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April 22, 2004
Wachovia Corporate and Institutional Trust Appointed Institutional Custodian for State of Arizona Insurance Commission

CHARLOTTE, N.C. - Wachovia Corporate and Institutional Trust announced today that it has been appointed institutional custodian for the State of Arizona Insurance Commission. Headquartered in Phoenix, the Insurance Commission was established to execute state insurance laws protecting insurance consumers and encouraging economic development.

"We are pleased that the State of Arizona has chosen Wachovia to be its institutional custodian," said John Shope, senior vice president and national sales director of Corporate and Institutional Trust. "Our commitment to customer service and our dedicated professionals make us an excellent choice for partnerships with organizations like the Insurance Commission."

"Wachovia's superb team of professionals along with their online system for insurance commissioners, TICWeb, made them an ideal choice as institutional custodian," said Blaine Vance, Chief Deputy Treasurer for the Office of the Arizona State Treasurer.

Institutional Trust Services, headed by John S. Principe, serves all types of institutional clients, targeting niche markets including domestic and international correspondent banks, healthcare, government/municipal, insurance, investment advisors and mutual funds.

Wachovia Corporate and Institutional Trust offers retirement services, custodial services and investment management, conventional and structured finance trust solutions, equity services and information management and claims processing to institutional clients worldwide. Based in Charlotte, N.C., Wachovia Corporate and Institutional Trust has 40 locations in 18 states plus the District of Columbia.

Wachovia Corporation (NYSE:WB) is one of the largest providers of financial services to retail, brokerage and corporate customers throughout the East Coast and the nation, with assets of $411.0 billion, market capitalization of $61.7 billion and stockholders' equity of $33.3 billion at March 31, 2004. Its four core businesses, the General Bank, Capital Management, Wealth Management, and the Corporate and Investment Bank, serve 12 million client relationships (including households and businesses), primarily in 11 East Coast states and Washington, D.C. Its full-service retail brokerage firm, Wachovia Securities, LLC, serves clients in 49 states. Global services are provided through 32 international offices. Online banking and brokerage products and services also are available through Wachovia.com.

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