PRESS RELEASES

Williams, who guided the formation of Wachovia Securities’ commercial real estate investment banking business over the past two years, will head an expanded Fixed Income division composed of the Fixed Income and Real Estate and Financial Services Investment Banking groups.

"While we will miss Steve Kohlhagen’s leadership, we have every confidence that Ben’s capabilities, along with those of many other key employees in the newly configured Fixed Income division, will enable Wachovia to achieve significant growth in the years ahead," said Barnes Hauptfuhrer, co-head of Wachovia’s Corporate and Investment Bank.

Williams joined legacy First Union Corp. in 1984 and held positions in human resources, corporate banking and commercial real estate before joining the capital markets group in 1996. He has an economics degree from Davidson College and a Master’s of Science in Commercial Real Estate from the Massachusetts Institute of Technology.

Curtis Arledge, Managing Director of Fixed Income Trading, was named Deputy Head of the Fixed Income division. Arledge joined the bank in 1996 and has managed its fixed income trading operation for the past two years. He graduated from Princeton University with a degree in electrical engineering.

Wachovia Securities’ Fixed Income division provides a broad range of fixed-income sales, trading and research services, including underwriting and trading in municipal bonds and high-grade and high-yield corporate debt; foreign exchange trading and currency risk management; and fixed-income derivatives.

Wachovia Securities’ Real Estate and Financial Services division provides a broad range of commercial real estate products and services, including mortgage origination and placement, structured asset finance, commercial mortgage-backed securities, principal investing, asset securitization, asset-backed conduit, structured products services and tax credit investments.

The newly configured Fixed Income division will employ more than 900 people, primarily in Charlotte and New York.

Wachovia Corporation (NYSE:WB), created through the Sept. 1, 2001, merger of First Union and Wachovia, had assets of $325 billion and stockholder's equity of $30 billion at June 30, 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 corporate and investment banking services, asset management and mutual fund, brokerage and insurance businesses through: (1) Wachovia Securities, Inc. ("WSI"), 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) Wachovia 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, 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.

Stocks, bonds, mutual funds or other securities offered or sold through Wachovia Corporation or any of its bank or non-bank subsidiaries are not deposits of any bank and are not insured, guaranteed or otherwise protected by the Federal Deposit Insurance Corporation or any other government agency; are not endorsed or guaranteed by Wachovia Corporation, WBNA, or any bank; and involve investment risk, including possible loss of principal.