Shareholder Q&A

What was the rationale for the merger?

The combination of A.G. Edwards and Wachovia Securities, LLC, creates the nation's second largest retail brokerage firm, bringing together two similar companies determined to preserve and enhance a corporate culture that is focused on attracting the nation's best financial advisors, respecting client relationships, providing unbiased advice and delivering excellent client service. Wachovia has long expressed an interest in growing its retail brokerage business both organically and through acquisitions due to the compelling long-term growth opportunities of the brokerage industry. A.G. Edwards sought a partner that would offer the scale and enriched product suite required to fuel continued growth. Together, the firm offers its advisors and consultants the best-in-class tools, products and support to help them meet their clients' needs.

Who is going to run the company?

Daniel J. Ludeman, a 27-year veteran of the brokerage industry is president and CEO and Robert L. Bagby, who joined A.G. Edwards in 1975, is the chairman of the combined brokerage firm. Wachovia Securities, LLC, is part of Wachovia Corporation's Capital Management Group, led by David Carroll. Ken Thompson is Wachovia Corporation's chairman and chief executive officer.

When did the merger transaction close?

The merger was completed on October 1, 2007.

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What will happen to my stock as a result of the merger?

A.G. Edwards common stock ceased to trade upon completion of the merger. For each share of A.G. Edwards common stock they hold, A.G. Edwards shareholders are entitled to receive (i) 0.9844 Wachovia common shares (the "Wachovia stock consideration") and (ii) $35.80 in cash (the "cash consideration"), with cash paid for any fractional share interest. Together the stock consideration, the cash consideration, and any cash payments for fractional shares are referred to collectively as the "merger consideration."

The number of Wachovia common shares and cash issued in the merger for each A.G. Edwards common shareholder is fixed and will not be adjusted for changes in the market price of either Wachovia common stock or A.G. Edwards common stock. Accordingly, any change in the price of Wachovia common stock prior to the merger would have had an effect on the market value of the Wachovia stock consideration that A.G. Edwards shareholders will receive as a result of the merger. More information is included in the A.G. Edwards Proxy Statement-Prospectus dated August 28, 2007, and first mailed to shareholders on August 30, 2007.

How do I exchange my shares?

If you owned your A.G. Edwards common stock through a broker (i.e. in "street" name) at the close of the merger, your broker will handle the exchange of your shares, generally within five days of the close of the merger.

If you were listed on the books of A.G. Edwards' transfer agent as a registered shareholder at the close of the merger, you will receive a letter of transmittal from the Exchange Agent, American Stock Transfer & Trust Company. The letter of transmittal provides instructions on how to exchange your A.G. Edwards shares for the merger consideration. You will be required to send in all of your A.G. Edwards certificates to the Exchange Agent. A.G. Edwards common shares held in the Direct Registration System entry form are uncertificated. If all of your A.G. Edwards common shares are in book-entry form, you still must complete and submit the letter of transmittal in order to receive the merger consideration.

When you deliver your properly executed letter of transmittal along with all of your original A.G. Edwards common stock certificates and any other required documents to the Exchange Agent, the certificates will be canceled and your new Wachovia common shares will be electronically credited to an account created for you at our Exchange Agent, American Stock Transfer & Trust Company, through the Direct Registration System. Within a minimum of 15 business days, you will be sent a Direct Registration Book-Entry Statement confirming the credit of your new Wachovia common shares you received in the exchange, any fractional share cash payment you may be due, and payment for the cash consideration.

You will not be eligible to receive Wachovia dividend payments payable to holders of record of Wachovia common stock until your properly executed letter of transmittal has been delivered to the Exchange Agent along with all of your original A.G. Edwards common stock certificates and any other required documents.

A.G. Edwards common stock certificates should not be forwarded to the Exchange Agent unless and until you receive the letter of transmittal.

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Will I receive a physical certificate from the exchange of my A.G. Edwards shares upon completion of the merger?

No, instead of sending a physical certificate representing your Wachovia common shares, the shares will be electronically credited to an account created for you at our Exchange Agent, American Stock Transfer & Trust Company, through the Direct Registration System (DRS). You will receive a Direct Registration Book-Entry Statement confirming the credit of your new Wachovia common shares after you deliver your properly executed letter of transmittal to the Exchange Agent along with all of your original A.G. Edwards common stock certificates and any other required documents.

Issuing shares in DRS book-entry form reduces administrative expense for Wachovia and offers a number of benefits to shareholders, including no cost for safekeeping of shares and the ability to easily transfer shares to a broker to hold them in a brokerage account or to execute a sale. While we expect the great majority of shareholders will prefer the advantages of holding their shares in DRS book-entry form, you may request a physical certificate for your Wachovia common shares by completing the form on the bottom of your Direct Registration Book-Entry Statement, which will be sent to you upon exchange of your A.G. Edwards common shares.

How long will it take the Exchange Agent to exchange my A.G. Edwards shares, and when will I receive a check for the cash consideration?

You should expect to receive a Direct Registration Book-Entry Statement, a check for the cash consideration and a check for the cash payment for any fractional shares in a minimum of 15 business days after the Exchange Agent receives your properly executed letter of transmittal along with all of your original A.G. Edwards common stock certificates and any other required documents.

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Do I have to send in my A.G. Edwards certificate(s)?

Yes, you must return all of your original A.G. Edwards common stock certificates to complete the exchange.

What if my A.G. Edwards common shares are held in book-entry form?

If any of your A.G. Edwards common shares are held in DRS (Direct Registration System) book-entry form, there are no stock certificates associated with them. To exchange your A.G. Edwards common shares held in DRS book-entry form, you still must complete and return your properly executed letter of transmittal to the Exchange Agent along with any other required documents.

What if I have lost or cannot locate my A.G. Edwards stock certificates?

If any of your A.G. Edwards stock certificates are lost, you must replace the lost shares before completing and submitting the letter of transmittal. Please write to the Exchange Agent at Wachovia Shareholder Services, c/o American Stock Transfer & Trust Company, P. O. Box 2328, New York, NY 10272-2328 to report the lost certificate(s). Replacing lost certificates will require the completion of forms and the posting of an indemnity bond. The fee for the bond is two percent of the current market value of the resulting Wachovia common shares to be issued, with a minimum replacement fee of $40, plus a $25 administrative fee. The Exchange Agent will provide the required forms and fee amount.

You will not be eligible to receive Wachovia dividend payments payable to holders of record of Wachovia common stock until your properly executed letter of transmittal has been delivered to the Exchange Agent along with all of your original A.G. Edwards common stock certificates and any other required documents.

Is there a cost for replacing lost certificates?

Replacing lost certificates will require the completion of forms and the posting of an indemnity bond. The fee for the bond is two percent of the current market value of the resulting Wachovia common shares to be issued, with a minimum replacement fee of $40, plus a $25 administrative fee. The Exchange Agent will provide the required forms and fee amount.

You will not be eligible to receive Wachovia dividend payments payable to holders of record of Wachovia common stock until your properly executed letter of transmittal has been delivered to the Exchange Agent along with all of your original A.G. Edwards common stock certificates and any other required documents.

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We strongly recommend that you insure your A.G. Edwards common stock certificates if you mail them. If your A.G. Edwards common stock certificates are lost in the mail en route to the Exchange Agent, you will have to pay the cost of an indemnity bond to have your certificates replaced. You should insure your certificates in an amount equal to the cost of the bond, which is two percent of the market value of the resulting Wachovia common shares to be issued, with a minimum replacement fee of $40, plus a $25 administrative fee.

For example, if you have lost a certificate for 64 shares of A.G. Edwards common stock it represents the equivalent of 63 shares of Wachovia common stock (based on the 0.9844 exchange ratio). If the current price of Wachovia common stock was $50, then the value of the resulting Wachovia common shares represented by the lost A.G. Edwards common stock certificate would be $3,150 (63 x $50) and the cost of a bond to replace these shares would be $63 (2% of $3,150), plus a $25 administrative fee.

Why can't I receive my check for the cash consideration until I deliver all of my A.G. Edwards certificates?

The Exchange Agent must certify stock ownership through the transmittal of your A.G. Edwards certificates before the cash consideration can be paid. If all of your A.G. Edwards common shares are in book-entry form you still must complete and submit the letter of transmittal before the cash consideration can be paid.

You will not be eligible to receive Wachovia dividend payments payable to holders of record of Wachovia common stock until your properly executed letter of transmittal has been delivered to the Exchange Agent along with all of your original A.G. Edwards common stock certificates and any other required documents.

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Under no circumstances will any interest accrue or be paid on the cash consideration, fractional share payments, or dividends.

Can I have the cash consideration deposited directly into my bank account?

No, funds for the cash consideration cannot be deposited directly into a bank account; funds will be issued by check. If you wish to have future Wachovia dividends deposited directly into your bank account, please note that an authorization form will be included with your letter of transmittal and is also available on our Investor Web site.

Are there any fees associated with exchanging my shares?

There are no fees associated with the exchange of your A.G. Edwards common stock. You may incur fees if you need to replace lost A.G. Edwards common stock certificates or if you choose to purchase insurance for your package at the post office. We recommend that you purchase insurance in an amount equal to two percent of the market value of the resulting Wachovia common shares to be issued.

We strongly recommend that you insure your A.G. Edwards common stock certificates if you mail them. If your A.G. Edwards common stock certificates are lost in the mail en route to the Exchange Agent, you will have to pay the cost of an indemnity bond to have your certificates replaced. You should insure your certificates in an amount equal to the cost of the bond, which is two percent of the market value of the resulting Wachovia common shares to be issued, with a minimum replacement fee of $40, plus a $25 administrative fee.

For example, if you have lost a certificate for 64 shares of A.G. Edwards common stock it represents the equivalent of 63 shares of Wachovia common stock (based on the 0.9844 exchange ratio). If the current price of Wachovia common stock was $50, then the value of the resulting Wachovia common shares represented by the lost A.G. Edwards common stock certificate would be $3,150 (63 x $50) and the cost of a bond to replace these shares would be $63 (2% of $3,150), plus a $25 administrative fee.

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If you have not received your letter of transmittal by the last week of October, please call the Exchange Agent at (888)257-9919.

Can I exchange my shares at a branch or financial center?

Unfortunately, for legal reasons we cannot offer shareholders this service. Please follow the instructions on the letter of transmittal for submitting your A.G. Edwards common shares to the Exchange Agent. If you have not received your letter of transmittal by the last week of October, please call the Exchange Agent at (888)257-9919.

How do I determine whether or not I am in possession of all of my A.G. Edwards stock certificates?

The letter of transmittal will indicate how many shares are registered in your name. It will include details for the number of certificated and uncertificated (book-entry) shares of A.G. Edwards common stock you hold in registered form. If you have questions regarding this number, please call the Exchange Agent at (888)257-9919.

Are there any tax consequences associated with exchanging my A.G. Edwards shares?

Please carefully review the discussion of Material U.S. Federal Income Tax Consequences that begins on page 58 of the Joint Proxy Statement-Prospectus.

Generally, the merger will be tax-free to you, other than with respect to the cash consideration and cash payment you may receive for any fractional shares. However, because your tax consequences will depend on your individual situation, we urge you to consult your tax advisor for a full understanding of the particular tax consequences of the merger to you.

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The 401(k) plan administrator will handle the exchange of shares.

What will happen to my dividend?

Based on the 0.9844 exchange ratio and Wachovia's current quarterly dividend rate of $0.64 per common share, following the merger, holders of A.G. Edwards common stock will receive an anticipated quarterly dividend equivalent to $0.63 per share of A.G. Edwards common stock (i.e., 0.9844 times $0.64).

Wachovia has historically paid its shareholders a dividend four times a year. These dividends are subject to approval by Wachovia's board of directors and depend on, among other things, Wachovia's financial condition and applicable legal and regulatory considerations. Subject to the foregoing, Wachovia's dividend payment dates have historically been on or about the 15th of March, June, September and December.

You will not be eligible to receive Wachovia dividend payments available to holders of record of Wachovia common stock until your properly executed letter of transmittal has been delivered to the Exchange Agent along with all of your original A.G. Edwards common stock certificates and any other required documents.

Whom do I call if I have questions?

The Exchange Agent, American Stock Transfer & Trust Company, is available to answer questions regarding the following issues:

• Account information
• Registration changes (name change, transfer ownership, etc.)
• Address changes
• Direct deposit of dividends
• Direct Registration (electronic registration of shares)
• Replacing lost, stolen or destroyed certificates
• Dividend information, including the Dividend Reinvestment and Stock Purchase Plan
• Other account maintenance-related questions

Shareholder service representatives are available are 8:00am to 7:00pm ET, Monday through Thursday, and 8:00am to 5:00pm ET on Friday at (888) 257-9919.

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