PRESS RELEASES

Wilhelmi previously worked in Wachovia’s Fixed Income group, where he was responsible for structuring and closing variable rate demand bonds. Prior to this position within Fixed Income, Wilhelmi worked with Wachovia’s Public Finance group. He began his career with the bank in Wachovia’s Bond Trustee Administration group. Wilhelmi obtained his BA from King’s College, his JD from George Mason University, and his MBA from Vanderbilt University.

"Jay’s 13 years of bond experience in public finance and bond trustee administration make him an ideal addition to our team," said Reid. "His experience as an underwriter and his past work with legacy Wachovia bankers, bond and underwriter’s counsel, and other bond professionals throughout North and South Carolina make him an ideal fit. We are excited to have someone of Jay’s caliber on our team."

Wachovia Corporate and Institutional Trust is part of the Capital Management Group, which offers retirement services, bond administration, custodial services, insurance products and investment management to institutional clients worldwide. Based in Charlotte, N.C., the Corporate and Institutional Trust group has regional locations in 15 states from Boston to Houston.

Wachovia Corporation (NYSE:WB), created through the Sept. 1, 2001, merger of First Union and Wachovia, had assets of $320 billion and stockholder's equity of $29 billion at March 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. 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 49 states and global services through more than 30 international offices. Online banking and brokerage products and services are available through wachovia.com and firstunion.com.