PRESS RELEASES

The CS&H transaction marks the latest development in a highly successful growth strategy that has dramatically expanded both the legacy Wachovia and First Union commercial insurance groups over the past year. This expansion brings projected year-end combined revenues of Wachovia Insurance Services to approximately $150 million, ranking it among the Top 15 insurance brokers in the U.S.

“We are extremely pleased that the complementary strategic fit between Wachovia and First Union insurance programs has generated such strong and immediate results. We have an extraordinarily strong foundation for building one of the most complete and client-focused life, personal and commercial lines and employee benefit brokerage firms on the East Coast,” said David Holton, the 28-year Wachovia veteran recently named as president of Wealth Management Insurance.

Since the third quarter of 2000, both First Union and Wachovia had escalated strategies of acquiring the assets and business of client-focused insurance agency operations that provided expansion in both product/service offerings and presence in important geographic markets.

Wachovia grew in the insurance arena in 1999 with the acquisition of Charlotte-based Barry, Evans, Josephs and Snipes and followed that with the 2000 purchase of DavisBaldwin, based in Tampa, and in 2001 by adding Hamilton Dorsey Alston, based in Atlanta. First Union purchased the Taylor & Clark Agency in Tysons Corner, Va., in 1996 and broadened its insurance business with the addition of The Tribus Company in August 2000. In 2001, First Union purchased two more companies in Southern New Jersey, The Dilks Companies Inc. and Benefit Resources Inc., which increased the commercial insurance presence in New Jersey, New York, Pennsylvania and Delaware. On Nov. 5, the company also welcomed the addition of The Rhodes Agency in Hawthorne and Totowa in northeast New Jersey and Olympic Insurance Associates in Iselin, New Jersey.

With these agencies, Wachovia Corporation has built an insurance agency operation that provides an expanded product line and services including Web-based benefit enrollment, insurance for companies with national or multi-state presence, and several special programs for industries, such as hospitality and trucking. The growth strategy has extended Wachovia’s presence in markets along the East Coast from Tampa, Atlanta, Washington, D.C., Northern Virginia and Maryland to New Jersey, New York and Greater Philadelphia.

About CS&H

In business since 1977, CS&H is well-respected in the industry for serving large clients who require diverse products and services across the country, using their extensive industry knowledge and Web-based enrollment and administrative tools. The agency provides health and group life products as well as human resources management and benefits administration services. CS&H is licensed in 41 states to accommodate its customers. Based in Sparks, Md., its primary geographic presence is in the markets of Maryland, Washington, D.C. and Virginia.

“For CS&H, this combination offers a significant future business opportunity across Wachovia’s expanded geography and customer base and enhanced individual opportunity for our principals and associates,” said CS&H President Reagan Crawford. “For our customers, significant opportunities exist for enhanced relationships and service, through partnerships with Wachovia’s excellent commercial and institutional businesses, as well as its wealth and capital management services.”

CS&H leaders Crawford, Chief Operating Officer John McNicholas and Executive Vice President Jim Slevin, and the company’s 120 employees will join and strengthen Holton’s Wachovia Insurance Services team. Crawford will report to Tony Fenton, managing director of insurance operations in the Northeast and Mid-Atlantic regions.

Wachovia Insurance Services and First Union Insurance Services are full service insurance agencies with life, property & casualty, and employee benefit offerings. They are wholly owned subsidiaries of Wachovia Corporation and affiliated with Wachovia Bank, N.A., and First Union National Bank, respectively.

Wachovia Corporation (NYSE: WB), created through the September 1, 2001, merger of First Union Corporation and Wachovia Corporation, has assets of $326 billion as of Sept. 30. It 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., under the Wachovia and First Union names and offers full-service brokerage with offices in 47 states and global services through more than 30 international offices.