PRESS RELEASES

Prior to joining Wachovia Securities, Scott was a managing partner with Andersen Real Estate Capital Markets, where he was responsible for originating and executing strategic capital markets consulting, portfolio and company sales and private placements of debt and equity.

"With over 15 years in the real estate business, Jeff’s background in private equity and large-asset and portfolio sales transactions adds significant depth to our private real estate transactions capabilities," said Lawrence Gray, Head of Real Estate Corporate Finance. "He’s a terrific addition to the team given the increased amount of asset sale and joint venture activity we are seeing among our clients."

Scott rejoined Andersen in March 2001 after serving as president of Zethus, a Goldman Sachs-backed real estate e-commerce venture. Prior to joining Andersen, Scott was a managing director for Jones Lang Wootton USA, where he was involved in more than $1.5 billion of capital transactions, including joint ventures, refinancings, recapitalizations and sales.

Scott holds a B.S. degree from University of Pennsylvania Wharton School.

Wachovia Securities Real Estate Corporate Finance group is dedicated to meeting clients’ long-term financial, capital and strategic needs, and includes an advisory practice providing broad strategic and mergers & acquisition services for public and private real estate companies.

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.

_{Important Notice: Wachovia Securities is the trade name under which Wachovia Corporation conducts its investment banking, capital markets and institutional securities business through First Union Securities, Inc. ("FUSI"), Member NYSE, NASD, SIPC, and through other bank and non-bank and broker-dealer subsidiaries of Wachovia Corporation, including Wachovia Bank NA.}

_{First Union Securities is the trade name under which Wachovia Corporation conducts its asset management and mutual fund, brokerage and insurance businesses through: (1) First Union Securities, Inc. ("FUSI"), a registered broker-dealer and member NYSE/NASD and SIPC; (2) First Clearing Corporation ("FCC"), a separately registered broker-dealer and member NYSE/NASD and SIPC, providing securities clearance and settlement services; (3) First Union Securities Financial Network Inc., a separately registered broker-dealer and member of the NASD and SIPC providing full-service brokerage services; (4) the Capital Management Group within Wachovia Bank NA ("WBNA"), a national banking association, and its subsidiaries, providing asset management, lending, and fiduciary services; (5) various subsidiaries within Wachovia Corporation providing investment advisory, administrative and other services to the Evergreen and Mentor families of mutual funds; and (6) various wholly-owned state insurance agencies.}

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