COMMUNITY NEWS

Media Contact:   Alison Rice (704) 383-5644 June 10, 2003 WACHOVIA'S COMMUNITY DEVELOPMENT INITIATIVES TOTAL MORE THAN $19 BILLION IN 2002 Company helps 450 lower-income families become homeowners each week; leverages partnerships and expands financial literacy programs. CHARLOTTE, N.C. - Wachovia Corp. today announced that its community loans, investments and contributions totaled more than $19 billion in 2002, increasing the availability of affordable housing and homeownership across the East Coast. The announcement coincides with the designation of June as National Homeownership Month by the federal Department of Housing and Urban Development. "Each week during 2002, Wachovia helped 450 lower-income families achieve the dream of home ownership," said Jane Henderson, director of Community Development for Wachovia. "We also helped revitalize housing and create jobs in over 650 neighborhoods. We are pleased to report that so far this year, we are on track to exceed those numbers and help even more families become homeowners." Wachovia is a major lender of affordable mortgages throughout its East Coast marketplace. Last year, it originated more than $5.8 billion in affordable mortgages that offer low/no down payments and flexible terms. These mortgages are available through 475 Wachovia mortgage lenders throughout the East Coast, or by calling 1-800-922-6267. "Wachovia offers one of the best menus of affordable mortgage options for customers, but we know that to really make an impact on the level of homeownership, we must do more," said Henderson. "The most common reason mortgage loan applicants are denied a loan is lack of good credit. Buying a home and obtaining a mortgage are complex undertakings. At Wachovia we partner with community organizations to help families and individuals increase their creditworthiness. We know that increasing financial literacy will enable more families to navigate the home purchasing process and, in turn, become homeowners." Earlier this year, Wachovia launched a national partnership with the FDIC to expand the reach of Money Smart, a program that provides financial literacy education to adults. Wachovia expects to reach at least 5,000 individuals with this training during 2003. The company is also a leading supporter of BorrowSmart, a non-profit organization that provides Web-based information to educate consumers about home equity borrowing. In addition to these educational initiatives, Wachovia's recent receipt of a New Markets Tax Credit from the U.S. Treasury gives the company $150 million of investment capital available to use during the next five years. Wachovia will use the money to fund the building of for-sale affordable housing, along with other projects that promote economic development.

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