Filings by (i) NCT Holdings, Inc., Greensboro, NC ("NCT"), to become a bank holding company, with respect to its wholly-owned subsidiary, U.S. Trust Company of North Carolina, Greensboro, NC ("Bank"); (ii) U.S. Trust Corporation, New York, NY, to acquire shares of Bank; and (iii) NCT to retain ownership of its wholly-owned subsidiary, NCT Opportunities Inc., Greensboro, NC. According to standard procedure, the proposal cannot be completed for 15 days.

According to standard procedure, the proposal cannot be completed for 15 days.

The Reserve Bank acted under authority delegated by the Board of Governors of the Federal Reserve System.