For further information contact:

Media Relations: Investor Relations:

Byron Goodrich • 314/955-3235 Justin Gioia • 314/955-2379

byron.goodrich@agedwards.com jjgioia@agedwards.com

FOR IMMEDIATE RELEASE

A.G. Edwards, Inc. Announces Results

for the Second Quarter and First Half of Fiscal 2008

ST. LOUIS, Sept. 20, 2007 -- A.G. Edwards, Inc. (NYSE: AGE) today announced results for the second quarter and first half of fiscal 2008, which ended August 31, 2007.

Net earnings for the quarter were $95 million, or $1.25 per diluted share, on net revenues of $821 million. For the same quarter last year, net earnings were $66 million, or $0.86 per diluted share, on net revenues of $713 million.

For the first six months of fiscal 2008, net earnings were $178 million, or $2.34 per diluted share, on net revenues of $1.66 billion. For the same period last year, net earnings were $144 million, or $1.88 per diluted share, on net revenues of $1.48 billion.

On May 31, 2007, the company announced a merger agreement with Wachovia Corporation, pursuant to which the company would merge with and into a wholly owned subsidiary of Wachovia Corporation. The first-quarter and first-half results include $10 million, or $0.08 per diluted share, in other expenses related to the merger agreement.

A special meeting of stockholders of A.G. Edwards, Inc. is being held on Friday, Sept. 28, 2007 to consider and vote on the proposal to adopt the merger agreement and to consider and vote upon a proposal to approve the adjournment of the special meeting, including, if necessary, to solicit additional proxies in the event that there are not sufficient votes at the time of the special meeting to adopt the merger agreement.

“Thanks to the hard work and dedication of our employees serving clients during a difficult market environment in the second quarter, we were able to post increases in nearly every major revenue category,” said Robert L. Bagby, chairman and chief executive officer. “In particular, client interest in fee-based services again led the way for our strong results, both in the second quarter and first half of the year.”

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A.G. Edwards, Inc.

September 20, 2007

RESULTS OF OPERATIONS

Asset management and service fees – Asset-management and service-fee revenues for the second quarter increased 22 percent ($69 million) versus the second quarter last year. For the first six months of fiscal 2008, these revenues increased 19 percent ($118 million) versus last year’s first six months. Results in both periods continued to reflect greater client interest in the firm’s fee-based programs and services, particularly its fund-advisory programs, as well as increased client-asset values in mutual funds and insurance products. The results were enhanced by fees received in connection with the firm’s FDIC-insured bank deposit program, which was not in operation during either time period last year. Since the program’s launch in February 2007, clients have deposited approximately $7.2 billion into this program.

Commissions – Commission revenues for the second quarter increased 10 percent ($24 million) versus last year’s second quarter and increased 3 percent ($16 million) versus last year’s first half. The results in both time periods were mainly due to increased investor activity in individual equities, mutual funds and insurance products.

Principal transactions – Revenues from principal transactions increased 8 percent ($5 million) compared to the year-ago quarter. Compared to the first six months of last fiscal year, principal-transaction revenues increased 5 percent ($6 million). The increases in both periods reflected increased client activity in municipal securities and over-the-counter equity markets, partially offset by decreased activity in corporate-debt and agency securities.

Investment banking – Investment-banking revenues for the second quarter increased 13 percent ($7 million) versus the same three-month period last year. For the first six months of fiscal 2008, investment-banking revenues increased 57 percent ($59 million) compared to the same period last year. The results in both periods largely reflected higher revenue from closed-end funds. The six-month results additionally reflected greater fee revenue from private-placement transactions.

Net interest revenue – Interest revenue net of interest expense in the second quarter increased 10 percent ($5 million) from the year-ago quarter. For fiscal 2008’s first half, net interest revenue increased 7 percent ($7 million) over last year’s first half. The increases in both the second-quarter and six-month results reflected higher interest payments on the fixed-income inventory held for sale to clients and higher revenue from short-term investments, partially offset by lower average client margin balances.

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A.G. Edwards, Inc.

September 20, 2007

Other revenue – Other revenue decreased 30 percent ($1 million) in the second quarter and decreased 59 percent ($20 million) for the first half of fiscal 2008 compared to the same periods last year. The decreases in other revenues for both the second quarter and first half of fiscal 2008 were mainly due to declines in the mark-to-market valuations of certain private-equity investments and stock-exchange shares the firm held.

Non-interest expenses – During the second quarter, non-interest expenses increased 11 percent ($66 million) compared to last year’s second quarter. For the first six months of fiscal 2008, non-interest expenses increased 11 percent ($132 million) compared to the same period last fiscal year.

Compensation and benefits increased 16 percent ($74 million) in this year’s second quarter versus last year’s second quarter. Comparing the first half of fiscal 2008 to the same period last year, compensation and benefits increased 14 percent ($127 million). The results in both periods mainly reflected higher commissionable revenue as well as higher incentive compensation due to increased firm profitability.

Non-compensation-related expenses for fiscal 2008’s second quarter decreased 5 percent ($8 million) compared to the same quarter last year. For this year’s first six months, non-compensation-related expenses increased 2 percent ($5 million) versus last year’s first six months. Both periods reflected lower branding-related expenses and lower business-development expenses compared to last year, which included expenses for the firm’s national sales conference. Both periods also reflected $3 million in tax benefits due to the resolution of certain tax matters and lower expenses for addressing various regulatory changes and legal matters. The decreases in the six-month results were partially offset by expenses related to the merger agreement with Wachovia Corporation and increased technology-consulting expenses.

ADDITIONAL STOCKHOLDER INFORMATION

Total client assets at the end of the second quarter were $384 billion, an 8 percent increase when compared to the end of the second quarter last year. Client assets in fee-based accounts at the end of the second quarter of fiscal 2008 were $45 billion, a 12 percent increase when compared to the end of the second quarter of fiscal 2007.

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A.G. Edwards, Inc.

September 20, 2007

As of August 31, 2007, stockholders’ equity was $2.3 billion, for a book value per share of $29.78. Diluted per-share earnings for the second quarter were based on 76.0 million average common and common equivalent shares outstanding compared to 76.7 million in the prior year. Diluted per-share earnings for the current six-month period were based on 76.0 million average common and common equivalent shares outstanding compared to 76.6 million in the prior year.

ABOUT A.G. EDWARDS, INC.

A.G. Edwards, Inc. is a financial services holding company whose primary subsidiary is the national investment firm of A.G. Edwards & Sons, Inc. Founded in 1887, A.G. Edwards and its affiliates employ 6,363 financial consultants in 739 offices nationwide and two European locations in London and Geneva. More information can be found on agedwards.com.

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FORWARD-LOOKING STATEMENTS

This material may contain forward-looking statements within the meaning of federal securities laws. Actual results are subject to risks and uncertainties, including both those specific to A.G. Edwards and those to the industry, which could cause results to differ materially from those contemplated. The risks and uncertainties include, but are not limited to, completion and closing of the merger agreement between A.G. Edwards and Wachovia Corporation (see below for additional information regarding the proposed transaction), general economic conditions, government monetary and fiscal policy, the actions of competitors, changes in and effects of marketing strategies, client interest in specific products and services, the completion of all contractual, technological, legal and other requirements for the introduction of new products or services, regulatory changes and actions, changes in legislation, risk management, the results of the AGE Bank Deposit Program and the expansion of powers of A.G. Edwards Trust Company FSB, legal claims, technology changes, compensation changes, the impact of outsourcing agreements, and the impact of Statement of Financial Accounting Standards No. 123 (Revised 2004) “Share-Based Payment.” Undue reliance should not be placed on the forward-looking statements, which speak only as of the date of this release. A.G. Edwards does not undertake any obligation to publicly update any forward-looking statements.

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A.G. Edwards, Inc.

Page 5

September 20, 2007

This material references certain expenses associated with the execution of the merger agreement between Wachovia and A.G. Edwards. The proposed merger between Wachovia and A.G. Edwards (the “Merger”) is subject to numerous assumptions, risks, and uncertainties. Actual results could differ materially from those contained or implied by forward-looking statements for a variety of factors including: (1) the risk that the businesses of Wachovia and A.G. Edwards, in connection with the Merger will not be integrated successfully or such integration may be more difficult, time-consuming or costly than expected; (2) the risk that expected revenue synergies and cost savings from the Merger may not be fully realized or realized within the expected time frame; (3) the risk that revenues following the Merger may be lower than expected; (4) deposit attrition, operating costs, customer loss and business disruption following the Merger, including, without limitation, difficulties in maintaining relationships with employees, may be greater than expected; (5) the inability to obtain governmental approvals of the Merger on the proposed terms and schedule; (6) the failure of A.G. Edwards’ shareholders to approve the Merger; (7) the risk that the strength of the United States economy in general and the strength of the local economies in which Wachovia and/or A.G. Edwards conducts operations may be different than expected resulting in, among other things, a deterioration in credit quality or a reduced demand for credit, including the resultant effect on Wachovia’s loan portfolio and allowance for loan losses; (8) the effects of, and changes in, trade, monetary and fiscal policies and laws, including interest rate policies of the Board of Governors of the Federal Reserve System; (9) potential or actual litigation; (10) inflation, interest rate, market and monetary fluctuations; and (11) adverse conditions in the stock market, the public debt market and other capital markets (including changes in interest rate conditions) and the impact of such conditions on Wachovia’s and A.G. Edwards’ brokerage and capital markets activities. Additional factors that could cause Wachovia’s and A.G. Edwards’ results to differ materially from those described in the forward-looking statements can be found in Wachovia’s and A.G. Edwards’ Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K filed with the SEC. All subsequent written and oral forward-looking statements concerning A.G. Edwards or the proposed Merger or other matters and attributable to Wachovia or A.G. Edwards or any person acting on their behalf are expressly qualified in their entirety by the cautionary statements above. Wachovia and A.G. Edwards do not undertake any obligation to update any forward-looking statement, whether written or oral, relating to the matters discussed in this material.

ADDITIONAL INFORMATION

The proposed Merger has been submitted to A.G. Edwards’ shareholders for their consideration. Wachovia filed on August 30 a registration statement with the SEC, which includes a proxy statement/prospectus regarding the proposed Merger. A.G. Edwards’ shareholders and other investors are urged to read the registration statement and the proxy statement/prospectus, as well as any other relevant documents concerning the proposed Merger filed with the SEC (and any amendments or supplements to those documents), because they contain important information. You can obtain a free copy of the registration statement and the proxy statement/prospectus, as well as other filings containing information about Wachovia and A.G. Edwards, at the SEC’s website (http://www.sec.gov) and at the companies’ respective websites, www.wachovia.com and www.agedwards.com. Copies of the proxy statement/prospectus and the SEC filings that are incorporated by reference in the 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, 704-383-0798; or to A.G. Edwards, Inc., Investor Relations, One North Jefferson Avenue, St. Louis, MO 63103, 314-955-3782.

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A.G. Edwards, Inc.

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September 20, 2007

Wachovia and A.G. Edwards and their respective directors and executive officers, may be deemed to be participants in the solicitation of proxies from the shareholders of A.G. Edwards 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 2007 annual meeting of shareholders, as filed with the SEC on a Schedule 14A on March 9, 2007. Information about the directors and executive officers of A.G. Edwards is set forth in the proxy statement for A.G. Edwards’ 2007 annual meeting of shareholders, as filed with the SEC on a Schedule 14A on May 15, 2007. Additional information regarding the interests of those participants and other persons who may be deemed participants in the Merger may be obtained by reading the proxy statement/prospectus regarding the proposed Merger. You may obtain free copies of these documents as described in the preceding paragraph.

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A. G. EDWARDS, INC.
CONSOLIDATED STATEMENTS OF EARNINGS
(In thousands, except per share amounts)
(Unaudited)
	For the Three Months Ended
	August 31,		August 31,		Increase/			%
	2007		2006		(Decrease)			Chg.
Revenues
Asset management and service fees:
Distribution fees	$	190,692	$	164,131	$	26,561		16.2
Fee-based accounts		140,314		115,203		25,111		21.8
Service fees		42,584		25,750		16,834		65.4
Total		373,590		305,084		68,506		22.5
Commissions:
Equities		135,289		126,399		8,890		7.0
Mutual funds		56,597		51,046		5,551		10.9
Insurance		57,587		48,529		9,058		18.7
Futures and options		11,913		11,386		527		4.6
Other		269		342		(73	)	(21.3	)
Total		261,655		237,702		23,953		10.1
Principal transactions:
Debt securities		37,020		35,871		1,149		3.2
Equities		22,657		19,285		3,372		17.5
Total		59,677		55,156		4,521		8.2
Investment banking:
Underwriting fees and selling concessions		48,122		40,003		8,119		20.3
Management fees		15,867		16,709		(842	)	(5.0	)
Total		63,989		56,712		7,277		12.8
Interest:
Margin account balances		34,504		39,020		(4,516	)	(11.6	)
Securities owned and deposits		29,232		20,030		9,202		45.9
Total		63,736		59,050		4,686		7.9
Other		2,938		4,206		(1,268	)	(30.1	)
Total Revenues		825,585		717,910		107,675		15.0
Interest expense		4,128		4,682		(554	)	(11.8	)
Net Revenues		821,457		713,228		108,229		15.2
Non-Interest Expenses
Compensation and benefits		525,131		451,366		73,765		16.3
Communication and technology		64,008		63,347		661		1.0
Occupancy and equipment		37,951		37,845		106		0.3
Marketing and business development		14,059		17,870		(3,811	)	(21.3	)
Floor brokerage and clearance		4,661		5,548		(887	)	(16.0	)
Other		29,050		32,890		(3,840	)	(11.7	)
Total Non-Interest Expenses		674,860		608,866		65,994		10.8
Earnings Before Income Taxes		146,597		104,362		42,235		40.5
Income Taxes		51,698		38,136		13,562		35.6
Net Earnings	$	94,899	$	66,226	$	28,673		43.3
Earnings per diluted share	$	1.25	$	0.86	$	0.39		45.3
Average Common and Common
Equivalent Shares Outstanding (Diluted)		76,040		76,691
Stockholders’ Equity	$	2,259,812	$	2,009,699
Book Value per share	$	29.78	$	26.40
Total Shares Outstanding (end of period)		75,878		76,115

A. G. EDWARDS, INC.
CONSOLIDATED STATEMENTS OF EARNINGS
(In thousands, except per share amounts)
(Unaudited)
	For the Six Months Ended
	August 31,		August 31,		Increase/			%
	2007		2006		(Decrease)			Chg.
Revenues
Asset management and service fees:
Distribution fees	$	378,588	$	330,569	$	48,019		14.5
Fee-based accounts		274,849		227,263		47,586		20.9
Service fees		76,923		54,331		22,592		41.6
Total		730,360		612,163		118,197		19.3
Commissions:
Equities		271,238		270,438		800		0.3
Mutual funds		123,553		118,161		5,392		4.6
Insurance		111,782		99,796		11,986		12.0
Futures and options		22,732		25,025		(2,293	)	(9.2	)
Other		749		608		141		23.2
Total		530,054		514,028		16,026		3.1
Principal transactions:
Debt securities		69,069		65,865		3,204		4.9
Equities		44,998		42,439		2,559		6.0
Total		114,067		108,304		5,763		5.3
Investment banking:
Underwriting fees and selling concessions		112,750		72,801		39,949		54.9
Management fees		51,340		31,998		19,342		60.4
Total		164,090		104,799		59,291		56.6
Interest:
Margin account balances		67,803		76,977		(9,174	)	(11.9	)
Securities owned and deposits		51,199		35,714		15,485		43.4
Total		119,002		112,691		6,311		5.6
Other		14,125		34,399		(20,274	)	(58.9	)
Total Revenues		1,671,698		1,486,384		185,314		12.5
Interest expense		7,791		8,463		(672	)	(7.9	)
Net Revenues		1,663,907		1,477,921		185,986		12.6
Non-Interest Expenses
Compensation and benefits		1,059,150		932,294		126,856		13.6
Communication and technology		135,471		123,236		12,235		9.9
Occupancy and equipment		75,281		73,861		1,420		1.9
Marketing and business development		35,525		43,419		(7,894	)	(18.2	)
Floor brokerage and clearance		7,603		9,100		(1,497	)	(16.5	)
Other		69,896		69,227		669		1.0
Total Non-Interest Expenses		1,382,926		1,251,137		131,789		10.5
Earnings Before Income Taxes		280,981		226,784		54,197		23.9
Income Taxes		102,833		82,935		19,898		24.0
Net Earnings	$	178,148	$	143,849	$	34,299		23.8
Earnings per diluted share	$	2.34	$	1.88	$	0.46		24.5
Average Common and Common
Equivalent Shares Outstanding (Diluted)		76,030		76,633
Stockholders' Equity	$	2,259,812	$	2,009,699
Book Value per share	$	29.78	$	26.40
Total Shares Outstanding (end of period)		75,878		76,115

A. G. EDWARDS, INC.
CONSOLIDATED FIVE-QUARTER SUMMARY
(In thousands, except per share amounts)
(Unaudited)
	For the Three Months Ended
	August 31,		May 31,		February 28,		November 30,		August 31,
	2007		2007		2007		2006		2006
Revenues
Asset management and service fees:
Distribution fees	$	190,692	$	187,896	$	181,395	$	172,326	$	164,131
Fee-based accounts		140,314		134,535		127,383		119,886		115,203
Service fees		42,584		34,339		26,927		25,982		25,750
Total		373,590		356,770		335,705		318,194		305,084
Commissions:
Equities		135,289		135,949		136,456		132,314		126,399
Mutual funds		56,597		66,956		69,527		56,343		51,046
Insurance		57,587		54,195		53,110		48,050		48,529
Futures and options		11,913		10,819		10,968		10,696		11,386
Other		269		480		247		218		342
Total		261,655		268,399		270,308		247,621		237,702
Principal transactions:
Debt securities		37,020		32,049		30,161		31,694		35,871
Equities		22,657		22,341		23,005		21,966		19,285
Total		59,677		54,390		53,166		53,660		55,156
Investment banking:
Underwriting fees and selling concessions		48,122		64,628		70,974		52,818		40,003
Management fees		15,867		35,473		41,495		19,802		16,709
Total		63,989		100,101		112,469		72,620		56,712
Interest:
Margin account balances		34,504		33,299		33,671		35,546		39,020
Securities owned and deposits		29,232		21,967		26,936		22,453		20,030
Total		63,736		55,266		60,607		57,999		59,050
Other		2,938		11,187		35,954		21,390		4,206
Total Revenues		825,585		846,113		868,209		771,484		717,910
Interest expense		4,128		3,663		3,199		3,955		4,682
Net Revenues		821,457		842,450		865,010		767,529		713,228
Non-Interest Expenses
Compensation and benefits		525,131		534,019		523,368		476,208		451,366
Communication and technology		64,008		71,463		69,866		64,736		63,347
Occupancy and equipment		37,951		37,330		39,019		37,584		37,845
Marketing and business development		14,059		21,466		15,862		17,669		17,870
Floor brokerage and clearance		4,661		2,942		5,106		4,895		5,548
Other		29,050		40,846		42,026		42,391		32,890
Total Non-Interest Expenses		674,860		708,066		695,247		643,483		608,866
Earnings Before Income Taxes		146,597		134,384		169,763		124,046		104,362
Income Taxes		51,698		51,135		60,586		45,719		38,136
Net Earnings	$	94,899	$	83,249	$	109,177	$	78,327	$	66,226
Earnings per diluted share	$	1.25	$	1.10	$	1.44	$	1.03	$	0.86
Average Common and Common
Equivalent Shares Outstanding (Diluted)		76,040		76,021		76,024		76,411		76,691
Stockholders' Equity	$	2,259,812	$	2,173,710	$	2,102,039	$	2,039,141	$	2,009,699
Book Value per share	$	29.78	$	28.69	$	27.91	$	27.02	$	26.40

A.G. EDWARDS, INC.
QUARTERLY STATISTICAL INFORMATION
(Dollars in thousands, except per share amounts)
(Unaudited)
	2Q FY08			1Q FY08			4Q FY07			3Q FY07			2Q FY07
Net Revenues	$	821,457		$	842,450		$	865,010		$	767,529		$	713,228
Earnings Before Income Taxes	$	146,597		$	134,384		$	169,763		$	124,046		$	104,362
Net Earnings	$	94,899		$	83,249		$	109,177		$	78,327		$	66,226
Pre-tax Net Earnings as a
Percent of Net Revenues		17.8	%		16.0	%		19.6	%		16.2	%		14.6	%
Average Diluted Shares-
(000’s Omitted)		76,040			76,021			76,024			76,411			76,691
Earnings Per Diluted Share	$	1.25		$	1.10		$	1.44		$	1.03		$	0.86
Dividends Per Share	$	0.20		$	0.20		$	0.20		$	0.20		$	0.20
Total Assets	$	5,239,146		$	5,066,104		$	5,312,118		$	5,076,078		$	4,708,961
Stockholders’ Equity	$	2,259,812		$	2,173,710		$	2,102,039		$	2,039,141		$	2,009,699
Book Value Per Share	$	29.78		$	28.69		$	27.91		$	27.02		$	26.40
Return On Average Equity-
(Quarter Results Annualized)		17.1	%		15.6	%		21.1	%		15.5	%		13.3	%
Financial Consultants		6,363			6,623			6,618			6,628			6,666
Full-time Employees		14,816			15,368			15,338			15,364			15,323
Locations		741			743			744			746			744
Total Client Assets (in millions)	$	384,000		$	396,000		$	374,000		$	370,000		$	354,000
Assets In Fee-based Accounts (in millions)	$	45,000		$	48,000		$	44,000		$	42,000		$	40,000