Roger Bredder and Jeff Wood Join Wachovia Securities' Fixed Income Division

CHARLOTTE, N.C., June 5 /PRNewswire-FirstCall/ -- Wachovia Securities announced today that Roger Bredder and Jeff Wood have joined the firm as managing directors in a newly formed Project Finance Group within Credit Products. Bredder, the head of the Group, is based in Charlotte, and Wood is based in New York.

"We are excited to add project finance to our list of core product capabilities, and welcome the leadership of Roger and Jeff. Both will apply their extensive industry experience to developing a product that has been increasingly sought by our clients and is a logical extension of Wachovia's platform," said Michael J. Kolosowsky, managing director.

Building on its industry leading energy and utility practice, Wachovia Securities' newly launched Project Finance Team will focus on offering structured finance solutions for its clients in the energy, power, industrial and infrastructure sectors.

Bredder and Wood assume their new roles after running a similar team at Societe Generale, where they had worked for the past nine years. Both have extensive experience advising and arranging financing for some of the most creative and noteworthy projects in the market.

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 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.