Exhibit 99(a)

	Press Release October 15, 2003
	WACHOVIA EARNS RECORD $1.1 BILLION; 3rd QUARTER EPS UP 26% TO 83 CENTS
	Strategies to Boost Revenue Growth, Reduce Credit Costs and Control Expenses Accelerate Momentum

3rd QUARTER 2003 COMPARED WITH 3rd QUARTER 2002

• Total revenue rose 21 percent year over year, or 9 percent excluding the impact of the Prudential Financial retail brokerage transaction.

• Record earnings produced in each of the company’s four core business segments.

• Noninterest expense rose 3 percent excluding the Prudential transaction.

• Credit costs fell significantly with net charge-offs declining to 0.33 percent of average loans and nonperforming assets declining to less than 1 percent of loans.

• Average low-cost core deposits increased 22 percent.

• Customer satisfaction scores continued to exceed the company’s goal during final bank merger integration activities.

Earnings Highlights

	Three Months Ended
(In millions, except per share data)	September 30, 2003		June 30, 2003	September 30, 2002
Earnings
Net income available to common stockholders	$1,105		1,031	913
Diluted earnings per common share(a)	$  0.83		0.77	0.66
Financial ratios
Return on average common stockholders’ equity	13.71	%	12.78	11.63
Net interest margin	3.51		3.78	3.94
Fee and other income as % of total revenue	49.68	%	45.60	42.86
Capital adequacy(b)
Tier 1 capital ratio	8.59	%	8.33	8.11
Total capital ratio	12.09		11.92	12.02
Leverage ratio	6.56	%	6.78	6.82
Asset quality
Allowance as % of nonaccrual and restructured loans	189	%	180	163
Allowance as % of loans, net	1.59		1.66	1.81
Net charge-offs as % of average loans, net	0.33		0.43	0.59
Nonperforming assets as % of loans, net, foreclosed properties and loans held for sale	0.95	%	1.04	1.23

(a) Reported diluted earnings per common share included $0.06 per share, $0.04 per share and $0.05 per share of merger-related and restructuring expenses in the third quarter of 2003, the second quarter of 2003 and the third quarter of 2002, respectively. Also includes $0.01 per share gain related to the cumulative effect of a change in accounting principle in the third quarter of 2003.

(b) The third quarter of 2003 is based on estimates.

CHARLOTTE, N.C. —Wachovia Corp. (NYSE:WB) today reported third quarter 2003 net income available to common stockholders of $1.1 billion, or 83 cents per share, compared with $913 million, or 66 cents per share, in the third quarter of 2002. Earnings per share in the third quarter of 2003 included after-tax net merger-related and restructuring expenses of 6 cents per share, as well as a 1 cent per share gain related to the cumulative effect of a change in accounting principle. In the third quarter of 2002, earnings included 5 cents per share of after-tax net merger-related and restructuring expenses.

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WACHOVIA REPORTS RECORD QUARTERLY EARNINGS/Page 2

“Our earnings momentum has accelerated for the past two years, driven by our strategies to boost revenue growth, reduce credit costs and control expenses,” said Ken Thompson, chairman and CEO. “Our third quarter results again represent strong performance in an economic environment that is still finding its footing. I’m particularly pleased to see record results in each of our four core businesses. Our balanced business model reflects outstanding results in our General Bank and growing strength in our Capital Management, Wealth Management, and Corporate and Investment Bank businesses, which are well positioned for an improving economy. Our management team is disciplined and focused on results, and we believe we are poised to continue to achieve our goal of consistent, annual double digit earnings growth.” Earnings for this goal exclude merger-related and restructuring expenses.

Wachovia Corporation

	Three Months Ended
(In millions)	September 30, 2003		June 30, 2003	September 30, 2002
Total revenue (Tax-equivalent)	$	5,319	4,749	4,410
Provision for loan losses		81	195	435
Noninterest expense		3,557	2,988	2,945
Net income available to common stockholders		1,105	1,031	913
Average loans, net		157,994	157,735	151,928
Average core deposits	$	185,715	179,417	167,184

Provision expense declined to $81 million reflecting continued improvement in asset quality, particularly in the Corporate and Investment Bank, as well as the shift in loan mix toward consumer real estate secured loans. Third quarter 2003 net charge-offs declined 41 percent from the third quarter of 2002 to $132 million, or an annualized 0.33 percent of average net loans. Total nonperforming assets including loans held for sale declined 18 percent from the third quarter of 2002 to $1.7 billion in the third quarter of 2003.

Noninterest expense increased 21 percent from the third quarter of 2002, largely due to the addition of the Prudential Financial retail brokerage business to Wachovia Securities, LLC. Excluding the impact of this transaction, expenses would have risen approximately 3 percent.

Average loans in the third quarter of 2003 were $158 billion, a 4 percent increase from the third quarter of 2002, reflecting higher residential mortgage and student loan balances, dampened by continued lower corporate loan demand. Average core deposits increased 11 percent from the third quarter of 2002 to $186 billion, while average low-cost core deposits increased 22 percent from the third quarter a year ago to $146 billion.

Lines of Business

The following discussion covers the results for Wachovia’s four core business segments and is on a segment earnings basis, which excludes net merger-related and restructuring expenses, other intangible amortization, and the cumulative effect of a change in accounting principle. Segment earnings are the basis upon which Wachovia manages and allocates capital to its business segments. Pages 10 and 11 include a reconciliation of segment results to Wachovia’s consolidated results of operations in accordance with GAAP.

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WACHOVIA REPORTS RECORD QUARTERLY EARNINGS/Page 3

General Bank Highlights

	Three Months Ended
(In millions)	September 30, 2003		June 30, 2003	September 30, 2002
Total revenue (Tax-equivalent)	$	2,502	2,438	2,296
Provision for loan losses		121	99	114
Noninterest expense		1,340	1,324	1,282
Segment earnings		662	643	571
Average loans, net		114,217	112,996	101,429
Average core deposits		155,098	151,166	141,861
Economic capital, average	$	5,643	5,653	5,683

General Bank

The General Bank includes retail, small business and commercial customers. General Bank revenue increased 9 percent from the third quarter a year ago, driven by strength in consumer loan and mortgage income and outstanding core deposit growth. Fee income increased 9 percent from the third quarter a year ago on strength in mortgage banking income and debit card transaction volume. Average core deposits increased 9 percent from the prior year, including 22 percent year over year growth in average low-cost core deposits. Average loans increased 13 percent year over year, reflecting 25 percent growth in consumer and small business lending. Excluding a decline in commercial real estate loans, commercial loans would have been up 12 percent year over year. The provision increased 6 percent year over year, with net charge-offs up due to risk reduction strategies. The 5 percent increase in noninterest expense from the third quarter of 2002 reflected technology enhancements, higher incentives due to increased sales production, and increased benefits costs. Retail sales momentum was evident, with another quarter of annuity sales above $1 billion, a 29 percent increase in small business loan production, and a tripling in net new retail checking accounts to 147,000 in the third quarter of 2003 from 48,000 a year ago.

Capital Management Highlights

	Three Months Ended
(In millions)	September 30, 2003	June 30, 2003	September 30, 2002
Total revenue (Tax-equivalent)	$1,352	822	753
Provision for loan losses	—	—	—
Noninterest expense	1,144	662	614
Segment earnings	132	101	88
Average loans, net	135	140	177
Average core deposits	1,754	1,338	1,314
Economic capital, average	$1,308	710	658

Capital Management

Capital Management includes asset management and retail brokerage services. Capital Management’s revenue increased 80 percent and noninterest expense increased 86 percent from the third quarter of 2002, largely related to the addition of the Prudential Financial retail brokerage business to Wachovia Securities, LLC. The combination of the two brokerage operations closed on July 1, 2003. Underlying performance also continued to strengthen, with positive net inflows to equity funds and another quarter of strong annuity sales, including bank annuity sales again above $1 billion. Capital Management’s balanced business mix has helped keep performance relatively stable during the past two years of unsettled equity market conditions. Assets under management at September 30, 2003, rose 6 percent from September 30, 2002, to $242 billion, including a 7 percent increase in the

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WACHOVIA REPORTS RECORD QUARTERLY EARNINGS/Page 4

same period for mutual fund assets to $114 billion (down modestly from the second quarter of 2003). Brokerage client assets of $569 billion at September 30, 2003, included $281 billion from Prudential.

Wealth Management Highlights

	Three Months Ended
(In millions)	September 30, 2003	June 30, 2003	September 30, 2002
Total revenue (Tax-equivalent)	$     248	242	223
Provision for loan losses	2	5	3
Noninterest expense	180	175	161
Segment earnings	43	38	38
Average loans, net	9,833	9,617	8,854
Average core deposits	11,083	10,817	10,006
Economic capital, average	$     403	400	364

Wealth Management

Wealth Management includes private banking, personal trust, investment advisory services, charitable services, financial planning and insurance brokerage. Wealth Management revenue rose 11 percent from the third quarter of 2002. Net interest income grew 15 percent on increases in loans and core deposits. Fee and other income increased 8 percent on higher insurance commissions related to the Cameron M. Harris & Co. acquisition, which was completed in the third quarter of 2002, as well as steady trust and investment management fees. Noninterest expense increased 12 percent year over year largely due to higher benefit and incentive expense as well as to the Cameron M. Harris & Co. acquisition. Average loans grew 11 percent from the third quarter a year ago, while average core deposits, led by money market and checking account balances, also rose 11 percent.

Corporate and Investment Bank Highlights

	Three Months Ended
(In millions)	September 30, 2003	June 30, 2003	September 30, 2002
Total revenue (Tax-equivalent)	$  1,088	1,100	929
Provision for loan losses	10	95	317
Noninterest expense	578	566	509
Segment earnings	313	276	63
Average loans, net	32,145	34,608	40,250
Average core deposits	16,472	14,815	12,832
Economic capital, average	$  5,444	6,045	6,964

Corporate and Investment Bank

The Corporate and Investment Bank includes corporate lending, investment banking, treasury services and trade finance, and principal investing. Corporate and Investment Bank revenue grew 17 percent from the third quarter of 2002, as strong results in fixed income products and lower principal investing and trading losses more than offset a decline in interest income from lower loan balances in corporate lending. Provision expense fell $307 million from the third quarter of 2002 due to improved credit quality driven by risk reduction strategies. Revenue-related incentives and strategic initiative spending drove noninterest expense up 14 percent. Average loans declined 20 percent due to weak overall demand and portfolio risk reduction strategies. Capital usage declined 22 percent due to improved credit quality and lower loan outstandings. Average core deposits grew 28 percent primarily from growth in commercial mortgage servicing and in international trade finance.

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WACHOVIA REPORTS RECORD QUARTERLY EARNINGS/Page 5

Wachovia Corporation (NYSE:WB) is one of the largest providers of financial services to retail, brokerage and corporate customers throughout the East Coast and the nation, with assets of $389 billion and stockholders’ equity of $33 billion at September 30, 2003. Its four core businesses, the General Bank, Capital Management, Wealth Management, and the Corporate and Investment Bank, serve 9 million households, including 900,000 businesses, primarily in 11 East Coast states and Washington, D.C. Its broker-dealer, Wachovia Securities, LLC, serves clients in 48 states. Global services are provided through more than 30 international offices. Online banking and brokerage products and services also are available through wachovia.com.

Forward-Looking Statements

This news release contains various forward-looking statements. A discussion of various factors that could cause Wachovia Corporation’s actual results to differ materially from those expressed in such forward-looking statements is included in Wachovia’s filings with the Securities and Exchange Commission, including its Current Report on Form 8-K dated October 15, 2003.

Explanation of Our Use of Certain Non-GAAP Financial Measures

In addition to results presented in accordance with GAAP, this news release includes certain non-GAAP financial measures, including those presented on Page 7 under the captions “Earnings Excluding Merger-Related and Restructuring Expenses and Cumulative Effect of a Change in Accounting Principle” and “Earnings Excluding Merger-Related and Restructuring Expenses, Other Intangible Amortization and Cumulative Effect of a Change in Accounting Principle”, and which are reconciled to GAAP financial measures on pages 18 and 19. Certain non-GAAP financial measures related to the addition of Prudential Financial’s retail brokerage business are also presented in this news release and are reconciled to GAAP financial measures on page 20. In addition, in this news release certain designated net interest income amounts are presented on a tax-equivalent basis, including the calculation of the overhead efficiency ratio.

Wachovia believes these non-GAAP financial measures provide information useful to investors in understanding the underlying operational performance of the company, its business and performance trends and facilitates comparisons with the performance of others in the financial services industry. Specifically, Wachovia believes that the exclusion of merger-related and restructuring expenses and cumulative effect of a change in accounting principle permits evaluation and a comparison of results for on-going business operations, and it is on this basis that Wachovia’s management internally assesses the company’s performance. Those non-operating items are excluded from Wachovia’s segment measures used internally to evaluate segment performance in accordance with GAAP because management does not consider them particularly relevant or useful in evaluating the operating performance of our business segments. In addition, because of the significant amount of deposit base intangible amortization, Wachovia believes that the exclusion of this expense provides investors with consistent and meaningful comparisons to other financial services firms. Also, Wachovia management makes recommendations to its board of directors about dividend payments based on reported earnings excluding merger-related and restructuring expenses, other intangible amortization and the cumulative effect of a change in accounting principle (cash earnings), and has communicated certain cash dividend payout ratio goals to investors. Management believes the cash dividend payout ratio is useful to investors because it provides investors with a better understanding of and permits investors to monitor Wachovia’s dividend payout policy. Wachovia also believes the presentation of net interest income on a tax-equivalent basis ensures comparability of net interest income arising from both taxable and tax-exempt sources and is consistent with industry standards. In addition, since Wachovia operates one of the largest retail brokerage businesses in our industry, we have presented an overhead efficiency ratio excluding these brokerage services, which management believes is useful to investors in comparing the performance of our banking business with other banking companies. Further, Wachovia consummated its retail securities brokerage combination with Prudential Financial in the third quarter and has excluded the effect of that transaction from certain performance measures, which management believes is useful to investors in comparing those performance measures with historical periods.

Although Wachovia believes the above non-GAAP financial measures enhance investors’ understanding of our business and performance, these non-GAAP financial measures should not be considered an alternative to GAAP basis financial measures.

Earnings Conference Call and Supplemental Materials

Wachovia CEO Ken Thompson and CFO Bob Kelly will review Wachovia’s third quarter 2003 results in a conference call and audio webcast beginning at 10 a.m. Eastern Time today. This review may include a discussion of certain non-GAAP financial measures. Supplemental materials relating to third quarter results, which also include a reconciliation of any non-GAAP measures to Wachovia’s reported financials, are available on the Internet at Wachovia.com/investor, and investors are encouraged to access these materials in advance of the conference call.

Webcast Instructions:    To gain access to the webcast, which will be “listen-only,” go to wachovia.com/investor and click on the link “Wachovia Third Quarter Earnings Audio Webcast.” In order to listen to the webcast, you will need to download either Real Player or Media Player.

Teleconference Instructions:    The telephone number for the conference call is 1-888-357-9787 for U.S. callers or 1-706-679-7342 for international callers. You will be asked to tell the answering coordinator your name and the name of your firm. Mention the conference Access Code: Thompson.

Replay:    Wednesday, October 15 at 1:30 p.m. EDT through 4 p.m. EDT on Friday, November 14. Replay telephone number is 1-706-645-9291; access code 2784044.

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Investors seeking further information should contact the Investor Relations team: Alice Lehman at 704-374-4139 or Ellen Taylor at 704-383-1381. Media seeking further information should contact the Corporate Media Relations team: Mary Eshet at 704-383-7777 or Christy Phillips at 704-383-8178.

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WACHOVIA CORPORATION AND SUBSIDIARIES

FINANCIAL HIGHLIGHTS

(Unaudited)

	2003						2002
(Dollars in millions, except per share data)	Third Quarter			Second Quarter		First Quarter	Fourth Quarter		Third Quarter
EARNINGS SUMMARY
Net interest income	$	2,613		2,520		2,514	2,470		2,466
Tax-equivalent adjustment		63		63		64	59		54
Net interest income (Tax-equivalent)		2,676		2,583		2,578	2,529		2,520
Fee and other income		2,643		2,166		2,078	1,978		1,890
Total revenue (Tax-equivalent)		5,319		4,749		4,656	4,507		4,410
Provision for loan losses		81		195		224	308		435
Other noninterest expense		3,282		2,761		2,690	2,750		2,686
Merger-related and restructuring expenses		148		96		64	145		107
Other intangible amortization		127		131		140	147		152
Total noninterest expense		3,557		2,988		2,894	3,042		2,945
Minority interest in income of consolidated subsidiaries		55		16		9	—		—
Income before income taxes and cumulative effect of a change in accounting principle (Tax-equivalent)		1,626		1,550		1,529	1,157		1,030
Tax-equivalent adjustment		63		63		64	59		54
Income taxes		475		455		438	203		60
Income before cumulative effect of a change in accounting principle		1,088		1,032		1,027	895		916
Cumulative effect of a change in accounting principle, net of income taxes		17		—		—	—		—
Net income		1,105		1,032		1,027	895		916
Dividends on preferred stock		—		1		4	4		3
Net income available to common stockholders	$	1,105		1,031		1,023	891		913
Diluted earnings per common share	$	0.83		0.77		0.76	0.66		0.66
Return on average common stockholders' equity		13.71	%	12.78		12.94	11.07		11.63
Return on average assets		1.16		1.21		1.23	1.08		1.13
Overhead efficiency ratio		66.87	%	62.92		62.16	67.51		66.77
Operating leverage	$	2		(1	)	298	(2	)	(232	)
ASSET QUALITY
Allowance as % of loans, net		1.59	%	1.66		1.67	1.72		1.81
Allowance as % of nonperforming assets		175		166		158	161		149
Net charge-offs as % of average loans, net		0.33		0.43		0.49	0.52		0.59
Nonperforming assets as % of loans, net, foreclosed properties and loans held for sale		0.95	%	1.04		1.08	1.11		1.23
CAPITAL ADEQUACY (a)
Tier I capital ratio		8.59	%	8.33		8.27	8.22		8.11
Total capital ratio		12.09		11.92		11.99	12.01		12.02
Leverage ratio		6.56	%	6.78		6.71	6.77		6.82
OTHER DATA
Average diluted common shares (In millions)		1,338		1,346		1,346	1,360		1,374
Actual common shares (In millions)		1,328		1,332		1,345	1,357		1,373
Dividends paid per common share	$	0.35		0.29		0.26	0.26		0.26
Dividends paid per preferred share	$	—		0.01		0.04	0.04		0.04
Dividend payout ratio on common shares		42.17	%	37.66		34.21	39.39		39.39
Book value per common share	$	24.71		24.37		23.99	23.63		23.38
Common stock price		41.19		39.96		34.07	36.44		32.69
Market capitalization	$	54,701		53,228		45,828	49,461		44,887
Common stock price to book		167	%	164		142	154		140
FTE employees		87,550		81,316		81,152	80,778		80,987
Total financial centers/brokerage offices		3,399		3,176		3,251	3,280		3,342
ATMs		4,420		4,479		4,539	4,560		4,604

(a) The third quarter of 2003 is based on estimates.

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WACHOVIA CORPORATION AND SUBSIDIARIES

OTHER FINANCIAL DATA

(Unaudited)

	2003					2002
(In millions)	Third Quarter			Second Quarter	First Quarter	Fourth Quarter	Third Quarter
EARNINGS EXCLUDING MERGER-RELATED AND RESTRUCTURING EXPENSES AND CUMULATIVE EFFECT OF A CHANGE IN ACCOUNTING PRINCIPLE (a)(b)
Return on average common stockholders’ equity		14.46	%	13.49	13.45	12.13	12.44
Return on average assets		1.23		1.28	1.28	1.19	1.21
Overhead efficiency ratio		64.10		60.91	60.78	64.30	64.33
Overhead efficiency ratio excluding brokerage		58.17	%	57.98	57.54	61.56	61.66
Operating leverage	$	54		30	218	36	(267	)
EARNINGS EXCLUDING MERGER-RELATED AND RESTRUCTURING EXPENSES, OTHER INTANGIBLE AMORTIZATION AND CUMULATIVE EFFECT OF A CHANGE IN ACCOUNTING PRINCIPLE (a)(b)(c)
Dividend payout ratio on common shares		37.63	%	33.33	30.23	33.33	33.33
Return on average tangible common stockholders’ equity		24.97		23.32	23.71	21.52	22.84
Return on average tangible assets		1.36		1.43	1.44	1.34	1.39
Overhead efficiency ratio		61.70		58.15	57.78	61.04	60.87
Overhead efficiency ratio excluding brokerage		55.18	%	54.86	54.18	57.89	57.76
Operating leverage	$	50		21	210	30	(275	)
OTHER FINANCIAL DATA
Net interest margin		3.51	%	3.78	3.86	3.86	3.94
Fee and other income as % of total revenue		49.68		45.60	44.64	43.89	42.86
Effective income tax rate		30.41		30.54	29.94	18.39	6.20
Tax rate (Tax-equivalent)(d)		33.09	%	33.37	32.86	22.50	11.20
AVERAGE BALANCE SHEET DATA
Commercial loans, net	$	90,912		92,464	93,039	95,064	96,769
Consumer loans, net		67,082		65,271	64,925	58,215	55,159
Loans, net		157,994		157,735	157,964	153,279	151,928
Earning assets		303,503		273,875	268,595	261,103	254,815
Total assets		376,706		341,718	337,281	329,960	321,511
Core deposits		185,715		179,417	172,988	170,738	167,184
Total deposits		200,395		193,800	188,948	187,442	179,809
Interest-bearing liabilities		267,012		239,688	237,149	230,611	223,176
Stockholders’ equity	$	31,985		32,362	32,052	31,946	31,103
PERIOD-END BALANCE SHEET DATA
Commercial loans, net	$	96,705		97,303	98,800	98,905	101,931
Consumer loans, net		69,220		65,530	65,422	64,192	55,611
Loans, net		165,925		162,833	164,222	163,097	157,542
Goodwill and other intangible assets
Goodwill		11,094		10,907	10,869	10,880	10,810
Deposit base		863		977	1,097	1,225	1,363
Customer relationships		400		254	258	239	222
Tradename		90		90	90	90	90
Total assets		388,767		364,285	348,064	341,839	333,880
Core deposits		187,516		187,393	181,234	175,743	173,697
Total deposits		203,495		201,292	195,837	191,518	187,785
Stockholders’ equity	$	32,813		32,464	32,267	32,078	32,105

(a) These financial measures are calculated by excluding from GAAP computed net income presented on page 6, $83 million, $60 million, $40 million, $92 million and $67 million in the third, second and first quarters of 2003, and in the fourth and third quarters of 2002, respectively, of after-tax net merger-related and restructuring expenses, and $17 million after tax in the third quarter of 2003 related to the change in accounting principle.

(b) See page 6 for the most directly comparable GAAP financial measure and pages 18 and 19 for a more detailed reconciliation.

(c) These financial measures are calculated by excluding from GAAP computed net income presented on page 6, $79 million, $81 million, $88 million, $83 million and $98 million in the third, second and first quarters of 2003, and in the fourth and third quarters of 2002, respectively, of deposit base and other intangible amortization, and $17 million after tax in the third quarter of 2003 related to the change in accounting principle.

(d) The tax-equivalent tax rate applies to fully tax-equivalized revenues.

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WACHOVIA CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME

(Unaudited)

	2003							2002
	Third			Second		First		Fourth		Third
(In millions, except per share data)	Quarter			Quarter		Quarter		Quarter		Quarter
INTEREST INCOME
Interest and fees on loans	$	2,342		2,391		2,407		2,538		2,558
Interest and dividends on securities		874		900		939		978		935
Trading account interest		170		179		174		158		179
Other interest income		301		224		196		203		240
Total interest income		3,687		3,694		3,716		3,877		3,912
INTEREST EXPENSE
Interest on deposits		534		619		639		832		847
Interest on short-term borrowings		332		321		306		295		310
Interest on long-term debt		208		234		257		280		289
Total interest expense		1,074		1,174		1,202		1,407		1,446
Net interest income		2,613		2,520		2,514		2,470		2,466
Provision for loan losses		81		195		224		308		435
Net interest income after provision for loan losses		2,532		2,325		2,290		2,162		2,031
FEE AND OTHER INCOME
Service charges		439		426		430		421		432
Other banking fees		257		248		233		236		232
Commissions		732		459		412		454		440
Fiduciary and asset management fees		657		470		464		447		448
Advisory, underwriting and other investment banking fees		216		220		145		190		149
Trading account profits (losses)		(6	)	69		100		(42	)	(71	)
Principal investing		(25	)	(57	)	(44	)	(105	)	(29	)
Securities gains		22		10		37		46		71
Other income		351		321		301		331		218
Total fee and other income		2,643		2,166		2,078		1,978		1,890
NONINTEREST EXPENSE
Salaries and employee benefits		2,109		1,748		1,699		1,681		1,588
Occupancy		220		190		197		202		195
Equipment		264		238		234		255		234
Advertising		38		34		32		16		20
Communications and supplies		156		136		141		143		136
Professional and consulting fees		109		104		99		126		111
Other intangible amortization		127		131		140		147		152
Merger-related and restructuring expenses		148		96		64		145		107
Sundry expense		386		311		288		327		402
Total noninterest expense		3,557		2,988		2,894		3,042		2,945
Minority interest in income of consolidated subsidiaries		55		16		9		—		—
Income before income taxes and cumulative effect
of a change in accounting principle		1,563		1,487		1,465		1,098		976
Income taxes		475		455		438		203		60
Income before cumulative effect of a change
in accounting principle		1,088		1,032		1,027		895		916
Cumulative effect of a change in accounting
principle, net of income taxes		17		—		—		—		—
Net income		1,105		1,032		1,027		895		916
Dividends on preferred stock		—		1		4		4		3
Net income available to common stockholders	$	1,105		1,031		1,023		891		913
PER COMMON SHARE DATA
Basic
Income before change in accounting principle	$	0.83		0.77		0.77		0.66		0.67
Net income		0.84		0.77		0.77		0.66		0.67
Diluted
Income before change in accounting principle		0.82		0.77		0.76		0.66		0.66
Net income		0.83		0.77		0.76		0.66		0.66
Cash dividends	$	0.35		0.29		0.26		0.26		0.26
AVERAGE COMMON SHARES
Basic		1,321		1,333		1,335		1,350		1,362
Diluted		1,338		1,346		1,346		1,360		1,374

PAGE 9

WACHOVIA CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME

(Unaudited)

	Nine Months Ended September 30,
(In millions, except per share data)	2003			2002
INTEREST INCOME
Interest and fees on loans	$	7,140		7,758
Interest and dividends on securities		2,713		2,697
Trading account interest		523		507
Other interest income		721		747
Total interest income		11,097		11,709
INTEREST EXPENSE
Interest on deposits		1,792		2,598
Interest on short-term borrowings		959		896
Interest on long-term debt		699		862
Total interest expense		3,450		4,356
Net interest income		7,647		7,353
Provision for loan losses		500		1,171
Net interest income after provision for loan losses		7,147		6,182
FEE AND OTHER INCOME
Service charges		1,295		1,277
Other banking fees		738		709
Commissions		1,603		1,329
Fiduciary and asset management fees		1,591		1,438
Advisory, underwriting and other investment banking fees		581		491
Trading account profits		163		66
Principal investing		(126	)	(161	)
Securities gains		69		123
Other income		973		755
Total fee and other income		6,887		6,027
NONINTEREST EXPENSE
Salaries and employee benefits		5,556		4,916
Occupancy		607		584
Equipment		736		691
Advertising		104		64
Communications and supplies		433		402
Professional and consulting fees		312		295
Other intangible amortization		398		481
Merger-related and restructuring expenses		308		242
Sundry expense		985		965
Total noninterest expense		9,439		8,640
Minority interest in income of consolidated subsidiaries		80		—
Income before income taxes and cumulative effect of a change in accounting principle		4,515		3,569
Income taxes		1,368		885
Income before cumulative effect of a change in accounting principle		3,147		2,684
Cumulative effect of a change in accounting principle, net of income taxes		17		—
Net income		3,164		2,684
Dividends on preferred stock		5		15
Net income available to common stockholders	$	3,159		2,669
PER COMMON SHARE DATA
Basic
Income before change in accounting principle	$	2.37		1.96
Net income		2.38		1.96
Diluted
Income before change in accounting principle		2.34		1.95
Net income		2.35		1.95
Cash dividends	$	0.90		0.74
AVERAGE COMMON SHARES
Basic		1,330		1,359
Diluted		1,343		1,372

PAGE 10

WACHOVIA CORPORATION AND SUBSIDIARIES

BUSINESS SEGMENTS

(Unaudited)

	Three Months Ended September 30, 2003
(In millions)	General Bank		Capital Management		Wealth Management	Corporate and Investment Bank		Parent		Net Merger- Related and Restructuring Expenses (b)		Total
CONSOLIDATED
Net interest income (a)	$	1,886	77		115	559		39		(63	)	2,613
Fee and other income		568	1,292		132	560		91		—		2,643
Intersegment revenue		48	(17	)	1	(31	)	(1	)	—		—
Total revenue (a)		2,502	1,352		248	1,088		129		(63	)	5,256
Provision for loan losses		121	—		2	10		(52	)	—		81
Noninterest expense		1,340	1,144		180	578		167		148		3,557
Minority interest		—	—		—	—		71		(16	)	55
Income taxes (benefits)		370	76		23	155		(100	)	(49	)	475
Tax-equivalent adjustment		9	—		—	32		22		(63	)	—
Income before cumulative effect of a change in accounting principle		662	132		43	313		21		(83	)	1,088
Cumulative effect of a change in accounting principle, net of income taxes		—	—		—	—		17		—		17
Net income		662	132		43	313		38		(83	)	1,105
Dividends on preferred stock		—	—		—	—		—		—		—
Net income available to common stockholders	$	662	132		43	313		38		(83	)	1,105
	Three Months Ended June 30, 2003
(In millions)	General Bank		Capital Management		Wealth Management	Corporate and Investment Bank		Parent		Net Merger- Related and Restructuring Expenses (b)		Total
CONSOLIDATED
Net interest income (a)	$	1,812	38		107	551		75		(63	)	2,520
Fee and other income		581	800		133	578		74		—		2,166
Intersegment revenue		45	(16	)	2	(29	)	(2	)	—		—
Total revenue (a)		2,438	822		242	1,100		147		(63	)	4,686
Provision for loan losses		99	—		5	95		(4	)	—		195
Noninterest expense		1,324	662		175	566		165		96		2,988
Minority interest		—	—		—	—		16		—		16
Income taxes (benefits)		362	59		24	132		(86	)	(36	)	455
Tax-equivalent adjustment		10	—		—	31		22		(63	)	—
Net income		643	101		38	276		34		(60	)	1,032
Dividends on preferred stock		—	—		—	—		1		—		1
Net income available to common stockholders	$	643	101		38	276		33		(60	)	1,031

PAGE 11

WACHOVIA CORPORATION AND SUBSIDIARIES

BUSINESS SEGMENTS

(Unaudited)

	Three Months Ended September 30, 2002
(In millions)	General Bank		Capital Management		Wealth Management	Corporate and Investment Bank		Parent		Net Merger- Related and Restructuring Expenses(b)		Total
CONSOLIDATED
Net interest income(a)	$	1,738	42		100	602		38		(54	)	2,466
Fee and other income		520	729		122	347		172		—		1,890
Intersegment revenue		38	(18	)	1	(20	)	(1	)	—		—
Total revenue(a)		2,296	753		223	929		209		(54	)	4,356
Provision for loan losses		114	—		3	317		1		—		435
Noninterest expense		1,282	614		161	509		272		107		2,945
Income taxes (benefits)		319	51		21	22		(313	)	(40	)	60
Tax-equivalent adjustment		10	—		—	18		26		(54	)	—
Net income		571	88		38	63		223		(67	)	916
Dividends on preferred stock		—	—		—	—		3		—		3
Net income available to common stockholders	$	571	88		38	63		220		(67	)	913

(a) Tax-equivalent.

(b) The tax-equivalent amounts are eliminated herein in order for “Total” amounts to agree with amounts appearing in the Consolidated Statements of Income.

PAGE 12

WACHOVIA CORPORATION AND SUBSIDIARIES

LOANS—ON-BALANCE SHEET, AND MANAGED AND SERVICING PORTFOLIOS(a)

(Unaudited)

	2003				2002
(In millions)	Third Quarter		Second Quarter	First Quarter	Fourth Quarter	Third Quarter
ON-BALANCE SHEET LOAN PORTFOLIO COMMERCIAL
Commercial, financial and agricultural	$	55,181	54,857	56,476	56,501	57,899
Real estate—construction and other		5,741	5,442	4,712	4,542	4,990
Real estate—mortgage		15,746	17,538	18,550	18,962	19,535
Lease financing		23,598	23,204	23,060	22,667	22,616
Foreign		6,815	6,622	6,433	6,425	6,992
Total commercial		107,081	107,663	109,231	109,097	112,032
CONSUMER
Real estate secured		51,516	47,853	47,623	46,706	38,721
Student loans		8,160	7,657	7,466	6,921	6,305
Installment loans and vehicle leasing		9,110	9,644	9,982	10,249	10,433
Total consumer		68,786	65,154	65,071	63,876	55,459
Total loans		175,867	172,817	174,302	172,973	167,491
Unearned income		9,942	9,984	10,080	9,876	9,949
Loans, net (On-balance sheet)	$	165,925	162,833	164,222	163,097	157,542
MANAGED PORTFOLIO(b) COMMERCIAL
On-balance sheet loan portfolio	$	107,081	107,663	109,231	109,097	112,032
Securitized loans—off-balance sheet		2,071	2,126	2,190	2,218	2,288
Loans held for sale included in other assets		1,347	1,282	1,617	1,140	1,271
Total commercial		110,499	111,071	113,038	112,455	115,591
CONSUMER
Real estate secured
On-balance sheet loan portfolio		51,516	47,853	47,623	46,706	38,721
Securitized loans—off-balance sheet		10,192	9,944	11,210	11,236	11,066
Securitized loans included in securities		11,809	13,015	14,813	17,316	18,963
Loans held for sale included in other assets		8,368	8,223	5,201	4,254	4,437
Total real estate secured		81,885	79,035	78,847	79,512	73,187
Student loans
On-balance sheet loan portfolio		8,160	7,657	7,466	6,921	6,305
Securitized loans—off-balance sheet		1,786	1,947	2,109	2,306	2,494
Loans held for sale included in other assets		458	583	643	618	549
Total student loans		10,404	10,187	10,218	9,845	9,348
Installment loans and vehicle leasing
On-balance sheet loan portfolio		9,110	9,644	9,982	10,249	10,433
Securitized loans—off-balance sheet		—	—	—	—	1
Total installment loans and vehicle leasing		9,110	9,644	9,982	10,249	10,434
Total consumer		101,399	98,866	99,047	99,606	92,969
Total managed portfolio	$	211,898	209,937	212,085	212,061	208,560
SERVICING PORTFOLIO(c)
Commercial	$	80,207	73,128	65,076	59,336	53,611
Consumer	$	8,465	6,581	2,236	2,272	2,490

(a) Certain amounts presented prior to the third quarter of 2003 have been reclassified to conform to the presentation in the third quarter of 2003. Real estate - construction and other and real estate - mortgage amounts prior to the third quarter of 2003 are based on estimates.

(b) The managed portfolio includes the on-balance sheet loan portfolio, loans securitized for which the assets are classified in securities on-balance sheet, loans held for sale that are classified in other assets on-balance sheet and the off-balance sheet portfolio of securitized loans sold, where we service the loans.

(c) The servicing portfolio consists of third party commercial and consumer loans for which our sole function is that of servicing the loans for the third parties.

PAGE 13

WACHOVIA CORPORATION AND SUBSIDIARIES

ALLOWANCE FOR LOAN LOSSES AND NONPERFORMING ASSETS(a)

(Unaudited)

	2003							2002
(In millions)	Third Quarter			Second Quarter		First Quarter		Fourth Quarter		Third Quarter
ALLOWANCE FOR LOAN LOSSES
Balance, beginning of period	$	2,704		2,747		2,798		2,847		2,951
Provision for loan losses relating to loans transferred to other assets or sold		—		26		25		109		211
Provision for loan losses		81		169		199		199		224
Allowance relating to loans acquired, transferred to other assets or sold		(22	)	(69	)	(80	)	(158	)	(315	)
Net charge-offs		(132	)	(169	)	(195	)	(199	)	(224	)
Balance, end of period	$	2,631		2,704		2,747		2,798		2,847
as % of loans, net		1.59	%	1.66		1.67		1.72		1.81
as % of nonaccrual and restructured loans(b)		189	%	180		169		177		163
as % of nonperforming assets(b)		175	%	166		158		161		149
LOAN LOSSES
Commercial, financial and agricultural	$	88		128		150		136		160
Commercial real estate—construction and mortgage		5		7		2		12		5
Consumer		106		91		93		92		94
Total loan losses		199		226		245		240		259
LOAN RECOVERIES
Commercial, financial and agricultural		45		37		29		24		17
Commercial real estate—construction and mortgage		1		1		—		—		—
Consumer		21		19		21		17		18
Total loan recoveries		67		57		50		41		35
Net charge-offs	$	132		169		195		199		224
Commercial loans net charge-offs as % of average commercial loans, net(c)		0.21	%	0.42		0.53		0.53		0.61
Consumer loans net charge-offs as % of average consumer loans, net(c)		0.51		0.44		0.44		0.52		0.56
Total net charge-offs as % of average loans, net(c)		0.33	%	0.43		0.49		0.52		0.59
NONPERFORMING ASSETS
Nonaccrual loans
Commercial, financial and agricultural	$	1,072		1,153		1,260		1,269		1,440
Commercial real estate—construction and mortgage		76		96		111		105		137
Consumer real estate secured		215		221		219		208		152
Installment loans and vehicle leasing		28		31		32		3		22
Total nonaccrual loans		1,391		1,501		1,622		1,585		1,751
Foreclosed properties(d)		116		130		118		150		156
Total nonperforming assets	$	1,507		1,631		1,740		1,735		1,907
Nonperforming loans included in loans held for sale(e)	$	160		167		114		138		115
Nonperforming assets included in loans and in loans held for sale	$	1,667		1,798		1,854		1,873		2,022
as % of loans, net, and foreclosed properties(b)		0.91	%	1.00		1.06		1.06		1.21
as % of loans, net, foreclosed properties and loans in other assets as held for sale(e)		0.95	%	1.04		1.08		1.11		1.23
Accruing loans past due 90 days	$	291		293		289		304		284

(a) Certain amounts presented prior to the third quarter of 2003 have been reclassified to conform to the presentation in the third quarter of 2003.

(b) These ratios do not include nonperforming loans included in loans held for sale.

(c) Annualized.

(d) Restructured loans are not significant.

(e) These ratios reflect nonperforming loans included in loans held for sale. Loans held for sale, which are included in other assets, are recorded at the lower of cost or market value, and accordingly, the amounts shown and included in the ratios are net of the transferred allowance for loan losses and the lower of cost or market value adjustments.

PAGE 14

WACHOVIA CORPORATION AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(Unaudited)

	2003							2002
(In millions, except per share data)	Third Quarter			Second Quarter		First Quarter		Fourth Quarter		Third Quarter
ASSETS
Cash and due from banks	$	11,178		13,088		13,161		12,264		11,930
Interest-bearing bank balances		3,664		7,539		4,855		3,512		3,561
Federal funds sold and securities purchased under resale agreements		22,491		13,854		11,092		9,160		7,132
Total cash and cash equivalents		37,333		34,481		29,108		24,936		22,623
Trading account assets		36,392		40,436		34,678		33,155		35,902
Securities		87,176		73,764		73,339		75,804		72,071
Loans, net of unearned income		165,925		162,833		164,222		163,097		157,542
Allowance for loan losses		(2,631	)	(2,704	)	(2,747	)	(2,798	)	(2,847	)
Loans, net		163,294		160,129		161,475		160,299		154,695
Premises and equipment		4,746		4,635		5,118		4,903		5,422
Due from customers on acceptances		732		1,074		1,485		1,051		1,080
Goodwill		11,094		10,907		10,869		10,880		10,810
Other intangible assets		1,353		1,321		1,445		1,554		1,675
Other assets		46,647		37,538		30,547		29,257		29,602
Total assets	$	388,767		364,285		348,064		341,839		333,880
LIABILITIES AND STOCKHOLDERS’ EQUITY
Deposits
Noninterest-bearing deposits		45,493		48,081		46,348		44,640		44,186
Interest-bearing deposits		158,002		153,211		149,489		146,878		143,599
Total deposits		203,495		201,292		195,837		191,518		187,785
Short-term borrowings		65,474		49,123		44,812		41,173		36,350
Bank acceptances outstanding		743		1,078		1,492		1,061		1,093
Trading account liabilities		23,959		25,141		20,896		22,900		22,210
Other liabilities		22,643		17,287		13,039		13,447		14,579
Long-term debt		37,541		37,051		39,204		39,662		39,758
Total liabilities		353,855		330,972		315,280		309,761		301,775
Minority interest		2,099		849		517		—		—
STOCKHOLDERS’ EQUITY
Dividend Equalization Preferred shares, no par value, 97 million shares issued and outstanding at September 30, 2003		—		—		—		—		2
Common stock, $3.33-1/3 par value; authorized 3 billion shares, outstanding 1.328 billion shares at September 30, 2003		4,427		4,440		4,484		4,524		4,577
Paid-in capital		17,882		17,784		17,903		18,070		18,233
Retained earnings		8,829		8,106		7,778		7,349		7,221
Accumulated other comprehensive income, net		1,675		2,134		2,102		2,135		2,072
Total stockholders’ equity		32,813		32,464		32,267		32,078		32,105
Total liabilities and stockholders’ equity	$	388,767		364,285		348,064		341,839		333,880

PAGE 15

WACHOVIA CORPORATION AND SUBSIDIARIES

NET INTEREST INCOME SUMMARIES (a)

(Unaudited)

	Third Quarter 2003						Second Quarter 2003
(In millions)	Average Balances		Interest Income/Expense		Average Rates Earned/Paid		Average Balances		Interest Income/Expense		Average Rates Earned/Paid
ASSETS
Interest-bearing bank balances	$	4,342		14	1.27	%	$	4,751		16	1.34	%
Federal funds sold and securities purchased under resale agreements		22,080		48	0.88			12,282		35	1.10
Trading account assets		18,941		193	4.07			18,254		200	4.40
Securities		78,436		962	4.90			68,994		977	5.67
Loans
Commercial
Commercial, financial and agricultural		55,186		582	4.18			55,726		584	4.20
Real estate—construction and other		5,574		48	3.47			5,516		49	3.54
Real estate—mortgage		16,485		180	4.33			17,710		201	4.57
Lease financing		6,911		183	10.61			6,885		187	10.87
Foreign		6,756		47	2.73			6,627		47	2.89
Total commercial		90,912		1,040	4.55			92,464		1,068	4.63
Consumer
Real estate secured		49,438		707	5.70			47,558		691	5.82
Student loans		7,962		74	3.70			7,710		78	4.04
Installment loans		9,682		152	6.18			10,003		166	6.63
Total consumer		67,082		933	5.54			65,271		935	5.73
Total loans		157,994		1,973	4.97			157,735		2,003	5.09
Other earning assets		21,710		198	3.62			11,859		134	4.52
Total earning assets excluding derivatives		303,503		3,388	4.45			273,875		3,365	4.92
Risk management derivatives(b)		—		362	0.47			—		392	0.57
Total earning assets including derivatives		303,503		3,750	4.92			273,875		3,757	5.49
Cash and due from banks		11,092						10,845
Other assets		62,111						56,998
Total assets	$	376,706					$	341,718
LIABILITIES AND STOCKHOLDERS’ EQUITY
Interest-bearing deposits
Savings and NOW accounts		52,570		52	0.39			52,196		71	0.55
Money market accounts		58,576		126	0.85			53,302		156	1.18
Other consumer time		29,814		217	2.89			31,330		243	3.09
Foreign		7,581		22	1.17			6,841		24	1.44
Other time		7,099		33	1.80			7,542		35	1.88
Total interest-bearing deposits		155,640		450	1.15			151,211		529	1.40
Federal funds purchased and securities sold     under repurchase agreements		46,359		124	1.06			37,957		149	1.57
Commercial paper		11,978		32	1.05			2,381		5	0.80
Securities sold short		8,850		57	2.58			8,121		58	2.84
Other short-term borrowings		7,797		21	1.05			4,267		15	1.44
Long-term debt		36,388		365	4.02			35,751		366	4.10
Total interest-bearing liabilities excluding derivatives		267,012		1,049	1.56			239,688		1,122	1.88
Risk management derivatives(b)		—		25	0.04			—		52	0.08
Total interest-bearing liabilities including derivatives		267,012		1,074	1.60			239,688		1,174	1.96
Noninterest-bearing deposits		44,755						42,589
Other liabilities		32,954						27,079
Stockholders’ equity		31,985						32,362
Total liabilities and stockholders’ equity	$	376,706					$	341,718
Interest income and rate earned—including derivatives			$	3,750	4.92	%			$	3,757	5.49	%
Interest expense and equivalent rate paid—including derivatives				1,074	1.41					1,174	1.71
Net interest income and margin—including derivatives			$	2,676	3.51	%			$	2,583	3.78	%

(a) Certain amounts presented prior to the third quarter of 2003 have been reclassified to conform to the presentation in the third quarter of 2003. Real estate - construction and other and real estate - mortgage amounts prior to the third quarter of 2003 are based on estimates.

(b) The rates earned and the rates paid on risk management derivatives are based on off-balance sheet notional amounts. The fair value of these instruments is included in other assets and other liabilities.

PAGE 16

WACHOVIA CORPORATION AND SUBSIDIARIES

NET INTEREST INCOME SUMMARIES (a)

(Unaudited)

First Quarter 2003						Fourth Quarter 2002						Third Quarter 2002
Average Balances		Interest Income/Expense		Average Rates Earned/Paid		Average Balances		Interest Income/Expense		Average Rates Earned/Paid		Average Balances		Interest Income/Expense		Average Rates Earned/Paid
$	3,688		13	1.43	%	$	3,416		14	1.59	%	$	2,891		14	1.90	%
	8,949		29	1.33			9,507		39	1.63			10,474		49	1.83
	16,298		196	4.84			14,683		178	4.83			14,945		194	5.17
	72,116		1,020	5.66			71,249		1,045	5.86			62,806		999	6.36
	56,464		593	4.26			57,318		663	4.58			57,788		693	4.76
	4,679		41	3.56			4,826		46	3.79			5,241		54	4.10
	18,658		211	4.57			19,077		236	4.91			19,756		255	5.11
	6,777		184	10.86			7,112		187	10.53			7,105		189	10.65
	6,461		50	3.11			6,731		58	3.43			6,879		59	3.41
	93,039		1,079	4.69			95,064		1,190	4.97			96,769		1,250	5.13
	47,147		708	6.03			40,892		687	6.71			41,309		703	6.79
	7,492		75	4.08			6,792		73	4.21			3,055		38	4.98
	10,286		175	6.92			10,531		190	7.18			10,795		204	7.48
	64,925		958	5.95			58,215		950	6.50			55,159		945	6.82
	157,964		2,037	5.21			153,279		2,140	5.55			151,928		2,195	5.75
	9,580		114	4.81			8,969		115	5.10			11,771		144	4.86
	268,595		3,409	5.11			261,103		3,531	5.39			254,815		3,595	5.62
	—		371	0.56			—		405	0.61			—		371	0.58
	268,595		3,780	5.67			261,103		3,936	6.00			254,815		3,966	6.20
	10,887						10,636						9,955
	57,799						58,221						56,741
$	337,281					$	329,960					$	321,511
	50,887		79	0.63			49,768		99	0.79			48,883		115	0.93
	47,987		142	1.20			45,618		156	1.35			43,495		167	1.53
	32,671		263	3.27			34,834		331	3.78			36,034		347	3.82
	7,304		27	1.47			8,030		33	1.59			6,491		30	1.84
	8,656		42	1.97			8,674		45	2.08			6,134		33	2.13
	147,505		553	1.52			146,924		664	1.79			141,037		692	1.95
	37,392		147	1.60			32,608		149	1.81			32,094		149	1.85
	2,604		4	0.70			2,796		7	0.87			3,001		9	1.19
	6,734		44	2.67			5,644		35	2.44			6,422		42	2.58
	4,170		18	1.72			3,881		15	1.67			3,082		18	2.25
	38,744		388	4.01			38,758		405	4.18			37,540		412	4.38
	237,149		1,154	1.97			230,611		1,275	2.20			223,176		1,322	2.35
	—		48	0.08			—		132	0.22			—		124	0.22
	237,149		1,202	2.05			230,611		1,407	2.42			223,176		1,446	2.57
	41,443						40,518						38,772
	26,637						26,885						28,460
	32,052						31,946						31,103
$	337,281					$	329,960					$	321,511
		$	3,780	5.67	%			$	3,936	6.00	%			$	3,966	6.20	%
			1,202	1.81					1,407	2.14					1,446	2.26
		$	2,578	3.86	%			$	2,529	3.86	%			$	2,520	3.94	%

PAGE 17

WACHOVIA CORPORATION AND SUBSIDIARIES

NET INTEREST INCOME SUMMARIES(a)

(Unaudited)

	Nine Months Ended 2003						Nine Months Ended 2002
					Average						Average
			Interest		Rates				Interest		Rates
	Average		Income/		Earned/		Average		Income/		Earned/
(In millions)	Balances		Expense		Paid		Balances		Expense		Paid
ASSETS
Interest-bearing bank balances	$	4,262		43	1.34	%	$	3,276		49	2.00	%
Federal funds sold and securities purchased under resale agreements		14,485		112	1.04			11,104		156	1.88
Trading account assets		17,841		589	4.41			14,805		545	4.92
Securities		73,205		2,959	5.39			59,074		2,880	6.50
Loans
Commercial
Commercial, financial and agricultural		55,788		1,759	4.21			58,891		2,123	4.82
Real estate—construction and other		5,260		138	3.52			5,466		171	4.19
Real estate—mortgage		17,609		592	4.49			19,770		777	5.25
Lease financing		6,858		554	10.78			7,276		575	10.54
Foreign		6,616		144	2.91			6,923		181	3.49
Total commercial		92,131		3,187	4.62			98,326		3,827	5.20
Consumer
Real estate secured		48,056		2,106	5.85			42,335		2,197	6.92
Student loans		7,723		227	3.93			2,946		110	5.01
Installment loans		9,988		493	6.59			11,240		639	7.61
Total consumer		65,767		2,826	5.74			56,521		2,946	6.96
Total loans		157,898		6,013	5.09			154,847		6,773	5.84
Other earning assets		14,428		446	4.12			11,404		438	5.13
Total earning assets excluding derivatives		282,119		10,162	4.81			254,510		10,841	5.69
Risk management derivatives(b)		—		1,125	0.53			—		1,027	0.54
Total earning assets including derivatives		282,119		11,287	5.34			254,510		11,868	6.23
Cash and due from banks		10,942						10,204
Other assets		58,985						52,491
Total assets	$	352,046					$	317,205
LIABILITIES AND STOCKHOLDERS’ EQUITY
Interest-bearing deposits
Savings and NOW accounts		51,890		202	0.52			48,862		365	1.00
Money market accounts		53,327		424	1.06			40,395		501	1.66
Other consumer time		31,262		723	3.09			37,051		1,111	4.01
Foreign		7,243		73	1.36			7,084		98	1.86
Other time		7,760		110	1.89			6,818		108	2.11
Total interest-bearing deposits		151,482		1,532	1.35			140,210		2,183	2.08
Federal funds purchased and securities sold under repurchase agreements		40,602		420	1.38			32,119		440	1.83
Commercial paper		5,689		41	0.96			3,154		27	1.17
Securities sold short		7,909		159	2.69			6,551		120	2.45
Other short-term borrowings		5,424		54	1.32			3,475		67	2.56
Long-term debt		36,953		1,119	4.04			38,951		1,262	4.32
Total interest-bearing liabilities excluding derivatives		248,059		3,325	1.79			224,460		4,099	2.44
Risk management derivatives(b)		—		125	0.07			—		257	0.15
Total interest-bearing liabilities including derivatives		248,059		3,450	1.86			224,460		4,356	2.59
Noninterest-bearing deposits		42,941						38,451
Other liabilities		28,914						24,425
Stockholders’ equity		32,132						29,869
Total liabilities and stockholders’ equity	$	352,046					$	317,205
Interest income and rate earned—including derivatives			$	11,287	5.34	%			$	11,868	6.23	%
Interest expense and equivalent rate paid—including derivatives				3,450	1.63					4,356	2.29
Net interest income and margin—including derivatives			$	7,837	3.71	%			$	7,512	3.94	%

(a) Certain amounts presented in 2002 have been reclassified to conform to the presentation in 2003. Real estate—construction and other and real estate—mortgage amounts in 2002 are based on estimates.

(b) The rates earned and the rates paid on risk management derivatives are based on off-balance sheet notional amounts. The fair value of these instruments is included in other assets and other liabilities.

PAGE 18

WACHOVIA CORPORATION AND SUBSIDIARIES

RECONCILIATION OF CERTAIN NON-GAAP FINANCIAL MEASURES

(Unaudited)

		2003							2002
		Third			Second		First		Fourth		Third
(Dollars in millions, except per share data)	*	Quarter			Quarter		Quarter		Quarter		Quarter
INCOME BEFORE CHANGE IN ACCOUNTING PRINCIPLE
Income before change in accounting principle (GAAP)	A	$	1,088		1,032		1,027		895		916
After tax merger-related and restructuring expenses (GAAP)			83		60		40		92		67
Income before change in accounting principle, excluding merger-related and restructuring expenses	B		1,171		1,092		1,067		987		983
After tax other intangible amortization (GAAP)			79		81		88		83		98
Income before change in accounting principle, excluding after tax merger-related and restructuring expenses, and other intangible amortization (Cash basis)	C	$	1,250		1,173		1,155		1,070		1,081
NET INCOME AVAILABLE TO COMMON STOCKHOLDERS
Net income available to common stockholders (GAAP)	D	$	1,105		1,031		1,023		891		913
After tax merger-related and restructuring expenses (GAAP)			83		60		40		92		67
After tax change in accounting principle (GAAP)			(17	)	—		—		—		—
Net income available to common stockholders, excluding merger-related and restructuring expenses	E		1,171		1,091		1,063		983		980
After tax other intangible amortization (GAAP)			79		81		88		83		98
Net income available to common stockholders, excluding after tax merger-related and restructuring expenses, and other intangible amortization (Cash basis)	F	$	1,250		1,172		1,151		1,066		1,078
RETURN ON AVERAGE COMMON STOCKHOLDERS’ EQUITY
Average common stockholders’ equity (GAAP)	I	$	31,985		32,362		32,052		31,944		31,098
Merger-related and restructuring expenses (GAAP)			138		63		18		190		123
Change in accounting principle			(14	)	—		—		—		—
Average common stockholders’ equity, excluding merger-related and restructuring expenses and change in accounting principle	J		32,109		32,425		32,070		32,134		31,221
Average intangible assets (GAAP)	K		(12,250	)	(12,250	)	(12,386	)	(12,478	)	(12,510	)
Average common stockholders’ equity (Cash basis)	L	$	19,859		20,175		19,684		19,656		18,711
Return on average common stockholders’ equity
GAAP	D/I		13.71	%	12.78		12.94		11.07		11.63
Excluding merger-related and restructuring expenses and change in accounting principle	E/J		14.46		13.49		13.45		12.13		12.44
Return on average tangible common stockholders’ equity
GAAP	D/I+K		22.21		20.56		21.10		18.16		19.49
Cash basis	F/L		24.97	%	23.32		23.71		21.52		22.84
RETURN ON AVERAGE ASSETS
Average assets (GAAP)	G	$	376,706		341,718		337,281		329,960		321,511
Average intangible assets (GAAP)			(12,250	)	(12,250	)	(12,386	)	(12,478	)	(12,510	)
Average tangible assets (GAAP)	H	$	364,456		329,468		324,895		317,482		309,001
Return on average assets
GAAP	A/G		1.16	%	1.21		1.23		1.08		1.13
Excluding merger-related and restructuring expenses	B/G		1.23		1.28		1.28		1.19		1.21
Return on average tangible assets
GAAP	A/H		1.18		1.26		1.28		1.12		1.18
Cash basis	C/H		1.36	%	1.43		1.44		1.34		1.39

PAGE 19

WACHOVIA CORPORATION AND SUBSIDIARIES

RECONCILIATION OF CERTAIN NON-GAAP FINANCIAL MEASURES

(Unaudited)

		2003							2002
(Dollars in millions, except per share data)	*	Third Quarter			Second Quarter		First Quarter		Fourth Quarter		Third Quarter
OVERHEAD EFFICIENCY RATIOS
Noninterest expense (GAAP)	M	$	3,557		2,988		2,894		3,042		2,945
Merger-related and restructuring expenses (GAAP)			(148	)	(96	)	(64	)	(145	)	(107	)
Noninterest expense, excluding merger-related and restructuring expenses	N		3,409		2,892		2,830		2,897		2,838
Other intangible amortization (GAAP)			(127	)	(131	)	(140	)	(147	)	(152	)
Noninterest expense (Cash basis)	O	$	3,282		2,761		2,690		2,750		2,686
Net interest income (GAAP)		$	2,613		2,520		2,514		2,470		2,466
Tax-equivalent adjustment			63		63		64		59		54
Net interest income (Tax-equivalent)		$	2,676		2,583		2,578		2,529		2,520
Fee and other income (GAAP)			2,643		2,166		2,078		1,978		1,890
Total	P	$	5,319		4,749		4,656		4,507		4,410
Retail Brokerage Services, excluding insurance
Noninterest expense (GAAP)	Q	$	933		460		437		433		428
Net interest income (GAAP)		$	68		30		31		30		34
Tax-equivalent adjustment			—		—		—		—		—
Net interest income (Tax-equivalent)			68		30		31		30		34
Fee and other income (GAAP)			994		523		466		473		468
Total	R	$	1,062		553		497		503		502
Overhead efficiency ratios
GAAP	M/P		66.87	%	62.92		62.16		67.51		66.77
Excluding merger-related and restructuring expenses	N/P		64.10		60.91		60.78		64.30		64.33
Excluding merger-related and restructuring expenses     and brokerage	N-Q/P-R		58.17		57.98		57.54		61.56		61.66
Cash basis	O/P		61.70		58.15		57.78		61.04		60.87
Cash basis excluding brokerage	O-Q/P-R		55.18	%	54.86		54.18		57.89		57.76
OPERATING LEVERAGE
Operating leverage (GAAP)		$	2		(1	)	298		(2	)	(232	)
After tax merger-related and restructuring expenses (GAAP)			52		31		(80	)	38		(35	)
Operating leverage, excluding merger-related and
restructuring expenses			54		30		218		36		(267	)
After tax other intangible amortization (GAAP)			4		9		8		6		8
Operating leverage (Cash basis)		$	50		21		210		30		(275	)
DIVIDEND PAYOUT RATIOS ON COMMON SHARES
Dividends paid per common share	S	$	0.35		0.29		0.26		0.26		0.26
Diluted earnings per common share (GAAP)	T	$	0.83		0.77		0.76		0.66		0.66
Merger-related and restructuring expenses (GAAP)			0.06		0.04		0.03		0.06		0.05
Other intangible amortization (GAAP)			0.05		0.06		0.07		0.06		0.07
Change in accounting principle (GAAP)			(0.01	)	—		—		—		—
Diluted earnings per common share (Cash basis)	U	$	0.93		0.87		0.86		0.78		0.78
Dividend payout ratios (GAAP)
GAAP	S/T		42.17	%	37.66		34.21		39.39		39.39
Cash basis	S/U		37.63	%	33.33		30.23		33.33		33.33

PAGE 20

WACHOVIA CORPORATION AND SUBSIDIARIES

RECONCILIATION OF CERTAIN NON-GAAP FINANCIAL MEASURES

(Unaudited)

	A		B	C	D		E
	CONSOLIDATED GAAP			Estimated Prudential Impact Third Quarter 2003	CHANGE
	2003		2002		GAAP		Non- GAAP
(Dollars in millions, except per share data)	Third Quarter		Third Quarter		A-B/B*		A-B-C/B*
REVENUE
Net interest income (Tax-equivalent)	$	2,676	2,520	30	—		—
Fee and other income		2,643	1,890	495	—		—
Total revenue	$	5,319	4,410	525	21	%	9
NONINTEREST EXPENSE
Salaries and employee benefits	$	2,109	1,588	300	—		—
Other expenses		1,448	1,357	223	—		—
Total noninterest expense	$	3,557	2,945	523	21	%	3

* The letters included in the columns are provided to show how the various ratios presented in the tables on pages 18 through 20 are calculated. For example, return on average assets on a GAAP basis is calculated by dividing income before change in accounting principle (GAAP) by average assets (GAAP) (i.e., A/G) and annualized where appropriate.