PRESS RELEASES

Media Contact: Elizabeth Hodges
(704) 383-5188

January 14, 2002
Wachovia Securities Announces New Leadership Within Financial Services Investment Banking

Charlotte, N.C. -- Wachovia Securities has announced that it has named new leadership for its Financial Services Investment Banking group. Each of the following leaders will report to Ben Williams, head of Real Estate and Financial Services Investment Banking:

Bob Grunewald, head of Financial Services Corporate Finance
Grunewald's team delivers public equity, private equity, and advisory capabilities to the financial services industry.
Scott Shannon, head of Asset Securitization
Shannon's team develops and arranges securitization opportunities for financial services and other corporate clients seeking ultimate execution in the term ABS bond market.
Ed Covington, head of Asset Backed Conduit Programs
Covington's team develops and arranges securitization opportunities for clients seeking funding in the asset-backed commercial paper market. The team also manages all aspects of conduit funding and administration.
Terry Begley, head of Investment Management Begley's team is responsible for underwriting and portfolio management activities for conduit and balance sheet risk within the Financial Services Investment Banking Group.

“Our Financial Services platform allows us to compete aggressively in the competitive asset-backed business,” said Williams. “This is an extremely talented group of senior industry experts, focused on building client relationships. Wachovia offers an array of product capabilities that is unparalleled in this industry, and our client focus is exceptional. We have the right leadership in place for this team, and I am very optimistic about a productive year in 2002.”

Wachovia’s Financial Services Investment Banking Group consists of more than 100 professionals who combine in-depth industry expertise with access to a full array of capital markets products to solve the strategic needs of clients. Products include: public equity; private equity; advisory capabilities; asset-backed commercial paper funding; hedging/risk management; REPO financing; investment in asset-backed securities; private placement of asset-backed securities; structured warehouse financing; and underwriting of public asset-backed securities issues.

Wachovia Corporation (NYSE:WB), created through the September 1, 2001, merger of First Union and Wachovia with assets of $326 billion as of September 30 and $29 billion in stockholders' equity, is a leading provider of financial services to 19 million retail 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 states and global services through more than 30 international offices. Online banking and brokerage products and services are available through wachovia.com and firstunion.com.

Important Notice: Wachovia Securities is the trade name under which Wachovia Corporation conducts its investment banking, capital markets and institutional securities business through First Union Securities, Inc. (“FUSI”), Member NYSE, NASD, SIPC, and through other bank and non-bank and broker-dealer subsidiaries of Wachovia Corporation, including Wachovia Bank NA and First Union National Bank.

First Union Securities is the trade name under which Wachovia Corporation conducts its asset management and mutual fund, brokerage and insurance businesses through: (1) First Union Securities, Inc. (“FUSI”), a registered broker-dealer and member NYSE/NASD and SIPC; (2) First Clearing Corporation (“FCC”), a separately registered broker-dealer and member NYSE/NASD and SIPC, providing securities clearance and settlement services; (3) First Union Securities Financial Network Inc., a separately registered broker-dealer and member of the NASD and SIPC providing full-service brokerage services; (4) the Capital Management Group within First Union National Bank (“FUNB”), a national banking association, and its subsidiaries, providing asset management, lending, and fiduciary services; (5) various subsidiaries within Wachovia Corporation providing investment advisory, administrative and other services to the Evergreen and Mentor families of mutual funds; and (6) various wholly-owned state insurance agencies.

Stocks, bonds, mutual funds or other securities offered or sold through Wachovia Corporation or any of its bank or non-bank subsidiaries are not deposits of any bank and are not insured, guaranteed or otherwise protected by the Federal Deposit Insurance Corporation or any other government agency; are not endorsed or guaranteed by Wachovia Corporation, FUNB, WBNA, or any bank; and involve investment risk, including possible loss of principal.

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