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April 13, 2005
Wachovia Enters New Institutional Clearing Services Business

CHARLOTTE, N.C. - Wachovia Corporate and Institutional Trust announced today the launch of its Institutional Clearing Services group. The primary focus of this newly established business unit is to provide non-fully disclosed securities clearing and financing to the institutional marketplace.

"Wachovia has made a significant investment in the institutional clearing services business," said John Principe, executive managing director of Wachovia's Institutional Trust group. "Because there are few banks in the omnibus trade clearance, settlement and credit facilities business, we have already received positive initial industry reaction and believe that we'll be a welcome entry to this market. We are excited to take this business to the next level."

Wachovia Corporate and Institutional Trust offers retirement services, custodial services, securities lending, institutional clearing services, 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 locations in 35 cities in 18 states.

Wachovia Corporation (NYSE:WB) is one of the largest providers of financial services to retail, brokerage and corporate customers, with retail operations from Connecticut to Florida and west to Texas, and retail brokerage operations nationwide. Wachovia had assets of $493.3 billion, market capitalization of $83.5 billion and stockholders' equity of $47.3 billion at December 31, 2004. Its four core businesses, the General Bank, Capital Management, Wealth Management, and the Corporate and Investment Bank, serve customers primarily in 15 states and Washington, D.C. Its full-service retail brokerage firm, Wachovia Securities, LLC, serves clients in 49 states and five Latin American countries. Global services are offered through 33 international offices. Online banking and brokerage products and services also are available through Wachovia.com.

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