HISTORICAL FINANCIAL PRESS RELEASES

Media Contact: Christy Phillips Brown
(704) 383-8178

Investor Contact: Alice Lehman
(704) 374-4139

September 07, 2006
Wachovia Preferred Funding Corp. Declares Dividend on Series A Preferred Securities

CHARLOTTE, NC — Wachovia Preferred Funding Corp. (NYSE: WNAPr) announced today that its board of directors has declared a regular quarterly dividend on its Series A 7.25% preferred securities. The dividend is equal to $0.453125 per Series A security.

The dividend is payable on October 2, 2006, to holders of record as of the close of business on September 15, 2006.
Wachovia Preferred Funding Corp. (NYSE: WNAPr) is an indirect subsidiary of Wachovia Corporation and is qualified as a real estate investment trust for federal income tax purposes.

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Wachovia common stock trades on the New York Stock Exchange (NYSE) under the ticker symbol WB. Before the September 1, 2001, merger of First Union and the former Wachovia, the common stock traded on the NYSE as FTU.

Information on this site dated after September 1, 2001, is provided under the Wachovia name, while historical information dated before September 1, 2001, is provided under the First Union name. Please note that historical information may have become out of date and should not be considered current. Wachovia does not undertake any obligation to update the information as a result of new information or subsequent developments. In addition, any forward-looking information is subject to various risks and uncertainties that could cause actual results to differ materially from expectations. Factors that could cause results to differ from expectations may be found in Wachovia's reports filed with the SEC.