SFX Entertainment Reaches Name-In-Title Agreement for Nashville Interests With First American Corporation.

NEW YORK--(BUSINESS WIRE)--Feb. 25, 1999--SFX Entertainment, Inc.(NASDAQ: SFXE) today announced that it has granted sponsorship rights to First American Corporation for three SFX properties including a five year agreement that changes the name of Starwood Amphitheater in Nashville, Tennessee to the "First American Music Center." The partnership between SFX and First American Corporation also includes sponsorship of the First American Broadway Series at the Tennessee Performing Arts Center (TPAC), a Broadway touring company series that began in 1982 and is co-owned by TPAC and SFX's PACE Theatrical Group, and stage sponsorship at Nashville River Stages, an annual three-day music festival produced by SFX's PACE Concerts in downtown Nashville.

Commenting on the agreement, Mike Ferrel, President and CEO of SFX Entertainment, said, "This unique sponsorship between First American Corporation and SFX Entertainment is groundbreaking. We believe SFX's ability to offer its corporate clients a full range of entertainment tie-ins, including music, theater and festival settings, makes this partnership a particularly powerful branding opportunity for First American Corporation. We're pleased to be a part of the first sponsorship of this type in Nashville."

Dave Polley, President of First American Corporation, added, "First American sees this partnership with SFX as an important way to reinforce Nashville and the surrounding communities while reinforcing our corporate brand with our clients. We believe high quality arts and entertainment improve the quality of life for our community. The real beneficiaries will be the audiences at the First American Music Center, TPAC and Nashville River Stages, who will enjoy outstanding music and entertainment."

Steven Greil, President and CEO of TPAC said, "First American has been a leading corporate citizen, one of the largest contributors to the arts and a major supporter of TPAC. We are pleased that First American recognizes the marketing benefits of association with Broadway entertainment and the patrons who attend Broadway shows."

First American Corporation is a $20.7 billion, Nashville, Tennessee based financial services holding company with approximately 7,200 employees, 378 banking offices and approximately 670 ATMs in Arkansas, Georgia, Kentucky, Louisiana, Mississippi, Tennessee and Virginia. The corporation is the parent company of First American National Bank, First American Federal Savings Bank and First American Enterprise Inc. and owns 98.75 percent of IFC Holdings, Inc.

SFX Entertainment is the largest diversified promoter, producer and venue operator for live entertainment events in the United States. It owns, partially or entirely, and/or operates the largest network of venues in the country used principally for music concerts and other live entertainment events. SFX has 75 venues including 14 amphitheaters in 9 of the top 10 markets and owns or operates venues in 30 of the top 50 markets overall. SFX also develops and manages touring Broadway shows, selling subscription series in 38 markets that maintain active touring schedules. Through its large number of venues, its strong market presence and the long operating histories of the businesses it has acquired, SFX operates an integrated franchise that promotes and produces a broad variety of live entertainment events locally, regionally and nationally. Pro forma for its completed acquisitions, during 1998, 35 million people attended approximately 12,150 events promoted and/or produced by SFX, including over 5,200 music concerts, 5,800 theatrical shows, over 800 family entertainment shows and over 350 specialized motor sports shows. SFX also represents many prominent and prestigious athletes and broadcasters for contract and marketing services.

This press release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Because these statements apply to future events, they are subject to risks and uncertainties that could cause actual results to differ materially, including the company's absence of combined operating history and potential inability to integrate acquired businesses, need for additional financing, high degree of leverage, granting of rights to acquire certain portions of the company's operations, variable economic conditions and consumer tastes, restrictions imposed by existing debt and future payment obligations. Important factors that could cause actual results to differ materially are described in the company's reports on Forms 10-K and 10-Q and other filings with the Securities and Exchange Commission.