HISTORICAL FINANCIAL PRESS RELEASES

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

Investor Contact: Alice Lehman
(704) 374-4139

Investor Contact: Ellen Taylor
(704) 383-1381

May 15, 2008
Wachovia Corporation Declares Cash Dividends on Preferred Stock

CHARLOTTE, N.C. – Wachovia Corporation (NYSE:WB) announced that its board of directors has declared dividends on two series of preferred stock.

A quarterly cash dividend of $20 per share was declared on its 8.00 percent non-cumulative perpetual class A preferred stock, Series J, liquidation preference $1,000 per share. This dividend equals $0.50 per depositary share, each representing a 1/40th interest in a share of Series J preferred stock, which are traded on the New York Stock Exchange under the symbol “WBPRS.” The Series J dividend is payable on June 16, 2008, to holders of record as of the close of business on May 30, 2008.
In addition, a quarterly cash dividend of $12.0833 per share was declared on its 7.50 percent non-cumulative perpetual convertible class A preferred stock, Series L, liquidation preference $1,000 per share, which are traded on the New York Stock Exchange under the symbol “WBPRT”. The Series L dividend is payable on June 16, 2008, to holders of record as of the close of business on May 30, 2008.
About Wachovia
Wachovia Corporation (NYSE:WB) is one of the nation's largest diversified financial services companies, with assets of $808.9 billion and market capitalization of $53.8 billion at March 31, 2008. Wachovia provides a broad range of retail banking and brokerage, asset and wealth management, and corporate and investment banking products and services to customers through 3,300 retail financial centers in 21 states from Connecticut to Florida and west to Texas and California, and nationwide retail brokerage, mortgage lending and auto finance businesses. Globally, clients are served in selected corporate and institutional sectors and through more than 40 international offices. Our retail brokerage operations under the Wachovia Securities brand name manage more than $1.1 trillion in client assets through 18,600 registered representatives in 1,500 offices nationwide. Online banking is available at wachovia.com; online brokerage products and services at wachoviasec.com; and investment products and services at evergreeninvestments.com.

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Wachovia common stock trades on the New York Stock Exchange (NYSE) under the ticker symbol WB. Before the September 1, 2001, merger of First Union and the former Wachovia, the common stock traded on the NYSE as FTU.

Information on this site dated after September 1, 2001, is provided under the Wachovia name, while historical information dated before September 1, 2001, is provided under the First Union name. Please note that historical information may have become out of date and should not be considered current. Wachovia does not undertake any obligation to update the information as a result of new information or subsequent developments. In addition, any forward-looking information is subject to various risks and uncertainties that could cause actual results to differ materially from expectations. Factors that could cause results to differ from expectations may be found in Wachovia's reports filed with the SEC.