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Media Contact: Elizabeth Hodges
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Investor Contact: Alice Lehman
(704) 374-4139

May 13, 2003
Wachovia Corporate and Institutional Trust Announces New Business Development Manager

CHARLOTTE, N.C. - Wachovia Corporate and Institutional Trust announced today that it has hired Christophe Schroeder as a new business development manager. Schroeder will lead a team selling Structured Finance Trust Services nationally.

Utilizing leading-edge systems and technology, Structured Finance Trust Services deals with issuers of all types of structured financings such as asset-backed and mortgage-backed securities, collateral debt obligations and leveraged-lease transactions.

"Christophe is a critical hire for our team," said John Shope, national sales director of Corporate and Institutional Trust. "His experience and contact base in the structured finance industry help us gain the edge we need to become a leading player in this business. I am extremely pleased that he has joined our group."

"Wachovia is teaming up to become a major competitor in this business and has the right model in place to be successful," said Schroeder. "I'm excited about joining a team that provides a full array of structured products services, keenly understands the intricacies of the capital markets and thrives on providing tailored solutions to suit clients' specific needs."

Schroeder joined Wachovia from NewLine Capital Partners, where he was a director. Prior to NewLine, he was a vice president in the Product Development group at Prudential International Investments; manager of the Business Analysis and Special Projects groups at JPMorgan Chase in London; and senior CMO/MBS analyst at Reuters Global Fixed Income Marketing group. He has a B.A. from the University of New Hampshire and an M.B.A. from American University. Schroeder will be based in New York.

Structured Finance Trust Services can serve as indenture trustee, owner trustee, bond administrator and calculation agent, collateralized debt administrator, warehouse collateral agent, document custodian and cash manager.

Wachovia Corporate and Institutional Trust group, part of Wachovia Bank, N.A., offers retirement services, bond administration, custody services, insurance products and investment management to institutional clients worldwide. Based in Charlotte, N.C., Wachovia Corporate and Institutional Trust group has 37 regional locations in 17 states plus the District of Columbia.

Wachovia Corporation (NYSE:WB), created through the September 1, 2001, merger of First Union and Wachovia, had assets of $348 billion and stockholders' equity of $32 billion at March 31, 2003. 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 48 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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