PRESS RELEASES

Young

Ms. Young is responsible for the life insurance and annuity lines of business for Phoenix, which is based in Hartford, Conn. She also has management responsibility for corporate functions, including information services, compliance, legal, communications and human resources. She was named president earlier this year after holding a number of positions with the company. Phoenix, listed in the Fortune 500, provides wealth management strategies through its insurance, investment management and trust services.

Ms. Young joined Phoenix in 1980 as an attorney in the legal department. She became senior vice president and general counsel in 1989 and executive vice president and general counsel in 1994.

She is a member of the American Bar Association, Connecticut Bar Association, the Hartford County Bar Association and the New York Bar Association. She also is a member of the boards of Phoenix and Sonoco Products.

Her volunteer activities include serving on the board of the Hartford Hospital and the advisory committee for the Hartford Area Habitat for Humanity. She is co-chairman of the 2000 United Way campaign’s corporate division in Hartford. Earlier this month, she received the Antoinette Bascetta Women's Career Development Award from Trust House, a family learning center in Hartford. In 1994 Ms. Young was one of only 12 women honored with a Leadership Award for Women in Business from the New England Council.

She received bachelor's and master's degrees in political science from Drew University in Madison, N.J., and a law degree from the University of Connecticut.

Wachovia Corporation (NYSE: WB), with dual headquarters in Atlanta and Winston-Salem, N.C., is a leading financial holding company serving regional, national and international markets. As of Sept. 30, 2000, Wachovia had assets of $72 billion. Member companies offer consumer and commercial banking, bank card, asset and wealth management, capital markets and investment banking, brokerage and insurance services. Wachovia Bank, N.A., the principal subsidiary, has nearly 700 offices and 1,400 ATMs in Florida, Georgia, North Carolina, South Carolina and Virginia.