PRESS RELEASES

Spivak spent the majority of her career at Donaldson Lufkin & Jenrette as a senior equity analyst covering property/casualty and reinsurance companies, and was most recently with ABN AMRO Bank N.V.

“Susan has been covering this sector for nearly 15 years, and bringing her on board expands our financial services effort,” said Todd Wickwire, Wachovia Securities Director of Institutional Research.

Spivak and her team will be based in Wachovia Securities’ New York office. Spivak is a graduate of the University of Michigan and is a current officer and past president of the Association of Insurance and Financial Analysts (AIFA).

Wachovia Securities Equity Research division has some 40 senior analysts covering approximately 500 companies in nine main sectors: Communications, Consumer & Business Services, Energy, Financial Services, Healthcare, Industrial, Media, Real Estate, and Technology. Wachovia Securities is an integrated corporate and investment banking firm that deploys a full range of capital raising, market making and financial advisory services to meet the needs of corporate and institutional clients.

Wachovia Corporation (NYSE:WB), created through the September 1, 2001, merger of First Union and Wachovia, had assets of $330 billion at December 31 and $28 billion in stockholders' equity. Wachovia is a leading provider of financial services 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 49 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.

Important Notice: Wachovia Securities is the trade name under which Wachovia Corporation conducts its investment banking, capital markets and institutional securities business through First Union Securities, Inc. (“FUSI”), Member NYSE, NASD, SIPC, and through other bank and non-bank and broker-dealer subsidiaries of Wachovia Corporation, including Wachovia Bank NA and First Union National Bank.

First Union Securities is the trade name under which Wachovia Corporation conducts its asset management and mutual fund, brokerage and insurance businesses through: (1) First Union Securities, Inc. (“FUSI”), a registered broker-dealer and member NYSE/NASD and SIPC; (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) the Capital Management Group within First Union National Bank (“FUNB”), a national banking association, and its subsidiaries, providing asset management, lending, and fiduciary services; (5) various subsidiaries within Wachovia Corporation providing investment advisory, administrative and other services to the Evergreen and Mentor families of mutual funds; and (6) 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.