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The acquisition positions Wachovia as a leading servicer in the Fannie Mae, Freddie Mac and U.S. Housing and Urban Development’s FHA-insured lending programs, and deepens Wachovia’s mortgage origination offerings to multifamily project developers and property owners.

“The assets and the strong team from Lend Lease, combined with our recent acquisition of AMI Capital, give us scale in multifamily mortgage servicing,” Jones said. “These deals also round out the product offerings for our clients, and will enable us to significantly increase origination volumes in the multifamily sector.”

Wachovia plans to integrate the Lend Lease and AMI Capital operations into its market-leading commercial real estate finance platform over the next few months. Wachovia originates multifamily mortgages through a number of channels, including its Corporate and Investment Bank and General Bank groups, as well as the Community Development Finance unit.

“Wachovia is the country’s leading real estate finance platform. This combination will make us even more meaningful to our clients – and to Fannie Mae, Freddie Mac and other real estate investors,” said Ed Hurley, a Principal with Lend Lease Mortgage Capital. In addition to Hurley, about 50 production and origination professionals joined Wachovia as a result of the acquisition.

Wachovia ranks as one of the nation’s largest capital providers and advisors to the commercial real estate sector, delivering more than $24.4 billion in capital to the industry in 2002. Wachovia is one of the top three real estate lenders in the country with more than $30 billion in loan commitments, and serves commercial real estate clients through its Wachovia Securities investment banking and Wachovia Bank N.A. subsidiaries.

Wachovia also was the nation’s top community development lender, with $1.2 billion in loans for affordable housing, neighborhood revitalization, economic development and community services in 2002, according to the latest rankings released by the Federal Financial Institutions Examining Council.

About Wachovia

Wachovia Corporation (NYSE:WB) is one of the largest providers of financial services to retail, brokerage and corporate customers throughout the East Coast and the nation, with assets of $389 billion and stockholders’ equity of $33 billion at September 30, 2003. Its four core businesses, the General Bank, Capital Management, Wealth Management, and the Corporate and Investment Bank, serve 9 million households, including 900,000 businesses, primarily in 11 East Coast states and Washington, D.C. Its broker-dealer, Wachovia Securities, LLC, serves clients in 48 states. Global services are provided through more than 30 international offices. Online banking and brokerage products and services also are available through Wachovia.com.

Wachovia Securities is the trade name for (i) the corporate and investment banking services of Wachovia Corporation and its subsidiaries, including Wachovia Capital Markets, LLC ("WCM"), member NYSE, NASD, SIPC.; and (ii) two separate, registered broker-dealers and non-bank affiliates of Wachovia Corporation providing certain retail securities brokerage services: Wachovia Securities, LLC, member NYSE/SIPC, and Wachovia Securities Financial Network, LLC, member NASD/SIPC.

Stocks, bonds, mutual funds or other securities offered or sold through Wachovia Corporation or any of its bank or non-bank subsidiaries are not deposits of any bank and are not insured, guaranteed or otherwise protected by the Federal Deposit Insurance Corporation or any other government agency; are not endorsed or guaranteed by Wachovia Corporation, WBNA, or any bank; and involve investment risk, including possible loss of principal.