Wachovia Corporation Prices Successful Preferred Stock Offering

Stock Issuance Raises $3.5 Billion of Tier 1 Capital

CHARLOTTE, N.C., Feb. 6 /PRNewswire-FirstCall/ -- Wachovia Corporation
(NYSE: WB) announced that it priced a preferred stock issuance of $3.5 billion
on Feb. 5, 2008. The offering is expected to close on Feb. 8, 2008.
"The strong investor demand is gratifying and the offering will further
solidify our capital position," said Tom Wurtz, Wachovia Chief Financial
Officer. "This will provide Wachovia a very strong Tier 1 capital ratio as we
begin 2008 and we expect that we will continue to increase our ratio over the
remainder of the year."
The $3.5 billion perpetual preferred stock will pay a dividend of 7.98%
for 10 years and thereafter change to a floating interest rate. Wachovia may
redeem the preferred stock after 10 years.
The investor group consisted of approximately 80 major domestic fixed
income investors. Wachovia Securities served as the sole book runner on the
transaction.
Wachovia's Tier 1 capital ratio at December 31, 2007 was 7.2%. On a pro
forma basis as of year-end, Wachovia estimates that including this preferred
stock offering, Wachovia's Tier 1 capital ratio would have been approximately
7.9%. Wachovia plans to continue building Tier 1 capital through retained
earnings over the course of 2008.
About Wachovia
Wachovia Corporation (NYSE: WB) is one of the nation's largest diversified
financial services companies, with assets of $782.9 billion and market
capitalization of $75.3 billion at December 31, 2007. Wachovia provides a
broad range of retail banking and brokerage, asset and wealth management, and
corporate and investment banking products and services to customers through
3,400 retail financial centers in 21 states from Connecticut to Florida and
west to Texas and California, and nationwide retail brokerage, mortgage
lending and auto finance businesses. Globally, clients are served in selected
corporate and institutional sectors and through more than 40 international
offices. Our retail brokerage operations under the Wachovia Securities brand
name manage more than $1.2 trillion in client assets through 17,900 registered
representatives in 1,500 offices nationwide. Online banking is available at
wachovia.com; online brokerage products and services at wachoviasec.com; and
investment products and services at evergreeninvestments.com.
SOURCE Wachovia Corporation

Media, Christy Phillips-Brown, +1-704-383-8178, or Mary Eshet,
+1-704-383-7777; Investors, Alice Lehman, +1-704-374-4139, or Ellen Taylor,
+1-212-214-1904, all of Wachovia Corporation