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Media Contact: Alison Rice
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June 25, 2002
Wachovia Expands Time Away from Work Policy to Support Employee Volunteers
Expanded Policy Introduced After CEO Thompson Participates in "Businesses Strengthening America" Event at White House

CHARLOTTE, N.C. - Wachovia Corporation today said it has expanded its Time Away from Work policy beyond its original focus on education. The revised policy "Time Away from Work for Community Service" allows employees to use four hours of paid time each month to participate in community service volunteerism, educational volunteerism and parental involvement in education.

"This change broadens and deepens our commitment to community service," said President and CEO Ken Thompson. "It in no way diminishes our commitment to education as a corporate priority. With a workforce of 82,000 associates, we have the power to make a difference every day in our communities by supporting the great work our employees do for a variety of organizations."

The expanded policy grew out of Thompson’s participation in the "Businesses Strengthening America" forum at the White House on June 13. At this event, Thompson and CEOs from 18 other leading companies, such as AOL Time Warner, Home Depot and AT&T, met with President Bush to discuss how companies can support employee volunteer efforts. The group is developing a strategy to involve other companies and is planning a summit meeting for this fall.

"Our employees are already actively involved in their communities," said Shannon McFayden, Wachovia director of community affairs. "This expanded policy is designed to empower them to continue the excellent work they’re doing and to build a business environment where volunteerism and community involvement can flourish. "

Time Away from Work for Community Service also supports Wachovia’s 2001 commitment to contribute three million volunteer hours to America’s Promise over a three-year period.

About Wachovia Corporation

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 and firstunion.com.

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