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Media Contact: Jim Pierpoint
(704) 374-6512

September 06, 2002
Wachovia Securities Hires Steve Jones to Head Convertible Securities Research in Equity-linked Products Group

CHARLOTTE, N.C. -- Wachovia Securities announced that it has hired Steve Jones to lead the firm's Convertible Securities Research unit, the largest U.S. research unit dedicated exclusively to convertible securities. Jones will work out of the firm's Greenwich, Conn., offices.

Jones joined Wachovia Securities from Soros Fund Management, where he was a Senior Credit/Fundamental analyst specializing in credit and convertible securities. Jones has 17 years of convertible and credit experience, and previously served as a Managing Director in Convertible Research at Banc of America and as a High Yield analyst at Morgan Stanley.

"This is a significant hire for Wachovia's convertible securities team, especially since the convertible market has become more credit sensitive," said Kendrick Wakeman, Co-Head of Convertible Securities.

"Steve not only has an outstanding understanding of the convertible market, he has a strong background in credit analysis. There aren't many people out there who are good at both, which gives Steve a competitive advantage when advising our clients on convertible securities. In our opinion, he is one of the best on the Street at what he does," Wakeman said.

Jones will report to Wakeman and Eric Grant, co-heads of Wachovia Securities’ 32-person Convertible Securities unit, which includes eight research analysts. The unit is part of the Equity-Linked Products division, headed by Todd Steinberg.

Wachovia Corporation (NYSE:WB), created through the September 1, 2001, merger of First Union and Wachovia, had assets of $325 billion and stockholder's equity of $30 billion at June 30, 2002. Wachovia is a leading provider of financial services to 20 million 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 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 corporate and investment banking services, asset management and mutual fund, brokerage and insurance businesses through: (1) Wachovia Securities, Inc. (“WSI”), 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) Wachovia 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 Wachovia Bank, N.A. (“WBNA”), 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, WBNA, or any bank; and involve investment risk, including possible loss of principal.

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