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COMMERCIAL PAPER

Commercial Paper* represents an unsecured promissory note issued by industrial, commercial, or financial companies. Investors lend the issuer money for specified number of days at a specified interest rate. Wachovia provides access to primary commercial paper issuers as well as the secondary commercial paper market.

Terms and Structures

Maturity
From one to 270 days
Issued
Wachovia Securities, Inc. acts as agent for the issue of Commercial Paper of Wachovia Corporation, the bank's holding company and other issuers as well
Form
Transactions are by book entry
Quoted
On a discount yield basis
Rate Structure
Rates on commercial paper fluctuate on a daily basis
Interest
Discounted from face amount or paid at maturity if purchased
Denominations
Wachovia Corporation issues commercial paper in minimum amounts of $100,000
Security
Commercial paper is rated by Moody's and Standard & Poors; Wachovia Corporation Commercial Paper is not a deposit and thus is not insured by the Federal Deposit Insurance Corporation (FDIC)
Tax Status
Fully taxable on a federal and state level

* Products and services are offered by Wachovia Capital Markets, LLC ("WCM").

Wachovia Securities is the trade name for the corporate and investment banking services of Wachovia Corporation and its subsidiaries, including Wachovia Capital Markets, LLC ("WCM"), member FINRA/SIPC.

Debt and equity underwriting, trading, research and sales, loan syndications agent services, and corporate finance and M&A advisory services are offered by WCM.

Mezzanine capital, private equity, municipal securities trading and sales, cash management, credit, international, leasing and risk management products and services are offered by various non-broker dealer subsidiaries of Wachovia Corporation.

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•Online Money Market Trading

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