PRESS RELEASES

Contact: Amy Hyland Jones
(704) 383-4995

August 26, 2004
Wachovia Capital Partners Invests $20 Million in American Renal Associates and Offers an Additional $10 Million in Growth Capital
Fast Growing Kidney Dialysis Services Positioned for Long Term Success

Charlotte, NC - Wachovia Capital Partners today announced the consummation of a $20 million equity investment in American Renal Associates ("ARA") and the availability of up to an additional $10 million in growth capital for the Company. Wachovia Capital Partners, the principal investing group of Wachovia Corporation, is a leading private equity group that has invested over $2.8 billion since its inception in 1988 and has over $800 million of direct investments under management.

Founded in 1999, ARA develops, owns and operates outpatient kidney dialysis facilities in partnership with nephrologists throughout the United States. ARA is now the sixth largest provider of outpatient kidney dialysis services in the nation with 32 current operating facilities and 14 other de-novo sites under development in 10 states and the District of Columbia. ARA is a service-focused organization that offers physicians and their patients the capabilities and services of a large organization with the responsiveness of an entrepreneurial, professionally managed company.

"We are proud of our accomplishments at ARA and are very pleased to announce this investment and our partnership with Wachovia Capital Partners. Wachovia Capital Partners has considerable dialysis industry experience and extensive financial resources to strongly support the continued growth of ARA," said Chris Ford, Chief Executive Officer of ARA.

The Company is headquartered in Danvers, Massachusetts and was founded by the senior management team consisting of Christopher T. Ford, Joseph A. Carlucci, Syed T. Kamal and Howard L. Bilow. This team, together with the Company's Chief Financial Officer, John J. McDonough, has over 100 years of collective dialysis operations and management experience.

"We are excited about the investment in ARA due to its experienced management team, proven track record of establishing successful partnerships with physicians, solid platform of existing operations and extraordinary growth prospects. We are delighted to serve as ARA's financial partner and look forward to working together to build upon the Company's impressive accomplishments," said Neal Morrison, Partner of Wachovia Capital Partners, who will join ARA's Board of Directors.

About American Renal Associates
American Renal Associates is a leading developer, owner and operator of outpatient kidney dialysis facilities in partnership with nephrologists throughout the United States. The Company is the sixth largest provider of outpatient kidney dialysis services in the nation with 32 current operating facilities and 14 other de-novo sites under development in 10 states and the District of Columbia. For more information, visit www.americanrenal.com.

About Wachovia Capital Partners
Wachovia Capital Partners is the private equity and mezzanine investing practice of Wachovia Corporation, the nation's fourth largest bank holding company with over $400 billion of total assets. Wachovia Capital Partners has invested over $2.8 billion since its inception in 1988 and currently manages in excess of $800 million of direct investments. The group targets equity and mezzanine investments of $10 to $50 million in the following sectors: energy, financial services, growth industrial and business services, healthcare, and media and communications. For more information, visit www.wachoviacapitalpartners.com.

About Wachovia Corporation
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 $418.4 billion, market capitalization of $58.3 billion and stockholders' equity of $32.6 billion at June 30, 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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