Calibre To Open New Office On Palm Beach

Family office practice to serve ultra-high-net worth clients of Wachovia

March 29, 2006, PALM BEACH, Fla. – Calibre, the nation’s third-largest multi-client family office, is opening a new office in Palm Beach to expand its presence into South Florida. Wachovia’s fifth Calibre family office, at 255 S. County Road in Palm Beach, joins regional locations in Boston, Philadelphia, Charlotte and Winston-Salem, N.C. Each office serves families with liquid assets exceeding $25 million.

To celebrate the growth of its national family office practice, Wachovia CEO Ken Thompson hosted a private dinner for clients and friends at Café Boulud on the island, where he introduced R. Thomas Mayes as director of the new Palm Beach office. Mayes joins Calibre from Wachovia Wealth Management, where he served the Palm Beach region for five years as managing director.

“Calibre is dedicated to serving the unique financial needs of families of multi-generational wealth,” said F. Daniel Prickett, Calibre’s managing executive. “Our exceptional perspective comes from significant experience. We take special care to address specific requirements of each family member as well as the overall financial strategy of the entire family.

“The phenomenal growth we’ve seen recently in our business demonstrates the need for advisors who understand the exceptional demands of managing family wealth at this level,” Prickett said. “We’re very pleased to expand our practice into Palm Beach, and Tommy Mayes is a proven leader who can successfully establish our presence in the region. With his intimate knowledge of the market and passion for service, I’m confident that he and his team will build a loyal client base here.”

Mayes joined Wachovia in 1990 at its Atlanta corporate offices. He is a Certified Financial Planner with a bachelor’s degree in finance from Wake Forest University. He also studied European Economic Integration and International Strategic Marketing at the London School of Economics. As managing director for Palm Beach, he led a team of more than 75 client advisors and service specialists.

“As our wealth management business has grown, I’ve become increasingly aware of the specialized services that ultra wealthy families demand,” Mayes said. “In addition to institutional-quality investment consulting and family office services, we have a strong competency in family dynamics and governance. Calibre has a tremendous legacy, and we’re very pleased to build on that legacy in Palm Beach.”

Also joining the Palm Beach Calibre office are Diane McLaughlin, director, client management; Charles Jandourek, director, client management; Carol Eckstein, senior client service associate; and Diane Buhler, executive associate. Additional staff will be announced shortly.

McLaughlin, a past honoree of Worth Magazine’s Top 100 financial advisors and 20-year veteran in financial services, joins Calibre from Wachovia Wealth Management in Palm Beach where she served as partner and relationship manager. Before joining Wachovia Wealth Management, she was a senior vice president and U.S. Corporate Banking sales manager for Barnett Bank. A Certified Financial Planner, McLaughlin received a bachelor’s degree in finance from the University of Florida.

Jandourek, a financial services industry veteran whose more than 19 years of experience includes serving Palm Beach clients for JP Morgan, joins Calibre from Bank of America in St. Louis, where he managed complex, multi-generational client portfolios. He graduated cum laude from the University of Wisconsin with a bachelor’s degree in business administration and finance.

Eckstein, a veteran of financial services for more 10 years, joins Calibre from Wachovia Wealth Management in Palm Beach, where she served as the lead senior client service associate. She will lead client service and ensure operational excellence. Eckstein, who received a bachelor’s degree in business and accounting from the State University of New York at Buffalo, holds a Registered Paraplanner designation.

Buhler has more than 10 years of financial services experience, including nine years with Credit Suisse First Boston where she served as a vice president in fixed income sales. She received a bachelor’s degree in business economics from State University College of Oneonta, N.Y.

About Calibre (www.calibre.com)

With more than $16 billion in assets and a reputation for sound advice and service, Calibre is one of the largest multi-client family office practices in America, dedicated to serving the unique financial needs of families and multi-generational wealth. Calibre offers integrated wealth management solutions for families whose financial status requires the use of sophisticated planning techniques, advanced investment strategies and flexible financial information systems. Calibre’s experience and knowledge span the core disciplines of wealth management, including financial and tax planning, trust and estate administration, asset strategy and investment management, private banking and credit services, investment custodial services and charitable services.

About Wachovia

Wachovia Corporation (NYSE:WB) is the fourth-largest wealth manager in the U.S., based on private banking assets under management of $298 billion, defined as individual clients with accounts of at least $1 million, including some assets from Wachovia Securities and Wachovia Wealth Management (Barron’s, October 2005). Wachovia is ranked as a top ten wealth manager in the world, according to The Wealth Partnership Review, published in London, April 2005.

Wachovia Corporation (NYSE:WB) is one of the nation’s largest diversified financial services companies, providing 13.4 million household and business relationships with a broad range of banking, asset management, wealth management and corporate and investment banking products and services. Wachovia operates as Wachovia Bank through 3,131 offices in 15 states from Connecticut to Florida and west to Texas, and, until merger integration activity is completed, will continue to be known as Western Financial Bank in California. Two core businesses operate under the Wachovia Securities brand name: retail brokerage in 49 states and six Latin American countries, and corporate and investment banking in selected industries nationwide. Globally, Wachovia serves clients through more than 40 international offices. Online banking is available at wachovia.com; online brokerage products and services at wachoviasec.com, and investment products and services at evergreeninvestments.com. Wachovia had assets of $520.8 billion, market capitalization of $82.3 billion and stockholders’ equity of $47.6 billion at Dec. 31, 2005.

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Vince Scanlon

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Wachovia Corporation

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