PRESS RELEASES

Media Contact:   Elizabeth Hodges (704) 383-5188 Investor Contact:   Alice Lehman (704) 374-4139 March 02, 2004 Wachovia Corporate and Institutional Trust Hires New Business Development Officers for Structured Finance Trust Services CHARLOTTE, NC - Wachovia Corporate and Institutional Trust announced today that it has hired George Colonias and Tara Mori as new business development officers in its Structured Finance Trust Services group. They will cover trustee sales for asset-backed securities, mortgage-backed securities and document custody product lines throughout the East Coast. Colonias and Mori will be based in New York and Charlotte, respectively. Utilizing leading-edge systems and technology, Structured Finance Trust Services administers all types of structured financings such as asset-backed and mortgage- backed securities, tax liens and leveraged-lease transactions. "Hiring salespeople like George and Tara illustrates our commitment to the structured finance business. We are dedicated to hiring the best talent in the industry and look forward to adding them to our already strong team of professionals," said John Shope, national sales director of Corporate and Institutional Trust. "We believe our group is well positioned to be a leading player in the structured finance industry. The experience of our new teammates makes them an ideal fit for our group. We now have the right people in place to take this business to the next level," adds Christophe Schroeder, Structured Finance Trust Services sales manager. Prior to joining Wachovia, Colonias served as a vice president at the Bank of New York's BNY Asset Solutions division covering servicing and other asset-backed products. Mori joins the Structured Finance Trust Services group from HomeEq, a subsidiary of Wachovia, where she was responsible for marketing its products and services. Structured Finance Trust Services can serve as indenture trustee, owner trustee, bond administrator and calculation agent, collateralized debt administrator, warehouse collateral agent, document custodian and cash manager. Wachovia Corporate and Institutional Trust, part of the Capital Management Group, offers retirement services, custodial services and investment management, conventional and structured finance trust solutions, equity services, and information management and claims processing to institutional clients worldwide. Based in Charlotte, N.C., the Corporate and Institutional Trust group has offices in 42 cities in 18 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 $401 billion, market capitalization of $61 billion and stockholders' equity of $32 billion at Dec. 31, 2003. Its four core businesses, the General Bank, Capital Management, Wealth Management, and the Corporate and Investment Bank, serve 9 million households, including 900,000 businesses, primarily in 11 East Coast states and Washington, D.C. Its broker-dealer, 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 www.wachovia.com.

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