Exhibit (99)(a)

Press Release July 20, 2006

WACHOVIA EARNS RECORD $1.88 BILLION; EPS UP 13% TO $1.17 IN 2^nd QUARTER 2006

Double-digit revenue and earnings growth fueled by strong fundamentals

2^nd QUARTER 2006 COMPARED WITH 2^nd QUARTER 2005

• Strong execution generates record top line and bottom line results.

• 14 percent revenue increase fueled by March 1 Westcorp acquisition and organic growth.

• Revenue growth and expense discipline drive improved overhead efficiency ratio while investment for the future continues.

• 20 percent fee income growth, up in nearly every category.

• Average loans up 23 percent and average core deposits up 6 percent.

• Credit quality continues to be stellar, with nonperforming assets at a record low 0.25 percent.

Earnings Highlights

	June 30, 2006				March 31, 2006		Three Months Ended June 30, 2005
(In millions, except per share data)	Amount			EPS	Amount	EPS	Amount	EPS
Earnings
Net income (GAAP)	$	1,885		1.17	1,728	1.09	1,650	1.04
Net merger-related and restructuring expenses		15		0.01	46	0.03	48	0.03
Earnings excluding merger-related and restructuring expenses	$	1,900		1.18	1,774	1.12	1,698	1.07
Financial ratios
Return on average common stockholders’ equity		15.41	%		14.62		14.04
Net interest margin (a)		3.18			3.21		3.23
Fee and other income as % of total revenue (a)		49.37			49.84		46.60
Overhead efficiency ratio (a)		58.71	%		60.07		59.29
Capital adequacy (b)
Tier 1 capital ratio		7.77	%		7.87		7.85
Total capital ratio		11.36			11.45		11.25
Leverage ratio		6.57	%		6.86		6.10
Asset quality
Allowance for loan losses as % of nonaccrual and restructured loans		488	%		452		332
Allowance for loan losses as % of loans, net		1.07			1.08		1.18
Allowance for credit losses as % of loans, net (c)		1.13			1.14		1.25
Net charge-offs as % of average loans, net		0.08			0.09		0.09
Nonperforming assets as % of loans, net, foreclosed properties and loans held for sale		0.25	%		0.28		0.44

^(a) Tax-equivalent.

^(b) The second quarter of 2006 is based on estimates.

^(c) The allowance for credit losses is the sum of the allowance for loan losses and the reserve for unfunded lending commitments.

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WACHOVIA EARNS RECORD $1.88 BILLION; EPS UP 13% TO $1.17/page 2

CHARLOTTE, N.C. – Wachovia Corp. (NYSE:WB) today reported record net income of $1.88 billion, or $1.17 per share, in the second quarter of 2006 compared with $1.65 billion, or $1.04 per share, in the second quarter of 2005.

Excluding after-tax net merger-related expenses of 1 cent per share in the second quarter of 2006 and 3 cents per share in the second quarter of 2005, earnings were $1.90 billion, or $1.18 per share, in the second quarter of 2006 compared with $1.70 billion, or $1.07 per share, in the second quarter of 2005.

“This was a strong quarter for Wachovia. In the face of a challenging yield curve environment, we generated double-digit revenue and earnings growth driven by solid execution. Our team delivered record results in three of our four major businesses, and the first full quarter of results in our new auto lending businesses exceeded our expectations,” said Ken Thompson, Wachovia chairman and chief executive officer. “Our fundamentals remain strong with improving overhead efficiency, stellar asset quality and industry-leading customer service. We’re excited about our prospects as we work with our merger partners to extend our brand promise to customers nationwide.”

Wachovia Corporation

			Three Months Ended
(In millions)	June 30, 2006		March 31, 2006	June 30, 2005
Total revenue (Tax-equivalent)	$	7,258	7,056	6,388
Provision for credit losses		59	61	50
Noninterest expense		4,261	4,239	3,788
Net income		1,885	1,728	1,650
Average loans, net		275,265	260,574	223,881
Average core deposits	$	291,638	290,214	275,338

Results include the impact of the acquisition of Westcorp on March 1, 2006. Also announced during the quarter was the proposed acquisition of Golden West Financial Corporation, which is expected to close in the fourth quarter of this year.

In the second quarter of 2006 compared with the second quarter of 2005, Wachovia:

• Grew revenue 14 percent, driven by strong balance sheet growth and fee and other income related to solid capital markets results, including higher principal investing gains and strong trading profits.

• Increased net interest income 8 percent, driven by strength in loans and deposits. Average commercial loans rose 12 percent, led by middle-market lending, while average consumer loans rose 39 percent due to higher real estate-secured loans, including the impact of year-end 2005 loan transfers from held for sale and Westcorp. Average core deposits rose 6 percent and average low-cost core deposits were up 3 percent. Balance sheet growth in conjunction with a flat yield curve resulted in 5 basis points of margin compression.

• Generated a 20 percent increase in fee and other income, with growth in nearly every category. Results reflected strength in capital markets-related income, including the principal investing gains and stronger trading profits

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WACHOVIA EARNS $1.88 BILLION; EPS UP 13% TO $1.17/page 3

previously mentioned, as well as higher asset management and investment banking fees; record consumer service charges and strong interchange income. Securities gains were substantially less than gains in the second quarter a year ago.

• Noninterest expense rose 12 percent on higher personnel expense reflecting revenue-based incentives and the effect of the Westcorp acquisition.

• Recorded a provision for credit losses of $59 million. Net charge-offs were $51 million, or an annualized 0.08 percent of average net loans. Total nonperforming assets including loans held for sale were $741 million, declining to 0.25 percent of loans, foreclosed properties and loans held for sale.

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 discontinued operations. Segment earnings are the basis on which Wachovia manages and allocates capital to its business segments. Pages 13 and 14 include a reconciliation of segment results to Wachovia’s consolidated results of operations in accordance with GAAP. Lines of business results reflect their respective amounts of stock compensation expense related to implementation of a new share-based payment accounting standard.

General Bank Highlights

				Three Months Ended
(In millions)	June 30, 2006			March 31, 2006	June 30, 2005
Total revenue (Tax-equivalent)	$	3,707		3,487	3,116
Provision for credit losses		95		62	68
Noninterest expense		1,756		1,671	1,512
Segment earnings	$	1,177		1,115	971
Cash overhead efficiency ratio (Tax-equivalent)		47.40	%	47.91	48.55
Average loans, net	$	192,500		178,325	161,902
Average core deposits		219,478		216,186	205,782
Economic capital, average	$	8,353		7,421	6,987

General Bank

The General Bank includes retail, small business and commercial customers. The second quarter of 2006 compared with the second quarter of 2005 included:

• Earnings of $1.2 billion on record revenue of $3.7 billion, driven by strong loan and deposit growth, including the impact of the Westcorp acquisition, and higher service charges driven by strength in consumer activity and higher debit card interchange fee income.

• 19 percent growth in average loans was led by real estate-secured loans and the addition of an average $14.0 billion from Westcorp. Higher interest spreads from the Westcorp portfolio partially offset the effect of a customer-driven shift from variable rate to fixed rate consumer real estate lending.

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WACHOVIA EARNS $1.88 BILLION; EPS UP 13% TO $1.17/page 4

• Deposit growth led by consumer certificates of deposit and money market funds. Net new retail checking accounts increased by 327,000 year-to-date, compared with an increase of 270,000 in the same period of 2005.

• 25 percent growth in fee and other income included 31 percent growth in consumer service charges, 23 percent growth in debit card interchange income and 77 percent growth in mortgage banking income.

• 16 percent growth in noninterest expense included higher personnel costs related to hiring, de novo activity and branch consolidation, and increased revenue-based incentive expense, as well as the impact of Westcorp and costs related to reentering the credit card business. Despite the increased expense, the General Bank’s overhead efficiency ratio declined 115 basis points to a record low 47.40 percent.

Capital Management Highlights

				Three Months Ended
(In millions)	June 30, 2006			March 31, 2006	June 30, 2005
Total revenue (Tax-equivalent)	$	1,419		1,414	1,271
Provision for credit losses		—		—	—
Noninterest expense		1,111		1,128	1,042
Segment earnings	$	195		182	146
Cash overhead efficiency ratio (Tax-equivalent)		78.33	%	79.78	81.88
Average loans, net	$	616		462	344
Average core deposits		27,220		28,671	29,235
Economic capital, average	$	1,526		1,556	1,439

Capital Management

Capital Management includes retail brokerage services and asset management. The second quarter of 2006 compared with the second quarter of 2005 included:

• Record earnings of $195 million on 12 percent revenue growth, as strength in retail brokerage managed account fees overcame relatively flat brokerage transaction activity in sluggish markets. Managed assets grew 35 percent to $121.9 billion.

• 41 percent growth in net interest income largely due to improved deposit spreads.

• 7 percent growth in noninterest expense primarily due to increased production-based commissions, employee stock compensation expense and the impact of two June 1, 2006, acquisitions. The overhead efficiency ratio improved 355 basis points to 78.33 percent due to strong net interest income growth, retail brokerage managed account fee growth and disciplined expense control.

• Total assets under management of $237.3 billion at June 30, 2006, were up 5 percent from June 30, 2005. Equity assets reached $90.6 billion, up 15 percent from June 30, 2005, including $5.5 billion in assets from the Metropolitan West Capital Management acquisition and market appreciation. Total brokerage client assets grew 3 percent from year-end 2005 and 7 percent from June 30, 2005.

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WACHOVIA EARNS $1.88 BILLION; EPS UP 13% TO $1.17/page 5

Wealth Management Highlights

				Three Months Ended
(In millions)	June 30, 2006			March 31, 2006	June 30, 2005
Total revenue (Tax-equivalent)	$	347		342	330
Provision for credit losses		2		—	—
Noninterest expense		252		251	227
Segment earnings	$	59		58	65
Cash overhead efficiency ratio (Tax-equivalent)		72.60	%	73.32	68.73
Average loans, net	$	15,987		15,570	13,621
Average core deposits		14,251		14,747	13,188
Economic capital, average	$	528		517	490

Wealth Management

Wealth Management includes private banking, personal trust, investment advisory services, charitable services, financial planning and insurance brokerage. The second quarter of 2006 compared with the second quarter of 2005 included:

• A 9 percent decline in earnings as higher expenses largely related to implementation of a new investment platform and severance outpaced revenue growth.

• Revenue growth driven equally by net interest income and fee and other income growth.

• 5 percent growth in net interest income fueled by continued momentum in loans and growth in average core deposits.

• 5 percent growth in fee and other income reflected higher assets under management and a full quarter of insurance brokerage commissions related to the Palmer & Cay acquisition in May 2005. Trust and investment management fees were up modestly from a strong year ago period.

• Provision expense rose to $2 million.

Corporate and Investment Bank Highlights

				Three Months Ended
(In millions)	June 30, 2006			March 31, 2006	June 30, 2005
Total revenue (Tax-equivalent)	$	1,674		1,708	1,269
Provision for credit losses		(33	)	1	(8	)
Noninterest expense		879		888	711
Segment earnings	$	522		517	355
Cash overhead efficiency ratio (Tax-equivalent)		52.53	%	52.00	56.01
Average loans, net	$	43,775		42,896	37,815
Average core deposits		26,148		25,322	22,459
Economic capital, average	$	6,351		5,880	5,409

Corporate and Investment Bank

The Corporate and Investment Bank includes corporate lending, investment banking, and treasury and international trade finance. Second quarter 2006 results compared with the second quarter of 2005 included:

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WACHOVIA EARNS $1.88 BILLION; EPS UP 13% TO $1.17/page 6

• Record earnings of $522 million on the second highest quarter for revenue, following a record first quarter 2006.

• 32 percent revenue growth reflected a 54 percent increase in fee and other income offsetting a 4 percent decline in net interest income.

• Net interest income declined 4 percent, primarily due to spread compression in asset-based lending, cross-border leasing runoff, and a decline in trading-related income that was offset in trading profits.

• 54 percent growth in fee income reflecting strong investment banking results, primarily in trading, advisory and underwriting fees, as well as principal investing. The principal investing income included a $116 million unrealized gain in the fund portfolio.

• A 24 percent increase in noninterest expense due primarily to higher revenue-based compensation and strategic hiring in 2005, and the impact of acquisitions.

• Strong core deposit growth primarily from higher commercial mortgage servicing and international correspondent banking; loan growth primarily from higher corporate loans and international correspondent banking business.

• The provision reflected strong loan loss recoveries.

***

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 has retail and commercial banking operations in 16 states with 3,109 offices from Connecticut to Florida and west to Texas and 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 $553.6 billion, market capitalization of $86.0 billion and stockholders’ equity of $48.9 billion at June 30, 2006.

The proposed merger with Golden West Financial Corporation (NYSE: GDW), parent of World Savings Bank, is expected to close in the fourth quarter of 2006, pending shareholder and regulatory approval. With this proposed merger, Wachovia would strengthen its position in California, Texas, Florida, New Jersey and New York, and enter attractive metropolitan areas in five additional states: Arizona, Colorado, Illinois, Kansas and Nevada. The combined company would serve banking customers through 3,400 offices in 21 states and Washington, D.C. In addition, Wachovia would gain mortgage lending operations under the World Savings Bank name in 39 states.

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 July 20, 2006.

Additional Information

The proposed merger between Wachovia and Golden West (the “Merger”) will be submitted to Wachovia’s and Golden West’s shareholders for their consideration, and, on June 1, 2006, Wachovia filed a registration statement on Form S-4 with the SEC containing a preliminary joint proxy statement/prospectus of Wachovia and Golden West and other relevant documents concerning the proposed Merger. Shareholders are urged to read the registration statement and the definitive joint proxy statement/prospectus regarding the proposed Merger when they become available and any other relevant documents filed with the SEC, as well as any amendments or supplements to those documents, because they will contain important information. You will be able to obtain a free copy of the registration statement and the joint proxy statement/prospectus, as well as other filings containing information about Wachovia and Golden West, at the SEC’s website (http://www.sec.gov). You will also be able to obtain these documents, free of charge, at Wachovia’s website (http://www.wachovia.com) under the tab “Inside Wachovia - Investor Relations” and then under the heading “Financial Reports - SEC Filings”. Copies of the definitive

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WACHOVIA EARNS $1.88 BILLION; EPS UP 13% TO $1.17/page 7

joint proxy statement/prospectus and the SEC filings that will be incorporated by reference in the definitive joint proxy statement/prospectus can also be obtained, free of charge, by directing a request to Wachovia Corporation, Investor Relations, One Wachovia Center, 301 South College Street, Charlotte, NC 28288-0206, (704) 374-6782; or to Golden West, Investor Relations Department, 1901 Harrison Street, Oakland, CA 94612, (510) 445-3420.

Wachovia and Golden West and their respective directors and executive officers, may be deemed to be participants in the solicitation of proxies from the shareholders of Wachovia and/or Golden West in connection with the proposed Merger. Information about the directors and executive officers of Wachovia is set forth in the proxy statement for Wachovia’s 2006 annual meeting of shareholders, as filed with the SEC on a Schedule 14A on March 13, 2006. Information about the directors and executive officers of Golden West is set forth in the proxy statement for Golden West’s 2006 annual meeting of shareholders, as filed with the SEC on a Schedule 14A on March 10, 2006. Additional information regarding the interests of those participants and other persons who may be deemed participants in the transaction may be obtained by reading the definitive joint proxy statement/prospectus regarding the proposed Merger when it becomes available. You may obtain free copies of these documents as described in the preceding paragraph.

Explanation of Wachovia’s 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 1 and on page 10 under the captions “Earnings Excluding Merger-Related and Restructuring Expenses”, “Earnings Excluding Merger-Related and Restructuring Expenses, and Discontinued Operations” and “Earnings Excluding Merger-Related and Restructuring Expenses, Other Intangible Amortization and Discontinued Operations”, and which are reconciled to GAAP financial measures on pages 21 and 22. 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 the exclusion of merger-related and restructuring expenses, discontinued operations and the 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 the exclusion of this expense provides investors with consistent and meaningful comparisons to other financial services firms. Wachovia’s management makes recommendations to its board of directors about dividend payments based on reported earnings excluding merger-related and restructuring expenses, other intangible amortization, discontinued operations and the cumulative effect of a change in accounting principle, and has communicated certain dividend payout ratio goals to investors on this basis. Management believes this 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. Wachovia operates one of the largest retail brokerage businesses in our industry, and 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.

Although Wachovia believes the above non-GAAP financial measures enhance investors’ understanding of its 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 Tom Wurtz will review Wachovia’s second quarter 2006 results in a conference call and audio webcast beginning at 10 a.m. Eastern Daylight Saving Time today. This review may include a discussion of certain non-GAAP financial measures. Supplemental materials relating to second 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 Second 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 888-357-9787 for U.S. callers or 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: Wachovia.

Replay: Thursday, July 20, at 2 p.m. EDT and continuing through 5 p.m. EDT Friday, August 25. Replay telephone number is 706-645-9291; access code: 1921744.

Investors seeking further information should contact the Investor Relations team: Alice Lehman at 704-374-4139, Ellen Taylor at 704-383-1381 or Jeff Richardson at 704-383-8250. 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 TABLES

TABLE OF CONTENTS

	PAGE
Financial Highlights - Five Quarters Ended June 30, 2006	9
Other Financial Data - Five Quarters Ended June 30, 2006	10
Consolidated Statements of Income - Five Quarters Ended June 30, 2006	11
Consolidated Statements of Income - Six Months Ended June 30, 2006 and 2005	12
Business Segments - Three Months Ended June 30, 2006 and March 31, 2006	13
Business Segments - Three Months Ended June 30, 2005	14
Loans - On-Balance Sheet, and Managed and Servicing Portfolios - Five Quarters Ended June 30, 2006	15
Allowance for Loan Losses and Nonperforming Assets - Five Quarters Ended June 30, 2006	16
Consolidated Balance Sheets - Five Quarters Ended June 30, 2006	17
Net Interest Income Summaries - Five Quarters Ended June 30, 2006	18 -19
Net Interest Income Summaries - Six Months Ended June 30, 2006 and 2005	20
Reconciliation of Certain Non-GAAP Financial Measures - Five Quarters Ended June 30, 2006	21 -22

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WACHOVIA CORPORATION AND SUBSIDIARIES

FINANCIAL HIGHLIGHTS

(Unaudited)

	2006				2005
(Dollars in millions, except per share data)	Second Quarter			First Quarter	Fourth Quarter		Third Quarter	Second Quarter
EARNINGS SUMMARY
Net interest income (GAAP)	$	3,641		3,490	3,523		3,387	3,358
Tax-equivalent adjustment		34		49	52		53	53
Net interest income (Tax-equivalent)		3,675		3,539	3,575		3,440	3,411
Fee and other income		3,583		3,517	2,989		3,258	2,977
Total revenue (Tax-equivalent)		7,258		7,056	6,564		6,698	6,388
Provision for credit losses		59		61	81		82	50
Other noninterest expense		4,139		4,079	4,032		3,820	3,591
Merger-related and restructuring expenses		24		68	58		83	90
Other intangible amortization		98		92	93		101	107
Total noninterest expense		4,261		4,239	4,183		4,004	3,788
Minority interest in income of consolidated subsidiaries		90		95	103		104	71
Income from continuing operations before income taxes (Tax-equivalent)		2,848		2,661	2,197		2,508	2,479
Income taxes		929		884	652		790	776
Tax-equivalent adjustment		34		49	52		53	53
Income from continuing operations		1,885		1,728	1,493		1,665	1,650
Discontinued operations, net of income taxes		—		—	214		—	—
Net income	$	1,885		1,728	1,707		1,665	1,650
Diluted earnings per common share	$	1.17		1.09	1.09		1.06	1.04
Return on average common stockholders’ equity		15.41	%	14.62	14.60		13.95	14.04
Return on average assets		1.39		1.34	1.30		1.29	1.31
Overhead efficiency ratio		58.71	%	60.07	63.72		59.78	59.29
Operating leverage	$	180		436	(312	)	92	5
ASSET QUALITY
Allowance for loan losses as % of loans, net		1.07	%	1.08	1.05		1.13	1.18
Allowance for loan losses as % of nonperforming assets		421		389	378		303	284
Allowance for credit losses as % of loans, net		1.13		1.14	1.11		1.20	1.25
Net charge-offs as % of average loans, net		0.08		0.09	0.09		0.10	0.09
Nonperforming assets as % of loans, net, foreclosed properties and loans held for sale		0.25	%	0.28	0.28		0.37	0.44
CAPITAL ADEQUACY (a)
Tier I capital ratio		7.77	%	7.87	7.50		7.42	7.85
Total capital ratio		11.36		11.45	10.82		10.79	11.25
Leverage ratio		6.57	%	6.86	6.12		5.96	6.10
OTHER DATA
Average diluted common shares (In millions)		1,613		1,586	1,570		1,575	1,591
Actual common shares (In millions)		1,589		1,608	1,557		1,553	1,577
Dividends paid per common share	$	0.51		0.51	0.51		0.51	0.46
Dividend payout ratio on common shares		43.59	%	46.79	46.79		48.11	44.23
Book value per common share	$	30.75		30.95	30.55		30.10	30.37
Common stock price		54.08		56.05	52.86		47.59	49.60
Market capitalization	$	85,960		90,156	82,291		73,930	78,236
Common stock price to book value		176	%	181	173		158	163
FTE employees		97,316		97,134	93,980		92,907	93,385
Total financial centers/brokerage offices		3,847		3,889	3,850		3,840	3,825
ATMs		5,134		5,179	5,119		5,119	5,089

(a) The second quarter of 2006 is based on estimates.

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WACHOVIA CORPORATION AND SUBSIDIARIES

OTHER FINANCIAL DATA

(Unaudited)

	2006				2005
(In millions)	Second Quarter			First Quarter	Fourth Quarter		Third Quarter	Second Quarter
EARNINGS EXCLUDING MERGER-RELATED AND RESTRUCTURING EXPENSES, AND DISCONTINUED OPERATIONS (a) (b)
Return on average common stockholders’ equity		15.52	%	15.01	13.05		14.36	14.43
Return on average assets		1.40		1.38	1.17		1.33	1.35
Overhead efficiency ratio		58.39		59.10	62.84		58.55	57.87
Overhead efficiency ratio excluding brokerage		54.48	%	54.79	59.08		54.08	52.89
Operating leverage	$	135		446	(337	)	84	35
EARNINGS EXCLUDING MERGER-RELATED AND RESTRUCTURING EXPENSES, OTHER INTANGIBLE AMORTIZATION AND DISCONTINUED OPERATIONS (a) (b) (c)
Dividend payout ratio on common shares		41.80	%	43.97	50.50		45.13	41.44
Return on average tangible common stockholders’ equity		32.63		30.64	27.11		29.14	29.50
Return on average tangible assets		1.52		1.49	1.27		1.45	1.48
Overhead efficiency ratio		57.03		57.81	61.41		57.06	56.19
Overhead efficiency ratio excluding brokerage		52.86	%	53.24	57.36		52.30	50.88
Operating leverage	$	142		444	(343	)	77	27
OTHER FINANCIAL DATA
Net interest margin		3.18	%	3.21	3.25		3.18	3.23
Fee and other income as % of total revenue		49.37		49.84	45.55		48.63	46.60
Effective income tax rate (d)		33.05		33.84	34.10		32.21	32.02
Effective tax rate (Tax-equivalent) (d) (e)		33.84	%	35.06	35.39		33.63	33.50
AVERAGE BALANCE SHEET DATA
Commercial loans, net	$	146,341		142,469	138,361		132,637	131,195
Consumer loans, net		128,924		118,105	99,121		96,323	92,686
Loans, net		275,265		260,574	237,482		228,960	223,881
Earning assets		463,232		442,527	439,204		431,346	422,534
Total assets		543,612		522,209	520,382		511,567	503,361
Core deposits		291,638		290,214	287,502		280,748	275,338
Total deposits		327,938		322,830	319,825		306,371	297,194
Interest-bearing liabilities		403,234		384,406	382,974		375,782	367,828
Stockholders’ equity	$	49,063		47,926	46,407		47,328	47,114
PERIOD-END BALANCE SHEET DATA
Commercial loans, net	$	154,277		150,902	147,165		141,063	136,115
Consumer loans, net		128,639		130,030	111,850		98,670	94,172
Loans, net		282,916		280,932	259,015		239,733	230,287
Goodwill and other intangible assets
Goodwill		23,550		23,443	21,807		21,857	21,861
Deposit base		631		691	705		779	861
Customer relationships		714		742	413		416	427
Tradename		90		90	90		90	90
Total assets		553,614		541,842	520,755		532,381	511,840
Core deposits		292,243		296,092	293,562		287,732	275,281
Total deposits		327,614		328,564	324,894		320,439	299,910
Stockholders’ equity	$	48,872		49,789	47,561		46,757	47,904

(a) These financial measures are calculated by excluding from GAAP computed net income presented on page 9, $15 million, $46 million, $37 million, $51 million and $48 million in the second and first quarters of 2006, and in the fourth, third and second quarters of 2005, respectively, of after-tax net merger-related and restructuring expenses, and $214 million after tax in the fourth quarter of 2005 related to discontinued operations.

(b) See page 9 for the most directly comparable GAAP financial measure and pages 21 and 22 for a more detailed reconciliation.

(c) These financial measures are calculated by excluding from GAAP computed net income presented on page 9, $64 million, $59 million, $57 million, $63 million and $69 million in the second and first quarters of 2006, and in the fourth, third and second quarters of 2005, respectively, of deposit base and other intangible amortization.

(d) The fourth quarter of 2005 includes taxes on discontinued operations.

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

PAGE 10

WACHOVIA CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME

(Unaudited)

	2006				2005
(In millions, except per share data)	Second Quarter		First Quarter		Fourth Quarter		Third Quarter	Second Quarter
INTEREST INCOME
Interest and fees on loans	$	4,823	4,321		3,846		3,588	3,362
Interest and dividends on securities		1,685	1,565		1,486		1,434	1,437
Trading account interest		387	325		462		387	354
Other interest income		509	496		696		635	549
Total interest income		7,404	6,707		6,490		6,044	5,702
INTEREST EXPENSE
Interest on deposits		2,035	1,779		1,618		1,408	1,221
Interest on short-term borrowings		755	718		764		742	670
Interest on long-term debt		973	720		585		507	453
Total interest expense		3,763	3,217		2,967		2,657	2,344
Net interest income		3,641	3,490		3,523		3,387	3,358
Provision for credit losses		59	61		81		82	50
Net interest income after provision for credit losses		3,582	3,429		3,442		3,305	3,308
FEE AND OTHER INCOME
Service charges		622	574		555		555	528
Other banking fees		449	428		400		385	355
Commissions (a)		588	623		573		598	585
Fiduciary and asset management fees (a)		808	761		790		749	746
Advisory, underwriting and other investment banking fees		318	302		325		294	257
Trading account profits (losses)		164	219		(31	)	160	49
Principal investing		189	103		135		166	41
Securities gains (losses)		25	(48	)	(74	)	29	136
Other income		420	555		316		322	280
Total fee and other income		3,583	3,517		2,989		3,258	2,977
NONINTEREST EXPENSE
Salaries and employee benefits		2,652	2,697		2,470		2,476	2,324
Occupancy		291	275		283		260	271
Equipment		299	280		277		276	269
Advertising		56	47		51		50	48
Communications and supplies		162	167		155		158	158
Professional and consulting fees		184	167		213		167	155
Other intangible amortization		98	92		93		101	107
Merger-related and restructuring expenses		24	68		58		83	90
Sundry expense		495	446		583		433	366
Total noninterest expense		4,261	4,239		4,183		4,004	3,788
Minority interest in income of consolidated subsidiaries		90	95		103		104	71
Income from continuing operations before income taxes		2,814	2,612		2,145		2,455	2,426
Income taxes		929	884		652		790	776
Income from continuing operations		1,885	1,728		1,493		1,665	1,650
Discontinued operations, net of income taxes		—	—		214		—	—
Net income	$	1,885	1,728		1,707		1,665	1,650
PER COMMON SHARE DATA
Basic earnings
Income from continuing operations	$	1.19	1.11		0.97		1.07	1.05
Net income		1.19	1.11		1.11		1.07	1.05
Diluted earnings
Income from continuing operations		1.17	1.09		0.95		1.06	1.04
Net income		1.17	1.09		1.09		1.06	1.04
Cash dividends	$	0.51	0.51		0.51		0.51	0.46
AVERAGE COMMON SHARES
Basic		1,585	1,555		1,541		1,549	1,564
Diluted		1,613	1,586		1,570		1,575	1,591

(a) Amounts presented prior to the second quarter of 2006 have been reclassified to conform to the presentation in the second quarter of 2006.

PAGE 11

WACHOVIA CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME

(Unaudited)

	Six Months Ended June 30,
(In millions, except per share data)	2006			2005
INTEREST INCOME
Interest and fees on loans	$	9,144		6,536
Interest and dividends on securities		3,250		2,863
Trading account interest		712		732
Other interest income		1,005		1,024
Total interest income		14,111		11,155
INTEREST EXPENSE
Interest on deposits		3,814		2,271
Interest on short-term borrowings		1,473		1,271
Interest on long-term debt		1,693		842
Total interest expense		6,980		4,384
Net interest income		7,131		6,771
Provision for credit losses		120		86
Net interest income after provision for credit losses		7,011		6,685
FEE AND OTHER INCOME
Service charges		1,196		1,041
Other banking fees		877		706
Commissions (a)		1,211		1,172
Fiduciary and asset management fees (a)		1,569		1,472
Advisory, underwriting and other investment banking fees		620		490
Trading account profits (a)		383		157
Principal investing		292		100
Securities gains (losses)		(23	)	134
Other income (a)		975		700
Total fee and other income		7,100		5,972
NONINTEREST EXPENSE
Salaries and employee benefits		5,349		4,725
Occupancy		566		521
Equipment		579		534
Advertising		103		92
Communications and supplies		329		320
Professional and consulting fees		351		282
Other intangible amortization		190		222
Merger-related and restructuring expenses		92		151
Sundry expense		941		813
Total noninterest expense		8,500		7,660
Minority interest in income of consolidated subsidiaries		185		135
Income before income taxes		5,426		4,862
Income taxes		1,813		1,591
Net income	$	3,613		3,271
PER COMMON SHARE DATA
Basic earnings	$	2.30		2.09
Diluted earnings		2.26		2.05
Cash dividends	$	1.02		0.92
AVERAGE COMMON SHARES
Basic		1,570		1,567
Diluted		1,599		1,597

(a) Amounts presented in 2005 have been reclassified to conform to the presentation in 2006.

PAGE 12

WACHOVIA CORPORATION AND SUBSIDIARIES

BUSINESS SEGMENTS

(Unaudited)

	Three Months Ended June 30, 2006
(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)	$	2,798	208		149	501		19		(34	)	3,641
Fee and other income		858	1,222		197	1,215		91		—		3,583
Intersegment revenue		51	(11	)	1	(42	)	1		—		—
Total revenue (a)		3,707	1,419		347	1,674		111		(34	)	7,224
Provision for credit losses		95	—		2	(33	)	(5	)	—		59
Noninterest expense		1,756	1,111		252	879		239		24		4,261
Minority interest		—	—		—	—		89		1		90
Income taxes (benefits)		669	112		34	297		(173	)	(10	)	929
Tax-equivalent adjustment		10	1		—	9		14		(34	)	—
Net income (loss)	$	1,177	195		59	522		(53	)	(15	)	1,885
	Three Months Ended March 31, 2006
(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)	$	2,570	198		150	503		118		(49	)	3,490
Fee and other income		872	1,227		191	1,242		(15	)	—		3,517
Intersegment revenue		45	(11	)	1	(37	)	2		—		—
Total revenue (a)		3,487	1,414		342	1,708		105		(49	)	7,007
Provision for credit losses		62	—		—	1		(2	)	—		61
Noninterest expense		1,671	1,128		251	888		233		68		4,239
Minority interest		—	—		—	—		95		—		95
Income taxes (benefits)		628	104		33	280		(139	)	(22	)	884
Tax-equivalent adjustment		11	—		—	22		16		(49	)	—
Net income (loss)	$	1,115	182		58	517		(98	)	(46	)	1,728

PAGE 13

WACHOVIA CORPORATION AND SUBSIDIARIES

BUSINESS SEGMENTS

(Unaudited)

	Three Months Ended June 30, 2005
(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)	$	2,379	147		142	520		223		(53	)	3,358
Fee and other income		688	1,136		187	789		177		—		2,977
Intersegment revenue		49	(12	)	1	(40	)	2		—		—
Total revenue (a)		3,116	1,271		330	1,269		402		(53	)	6,335
Provision for credit losses		68	—		—	(8	)	(10	)	—		50
Noninterest expense		1,512	1,042		227	711		206		90		3,788
Minority interest		—	—		—	—		85		(14	)	71
Income taxes (benefits)		555	83		38	184		(56	)	(28	)	776
Tax-equivalent adjustment		10	—		—	27		16		(53	)	—
Net income	$	971	146		65	355		161		(48	)	1,650

(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 14

WACHOVIA CORPORATION AND SUBSIDIARIES

LOANS - ON-BALANCE SHEET, AND MANAGED AND SERVICING PORTFOLIOS

(Unaudited)

	2006			2005
(In millions)	Second Quarter		First Quarter	Fourth Quarter	Third Quarter	Second Quarter
ON-BALANCE SHEET LOAN PORTFOLIO
COMMERCIAL
Commercial, financial and agricultural	$	91,737	89,138	87,327	83,241	80,528
Real estate - construction and other		15,329	14,483	13,972	13,653	13,216
Real estate - mortgage		19,745	20,066	19,966	19,864	19,724
Lease financing		25,194	25,238	25,368	25,022	24,836
Foreign		11,680	11,535	10,221	8,888	7,549
Total commercial		163,685	160,460	156,854	150,668	145,853
CONSUMER
Real estate secured		98,420	98,898	94,748	80,128	76,213
Student loans		9,139	10,555	9,922	11,458	10,828
Installment loans		20,508	20,189	6,751	6,745	6,783
Total consumer		128,067	129,642	111,421	98,331	93,824
Total loans		291,752	290,102	268,275	248,999	239,677
Unearned income		8,836	9,170	9,260	9,266	9,390
Loans, net (On-balance sheet)	$	282,916	280,932	259,015	239,733	230,287
MANAGED PORTFOLIO (a)
COMMERCIAL
On-balance sheet loan portfolio	$	163,685	160,460	156,854	150,668	145,853
Securitized loans - off-balance sheet		250	1,191	1,227	1,263	1,293
Loans held for sale		3,602	3,588	3,860	4,039	1,783
Total commercial		167,537	165,239	161,941	155,970	148,929
CONSUMER
Real estate secured
On-balance sheet loan portfolio		98,420	98,898	94,748	80,128	76,213
Securitized loans - off-balance sheet		6,833	7,598	8,438	9,255	10,199
Securitized loans included in securities		6,878	4,628	4,817	4,218	4,426
Loans held for sale		3,843	3,679	2,296	12,660	11,923
Total real estate secured		115,974	114,803	110,299	106,261	102,761
Student
On-balance sheet loan portfolio		9,139	10,555	9,922	11,458	10,828
Securitized loans - off-balance sheet		3,353	1,866	2,000	341	382
Securitized loans included in securities		52	52	52	—	—
Loans held for sale		—	—	—	—	16
Total student		12,544	12,473	11,974	11,799	11,226
Installment
On-balance sheet loan portfolio		20,508	20,189	6,751	6,745	6,783
Securitized loans - off-balance sheet		3,809	3,297	3,392	2,228	2,662
Securitized loans included in securities		181	193	206	146	163
Loans held for sale		305	592	249	1,339	809
Total installment		24,803	24,271	10,598	10,458	10,417
Total consumer		153,321	151,547	132,871	128,518	124,404
Total managed portfolio	$	320,858	316,786	294,812	284,488	273,333
SERVICING PORTFOLIO (b)
Commercial	$	212,500	192,367	173,428	158,650	152,923
Consumer	$	58,082	58,697	56,741	55,813	51,954

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

(b) 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 15

WACHOVIA CORPORATION AND SUBSIDIARIES

ALLOWANCE FOR LOAN LOSSES AND NONPERFORMING ASSETS

(Unaudited)

	2006					2005
(In millions)	Second Quarter			First Quarter		Fourth Quarter		Third Quarter		Second Quarter
ALLOWANCE FOR LOAN LOSSES (a)
Balance, beginning of period	$	3,036		2,724		2,719		2,718		2,732
Provision for credit losses		49		59		72		74		48
Provision for credit losses relating to loans transferred to loans held for sale or sold		5		—		5		12		—
Balance of acquired entities at purchase date		—		300		—		—		—
Allowance relating to loans acquired, transferred to loans held for sale or sold		(18	)	12		(21	)	(26	)	(11	)
Net charge-offs		(51	)	(59	)	(51	)	(59	)	(51	)
Balance, end of period	$	3,021		3,036		2,724		2,719		2,718
as % of loans, net		1.07	%	1.08		1.05		1.13		1.18
as % of nonaccrual and restructured loans (b)		488	%	452		439		347		332
as % of nonperforming assets (b)		421	%	389		378		303		284
LOAN LOSSES
Commercial, financial and agricultural	$	32		27		52		43		35
Commercial real estate - construction and mortgage		3		7		12		9		—
Consumer		116		69		65		71		75
Total loan losses		151		103		129		123		110
LOAN RECOVERIES
Commercial, financial and agricultural		54		16		50		35		25
Commercial real estate - construction and mortgage		1		—		3		2		1
Consumer		45		28		25		27		33
Total loan recoveries		100		44		78		64		59
Net charge-offs	$	51		59		51		59		51
Commercial loans net charge-offs as % of average commercial loans, net (c)		(0.06	)%	0.05		0.03		0.05		0.03
Consumer loans net charge-offs as % of average consumer loans, net (c)		0.23		0.14		0.16		0.18		0.18
Total net charge-offs as % of average loans, net (c)		0.08	%	0.09		0.09		0.10		0.09
NONPERFORMING ASSETS
Nonaccrual loans
Commercial, financial and agricultural	$	299		342		307		445		497
Commercial real estate - construction and mortgage		88		84		85		120		88
Consumer real estate secured		226		240		221		209		221
Installment loans		6		6		7		10		13
Total nonaccrual loans		619		672		620		784		819
Foreclosed properties (d)		99		108		100		112		138
Total nonperforming assets	$	718		780		720		896		957
Nonperforming loans included in loans held for sale (e)	$	23		24		32		59		111
Nonperforming assets included in loans and in loans held for sale	$	741		804		752		955		1,068
as % of loans, net, and foreclosed properties (b)		0.25	%	0.28		0.28		0.37		0.42
as % of loans, net, foreclosed properties and loans held for sale (e)		0.25	%	0.28		0.28		0.37		0.44
Accruing loans past due 90 days	$	624		610		625		525		521

(a) At June 30, 2006, the reserve for unfunded lending commitments was $165 million.

(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 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 16

WACHOVIA CORPORATION AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(Unaudited)

	2006					2005
(In millions, except per share data)	Second Quarter			First Quarter		Fourth Quarter		Third Quarter		Second Quarter
ASSETS
Cash and due from banks	$	12,761		12,668		15,072		12,976		12,464
Interest-bearing bank balances		2,244		1,563		2,638		2,492		2,852
Federal funds sold and securities purchased under resale agreements		17,223		18,807		19,915		27,083		22,528
Total cash and cash equivalents		32,228		33,038		37,625		42,551		37,844
Trading account assets		46,552		39,385		42,704		49,646		46,519
Securities		120,453		118,818		114,889		117,195		117,906
Loans, net of unearned income		282,916		280,932		259,015		239,733		230,287
Allowance for loan losses		(3,021	)	(3,036	)	(2,724	)	(2,719	)	(2,718	)
Loans, net		279,895		277,896		256,291		237,014		227,569
Loans held for sale		7,750		7,859		6,405		18,038		14,531
Premises and equipment		5,322		5,194		4,910		5,352		5,354
Due from customers on acceptances		1,010		968		824		882		826
Goodwill		23,550		23,443		21,807		21,857		21,861
Other intangible assets		1,435		1,523		1,208		1,285		1,378
Other assets		35,419		33,718		34,092		38,561		38,052
Total assets	$	553,614		541,842		520,755		532,381		511,840
LIABILITIES AND STOCKHOLDERS’ EQUITY
Deposits
Noninterest-bearing deposits		66,388		67,365		67,487		68,402		63,079
Interest-bearing deposits		261,226		261,199		257,407		252,037		236,831
Total deposits		327,614		328,564		324,894		320,439		299,910
Short-term borrowings		62,787		55,390		61,953		78,184		75,726
Bank acceptances outstanding		1,021		985		892		932		859
Trading account liabilities		18,409		17,846		17,598		19,815		19,827
Other liabilities		17,305		16,070		15,986		16,504		15,750
Long-term debt		74,627		70,218		48,971		45,846		49,006
Total liabilities		501,763		489,073		470,294		481,720		461,078
Minority interest in net assets of consolidated subsidiaries		2,979		2,980		2,900		3,904		2,858
STOCKHOLDERS’ EQUITY
Dividend Equalization Preferred shares, no par value, 97 million shares issued and outstanding at June 30, 2006		—		—		—		—		—
Non-Cumulative Perpetual Class A Preferred Stock, Series I, $100,000 liquidation preference per share, 25,010 shares authorized		—		—		—		—		—
Common stock, $3.33-1/3 par value; authorized 3 billion shares, outstanding 1.589 billion shares at June 30, 2006		5,298		5,362		5,189		5,178		5,258
Paid-in capital		34,086		34,291		31,172		30,821		31,038
Retained earnings		12,003		11,724		11,973		11,086		11,079
Accumulated other comprehensive income, net		(2,515	)	(1,588	)	(773	)	(328	)	529
Total stockholders’ equity		48,872		49,789		47,561		46,757		47,904
Total liabilities and stockholders’ equity	$	553,614		541,842		520,755		532,381		511,840

PAGE 17

WACHOVIA CORPORATION AND SUBSIDIARIES

NET INTEREST INCOME SUMMARIES

(Unaudited)

	SECOND QUARTER 2006						FIRST QUARTER 2006
(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	$	2,027		25	5.04	%	$	2,872		31	4.31	%
Federal funds sold and securities purchased under resale agreements		17,628		209	4.75			19,657		209	4.31
Trading account assets		29,252		393	5.37			27,240		344	5.08
Securities		124,102		1,668	5.38			117,944		1,557	5.28
Loans
Commercial
Commercial, financial and agricultural		90,259		1,555	6.92			87,784		1,411	6.51
Real estate - construction and other		14,946		277	7.43			14,184		243	6.95
Real estate - mortgage		20,118		369	7.36			20,166		350	7.04
Lease financing		9,895		175	7.08			10,050		171	6.81
Foreign		11,123		142	5.10			10,285		118	4.67
Total commercial		146,341		2,518	6.90			142,469		2,293	6.52
Consumer
Real estate secured		97,377		1,584	6.51			96,082		1,514	6.31
Student loans		10,842		170	6.30			10,589		157	6.00
Installment loans		20,705		482	9.33			11,434		242	8.57
Total consumer		128,924		2,236	6.95			118,105		1,913	6.50
Total loans		275,265		4,754	6.92			260,574		4,206	6.51
Loans held for sale		9,320		165	7.11			8,274		128	6.24
Other earning assets		5,638		99	7.00			5,966		118	8.04
Total earning assets excluding derivatives		463,232		7,313	6.32			442,527		6,593	6.00
Risk management derivatives (a)		—		125	0.11			—		163	0.15
Total earning assets including derivatives		463,232		7,438	6.43			442,527		6,756	6.15
Cash and due from banks		12,055						12,762
Other assets		68,325						66,920
Total assets	$	543,612					$	522,209
LIABILITIES AND STOCKHOLDERS’ EQUITY
Interest-bearing deposits
Savings and NOW accounts		78,539		332	1.70			79,783		304	1.54
Money market accounts		99,212		764	3.09			99,632		670	2.73
Other consumer time		48,389		465	3.85			46,309		407	3.57
Foreign		21,031		234	4.47			19,330		187	3.92
Other time		15,269		197	5.16			13,286		153	4.67
Total interest-bearing deposits		262,440		1,992	3.04			258,340		1,721	2.70
Federal funds purchased and securities sold under repurchase agreements		48,732		543	4.47			50,087		503	4.07
Commercial paper		4,659		51	4.45			4,193		41	3.93
Securities sold short		9,255		74	3.21			8,520		63	3.01
Other short-term borrowings		6,423		36	2.24			7,214		40	2.26
Long-term debt		71,725		940	5.25			56,052		697	4.99
Total interest-bearing liabilities excluding derivatives		403,234		3,636	3.62			384,406		3,065	3.23
Risk management derivatives (a)		—		127	0.12			—		152	0.16
Total interest-bearing liabilities including derivatives		403,234		3,763	3.74			384,406		3,217	3.39
Noninterest-bearing deposits		65,498						64,490
Other liabilities		25,817						25,387
Stockholders’ equity		49,063						47,926
Total liabilities and stockholders’ equity	$	543,612					$	522,209
Interest income and rate earned - including derivatives			$	7,438	6.43	%			$	6,756	6.15	%
Interest expense and equivalent rate paid - including derivatives				3,763	3.25					3,217	2.94
Net interest income and margin - including derivatives			$	3,675	3.18	%			$	3,539	3.21	%

PAGE 18

WACHOVIA CORPORATION AND SUBSIDIARIES

NET INTEREST INCOME SUMMARIES

(Unaudited)

	FOURTH QUARTER 2005						THIRD QUARTER 2005						SECOND QUARTER 2005
(In millions)	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
ASSETS
Interest-bearing bank balances	$	2,514		24	3.75	%	$	2,417		21	3.46	%	$	2,649		20	3.07	%
Federal funds sold and securities purchased under resale agreements		22,647		237	4.17			24,451		216	3.50			24,676		189	3.08
Trading account assets		34,461		482	5.59			33,720		407	4.82			31,879		377	4.73
Securities		115,557		1,506	5.21			114,902		1,461	5.08			115,006		1,469	5.11
Loans
Commercial
Commercial, financial and agricultural		85,155		1,326	6.17			81,488		1,184	5.77			80,213		1,084	5.42
Real estate - construction and other		13,803		226	6.51			13,322		201	5.96			12,885		177	5.53
Real estate - mortgage		20,132		333	6.57			19,684		302	6.09			20,204		288	5.71
Lease financing		10,153		184	7.26			9,979		178	7.15			10,252		183	7.11
Foreign		9,118		97	4.23			8,164		80	3.88			7,641		68	3.55
Total commercial		138,361		2,166	6.22			132,637		1,945	5.82			131,195		1,800	5.50
Consumer
Real estate secured		80,984		1,236	6.10			78,088		1,166	5.97			74,799		1,072	5.74
Student loans		11,235		155	5.46			11,267		144	5.07			10,995		129	4.72
Installment loans		6,902		127	7.32			6,968		124	7.04			6,892		115	6.75
Total consumer		99,121		1,518	6.11			96,323		1,434	5.94			92,686		1,316	5.69
Total loans		237,482		3,684	6.17			228,960		3,379	5.87			223,881		3,116	5.58
Loans held for sale		17,646		270	6.10			16,567		244	5.90			14,024		194	5.51
Other earning assets		8,897		155	6.92			10,329		138	5.27			10,419		125	4.84
Total earning assets excluding derivatives		439,204		6,358	5.77			431,346		5,866	5.42			422,534		5,490	5.20
Risk management derivatives (a)		—		184	0.16			—		231	0.21			—		265	0.26
Total earning assets including derivatives		439,204		6,542	5.93			431,346		6,097	5.63			422,534		5,755	5.46
Cash and due from banks		12,770						12,277						12,389
Other assets		68,408						67,944						68,438
Total assets	$	520,382					$	511,567					$	503,361
LIABILITIES AND STOCKHOLDERS’ EQUITY
Interest-bearing deposits
Savings and NOW accounts		78,936		258	1.30			78,961		220	1.10			80,113		194	0.97
Money market accounts		100,999		609	2.39			97,746		529	2.15			94,990		455	1.92
Other consumer time		43,549		369	3.37			41,063		325	3.13			38,064		273	2.87
Foreign		17,464		157	3.56			15,285		123	3.18			11,857		81	2.75
Other time		14,859		166	4.46			10,338		109	4.21			9,999		78	3.09
Total interest-bearing deposits		255,807		1,559	2.42			243,393		1,306	2.13			235,023		1,081	1.84
Federal funds purchased and securities sold under repurchase agreements		55,336		526	3.77			56,426		460	3.24			53,984		375	2.79
Commercial paper		8,062		76	3.74			12,664		108	3.39			13,365		97	2.91
Securities sold short		8,801		70	3.13			9,040		77	3.38			10,648		92	3.49
Other short-term borrowings		7,164		39	2.18			6,471		29	1.80			6,694		30	1.82
Long-term debt		47,804		576	4.81			47,788		536	4.48			48,114		528	4.39
Total interest-bearing liabilities excluding derivatives		382,974		2,846	2.95			375,782		2,516	2.66			367,828		2,203	2.40
Risk management derivatives (a)		—		121	0.13			—		141	0.15			—		141	0.16
Total interest-bearing liabilities including derivatives		382,974		2,967	3.08			375,782		2,657	2.81			367,828		2,344	2.56
Noninterest-bearing deposits		64,018						62,978						62,171
Other liabilities		26,983						25,479						26,248
Stockholders’ equity		46,407						47,328						47,114
Total liabilities and stockholders’ equity	$	520,382					$	511,567					$	503,361
Interest income and rate earned - including derivatives			$	6,542	5.93	%			$	6,097	5.63	%			$	5,755	5.46	%
Interest expense and equivalent rate paid - including derivatives				2,967	2.68					2,657	2.45					2,344	2.23
Net interest income and margin - including derivatives			$	3,575	3.25	%			$	3,440	3.18	%			$	3,411	3.23	%

(a) 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 19

WACHOVIA CORPORATION AND SUBSIDIARIES

NET INTEREST INCOME SUMMARIES

(Unaudited)

	SIX MONTHS ENDED JUNE 30, 2006						SIX MONTHS ENDED JUNE 30, 2005
(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	$	2,447		56	4.61	%	$	2,567		36	2.85	%
Federal funds sold and securities purchased under resale agreements		18,637		418	4.52			24,475		342	2.82
Trading account assets		28,252		737	5.23			33,504		779	4.66
Securities		121,040		3,225	5.33			114,983		2,946	5.13
Loans
Commercial
Commercial, financial and agricultural		89,029		2,966	6.72			78,442		2,044	5.25
Real estate - construction and other		14,567		520	7.19			12,747		333	5.28
Real estate - mortgage		20,142		719	7.20			20,470		559	5.51
Lease financing		9,972		346	6.95			10,382		365	7.02
Foreign		10,706		260	4.89			7,418		126	3.42
Total commercial		144,416		4,811	6.71			129,459		3,427	5.33
Consumer
Real estate secured		96,733		3,098	6.41			74,729		2,109	5.65
Student loans		10,716		327	6.15			10,999		249	4.56
Installment loans		16,095		724	9.06			7,349		237	6.52
Total consumer		123,544		4,149	6.74			93,077		2,595	5.59
Total loans		267,960		8,960	6.72			222,536		6,022	5.44
Loans held for sale		8,800		293	6.70			13,450		360	5.35
Other earning assets		5,801		217	7.53			10,279		240	4.71
Total earning assets excluding derivatives		452,937		13,906	6.17			421,794		10,725	5.11
Risk management derivatives (a)		—		288	0.12			—		544	0.26
Total earning assets including derivatives		452,937		14,194	6.29			421,794		11,269	5.37
Cash and due from banks		12,406						12,524
Other assets		67,627						67,613
Total assets	$	532,970					$	501,931
LIABILITIES AND STOCKHOLDERS’ EQUITY
Interest-bearing deposits
Savings and NOW accounts		79,158		636	1.62			80,589		355	0.89
Money market accounts		99,421		1,434	2.91			94,238		812	1.74
Other consumer time		47,354		872	3.71			37,040		512	2.79
Foreign		20,186		421	4.21			11,429		142	2.51
Other time		14,282		350	4.93			11,284		161	2.86
Total interest-bearing deposits		260,401		3,713	2.88			234,580		1,982	1.70
Federal funds purchased and securities sold under repurchase agreements		49,406		1,046	4.27			52,697		687	2.63
Commercial paper		4,427		92	4.20			13,458		179	2.68
Securities sold short		8,889		137	3.12			11,659		194	3.36
Other short-term borrowings		6,817		76	2.25			6,532		56	1.73
Long-term debt		63,932		1,637	5.13			47,752		1,021	4.28
Total interest-bearing liabilities excluding derivatives		393,872		6,701	3.43			366,678		4,119	2.26
Risk management derivatives (a)		—		279	0.14			—		265	0.15
Total interest-bearing liabilities including derivatives		393,872		6,980	3.57			366,678		4,384	2.41
Noninterest-bearing deposits		64,997						61,361
Other liabilities		25,603						26,720
Stockholders’ equity		48,498						47,172
Total liabilities and stockholders’ equity	$	532,970					$	501,931
Interest income and rate earned - including derivatives			$	14,194	6.29	%			$	11,269	5.37	%
Interest expense and equivalent rate paid - including derivatives				6,980	3.10					4,384	2.10
Net interest income and margin - including derivatives			$	7,214	3.19	%			$	6,885	3.27	%

(a) 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 20

WACHOVIA CORPORATION AND SUBSIDIARIES

RECONCILIATION OF CERTAIN NON-GAAP FINANCIAL MEASURES

(Unaudited)

		2006					2005
(In millions, except per share data)	*	Second Quarter			First Quarter		Fourth Quarter		Third Quarter		Second Quarter
INCOME FROM CONTINUING OPERATIONS
Net income (GAAP)	A	$	1,885		1,728		1,707		1,665		1,650
Discontinued operations, net of income taxes (GAAP)			—		—		(214	)	—		—
Income from continuing operations (GAAP)			1,885		1,728		1,493		1,665		1,650
Merger-related and restructuring expenses (GAAP)			15		46		37		51		48
Earnings excluding merger-related and restructuring expenses, and discontinued operations	B		1,900		1,774		1,530		1,716		1,698
Other intangible amortization (GAAP)			64		59		57		63		69
Earnings excluding merger-related and restructuring expenses, other intangible amortization and discontinued operations	C	$	1,964		1,833		1,587		1,779		1,767
RETURN ON AVERAGE COMMON STOCKHOLDERS’ EQUITY
Average common stockholders’ equity (GAAP)	D	$	49,063		47,926		46,407		47,328		47,114
Merger-related and restructuring expenses (GAAP)			50		19		146		96		52
Discontinued operations (GAAP)			—		—		(36	)	—		—
Average common stockholders’ equity, excluding merger-related and restructuring expenses, and discontinued operations	E		49,113		47,945		46,517		47,424		47,166
Average intangible assets (GAAP)	F		(24,972	)	(23,689	)	(23,302	)	(23,195	)	(23,148	)
Average common stockholders’ equity, excluding merger-related and restructuring expenses, other intangible amortization and discontinued operations	G	$	24,141		24,256		23,215		24,229		24,018
Return on average common stockholders’ equity
GAAP	A/D		15.41	%	14.62		14.60		13.95		14.04
Excluding merger-related and restructuring expenses, and discontinued operations	B/E		15.52		15.01		13.05		14.36		14.43
Return on average tangible common stockholders’ equity
GAAP	A/D+F		31.38		28.91		29.33		27.36		27.61
Excluding merger-related and restructuring expenses, other intangible amortization and discontinued operations	C/G		32.63	%	30.64		27.11		29.14		29.50
RETURN ON AVERAGE ASSETS
Average assets (GAAP)	H	$	543,612		522,209		520,382		511,567		503,361
Average intangible assets (GAAP)			(24,972	)	(23,689	)	(23,302	)	(23,195	)	(23,148	)
Average tangible assets (GAAP)	I		518,640		498,520		497,080		488,372		480,213
Average assets (GAAP)			543,612		522,209		520,382		511,567		503,361
Merger-related and restructuring expenses (GAAP)			50		19		146		96		52
Discontinued operations (GAAP)			—		—		(36	)	—		—
Average assets, excluding merger-related and restructuring expenses, and discontinued operations	J		543,662		522,228		520,492		511,663		503,413
Average intangible assets (GAAP)			(24,972	)	(23,689	)	(23,302	)	(23,195	)	(23,148	)
Average tangible assets, excluding merger-related and restructuring expenses, and discontinued operations	K	$	518,690		498,539		497,190		488,468		480,265
Return on average assets
GAAP	A/H		1.39	%	1.34		1.30		1.29		1.31
Excluding merger-related and restructuring expenses, and discontinued operations	B/J		1.40		1.38		1.17		1.33		1.35
Return on average tangible assets
GAAP	A/I		1.46		1.41		1.36		1.35		1.38
Excluding merger-related and restructuring expenses, other intangible amortization and discontinued operations	C/K		1.52	%	1.49		1.27		1.45		1.48

PAGE 21

WACHOVIA CORPORATION AND SUBSIDIARIES

RECONCILIATION OF CERTAIN NON-GAAP FINANCIAL MEASURES

(Unaudited)

		2006					2005
(In millions, except per share data)	*	Second Quarter			First Quarter		Fourth Quarter		Third Quarter		Second Quarter
OVERHEAD EFFICIENCY RATIOS
Noninterest expense (GAAP)	L	$	4,261		4,239		4,183		4,004		3,788
Merger-related and restructuring expenses (GAAP)			(24	)	(68	)	(58	)	(83	)	(90	)
Noninterest expense, excluding merger-related and restructuring expenses	M		4,237		4,171		4,125		3,921		3,698
Other intangible amortization (GAAP)			(98	)	(92	)	(93	)	(101	)	(107	)
Noninterest expense, excluding merger-related and restructuring expenses, and other intangible amortization	N	$	4,139		4,079		4,032		3,820		3,591
Net interest income (GAAP)		$	3,641		3,490		3,523		3,387		3,358
Tax-equivalent adjustment			34		49		52		53		53
Net interest income (Tax-equivalent)			3,675		3,539		3,575		3,440		3,411
Fee and other income (GAAP)			3,583		3,517		2,989		3,258		2,977
Total	O	$	7,258		7,056		6,564		6,698		6,388
Retail Brokerage Services, excluding insurance
Noninterest expense (GAAP)	P	$	916		942		888		871		860
Net interest income (GAAP)		$	199		189		170		152		142
Tax-equivalent adjustment			1		—		—		1		—
Net interest income (Tax-equivalent)			200		189		170		153		142
Fee and other income (GAAP)			961		975		915		904		881
Total	Q	$	1,161		1,164		1,085		1,057		1,023
Overhead efficiency ratios
GAAP	L/O		58.71	%	60.07		63.72		59.78		59.29
Excluding merger-related and restructuring expenses	M/O		58.39		59.10		62.84		58.55		57.87
Excluding merger-related and restructuring expenses, and brokerage	M-P/O-Q		54.48		54.79		59.08		54.08		52.89
Excluding merger-related and restructuring expenses, and other intangible amortization	N/O		57.03		57.81		61.41		57.06		56.19
Excluding merger-related and restructuring expenses, other intangible amortization and brokerage	N-P/O-Q		52.86	%	53.24		57.36		52.30		50.88
OPERATING LEVERAGE
Operating leverage (GAAP)		$	180		436		(312	)	92		5
Merger-related and restructuring expenses (GAAP)			(45	)	10		(25	)	(8	)	30
Operating leverage, excluding merger-related and restructuring expenses			135		446		(337	)	84		35
Other intangible amortization (GAAP)			7		(2	)	(6	)	(7	)	(8	)
Operating leverage, excluding merger-related and restructuring expenses, and other intangible amortization		$	142		444		(343	)	77		27
DIVIDEND PAYOUT RATIOS ON COMMON SHARES
Dividends paid per common share	R	$	0.51		0.51		0.51		0.51		0.46
Diluted earnings per common share (GAAP)	S	$	1.17		1.09		1.09		1.06		1.04
Merger-related and restructuring expenses (GAAP)			0.01		0.03		0.02		0.03		0.03
Other intangible amortization (GAAP)			0.04		0.04		0.04		0.04		0.04
Discontinued operations (GAAP)			—		—		(0.14	)	—		—
Diluted earnings per common share, excluding merger-related and restructuring expenses, other intangible amortization and discontinued operations	T	$	1.22		1.16		1.01		1.13		1.11
Dividend payout ratios
GAAP	R/S		43.59	%	46.79		46.79		48.11		44.23
Excluding merger-related and restructuring expenses, other intangible amortization and discontinued operations	R/T		41.80	%	43.97		50.50		45.13		41.44

* The letters included in the columns are provided to show how the various ratios presented in the tables on pages 21 and 22 are calculated. For example, return on average assets on a GAAP basis is calculated by dividing income (GAAP) by average assets (GAAP) (i.e., A/H) and annualized where appropriate.

PAGE 22