PRESS RELEASES

“Mary’s leadership in this region is critical to the long-term growth and success of our business,” said Ken Benton, northeast regional manager of Wachovia Corporate Trust. “The Delaware market holds significant opportunities for our group. Mary is the right person to take this business to the next level. We are happy to have her on our team.”

“Wachovia is extremely committed to building this business,” said McCracken. “The company has the right model for growth and a strong, focused approach to customer service. I am excited about the potential for Corporate Trust at Wachovia.”

McCracken joined J.P. Morgan Trust Company in 1997 as a vice president in their Institutional Trust Services group. Previously, she was a vice president in Mellon’s Corporate Trust Department and an assistant vice president in CoreState’s Corporate Trust Department. McCracken earned her bachelor’s degree in business administration from Pennsylvania State University. She also has a Certified Corporate Trust Specialist designation from the Institute of Certified Bankers.

A part of the Capital Management Group, Wachovia Corporate and Institutional Trust offers retirement services, bond administration, custodial services, insurance products and investment management to institutional clients worldwide. Based in Charlotte, N.C., the Corporate and Institutional Trust group has regional locations in 15 states from Boston to Houston.

Wachovia Corporation (NYSE:WB), created through the Sept. 1, 2001, merger of First Union and Wachovia, had assets of $325 billion and stockholders' equity of $30 billion at June 30, 2002. Wachovia is a leading provider of financial services to 20 million 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 49 states and global services through more than 30 international offices. Online banking and brokerage products and services are available through www.wachovia.com and www.firstunion.com.