HISTORICAL FINANCIAL PRESS RELEASES

Media Contact:   Ginny Mackin (704) 383-3715 Media Contact:   Mary Eshet (704) 383-7777 Investor Contact:   Alice Lehman (704) 374-4139 October 23, 2001 Wachovia Reports Cash Operating Earnings of $395 Million, or 36 Cents Per Share in Third Quarter 2001 34 cents per share in principal investing write-downs and proactive steps taken to strengthen balance sheet Third Quarter 2001 Highlights First Union-Wachovia merger completed on Sept. 1, 2001; integration progressing well. Strong growth trend continued in the General Bank. Record customer service scores represent 10th consecutive quarter of improvements. Expenses declined 9 percent, excluding expenses from the former Wachovia. Greatly strengthened credit reserves. Nonperforming assets declined 4 percent from pro forma 2001 second quarter amounts. Excluding principal investing write-downs, operating earnings per share were 61 cents; cash operating earnings per share were 70 cents. Earnings Highlights Three Months Ended September 30, 2001 (In millions, except per share data)     Sept. 30 2001   June 30 2001   Sept. 30 2000                 Earnings               Operating earnings(a) $   298   649   702 Diluted earnings per common share (Operating earnings)     0.27   0.66   0.71 Net income (loss) (As reported)     (334)   633   852 Diluted earnings per common share (As reported) $   (0.31)   0.64   0.86 Financial ratios (Operating earnings)               Return on average common stockholders' equity     5.77 % 16.19   15.76 Overhead efficiency ratio     76.74   64.34   66.42 Net interest margin     3.58   3.41   3.52 Fee and other income as % of total revenue     34.42   48.32   46.93 Dividend payout ratio     89.45 % 36.36   67.42 Cash operating earnings               Net income $   395   723   778 Diluted earnings per common share $   0.36   0.73   0.79 Return on average tangible common stockholders' equity     11.36 % 23.35   22.15 Overhead efficiency ratio     72.86 % 62.06   64.17 Asset quality               Allowance as % of nonaccrual and restructured loans     202 % 144   202 Allowance as % of loans, net     1.79   1.44   1.39 Net charge-offs as % of average loans, net     0.73   0.52   0.46 Nonperforming assets to loans, net, foreclosed properties and assets held for sale     1.08 % 1.23   0.98                 (a) Operating earnings are reported net income excluding after-tax net merger-related, restructuring and other charges and gains. The merger of First Union and the former Wachovia closed on Sept. 1, 2001; therefore third quarter 2001 earnings reflect the financial results for one month from the former Wachovia. Because this merger was accounted for as a purchase, previous periods have not been restated. CHARLOTTE, N.C. – Wachovia Corp. (NYSE:WB) today reported third quarter 2001 cash operating earnings of $395 million, or 36 cents per share; operating earnings of $298 million, or 27 cents per share; and a net loss of $334 million, or 31 cents per share. Cash operating earnings for the third quarter of 2001 exclude $632 million after tax in merger-related, restructuring and other charges described below as well as intangibles amortization. "I am pleased with the underlying performance in our businesses and the strength of our core earnings, which give us great optimism for the future," said Ken Thompson, Wachovia president and CEO. "While we are not satisfied with the bottom line results, we believe we have taken exactly the right actions to increase reserves and prudently strengthen our balance sheet in a weakening economy. "Despite the weight we all feel from the terrible events of September 11 and the upheaval in the financial markets, our employees have been dedicated in taking care of their customers while at the same time making excellent progress with merger integration. Our commitment to putting our customers first as we proceed with merger integration is evident in the solid loan and deposit growth in our General Bank and our 10th consecutive quarter of improvement in customer service scores. Expense control is a keystone in the new Wachovia and we expect to see further evidence of that in 2002 as merger synergies gain traction," he said. Principal Investing Write-downs Principal investing write-downs in the third quarter of 2001 amounted to $380 million after tax or 34 cents per share. Since the company last reported results for its principal investing portfolio at the end of the second quarter of 2001, both direct and indirect investments in the portfolio have been impaired by the sharp declines in equity market valuations, in line with a 31 percent decline in the NASDAQ composite index and a 15 percent decline in the S&P 500 index in the third quarter of 2001. The third quarter 2001 write-downs related primarily to investments made in 1999 and 2000 largely in the technology and telecom sectors. Merger-Related, Restructuring and Other Charges These charges include: A $357 million after tax or 33 cents per share provision for loan losses to provide for deterioration in the economic environment experienced in the third quarter. We would expect the allowance to loan loss ratio to be above average for the peer group. A $215 million after tax or 20 cents per share provision for loan losses plus a $102 million purchase accounting adjustment representing the impact of integrating the two loan portfolios and of moving $1.5 billion of higher risk loans to assets held for sale for eventual disposition. In April the company had estimated this cost at $450 million pre-tax, or $293 million after tax. $57 million after tax or 5 cents per share of merger-related and restructuring charges, part of the previously announced $1.5 billion charge in connection with the merger. Wachovia will record the majority of those charges over the next several years until merger integration is complete. September 11-Related Impact Wachovia estimated that the third quarter impact of the September 11 tragedy amounted to $55 million after tax, or 5 cents per share, from lost brokerage and trading income during market closings and trading losses due to spread widening. Also, $20 million in pre-tax costs were included in the third quarter of 2001 related to Wachovia's World Trade Center trust operations. Lines of Business General Bank Highlights Three Months Ended September 30, 2001 (In millions)     Sept. 30 2001   June 30 2001   Sept. 30 2000                 Total Revenue (tax-equivalent) $   1,754   1,555   1,482 Provision for loan losses     98   98   51 Noninterest expense     1,023   936   933 Operating Earnings     411   343   328 Average loans, net     76,590   65,462   60,029 Average core deposits     110,755   99,388   97,186 Economic capital $   4,465   3,691   3,652 General Bank financial results continued to show very good momentum, with growth in revenues and low cost core deposits and strong consumer credit production. The focus in the General Bank is on providing excellent service to customers throughout the merger integration process, on growing low-cost core deposits, on improving loan spreads and on becoming more efficient. Capital Management Highlights Three Months Ended September 30, 2001 (In millions)     Sept. 30 2001   June 30 2001   Sept. 30 2000                 Total Revenue (tax-equivalent) $   676   711   707 Provision for loan losses     -   -   - Noninterest expense     573   583   576 Operating Earnings     67   84   87 Average loans, net     269   110   84 Average core deposits     1,535   1,609   2,356 Economic capital $   848   817   844 Despite the unsettled markets and the continued slide in the broader equity markets, the Capital Management Group achieved record annuity sales and record gross and net fluctuating mutual fund sales. Excluding the impact of the former Wachovia, assets under management increased 4 percent from the third quarter of 2000. Assets under management were $226 billion at September 30, 2001, including $47 billion from the former Wachovia. Continued focus on expense control was evident in the modest decline from the third quarter of 2000, despite the higher expense base associated with the merger. Wealth Management Highlights Three Months Ended September 30, 2001 (In millions)     Sept. 30 2001   June 30 2001   Sept. 30 2000                 Total Revenue (tax-equivalent) $   161   127   126 Provision for loan losses     2   -   - Noninterest expense     115   84   80 Operating Earnings     29   29   30 Average loans, net     5,680   4,449   4,211 Average core deposits     7,328   6,367   5,579 Economic capital $   236 % 169   161 Wealth Management, which serves affluent and ultra high net worth individuals, is focused on gathering assets and serving clients well. While rate compression had an impact on the value of the loan and deposit portfolios in the Wealth Management segment, sales volumes and lending relationships increased year over year. Retention of both clients and sales professionals remained strong in the third quarter. The increase in expenses year over year reflects the higher expense base due to the Wachovia merger and to incremental investments to drive future performance. Corporate and Investment Banking Highlights Three Months Ended September 30, 2001 (In millions)     Sept. 30 2001   June 30 2001   Sept. 30 2000                 Total Revenue (tax-equivalent) $   233   787   767 Provision for loan losses     126   93   83 Noninterest expense     479   498   486 Operating Earnings     (207)   153   151 Average loans, net     42,076   41,145   42,017 Average core deposits     10,499   10,200   9,086 Economic capital $   6,267   6,012   6,048 Corporate and Investment Banking was negatively affected by the decline in the equity markets and reduced liquidity for non-public investments, with the $534 million decline in total revenue reflecting the $380 million after-tax write-down in private equity investments in the third quarter of 2001. Fixed income sales and trading and interest rate derivatives continued to perform well due to declining short-term rates. Excluding the impact of one month of expenses related to the former Wachovia, noninterest expense declined 8 percent, largely due to strong cost controls. *** Wachovia Corporation (NYSE:WB), created through the Sept. 1, 2001, merger of First Union and Wachovia with assets of $326 billion as of Sept. 30 and $29 billion in stockholders' equity, is a leading provider of financial services to 19 million retail 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 47 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.

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