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Media Contact:   Andy Fisher (704) 383-8164 May 22, 2003 Wachovia Introduces Fixed Rate SBA 7(a) Loan Option Small Businesses Now Able to Take Advantage of Record Low Interest Rates Roseville, Calif. – Wachovia Corp., a leading national SBA lender since 1979, today announced the introduction of a new product: the fixed rate SBA 7(a) loan option.  Wachovia 7(a) loans are made through its subsidiary Wachovia Small Business Capital, based in Roseville, Calif. This new option offers small businesses all the flexible benefits of an SBA 7(a) loan --low down payments, low monthly payments, no balloon payments -- with the ability to fix the interest rate for the initial three, five or seven years on loans that involve owner-user real estate. It offers as little as 10 percent down and up to 25-year terms. “Traditionally, SBA 7(a) loans have variable interest rates,” said Donna Serres, chief operating officer of Wachovia Small Business Capital. “Our customers have told us what they really need to help their businesses grow is the ability to maximize their monthly cash flow. These flexible options we are offering are ideal for those business owners. They are a tool that no one else in the SBA lending industry offers on such a broad level.” The fixed rate options are an innovation in SBA lending. They are especially important for small businesses trying to grow their companies in a challenging economy. “For 24 years we have pioneered the SBA lending industry,” said Serres. “As part of the fifth largest financial services company in the country, Wachovia SBC has the solid footing to be able to offer our customers the unique and useful tools they need to continue to grow.” About Wachovia Small Business Capital Wachovia Small Business Capital® (WSBC) specializes in small business lending. Its expertise and track record have earned it independent credit authority as a designated SBA Preferred Lender in most states. The company, formerly First Union Small Business Capital, also provides SBA 504 loans, conventional small business loans and long-term construction financing. WSBC is comprised of Wachovia SBA Lending, Inc. (WSBA), the lender for SBA 7(a) loans, and Wachovia Commercial Mortgage, Inc. (WCMI), the lender for all other loans. Both are subsidiaries of Wachovia Bank, N.A. Loans made by WSBA and WCMI are made pursuant to a Department of Corporations California Lenders License.  WSBA and WCMI hold Arizona licenses BK 7991 and BK 14330, respectively, and are Georgia Residential Mortgage Licensees. About Wachovia Corporation Wachovia Corporation (NYSE:WB), created through the September 1, 2001, merger of First Union and Wachovia, had assets of $348 billion and stockholders' equity of $32 billion at March 31, 2003. Wachovia is a leading provider of financial services to retail, brokerage and corporate customers throughout the East Coast and the nation. The company operates full-service banking offices under the First Union and Wachovia names in 11 East Coast states and Washington, D.C., and offers full-service brokerage with offices in 48 of the 50 states. Global services are provided through more than 30 international offices. Online banking and brokerage products and services are available through wachovia.com.

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