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Contact:   Don Vecchiarello (704) 715-2006 November 13, 2001 Wachovia Commits $5 Billion in Loans to Women-owned Businesses Through 2005 Company underwrites Center For Women's Business Research study CHARLOTTE, N.C. - Wachovia Corp. (NYSE: WB) today announced it has committed to a goal of lending $5 billion to women-owned businesses through 2005. As part of this commitment, Wachovia has underwritten "Removing the Boundaries: The Continued Progress and Achievement of Women-Owned Enterprises," a new study conducted by Center for Women's Business Research. -“By sponsoring the Center’s study, we can equip our bankers with a better understanding of the needs of women-owned businesses and enhance our relationships with this underserved market,” said John Guy, small business segment executive for Wachovia. “The loan goal demonstrates the commitment Wachovia has to provide both financial and educational support to this rapidly growing market.” “Removing the Boundaries” takes an in-depth look at the characteristics of commercially active women-owned firms in the United States between December 1997 and December 2000, focusing on financial strength and growth during this period. “Wachovia clearly takes women business owners seriously as a vital market,” said Dr. Sharon Hadary, executive director of Center for Women’s Business Research. “As a result, the bank has become a leader in building relationships, sharing knowledge and providing services for women entrepreneurs. These activities illustrate its high level of commitment to serving this dynamic segment.” In 1999, Wachovia launched the first-ever financial services company-funded program designed to expand relationships with women business owners. The company-wide program, called “Focus on Women-Owned Businesses,” consists of an alliance with the National Association of Women Business Owners (NAWBO) on a national level, and “market champions” who focus on providing educational programs and sponsorships to support NAWBO chapters at the local level. Wachovia’s “Focus on Women-Owned Businesses” program also supports procurement opportunities for women-owned businesses through Wachovia’s Supplier Diversity Program and an alliance relationship with the National Women Business Owners Corporation (NWBOC). In addition, the program features a website that offers resources and information specifically tailored to the business and personal needs of women business owners. This site includes education on managing money, financing, building wealth and small business services. Wachovia Corporation (NYSE: WB), created through the September 1, 2001, merger of First Union and Wachovia with assets of $326 billion as of September 30, 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. Center for Women’s Business Research (founded as the National Foundation for Women Business Owners) is a nonprofit research institute focusing on women business owners and their enterprises worldwide. The Center is recognized as the premier source of knowledge on women business owners and their enterprises by corporations, policy makers, financial institutions and the media. Up-to-date intelligence about women business owners and their enterprises worldwide is documented in the Center’s original research and analysis.

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