Wachovia To Provide Securities Lending For New York State Teachers’ Retirement System

Appointment part of Wachovia’s focus on equities securities lending

November 27, 2006 - CHARLOTTE, N.C. – Wachovia announced today that its securities lending business, Metropolitan West Securities, LLC (MetWest Securities), has been appointed as the third-party securities lending agent for the New York State Teachers’ Retirement System (NYSTRS). MetWest Securities will provide lending services for $54 billion in equity securities.

“Following a thorough due diligence process, we determined that MetWest Securities is an ideal partner for NYSTRS,” said John Cardillo, manager of public information for NYSTRS. “We believe MetWest Securities will meet our core requirements of achieving incremental earnings income from a domestic equity portfolio, ensuring preservation of capital and maintaining the safety of cash collateral. We expect MetWest Securities will combine outstanding performance with excellent customer service, and we look forward to a mutually beneficial relationship with them.”

“MetWest Securities is proud to be working with NYSTRS, the second-largest public retirement system in New York and one of the 10 largest systems in the nation,” said Louis Molinari, president of MetWest Securities. “We are excited about this relationship and the opportunity to continue to expand our equities business.”

NYSTRS, established in 1921, serves more than 264,000 active members and 129,000 retirees and beneficiaries. NYSTRS administers the fund from which public school teachers and administrators employed outside New York City receive retirement and ancillary benefits.

Through securities lending programs, institutional investors (lenders) generate additional revenue by temporarily lending securities to broker-dealers (borrowers) to provide liquidity to the markets, facilitate trade settlements, manage risk or execute other trading strategies.

MetWest Securities, a wholly owned subsidiary of Wachovia Bank, NA, is an investment advisory, asset management and broker/dealer firm specializing in securities lending and short-term fixed-income asset management. MetWest Securities is one of the nation’s largest, most respected third-party securities lending providers, with a national client base consisting of major institutional fund and corporate portfolios.

Charlotte-based Wachovia Corporation (NYSE:WB) is one of the nation’s largest diversified financial services companies, providing a broad range of retail banking and brokerage, asset and wealth management, and corporate and investment banking products and services. Including the Golden West merger, which closed on Oct. 1, 2006, Wachovia has retail and commercial banking operations in 21 states with 3,400 retail banking offices from Connecticut to Florida and west to Texas and California. In addition, two core businesses operate under the Wachovia Securities brand name: retail brokerage with 737 offices in 49 states and in Latin America, and corporate and investment banking in selected industries nationwide. Other nationwide businesses include mortgage lending in 39 states and auto finance covering 46 states. 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. At Sept. 30, 2006, Wachovia had assets of $559.9 billion and market capitalization of $88.2 billion. On the same date, based on pro forma data, Wachovia’s combined assets were approximately $700 billion and combined market capitalization was $107 billion.

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Lauren Sawyers

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Wachovia Corporation

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