PRESS RELEASES

J. Peter Peyton and Douglas L. Williams will assume joint management of Wachovia Capital Markets effective January 3, 2000. Peyton will have responsibility for equity capital markets related businesses. Williams will have responsibility for debt capital markets related businesses.

John C. McLean Jr. and Robert S. Kniejski will share responsibility for Wachovia Securities Inc. McLean is a senior executive vice president of Wachovia Corporation and head of Wachovia Corporate Services. Kniejski, an executive vice president, leads the corporation’s Asset and Wealth Management Division.

"Jim Morgan’s vision at Interstate/Johnson Lane was the driving force behind its progress in the 1990s and recognition as an outstanding retail brokerage and investment banking company," said McLean. "Jim’s leadership during the Capital Markets integration has been a key element in the success of the merger. We will miss his professional experience, warm personal presence, strong sense of values and deep commitment to Wachovia. At the same time we applaud him for making a significant decision to have more time for his own personal and family life, and we wish him the very best."

Morgan has 27 years of experience in the securities industry, beginning his career as a stockbroker in 1972. He joined Interstate Securities (the predecessor firm of IJL) in 1986 and served as director of investment policy. He left IJL in 1989 to head Morgan Investments Inc., a family owned investment firm, and returned the following year as president and chief operating officer. He became CEO in 1994 and chairman in 1998.

McLean said, "We are fortunate to have Doug Williams and Pete Peyton to lead the Capital Markets Division into the future. Their relationship, experiences, knowledge and leadership uniquely qualify them to lead these complex, dynamic and integrated businesses."

Peyton, an executive vice president, joined Wachovia in 1989. He previously managed Corporate Finance products, served as a corporate banking district manager and led the Merchant Banking and Financial Advisory Group. Most recently, he served as head of the Investment Banking Group in Capital Markets.

Williams, an executive vice president, has been with Wachovia since 1980. He has served as a loan administration officer, corporate banking officer, district manager and head of the U.S. Corporate Banking Division. He joined Capital Markets in February 1999 to form the Debt Capital Markets Group.