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August 13, 2003
Wachovia Corporate and Institutional Trust Appointed Transfer Agent for Pepco Holdings

CHARLOTTE, N.C. - Wachovia Corporate and Institutional Trust announced today that it has been appointed stock transfer agent for Pepco Holdings, Inc. Headquartered in Washington, D.C., Pepco is one of the largest energy delivery companies in the mid-Atlantic region. Through this agreement, Wachovia also will provide dividend reinvestment and stock purchase plan services for the company.

"Wachovia is a committed provider of equity services, and this opportunity illustrates our ability to provide strong customer service coupled with superior products that are tailored to the needs of our clients," said Darryl Fluhme, president of Wachovia Corporate and Institutional Trust. "We are excited to be Pepco's partner of choice on this transaction."

"Wachovia offers a full set of financial services and can execute the best solutions for our specific needs," said Claire Williamson, senior project coordinator for Pepco. "We are pleased with the level of service and expertise provided by the Wachovia team."

Headed by Linda Delaney, the Corporate Trust group offers an array of equity services, including: stock transfer services, dividend reinvestment plans, employee stock purchase and stock option plan administration, direct purchase solutions, turn key initial public offering administration, corporate action processing, restricted securities and direct registration.

Wachovia Corporate and Institutional Trust offers retirement services, custodial services and investment management, conventional and structured finance trust solutions, equity services, information management and claims processing, and Investment Holding Company (IHC) services to institutional clients worldwide. Based in Charlotte, N.C., Wachovia Corporate and Institutional Trust has 37 locations in 17 states plus the District of Columbia.

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 $364 billion and stockholders' equity of $32 billion at June 30, 2003. The company operates full-service banking offices in 11 East Coast states and Washington, D.C., and offers retail brokerage services 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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