Wachovia Securities Hires Tom Burke and Lee Rochford to Build European Principal Finance Business

June 05, 2006

CHARLOTTE, N.C. AND LONDON – Wachovia Securities announced today that Tom Burke has accepted an offer to join the firm in London as managing director and head of European Principal Finance. Burke will be responsible for building a new principal finance business in the region. In addition, Lee Rochford has joined the firm in London as managing director in the same group.

“Our new Principal Finance group will focus on acquisition and operating financing for European companies and principal opportunities in the consumer finance sector. This move complements the investments we are making in our existing European structured products business and is a natural extension of our leading U.S. platform,” said Atul Bajpai, chief executive officer for the Corporate and Investment Bank in Europe, the Middle East and Africa. “Both Tom and Lee have strong track records in building successful principal finance businesses and will be an asset to our team. We look forward to leveraging their experience and expertise as we continue to grow our fixed income business in Europe.”

Burke will join Wachovia from Dresdner Kleinwort Wasserstein, where he was a managing director in the Debt Principal Finance and Securitization Group and responsible for new business origination, new product design and managing transaction processes. Before joining Dresdner in 2004, Burke held several senior roles at Lehman Brothers including executive director in the Structured Finance Group, where he focused on senior and mezzanine debt principal investments. He received his Masters in Business Administration from Columbia University.

Rochford joins Wachovia from Credit Suisse, where he was managing director and head of European Asset Finance, a group responsible for all European securitization and principal finance activities across multiple jurisdictions and asset classes. Before joining Credit Suisse in 2000, Rochford spent 10 years at BNP Paribas in a variety of structured finance roles including head of Northern European Securitization. He holds a master’s degree in philosophy, politics and economics from Oxford University.

Wachovia Securities’ European Fixed Income Division originates, distributes and trades a variety of client solutions and products, with emphasis on credit products, FX and structured products, including collateralized debt obligations (CDOs), Commercial Mortgage Backed Securities (CMBS) and Asset-backed Securities (ABS). In addition, its Real Estate Capital Markets platform delivers commercial mortgage loan and REPO finance products in the United Kingdom and Germany.

About Wachovia’s Corporate and Investment Banking Group
Wachovia’s Corporate and Investment Banking group offers a full suite of products and services to public and private companies, institutional investors, financial institutions and the financial sponsor community. Investment banking and the global markets businesses (fixed income, equities, and research) operate under the Wachovia Securities brand and have become a global force in the capital markets arena by providing comprehensive advisory, capital raising, structuring, research and execution services. Wachovia’s Corporate and Investment Bank also includes the 3rd largest Treasury Services business in the U.S., as well as leading asset-based lending and global correspondent banking services. The firm is built on a cohesive culture that encourages creative ideas, capital solutions, and experienced advice to all clients.

Wachovia Securities is the trade name for the corporate, investment banking, capital markets and securities research businesses of Wachovia Corporation and its subsidiaries, including Wachovia Capital Markets, LLC (WCM) and Wachovia Securities International Limited, which is authorized and regulated by The Financial Services Authority in the United Kingdom. Wachovia Securities is also the trade name for the retail brokerage businesses of WCM’s affiliates, Wachovia Securities, LLC, Wachovia Securities Financial Networks, LLC, Wexford Clearing, LLC, and First Clearing, LLC.

About Wachovia
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 3,159 offices in 16 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 in Latin America, 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 $541.8 billion, market capitalization of $90.2 billion and stockholders’ equity of $49.8 billion at March 31, 2006.

Contact Information

Elise Wilkinson

Wachovia Corporation

Contact via E-mail