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The acquisition will add significant scale to Wachovia Retirement Services and expand its national reach. The transaction is expected to close late in the second quarter of 2006.

Ameriprise provides recordkeeping services to 225 retirement plans with nearly 700,000 participants and approximately $28 billion in assets, bringing Wachovia Retirement Services' business to more than 2 million participants and pensioners and over $100 billion in assets.
 
“This transaction underscores Wachovia's commitment to the retirement business,” said Bob Reid, president of Wachovia's Retirement and Investment Products Group. “Retirement is a key focus for our company, and we look forward to continuing to provide great service and support to Ameriprise's defined contribution recordkeeping clients.”

Ameriprise's defined contribution recordkeeping business will become part of Wachovia Retirement Services, which will continue to be managed by Joe Ready, senior vice president. Terms of the transaction were not disclosed.

“We are excited about the addition of Ameriprise's defined contribution plans as we continue to expand our retirement plan business,” Ready said. “The combined organization will be a major force in the retirement plan business. This is a great fit for both organizations.”

Ready added that Wachovia is committed to providing continuity to Ameriprise's defined contribution clients. “Ameriprise already leverages Wachovia's recordkeeping platform, and we share a strong commitment to client service,” Ready said. “We are committed to providing a smooth transition and enhanced services for clients.”

Wachovia Retirement Services has a proven track record of successful client transitions. Over the past three years, Wachovia Retirement Services has integrated Bank of New York's defined contribution daily recordkeeping business and PFPC's retirement services business.

Wachovia's Corporate and Investment Bank, Wachovia Securities, served as Wachovia Corporation's exclusive financial advisor on the transaction.

About Wachovia Retirement Services
Wachovia Retirement Services is part of the Retirement and Investment Products Group, a division of Wachovia's Capital Management Group. Wachovia Retirement Services provides fully bundled defined contribution, defined benefit and nonqualified retirement plans to both small and large companies, unions and municipalities.

In 2005, Wachovia Retirement Services ranked first or second in 11 client satisfaction categories in Boston Research Group's 2005 defined contribution provider study. Additionally, Wachovia Retirement Services earned 19 “Best in Class” awards in PlanSponsor magazine’s 2005 Defined Contribution survey.

For more complete information about Wachovia Retirement Services, please visit online at www.wachovia.com/401k.

About Wachovia Corporation
Charlotte-based Wachovia Corporation (NYSE:WB) is one of the nation's largest diversified financial services companies, providing 13.4 million household and business relationships with a broad range of banking, asset management, wealth management and corporate and investment banking products and services. Wachovia operates as Wachovia Bank through 3,159 offices in 16 states from Connecticut to Florida and west to Texas, and, until merger integration activity is completed, will continue to be known as Western Financial Bank in California. Two core businesses operate under the Wachovia Securities brand name: retail brokerage in 49 states and in Latin America, and corporate and investment banking in selected industries nationwide. Globally, Wachovia serves clients through more than 40 international offices. Online banking is available at wachovia.com; online brokerage products and services at wachoviasec.com, and investment products and services at evergreeninvestments.com. Wachovia had assets of $541.8 billion, market capitalization of $90.2 billion and stockholders' equity of $49.8 billion at March 31, 2006.