PRESS RELEASES

Danny Ludeman, president and CEO of Wachovia Securities Brokerage Group, said Long’s experience and expertise will significantly augment the firm’s capacity to assess and deal with the legal aspects of the increasingly complex regulatory environment in which brokerage firms operate. "The perspective and insight that Ron Long has gained in his senior regulatory role will be invaluable in helping our organization safeguard the integrity and client trust that are the foundation for our business," Ludeman said.

Gannon said, "Ron Long is a well-known and well-respected professional who will significantly complement our legal team and enhance our capacity to support Wachovia Securities senior management in dealing with intricate legal and regulatory issues. We look forward to welcoming Ron to our organization."

Long, 47, has served as district administrator of the SEC’s Philadelphia office since March 1997, handling several high profile cases. He served recently as chair of the SEC's Black Employment Program and, earlier in his tenure, as counselor to then-SEC Chairman Arthur Levitt. He joined the Commission in July 1990 as a staff attorney in the Division of Enforcement.

Prior to joining the SEC, Long was a litigation attorney, practicing in California. He graduated from Georgetown University Law Center in May 1983 and earned his bachelor's degree from Williams College in June 1977.

The nation’s fifth-largest brokerage group, Wachovia Securities provides financial advisory, brokerage, asset management and other financial services through 8,100 registered representatives in more than 3,500 locations nationwide. Wachovia Securities is the trade name under which Wachovia Corporation provides brokerage services through two registered broker/dealers: Wachovia Securities, Inc., member NYSE/SIPC, and Wachovia Securities Financial Network, Inc., member NASD/SIPC.

Wachovia Corporation (NYSE:WB), created through the Sept. 1, 2001, merger of First Union and Wachovia, had assets of $320 billion and stockholder's equity of $29 billion at March 31, 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 wachovia.com, firstunion.com and wachoviasec.com.