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WACHOVIA CORPORATE AND INSTITUTIONAL TRUST HIRES NEW BUSINESS DEVELOPMENT OFFICER FOR STRUCTURED FINANCE TRUST SERVICES

Sept. 2, 2003 CHARLOTTE, N.C. - Wachovia Corporate and Institutional Trust announced today that it has hired Deborah McDonald as new business development officer in its Structured Finance Trust Services group. She will lead trustee sales for collateralized debt obligations (CDOs) throughout the East Coast and will be based in Wachovia's Hartford, Connecticut office.

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

"Deb certainly is a strategic hire for our Structured Finance sales team. I am thrilled that she has chosen to bring her wealth of industry experience to strengthen our group," said John Shope, national sales director of Corporate and Institutional Trust.

"With Deb joining the team, our group is well positioned to be a leading player in the structured finance industry. I am confident she will be able to make an immediate and definite impact on our CDO sales efforts and help us gain market share," adds Christophe Schroeder, Structured Finance Trust sales manager.

McDonald joins Wachovia from U.S. Bank, where she served as vice president in the Corporate Trust sales area for six years, focusing in part on CDO product offerings. Prior to U.S. Bank, she was a vice president in Corporate Trust at Fleet National Bank, Shawmut National Corp., Manufacturers and Traders Corp. and Marine Midland Bank, and was assistant treasurer in the Public Finance group of Chase Manhattan Bank.

She received a bachelor's degree from Boston University, with additional post-graduate study in business and public administration at State University of New York. McDonald is also a Certified Corporate Trust Specialist (CCTS), a member of the Government Finance Officer's Association and ex officio founding board member of the Western New York Veterans Housing Coalition, nationally recognized by the Department of Veterans Affairs.

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