PRESS RELEASES

“This newly announced leadership team reflects our group’s dual focus on strategic impact and financial returns”, said Don MacLeod. “This team will help us continue to make the best investment decisions for the company.”

Wachovia Strategic Ventures Group, formerly First Union eVentures Group, made the announcements in conjunction with the name change. The name change reflects more closely the on-going direction and focus of the group. As part of the Information Technology, e-Commerce and Operations Division, the group makes equity investments that support Wachovia’s technology initiatives as well as derive additional value from Wachovia’s relationships and partnerships with technology companies. For more information about the Strategic Ventures Group, please visit the web site at firstunion.com/strategicventures.

Tom Hoops, also named Chief Investment Officer, is responsible for establishing the group’s investment strategy as well as managing the investment analysis, negotiation and approval process. Hoops is also responsible for managing relationships with Wachovia Securities. He has over 10 years of experience in Investment Banking, Venture Capital and Strategic Financial Advisory.

Carolyn Hoopes focuses on strategic investments in the operational customer relationship management, wireless, voice recognition and human capital management sectors. She is responsible for managing relationships with Wachovia’s retail lending, deposits, brokerage, insurance, wealth management, commercial, small business, customer service and human resources’ business units. Hoopes has 20 years of experience in the financial services industry.

Bharat Vijay focuses on strategic investments in peer networking, enterprise integration, system security and analytical customer relationship management sectors. He is responsible for managing relationships with Wachovia’s Information Technology, e-Commerce and Operations Group, Treasury Services, Customer Analytics Group and the Data Management and Governance unit. Vijay has over 10 years experience in management consulting, strategic planning and technical engineering.

Sue Schwein was named Director of Policy, Research and Communications. Schwein is responsible for policy development and implementation, preparation of internal reporting and external communications and coordination of research activities. She is the key contact for regulators, auditors and accountants. Schwein has 14 years of financial and accounting experience.

Wachovia Corporation (NYSE:WB), created through the September 1, 2001, merger of First Union and Wachovia with assets of $326 billion as of September 30 and $29 billion in stockholders' equity, is a leading provider of financial services to 19 million retail 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 states and global services through more than 30 international offices. Online banking and brokerage products and services are available through wachovia.com and firstunion.com.