PRESS RELEASES

Media Contact: Elizabeth Hodges
(704) 383-5188

February 03, 2003
Wachovia Corporate and Institutional Trust Increases Northeast Presence

Boston, Mass. -- Wachovia Corporate and Institutional Trust announced today that it has hired John Sugden as new business development officer for the Northeast region, focusing on New England and New York. Sugden will lead an effort to increase Wachovia’s presence among the region’s municipal bond clients, attorneys and financial advisors by offering trustee and agent services. He will work out of Wachovia’s Boston office.

“Expanding our presence in the Northeast is an example of our continued commitment to the corporate trust business,” said John Shope, senior vice president and national sales director of Corporate and Institutional Trust. “We are very happy to have John on our team and look forward to his leadership in this key region for Wachovia.”
“My new position is a unique opportunity to be part of a group that has an established reputation and a long-term commitment to clients," said Sugden. "Wachovia is a premier player and provider in the corporate trust industry, and I'm excited at the prospect of working with such a great team."
Before joining Wachovia, Sugden was a vice president in sales in the Corporate Trust department of State Street Bank and Trust. Previously, he held various positions at Bank of Boston in the Freight Management and Leasing groups. Sugden received his BSBA and MBA from the Suffolk University School of Management.
Wachovia Corporate Trust, part of Wachovia's Corporate and Institutional Trust group, offers conventional and structured finance trust services, equity services, information management and claims processing, and Investment Holding Company (IHC) services. Based in Charlotte, N.C., Wachovia Corporate Trust has 15 regional locations from Boston to Houston.
Wachovia Corporation (NYSE:WB), created through the September 1, 2001, merger of First Union and Wachovia, had assets of $342 billion and stockholders' equity of $32 billion at December 31, 2002. Wachovia is a leading provider of financial services to retail, brokerage and corporate customers throughout the East Coast and the nation. The company operates full-service banking offices under the First Union and Wachovia names in 11 East Coast states and Washington, D.C., and offers full-service brokerage with offices in 49 of the 50 states. Global services are provided through more than 30 international offices. Online banking and brokerage products and services are available through wachovia.com.

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