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Media Contact: Leah Dering
704-383-0551

March 20, 2003
Wachovia Ranked Second in Greenwich Associates Study
Wachovia #2 overall for Wachovia Connection^®

Charlotte, N.C. – Wachovia Bank’s Wachovia Connection^® received second place in a study evaluating Internet-based cash management applications provided by the nation’s leading banks. Wachovia Connection^® placed first for usability and ease of use.” The study was conducted by Greenwich Associates 211; an independent research firm -- and was released during the first quarter of 2003.

“Our customers’ needs are top-of-mind for us. When we design and update our Internet applications, we make the customers’ workflow requirements top priority. We strive to maximize online service options that are flexible, easy to use and integrate with other bank services and capabilities,” said Michael Daley, senior vice president and manager of Wachovia’s Treasury Services Product Solutions. “The outcome of this study is proof that we are succeeding in listening to and acting on the advice of our customers.”

Greenwich consultants spent more than 20 hours analyzing the Web-based application of each participating bank. Through the use of 35 performance factors, Greenwich evaluated the usability and features of the site, site management and integration with other bank applications and products and services offered via the Internet – all features and functions important to a corporate treasurer. These criteria were then weighted, for overall scoring purposes, in terms of their value to the customer.

“Wachovia Connection^® stood out in this study for its overall usability, look and feel, which demonstrates a customer-focused design. With the integration of cash management applications and information access and reporting capabilities, Wachovia is well positioned for the evolution of Web-enabled treasury functions,” said Steven Busby, Principal and Director of Business Development at Greenwich Associates.

Wachovia, the nation’s fifth-largest bank holding company and second-largest treasury services provider, has 15 out of 18 treasury service products -- including Wachovia Connection^® -- ranked “A” or “A+” in middle market and large corporate surveys conducted by Phoenix Hecht, a third-party provider of market research and education for the financial services industry. Additionally, nine of the bank’s 10 key treasury product capabilities are ranked in the top three for market share in Ernst & Young’s survey; Wachovia’s Information and Access product, Wachovia Connection^®, ranked first.

Greenwich Associates, founded in 1972, offers more than 100 research-based consulting programs on the world's markets for institutional or professional financial services firms. Greenwich Associates produces more than 25 financial market reports each year, covering key trends and developments in each segment of coverage.

About Wachovia
Wachovia Corporation (NYSE:WB) was created through the September 1, 2001, merger of First Union and Wachovia and had assets of $342 billion and stockholder's equity of $32 billion at December 31, 2002. Wachovia is a leading provider of financial services to 20 million retail, brokerage and corporate customers throughout the East Coast and the nation. Wachovia is also the nation’s second-largest treasury management services provider for both domestic and international treasury management and consulting services. Cash flow solutions include, among other products, e-commerce, integrated payables and receivables, information reporting via Web or PC, and risk management. 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 states. Online banking and brokerage products and services are available through wachovia.com.

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