PRESS RELEASES

“Doug has been with Wachovia for over 20 years and has strong relationships in the corporate banking industry,” said Hauptfuhrer. “His leadership over this excellent group of bankers provides a great opportunity for our corporate and investment banking platform. Doug is the right person to take this team to the next level.”

Global Corporate Banking is divided into three areas:

• International Corporate Banking, led by Rick Armstrong
• US Industries Corporate Banking Group I, led by Roger Pearce
• US Industries Corporate Banking Group II, led by Virginia Hepner

“I’m very excited about the potential of our Corporate and Investment Banking platform,” said Williams. “We have a full set of corporate and investment banking capabilities to offer our clients and are well-positioned to provide companies with the ideas and capital to help them succeed.”

Williams joined Wachovia in 1980 and has held a number of positions at the bank, most recently as chief risk officer for Wachovia’s Corporate Financial Services division with oversight over the group’s credit, operational, and compliance risk. He was named co-manager of the Capital Markets Division in 2000 where he had responsibility over the bank’s debt capital markets activities, including risk management services, leasing, asset-backed finance, debt securities origination, fixed income sales and trading, real estate capital markets and syndicated loan finance. He received a bachelor’s degree in finance from Auburn University and completed the Young Managers Program at the Colgate Darden School of Business at the University of Virginia.

Wachovia Corporation, created through the September 1, 2001, merger of First Union Corporation and Wachovia Corporation, with pro forma assets of $322 billion as of June 30, 2001, is a leading provider of financial services to 19 million retail and corporate customers throughout the East Coast and nation. The company operates full-service banking offices in 11 East coast states and Washington, D.C., and offers full-service brokerage with offices in 47 states and global services through more than 30 international offices.

Important Notice: Wachovia Securities is the trade name under which Charlotte based Wachovia Corporation conducts its investment banking, merger and acquisition, asset management and mutual fund, brokerage and insurance businesses.

Wachovia Securities includes: (1) First Union Securities, Inc. (“FUSI”), a registered broker-dealer and member NYSE/NASD and SIPC providing investment banking, merger and acquisition advisory and brokerage services to corporations, individuals and other institutions throughout the United States; (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) Wachovia Securities Inc., a separately registered broker-dealer and member of the NYSE-NASD and SIPC providing full-service brokerage services; (5) the institutional divisions of Wachovia Bank, N.A. (WBNA); (6) the Corporate and Investment Bank and Capital Management Group within First Union National Bank (“FUNB”), a national banking association, and its subsidiaries, providing asset management, lending, structured finance, risk management, derivatives, and fiduciary services to institutions and individuals; (7) various subsidiaries within Wachovia Corporation providing investment advisory, administrative and other services to the Evergreen and Mentor families of mutual funds; and (8) 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, FUNB, WBNA, or any bank; and involve investment risk, including possible loss of principal.