First Tennessee Bank to Merge First Funds Family with Goldman Sachs Asset Management Funds


MEMPHIS, Tenn., Dec. 22, 2005 (PRIMEZONE) -- First Tennessee Bank, part of First Horizon National Corp. (NYSE:FHN), plans to merge its First Funds family of funds with mutual funds managed by Goldman Sachs Asset Management (GSAM), the asset management arm of The Goldman Sachs Group, Inc. (NYSE:GS) and one of the top 20 asset managers globally as ranked by assets under management. (See note)

Karen Kruse, First Tennessee's senior vice president of wealth management, said that the decision was in the best interests of First Funds shareholders. "This merger is critical to our shift to an open architecture, which means that our customers will be able to choose funds from more than one company," she said. "Our clients will have even more choices and greater flexibility. An already diversified offering will now include GSAM's diverse family of funds. We will deliver efficient asset allocation and portfolio construction supported by outstanding client service."

First Funds has approximately $1.4 billion in assets under management. First Funds includes two equity funds, two fixed income funds, a Tennessee tax-free fund, and three money market funds, all of which will merge with corresponding funds managed by GSAM.

The merger is expected to be competed in the first quarter of 2006, pending fund shareholder and regulatory approvals. At that time, the assets of First Funds will be exchanged for shares of the acquiring Goldman Sachs funds.

James McNamara, managing director and head of U.S. Third Party Distribution at GSAM, said, "We look forward to serving the clients of First Funds. We believe that GSAM's expertise across the global investment spectrum -- and our commitment to delivering strong, consistent investment results -- will benefit this new group of investors."

About First Tennessee

First Tennessee Bank is part of First Horizon National Corp. (NYSE:FHN). The 13,000 employees of First Horizon provide financial services to individuals and business customers through hundreds of offices located in more than 40 states. The corporation's three major brands -- FTN Financial, First Horizon and First Tennessee -- provide customers with a broad range of products and services including:


 -- Capital markets, one of the nation's top underwriters of U.S. 
    government agency securities 
 -- Mortgage banking, one of the nation's top 20 mortgage originators 
    and top 15 servicers, which earned a top-10 ranking in customer 
    satisfaction from J.D. Power and Associates 
 -- Retail/commercial banking, with the largest market share in 
    Tennessee and one of the highest customer retention rates of any 
    bank in the country 

FHN companies have been recognized as some of the nation's best employers by AARP, Working Mother and Fortune magazines. FHN also was named one of the nation's 100 best corporate citizens by Business Ethics magazine. More information can be found at www.fhnc.com.

About Goldman Sachs Asset Management

Goldman Sachs Asset Management (GSAM) is the asset management arm of The Goldman Sachs Group, Inc. (NYSE:GS), which manages $532 billion as of Dec. 15, 2005. GSAM has been providing discretionary investment advisory services since 1989 and has investment professionals in all major financial centers around the world. The company offers investment strategies across a broad range of asset classes to institutional and individual clients globally. Founded in 1869, Goldman Sachs is a leading global investment banking, securities and investment management firm. Media Contact: Andrea Raphael 212-357-0025.

Note: Source for global ranking: Pensions & Investments, 2004. Ranking based on 2004 AUM.



            

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