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Media Contact:   Christy Phillips Brown
(704) 383-8178

Investor Contact:   Alice Lehman
(704) 374-4139

September 12, 2003
Wachovia Preferred Funding Corp. Declares Dividend on Series A Preferred Securities

CHARLOTTE, NC – Wachovia Preferred Funding Corp. (NYSE:  WNA_pf) announced today that its board of directors has declared a regular quarterly dividend on its Series A 7.25% preferred securities.  The dividend is equal to $0.453125 per Series A security.

The dividend is payable on Sept. 30, 2003, to holders of record as of the close of business on Sept. 15, 2003.

Wachovia Preferred Funding Corp. (NYSE: WNA_pf) is an indirect subsidiary of Wachovia Corporation and is qualified as a real estate investment trust for federal income tax purposes.


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