WACHOVIA CORPORATE AND INSTITUTIONAL TRUST ANNOUNCES NEW BUSINESS
DEVELOPMENT MANAGER

May 13, 2003 CHARLOTTE, N.C. - Wachovia Corporate and Institutional Trust
announced today that it has hired Christophe Schroeder as a new business
development manager. Schroeder will lead a team selling Structured Finance
Trust Services nationally.

Utilizing leading-edge systems and technology, Structured Finance
Trust Services deals with issuers of all types of structured financings such
as asset-backed and mortgage-backed securities, collateral debt obligations
and leveraged-lease transactions.

"Christophe is a critical hire for our team," said John Shope,
national sales director of Corporate and Institutional Trust. "His
experience and contact base in the structured finance industry help us gain
the edge we need to become a leading player in this business. I am extremely
pleased that he has joined our group."

"Wachovia is teaming up to become a major competitor in this
business and has the right model in place to be successful," said Schroeder.
"I'm excited about joining a team that provides a full array of structured
products services, keenly understands the intricacies of the capital markets
and thrives on providing tailored solutions to suit clients' specific
needs."

Schroeder joined Wachovia from NewLine Capital Partners, where he
was a director. Prior to NewLine, he was a vice president in the Product
Development group at Prudential International Investments; manager of the
Business Analysis and Special Projects groups at JPMorgan Chase in London;
and senior CMO/MBS analyst at Reuters Global Fixed Income Marketing group.
He has a B.A. from the University of New Hampshire and an M.B.A. from
American University. Schroeder will be based in New York.

Structured Finance Trust Services can serve as indenture trustee,
owner trustee, bond administrator and calculation agent, collateralized debt
administrator, warehouse collateral agent, document custodian and cash
manager.

Wachovia Corporate and Institutional Trust group, part of Wachovia
Bank, N.A., offers retirement services, bond administration, custody
services, insurance products and investment management to institutional
clients worldwide. Based in Charlotte, N.C., Wachovia Corporate and
Institutional Trust group has 37 regional locations in 17 states plus the
District of Columbia.

Wachovia Corporation (NYSE:WB), created through the September 1,
2001, merger of First Union and Wachovia, had assets of $348 billion and
stockholders' equity of $32 billion at March 31, 2003. Wachovia is a leading
provider of financial services to 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 48 of the 50 states. Global services are provided through more than 30
international offices. Online banking and brokerage products and services
are available through www.wachovia.com