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Hentschel comes to Wachovia Securities after 10 years at Lehman Brothers, where he was a managing director in the Global Real Estate Group. At Lehman, he managed investment banking relationships with public and private real estate firms in the office, multifamily, retail, manufactured home and mortgage REIT sectors. Prior to Lehman Brothers, Hentschel worked from 1990 to 1996 for Prudential Securities. He is a 1989 graduate of Princeton University.

"Steve's decision to join our team is great news for our business," said Gray. "He will head our New York office and his significant track record of managing relationships and executing complex transactions with public and private real estate companies will be a great asset to our industry-leading practice. I am very pleased he's decided to start a new chapter of his career at Wachovia."

Wachovia Securities Investment Banking practice provides a complete range of financing and advisory services to financial sponsor groups and corporate clients through eight industry groups: Consumer and Retail, Energy and Power, Financial Institutions, Healthcare, Industrial Growth, Media and Communications, Real Estate and Technology.

Wachovia Securities is the trade name for the corporate, investment banking and capital markets businesses of Wachovia Corporation and its subsidiaries, including Wachovia Capital Markets, LLC (WCM) and Wachovia Securities International Limited. Wachovia Securities is also the trade name for the retail brokerage businesses of WCM's affiliates, Wachovia Securities, LLC, Wachovia Securities Financial Networks, LLC, Wexford Clearing, LLC, and First Clearing, LLC. Wachovia's proprietary research is branded Wachovia Research.

Wachovia Capital Markets, LLC, is a U.S. broker-dealer registered with the U.S. Securities and Exchange Commission and a member of the New York Stock Exchange, the National Association of Securities Dealers, Inc., and the Securities Investor Protection Corp. Wachovia Securities International Limited is a U.K. incorporated investment firm authorized and regulated by the Financial Services Authority.

About Wachovia
Wachovia Corporation (NYSE:WB) is one of the nation's largest diversified financial services companies, providing a broad range of retail banking and brokerage, asset and wealth management, and corporate and investment banking products and services. Including the Golden West merger, which closed on Oct. 1, 2006, Wachovia has retail and commercial banking operations in 21 states with 3,400 retail banking offices from Connecticut to Florida and west to Texas and California. In addition, two core businesses operate under the Wachovia Securities brand name: retail brokerage with 737 offices in 49 states and in Latin America, and corporate and investment banking in selected industries nationwide. Other nationwide businesses include mortgage lending in 39 states and auto finance covering 46 states. 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. At Sept. 30, 2006, Wachovia had assets of $559.9 billion and market capitalization of $88.2 billion. On the same date, based on pro forma data, Wachovia's combined assets were approximately $700 billion and combined market capitalization was $107 billion.