PRESS RELEASES

As part of the transaction, Wachovia will sell its master trust and institutional custody businesses, representing approximately 270 client relationships with about $61 billion in assets. This will increase significantly State Street’s share of the middle market, which is considered to be accounts with less than $500 million in assets.

To provide a seamless transition for clients, State Street will open a new office in Winston-Salem. State Street also will offer positions to 43 Wachovia client relationship managers and sales and marketing staff who currently service the business. In addition to the new North Carolina office, State Street also will expand its existing office in Atlanta to augment its presence in the Southeast.

"We view this transaction as a clear illustration of State Street’s commitment to the fast-growing middle market," said Ronald E. Logue, vice chairman of State Street Corporation. "A key to success in this business is providing clients with first-rate local service. By combining Wachovia’s formidable on-site client services force with State Street’s breadth of products and expertise, we believe we can provide the Southeast middle market with an unparalleled level of service. We’re delighted too, through this transaction, to be augmenting our presence in the Southeast, which is already a significant region for our growing corporate business."

"The sale will allow Wachovia to devote full attention to core businesses in asset management and consulting-related services," said G. Joseph Prendergast, Wachovia’s president and chief operating officer. "Focusing on these businesses will enable us to provide our clients the most value and accelerate our growth in wealth management. After careful consideration, we determined that selling our institutional custody business to State Street would serve the best interests of our clients over the long term. State Street has the depth of resources and technology to deliver a first-rate arsenal of innovative products and services tailored specifically to meeting these clients’ evolving needs for years to come."

In addition to a full offering of Personal Trust services, including the rapidly growing charitable segment, Wachovia will continue to provide a broad range of institutional trust services for endowments and foundations; clients with nonqualified executive plans; and clients with 401(k) and other defined contribution plans whose assets are under Wachovia management.

With $5.3 trillion in assets under custody and $574 billion under management, State Street Corporation is one of the world’s leading specialists in serving institutional investors. Offices are located in the United States, Canada, Chile, Cayman Islands, Netherlands Antilles, Ireland, United Kingdom, Netherlands, France, Belgium, Luxembourg, Switzerland, Germany, Czech Republic, Austria, United Arab Emirates, Russia, Peoples Republic of China, Taiwan, South Korea, Japan, Singapore, Australia, and New Zealand. For more information, visit State Street’s web site at www.statestreet.com.

Wachovia Corporation is a leading bank holding company with Wachovia Bank, N.A. its principal subsidiary. At June 30, 1999, Wachovia had $67 billion in assets and ranked 16th among U.S. banking firms. At June 30, Wachovia also had total trust assets of approximately $133.8 billion under administration, including about $41.3 billion under discretionary investment management. Wachovia Bank, N.A. has more than 700 offices and 1,300 ATMs in Florida, Georgia, North Carolina, South Carolina and Virginia. Wachovia also is a leading corporate bank with business relationships in 50 states and global activity in 40 countries. Additional information is available on Wachovia’s web site at www.wachovia.com.

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