Wachovia Securities Launches New Hybrid and Preferred Securities Indices

June 05, 2006

Indices Set Performance Benchmark for Preferred Stocks

CHARLOTTE, N.C. — Wachovia Securities Fixed Income Division has developed six new indices that benchmark performance of $25 par preferred stocks and hybrid securities. Wachovia’s Hybrid and Preferred Securities’ (WHPSSM) indices include an aggregate index that provides a comprehensive look at the preferred market, as well as a family of five specialized indices. The new indices are priced daily and are currently available on Bloomberg Professional Service®, by typing WHPS GO>.

Wachovia’s Hybrid and Preferred Securities indices currently include 367 individual securities, representing more than 4 billion preferred shares in excess of $100 billion in total market value. The composite index is called WHPS Aggregate Index, followed by five specialized sub-groupings: WHPS Non-REIT index, WHPS REIT Index, WHPS investment-grade REIT Index, WHPS below-investment-grade REIT Index, and WHPS equity REIT index.

The WHPS indices are market capitalization weighted and rule-based. The securities included in each WHPS index are determined based on consistent eligibility criteria. In addition to the daily pricing available on Bloomberg, a formal analysis is available monthly in an electronic distribution to participating investors.

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 Westcorp merger integration activity is completed, will continue to be known as Western Financial Bank in the former Westcorp locations 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

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