Exhibit (99)(a)

	Press Release January 23, 2007

WACHOVIA EARNS $7.8 BILLION, EPS UP 11% TO $4.63 IN FULL YEAR 2006

4^th Quarter 2006 EPS Up 10% to $1.20

4^th QUARTER 2006 COMPARED WITH 4^th QUARTER 2005

• Double-digit growth in face of difficult interest rate environment. Results include acquisitions and divestitures.

• Strong momentum and record results in market-related businesses of the Corporate and Investment Bank and Capital Management.

• Overhead efficiency ratio at record low while investment for the future continues.

• Continued strength in credit quality; increased provision reflects growth in auto, commercial lending and credit card.

• Average loans up 74 percent, including acquisitions, with strength in commercial lending and consumer real estate-secured. Expanded consumer franchise including auto lending and credit cards generates results ahead of expectations.

• Customer loyalty scores reach high of 51.8%; organic customer acquisition grew 13.2% annualized.

Earnings Highlights

	Three Months Ended
	December 31, 2006					September 30, 2006		December 31, 2005
(In millions, except per share data)	Amount			EPS		Amount	EPS	Amount		EPS
Earnings
Net income (GAAP)	$	2,301		1.20		1,877	1.17	1,707		1.09
Net merger-related and restructuring expenses		29		0.01		25	0.02	37		0.02
Earnings excluding merger-related and restructuring expenses	$	2,330		1.21		1,902	1.19	1,744		1.11
Discontinued operations, net of income taxes		(46	)	(0.02	)	—	—	(214	)	(0.14	)
Earnings excluding merger-related and restructuring expenses, and discontinued operations	$	2,284		1.19		1,902	1.19	1,530		0.97
Financial ratios
Return on average common stockholders’ equity		13.09	%			14.85		14.60
Net interest margin (a)		3.09				3.03		3.25
Fee and other income as % of total revenue (a)		46.32				49.20		45.55
Overhead efficiency ratio (a)		57.38	%			57.44		63.72
Capital adequacy (b)
Tier 1 capital ratio		7.47	%			7.74		7.50
Total capital ratio		11.40				11.47		10.82
Leverage ratio		6.01	%			6.60		6.12
Asset quality (c)
Allowance for loan losses as % of nonaccrual and restructured loans		272	%			520		439
Allowance for loan losses as % of loans, net		0.80				1.03		1.05
Allowance for credit losses as % of loans, net (d)		0.84				1.09		1.11
Net charge-offs as % of average loans, net		0.14				0.16		0.09
Nonperforming assets as % of loans, net, foreclosed properties and loans held for sale		0.32	%			0.26		0.28

(a) Tax-equivalent.

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

(c) Assset quality ratios at December 31, 2006, reflect the impact of Golden West.

(d) 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’S 4TH QUARTER 2006 EPS UP 10% TO $1.20; FULL YEAR UP 11%/page 2

CHARLOTTE, N.C. — Wachovia Corp. (NYSE:WB) today reported net income of $2.30 billion, or $1.20 per share, in the fourth quarter of 2006 compared with $1.71 billion, or $1.09 per share, in the fourth quarter of 2005.

Excluding after-tax net merger-related expenses of 1 cent per share in the fourth quarter of 2006 and 2 cents per share in the fourth quarter of 2005, earnings were $2.33 billion, or $1.21 per share, in the fourth quarter of 2006 compared with $1.74 billion, or $1.11 per share, in the fourth quarter of 2005.

Full year 2006 net income was $7.79 billion, up 17 percent from 2005, and earnings per share were up 11 percent from 2005 to a record $4.63. Excluding after-tax net merger-related expenses of 7 cents in 2006 and 11 cents in 2005, earnings in 2006 were $7.91 billion, or $4.70 per share, compared with $6.81 billion, or $4.30 per share, in 2005.

“For the fifth consecutive year, Wachovia has delivered double-digit earnings per share growth,” said Ken Thompson, Wachovia chairman and chief executive officer. “In the face of a challenging interest rate environment, we worked hard to control expenses, manage risk appropriately, create revenue synergies between our businesses, and prioritize our investments while continuing to provide industry-leading customer service. We believe our mix of businesses and the markets we serve, plus our demonstrated success in execution, will continue to position us well in any market environment.”

Results in 2005 included a discontinued operations gain of $214 million after tax, or 14 cents per share, related to the 2005 fourth quarter sale of Wachovia’s corporate and institutional trust businesses. Results in 2006 included a gain of $46 million after tax, or 2 cents per share, relating to this disposition. Results in 2006 also include the impact of the acquisitions of Golden West Financial Corporation on October 1, 2006, and Westcorp on March 1, 2006.

Wachovia Corporation

	Three Months Ended
(In millions)	December 31, 2006		September 30, 2006	December 31, 2005
Net interest income (Tax-equivalent)	$	4,612	3,578	3,575
Fee and other income		3,980	3,465	2,989
Total revenue (Tax-equivalent)		8,592	7,043	6,564
Provision for credit losses		206	108	81
Noninterest expense		4,931	4,045	4,183
Net income		2,301	1,877	1,707
Average loans, net		412,561	281,110	237,482
Average core deposits	$	362,427	291,227	287,502

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

• Grew revenue 31 percent on higher loans and deposits primarily due to the addition of Golden West and Westcorp, with equally strong fee income growth.

• Increased net interest income 29 percent, reflecting higher average commercial loans, up 12 percent, and average consumer loans, up 161 percent, including the impact of the acquisitions.

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WACHOVIA’S 4TH QUARTER 2006 EPS UP 10% TO $1.20; FULL YEAR UP 11%/page 3

• Commercial loan growth was led by middle-market and business banking, commercial real estate and large corporate lending, while consumer loan growth, which reflects the addition of Golden West and Westcorp, was led by higher real estate-secured loans, which included the impact of year-end 2005 loan transfers from loans held for sale.

• Average core deposits rose 26 percent and average low-cost core deposits were up 3 percent. Growth in lower spread loans, a shift in deposit mix and the effects of the inverted yield curve resulted in 16 basis points of margin compression, although the margin improved 6 basis points from the prior quarter.

• Generated across-the-board growth in fee and other income, up 33 percent, led by record investment banking fees, strength in service charges and higher securitization income. Asset management fees reached a new high, reflecting continued growth in retail brokerage managed account relationships, while commissions reflected renewed retail brokerage customer activity. Both trading results and securities gains turned around from losses in the fourth quarter of 2005.

• Noninterest expense rose 18 percent largely reflecting the acquisition impact, and also included higher incentives on revenue growth in the Corporate and Investment Bank and in Capital Management.

• Recorded a provision for credit losses of $206 million largely reflecting growth in auto lending and credit cards, as well as commercial loan growth. Net charge-offs were $140 million, or an annualized 0.14 percent of average net loans. Total nonperforming assets including loans held for sale were $1.4 billion, or 0.32 percent of loans, foreclosed properties and loans held for sale and included $700 million related to the Golden West acquisition.

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 14 and 15 include a reconciliation of segment results to Wachovia’s consolidated results of operations in accordance with GAAP.

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WACHOVIA’S 4TH QUARTER 2006 EPS UP 10% TO $1.20; FULL YEAR UP 11%/page 4

General Bank Highlights

	Three Months Ended
(In millions)	December 31, 2006			September 30, 2006	December 31, 2005
Net interest income (Tax-equivalent)	$	3,778		2,823	2,467
Fee and other income		951		902	746
Total revenue (Tax-equivalent)		4,788		3,773	3,268
Provision for credit losses		148		123	75
Noninterest expense		2,009		1,689	1,669
Segment earnings	$	1,671		1,246	965
Cash overhead efficiency ratio (Tax-equivalent)		41.98	%	44.74	51.07
Average loans, net	$	324,844		197,041	168,761
Average core deposits		288,441		216,410	208,005
Economic capital, average	$	12,510		8,480	7,071

General Bank

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

• Earnings of $1.7 billion on a 47 percent increase in revenue to $4.8 billion, driven by increased loans and deposits primarily reflecting the addition of Golden West and Westcorp. The business mix continued to shift, reflecting customer preferences for fixed rate instead of variable rate loans and certificates of deposit over demand deposits.

• An increase in average loans reflecting the addition of an average $123.9 billion from Golden West and $15.5 billion from Westcorp. Organic growth was led by middle-market commercial, business banking and commercial real estate.

• Deposit growth led by consumer certificates of deposit and money market funds. Net new retail checking accounts increased by 555,000 in 2006 compared with an increase of 535,000 in 2005.

• 27 percent growth in fee and other income with 19 percent growth in consumer service charges and 16 percent growth in interchange income.

• 20 percent growth in noninterest expense associated with the acquisitions, de novo branch activity and costs related to reentering the credit card business. Despite the increased expense, the General Bank’s overhead efficiency ratio improved 909 basis points to 41.98 percent.

• Increased provision expense as a result of higher retail losses and growth in auto loans.

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WACHOVIA’S 4TH QUARTER 2006 EPS UP 10% TO $1.20; FULL YEAR UP 11%/page 5

Wealth Management Highlights

	Three Months Ended
(In millions)	December 31, 2006			September 30, 2006	December 31, 2005
Net interest income (Tax-equivalent)	$	150		150	153
Fee and other income		200		197	189
Total revenue (Tax-equivalent)		353		348	344
Provision for credit losses		—		—	1
Noninterest expense		235		234	253
Segment earnings	$	75		72	58
Cash overhead efficiency ratio (Tax-equivalent)		66.71	%	67.19	73.22
Average loans, net	$	16,775		16,449	14,902
Average core deposits		14,473		14,048	14,415
Economic capital, average	$	541		530	508

Wealth Management

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

• 29 percent earnings growth to a record $75 million on modest revenue growth and lower expenses.

• Revenue growth driven by higher fee and other income, including increased commissions and higher banking fees.

• A dip in net interest income as margin compression offset strong momentum in loans and a modest increase in average core deposits.

Corporate and Investment Bank Highlights

	Three Months Ended
(In millions)	December 31, 2006			September 30, 2006		December 31, 2005
Net interest income (Tax-equivalent)	$	541		485		586
Fee and other income		1,353		989		901
Total revenue (Tax-equivalent)		1,837		1,431		1,436
Provision for credit losses		5		(5	)	(13	)
Noninterest expense		991		791		785
Segment earnings	$	531		406		417
Cash overhead efficiency ratio (Tax-equivalent)		53.95	%	55.28		54.66
Average loans, net	$	46,946		45,792		41,607
Average core deposits		26,880		26,184		25,981
Economic capital, average	$	6,946		6,564		5,629

Corporate and Investment Bank

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

• Record earnings up 27 percent to $531 million on 28 percent revenue growth to $1.8 billion, driven by record advisory and origination activity in corporate client businesses, and strength in real estate capital markets.

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WACHOVIA’S 4TH QUARTER 2006 EPS UP 10% TO $1.20; FULL YEAR UP 11%/page 6

• An 8 percent decline in net interest income reflected spread compression in asset-based lending and leasing, lower trading-related interest income and cross-border leasing runoff.

• A 50 percent increase in fee and other income reflected strength in real estate capital markets, merger and acquisition advisory services, equity underwriting, high grade debt and loan syndications, and improved trading revenue as well as slightly improved principal investing results.

• A 26 percent increase in noninterest expense primarily related to higher variable compensation on higher revenues.

• Core deposit and loan growth from organic growth and acquisitions.

Capital Management Highlights

	Three Months Ended
(In millions)	December 31, 2006			September 30, 2006	December 31, 2005
Net interest income (Tax-equivalent)	$	257		247	234
Fee and other income		1,354		1,232	1,167
Total revenue (Tax-equivalent)		1,604		1,471	1,394
Provision for credit losses		—		—	—
Noninterest expense		1,202		1,098	1,112
Segment earnings	$	255		237	179
Cash overhead efficiency ratio (Tax-equivalent)		74.92	%	74.67	79.75
Average loans, net	$	966		795	389
Average core deposits		30,100		30,114	33,348
Economic capital, average	$	1,643		1,536	1,533

Capital Management

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

• Record earnings of $255 million on 15 percent revenue growth with strength in retail brokerage managed account fees as well as higher brokerage transaction activity. Results also reflected the impact of 2006 acquisitions, higher net interest income, higher asset management fees and higher valuations on investments. Managed assets grew 26 percent from year-end 2005 to $133.7 billion at year-end 2006.

• 8 percent growth in noninterest expense primarily due to higher commissions, deferred compensation, other brokerage production costs and the impact of acquisitions. The overhead efficiency ratio improved 483 basis points to 74.92 percent due to revenue growth and expense control efforts.

Total assets under management of $276.0 billion at December 31, 2006, were up 20 percent from December 31, 2005, including $17.8 billion of assets retained from $24 billion transferred to the Parent in the fourth quarter of 2005 in connection with the Corporate and Institutional Trust divestiture. The increase also reflected $10.8 billion in market appreciation, $9.0 billion in net inflows, $5.5 billion in assets from the Metropolitan West Capital Management acquisition and $3.2 billion from the Golden West Atlas Funds.

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WACHOVIA’S 4TH QUARTER 2006 EPS UP 10% TO $1.20; FULL YEAR UP 11%/page 7

Equity assets reached $100.8 billion, up 22 percent in the same period. Total brokerage client assets grew 11 percent from year-end 2005 to $760.0 billion.

Wachovia Corporation (NYSE:WB) is one of the nation’s largest diversified financial services companies, providing a broad range of retail banking and brokerage, asset and wealth management, and corporate and investment banking products and services. Wachovia has retail and commercial banking operations in 21 states with 3,375 retail banking offices from Connecticut to Florida and west to Texas and California. In addition, two core businesses operate under the Wachovia Securities brand name: retail brokerage with 742 offices in 49 states and nine service affiliate offices in Latin America, and corporate and investment banking in selected industries nationwide. Other nationwide businesses include mortgage lending in 39 states and auto finance covering 46 states. 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. At December 31, 2006, Wachovia had assets of $707 billion and market capitalization of $108 billion.

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 January 23, 2007.

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 11 under the captions “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 22 and 23. 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.

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WACHOVIA’S 4TH QUARTER 2006 EPS UP 10% TO $1.20; FULL YEAR UP 11%/page 8

Earnings Conference Call and Supplemental Materials

Wachovia CEO Ken Thompson and CFO Tom Wurtz will review Wachovia’s fourth quarter 2006 results and present an outlook for 2007 in a conference call and audio webcast beginning at 8 a.m. Eastern Standard Time today. This review may include a discussion of certain non-GAAP financial measures. Supplemental materials relating to fourth 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 Fourth 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: Tuesday, January 23, at 11:30 a.m. EST and continuing through 5 p.m. EST Friday, February 23. Replay telephone number is 706-645-9291; access code: 3748883.

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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PAGE 9

WACHOVIA CORPORATION AND SUBSIDIARIES

FINANCIAL TABLES

TABLE OF CONTENTS

	PAGE
Financial Highlights—Five Quarters Ended December 31, 2006	10
Other Financial Data—Five Quarters Ended December 31, 2006	11
Consolidated Statements of Income—Five Quarters Ended December 31, 2006	12
Consolidated Statements of Income—Years Ended December 31, 2006 and 2005	13
Business Segments—Three Months Ended December 31, 2006 and September 30, 2006	14
Business Segments—Three Months Ended December 31, 2005	15
Loans—On-Balance Sheet, and Managed and Servicing Portfolios—Five Quarters Ended December 31, 2006	16
Allowance for Loan Losses and Nonperforming Assets—Five Quarters Ended December 31, 2006	17
Consolidated Balance Sheets—Five Quarters Ended December 31, 2006	18
Net Interest Income Summaries—Five Quarters Ended December 31, 2006	19 - 20
Net Interest Income Summaries—Years Ended December 31, 2006 and 2005	21
Reconciliation of Certain Non-GAAP Financial Measures—Five Quarters Ended December 31, 2006	22 - 23

PAGE 10

WACHOVIA CORPORATION AND SUBSIDIARIES

FINANCIAL HIGHLIGHTS

(Unaudited)

	2006						2005
(Dollars in millions, except per share data)	Fourth Quarter			Third Quarter	Second Quarter	First Quarter	Fourth Quarter
EARNINGS SUMMARY
Net interest income (GAAP)	$	4,577		3,541	3,641	3,490	3,523
Tax-equivalent adjustment		35		37	34	49	52
Net interest income (Tax-equivalent)		4,612		3,578	3,675	3,539	3,575
Fee and other income		3,980		3,465	3,583	3,517	2,989
Total revenue (Tax-equivalent)		8,592		7,043	7,258	7,056	6,564
Provision for credit losses		206		108	59	61	81
Other noninterest expense		4,741		3,915	4,139	4,079	4,032
Merger-related and restructuring expenses		49		38	24	68	58
Other intangible amortization		141		92	98	92	93
Total noninterest expense		4,931		4,045	4,261	4,239	4,183
Minority interest in income of consolidated subsidiaries		125		104	90	95	103
Income from continuing operations before income taxes (Tax-equivalent)		3,330		2,786	2,848	2,661	2,197
Income taxes		1,040		872	929	884	652
Tax-equivalent adjustment		35		37	34	49	52
Income from continuing operations		2,255		1,877	1,885	1,728	1,493
Discontinued operations, net of income taxes		46		—	—	—	214
Net income	$	2,301		1,877	1,885	1,728	1,707
Diluted earnings per common share	$	1.20		1.17	1.17	1.09	1.09
Return on average common stockholders’ equity		13.09	%	14.85	15.41	14.62	14.60
Return on average assets		1.31		1.34	1.39	1.34	1.30
Overhead efficiency ratio		57.38	%	57.44	58.71	60.07	63.72
Operating leverage	$	665		1	180	436	(312	)
ASSET QUALITY
Allowance for loan losses as % of loans, net		0.80	%	1.03	1.07	1.08	1.05
Allowance for loan losses as % of nonperforming assets		246		396	421	389	378
Allowance for credit losses as % of loans, net		0.84		1.09	1.13	1.14	1.11
Net charge-offs as % of average loans, net		0.14		0.16	0.08	0.09	0.09
Nonperforming assets as % of loans, net, foreclosed properties and loans held for sale		0.32	%	0.26	0.25	0.28	0.28
CAPITAL ADEQUACY (a)
Tier I capital ratio		7.47	%	7.74	7.81	7.87	7.50
Total capital ratio		11.40		11.47	11.42	11.45	10.82
Leverage ratio		6.01	%	6.60	6.57	6.86	6.12
OTHER DATA
Average diluted common shares (In millions)		1,922		1,600	1,613	1,586	1,570
Actual common shares (In millions)		1,904		1,581	1,589	1,608	1,557
Dividends paid per common share	$	0.56		0.56	0.51	0.51	0.51
Dividend payout ratio on common shares		46.67	%	47.86	43.59	46.79	46.79
Book value per common share	$	36.61		32.37	30.75	30.95	30.55
Common stock price		56.95		55.80	54.08	56.05	52.86
Market capitalization	$	108,443		88,231	85,960	90,156	82,291
Common stock price to book value		156	%	172	176	181	173
FTE employees		108,238		97,060	97,316	97,134	93,980
Total financial centers/brokerage offices		4,126		3,870	3,847	3,889	3,850
ATMs		5,212		5,163	5,134	5,179	5,119

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

PAGE 11

WACHOVIA CORPORATION AND SUBSIDIARIES

OTHER FINANCIAL DATA

(Unaudited)

	2006						2005
(In millions)	Fourth Quarter			Third Quarter	Second Quarter	First Quarter	Fourth Quarter
EARNINGS EXCLUDING MERGER-RELATED AND RESTRUCTURING EXPENSES, AND DISCONTINUED OPERATIONS (a) (b)
Return on average common stockholders’ equity		12.98	%	15.02	15.52	15.01	13.05
Return on average assets		1.30		1.36	1.40	1.38	1.17
Overhead efficiency ratio		56.81		56.90	58.39	59.10	62.84
Overhead efficiency ratio excluding brokerage		53.56	%	53.30	54.85	55.20	59.52
Operating leverage	$	675		16	135	446	(337	)
EARNINGS EXCLUDING MERGER-RELATED AND RESTRUCTURING EXPENSES, OTHER INTANGIBLE AMORTIZATION AND DISCONTINUED OPERATIONS (a) (b) (c)
Dividend payout ratio on common shares		45.16	%	45.53	41.80	43.97	50.50
Return on average tangible common stockholders’ equity		31.58		30.79	32.63	30.64	27.11
Return on average tangible assets		1.43		1.47	1.52	1.49	1.27
Overhead efficiency ratio		55.17		55.60	57.03	57.81	61.41
Overhead efficiency ratio excluding brokerage		51.62	%	51.73	53.22	53.63	57.79
Operating leverage	$	725		8	142	444	(343	)
OTHER FINANCIAL DATA
Net interest margin		3.09	%	3.03	3.18	3.21	3.25
Fee and other income as % of total revenue		46.32		49.20	49.37	49.84	45.55
Effective income tax rate (d)		31.74		31.71	33.05	33.84	34.10
Effective tax rate (Tax-equivalent) (d) (e)		32.46	%	32.61	33.84	35.06	35.39
AVERAGE BALANCE SHEET DATA
Commercial loans, net	$	154,306		150,566	146,341	142,469	138,361
Consumer loans, net		258,255		130,544	128,924	118,105	99,121
Loans, net		412,561		281,110	275,265	260,574	237,482
Earning assets		596,893		472,139	463,232	442,527	439,204
Total assets		698,687		555,164	543,612	522,209	520,382
Core deposits		362,427		291,227	291,638	290,214	287,502
Total deposits		395,380		326,360	327,938	322,830	319,825
Interest-bearing liabilities		536,958		414,563	403,234	384,406	382,974
Stockholders’ equity	$	69,725		50,143	49,063	47,926	46,407
PERIOD-END BALANCE SHEET DATA
Commercial loans, net	$	162,098		159,424	154,277	150,902	147,165
Consumer loans, net		258,060		131,335	128,639	130,030	111,850
Loans, net		420,158		290,759	282,916	280,932	259,015
Goodwill and other intangible assets
Goodwill		38,379		23,535	23,550	23,443	21,807
Deposit base		883		577	631	691	705
Customer relationships		662		688	714	742	413
Tradename		90		90	90	90	90
Total assets		707,121		559,922	553,614	541,842	520,755
Core deposits		371,771		291,667	292,243	296,092	293,562
Total deposits		407,458		323,298	327,614	328,564	324,894
Stockholders’ equity	$	69,716		51,180	48,872	49,789	47,561

(a) These financial measures are calculated by excluding from GAAP computed net income presented on page 10, $29 million, $25 million, $15 million, $46 million and $37 million in the fourth, third, second and first quarters of 2006, and in the fourth quarter of 2005, respectively, of after-tax net merger-related and restructuring expenses, and $46 million after tax in the fourth quarter of 2006 and $214 million after tax in the fourth quarter of 2005 related to discontinued operations.

(b) See page 10 for the most directly comparable GAAP financial measure and pages 22 and 23 for a more detailed reconciliation.

(c) These financial measures are calculated by excluding from GAAP computed net income presented on page 10, $90 million, $59 million, $64 million, $59 million and $57 million in the fourth, third, second and first quarters of 2006, and in the fourth quarter of 2005, respectively, of deposit base and other intangible amortization.

(d) The fourth quarter of 2006 and 2005 includes taxes on discontinued operations.

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

PAGE 12

WACHOVIA CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME

(Unaudited)

	2006						2005
(In millions, except per share data)	Fourth Quarter		Third Quarter	Second Quarter	First Quarter		Fourth Quarter
INTEREST INCOME
Interest and fees on loans	$	7,736	5,096	4,823	4,321		3,846
Interest and dividends on securities		1,491	1,692	1,685	1,565		1,486
Trading account interest		462	401	387	325		462
Other interest income		681	595	509	496		696
Total interest income		10,370	7,784	7,404	6,707		6,490
INTEREST EXPENSE
Interest on deposits		3,067	2,238	2,035	1,779		1,618
Interest on short-term borrowings		781	860	755	718		764
Interest on long-term debt		1,945	1,145	973	720		585
Total interest expense		5,793	4,243	3,763	3,217		2,967
Net interest income		4,577	3,541	3,641	3,490		3,523
Provision for credit losses		206	108	59	61		81
Net interest income after provision for credit losses		4,371	3,433	3,582	3,429		3,442
FEE AND OTHER INCOME
Service charges		646	638	622	574		555
Other banking fees		452	427	449	428		400
Commissions		633	562	588	623		573
Fiduciary and asset management fees		856	823	808	761		790
Advisory, underwriting and other investment banking fees		433	292	318	302		325
Trading account profits (losses)		29	123	164	219		(31	)
Principal investing		142	91	189	103		135
Securities gains (losses)		47	94	25	(48	)	(74	)
Other income		742	415	420	555		316
Total fee and other income		3,980	3,465	3,583	3,517		2,989
NONINTEREST EXPENSE
Salaries and employee benefits		3,023	2,531	2,652	2,697		2,470
Occupancy		323	284	291	275		283
Equipment		314	291	299	280		277
Advertising		47	54	56	47		51
Communications and supplies		166	158	162	167		155
Professional and consulting fees		239	200	184	167		213
Other intangible amortization		141	92	98	92		93
Merger-related and restructuring expenses		49	38	24	68		58
Sundry expense		629	397	495	446		583
Total noninterest expense		4,931	4,045	4,261	4,239		4,183
Minority interest in income of consolidated subsidiaries		125	104	90	95		103
Income from continuing operations before income taxes		3,295	2,749	2,814	2,612		2,145
Income taxes		1,040	872	929	884		652
Income from continuing operations		2,255	1,877	1,885	1,728		1,493
Discontinued operations, net of income taxes		46	—	—	—		214
Net income	$	2,301	1,877	1,885	1,728		1,707
PER COMMON SHARE DATA
Basic earnings
Income from continuing operations	$	1.20	1.19	1.19	1.11		0.97
Net income		1.22	1.19	1.19	1.11		1.11
Diluted earnings
Income from continuing operations		1.18	1.17	1.17	1.09		0.95
Net income		1.20	1.17	1.17	1.09		1.09
Cash dividends	$	0.56	0.56	0.51	0.51		0.51
AVERAGE COMMON SHARES
Basic		1,889	1,573	1,585	1,555		1,541
Diluted		1,922	1,600	1,613	1,586		1,570

PAGE 13

WACHOVIA CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME

(Unaudited)

	Years Ended December 31,
(In millions, except per share data)	2006		2005
INTEREST INCOME
Interest and fees on loans	$	21,976	13,970
Interest and dividends on securities		6,433	5,783
Trading account interest		1,575	1,581
Other interest income		2,281	2,355
Total interest income		32,265	23,689
INTEREST EXPENSE
Interest on deposits		9,119	5,297
Interest on short-term borrowings		3,114	2,777
Interest on long-term debt		4,783	1,934
Total interest expense		17,016	10,008
Net interest income		15,249	13,681
Provision for credit losses		434	249
Net interest income after provision for credit losses		14,815	13,432
FEE AND OTHER INCOME
Service charges		2,480	2,151
Other banking fees		1,756	1,491
Commissions (a)		2,406	2,343
Fiduciary and asset management fees (a)		3,248	3,011
Advisory, underwriting and other investment banking fees		1,345	1,109
Trading account profits (a)		535	286
Principal investing		525	401
Securities gains		118	89
Other income (a)		2,132	1,338
Total fee and other income		14,545	12,219
NONINTEREST EXPENSE
Salaries and employee benefits		10,903	9,671
Occupancy		1,173	1,064
Equipment		1,184	1,087
Advertising		204	193
Communications and supplies		653	633
Professional and consulting fees		790	662
Other intangible amortization		423	416
Merger-related and restructuring expenses		179	292
Sundry expense		1,967	1,829
Total noninterest expense		17,476	15,847
Minority interest in income of consolidated subsidiaries		414	342
Income from continuing operations before income taxes		11,470	9,462
Income taxes		3,725	3,033
Income from continuing operations		7,745	6,429
Discontinued operations, net of income taxes		46	214
Net income	$	7,791	6,643
PER COMMON SHARE DATA
Basic earnings
Income from continuing operations	$	4.70	4.13
Net income		4.72	4.27
Diluted earnings
Income from continuing operations		4.61	4.05
Net income		4.63	4.19
Cash dividends	$	2.14	1.94
AVERAGE COMMON SHARES
Basic		1,651	1,556
Diluted		1,681	1,585

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

PAGE 14

WACHOVIA CORPORATION AND SUBSIDIARIES

BUSINESS SEGMENTS

(Unaudited)

	Three Months Ended December 31, 2006
(In millions)	General Bank		Wealth Management	Corporate and Investment Bank		Capital Management		Parent		Net Merger- Related and Restructuring Expenses (b)		Total
CONSOLIDATED
Net interest income (a)	$	3,778	150	541		257		(114	)	(35	)	4,577
Fee and other income		951	200	1,353		1,354		122		—		3,980
Intersegment revenue		59	3	(57	)	(7	)	2		—		—
Total revenue (a)		4,788	353	1,837		1,604		10		(35	)	8,557
Provision for credit losses		148	—	5		—		53		—		206
Noninterest expense		2,009	235	991		1,202		445		49		4,931
Minority interest		—	—	—		—		124		1		125
Income taxes (benefits)		950	43	299		147		(378	)	(21	)	1,040
Tax-equivalent adjustment		10	—	11		—		14		(35	)	—
Income from continuing operations		1,671	75	531		255		(248	)	(29	)	2,255
Discontinued operations, net of income taxes		—	—	—		—		46		—		46
Net income (loss)	$	1,671	75	531		255		(202	)	(29	)	2,301
	Three Months Ended September 30, 2006
(In millions)	General Bank		Wealth Management	Corporate and Investment Bank		Capital Management		Parent		Net Merger- Related and Restructuring Expenses (b)		Total
CONSOLIDATED
Net interest income (a)	$	2,823	150	485		247		(127	)	(37	)	3,541
Fee and other income		902	197	989		1,232		145		—		3,465
Intersegment revenue		48	1	(43	)	(8	)	2		—		—
Total revenue (a)		3,773	348	1,431		1,471		20		(37	)	7,006
Provision for credit losses		123	—	(5	)	—		(10	)	—		108
Noninterest expense		1,689	234	791		1,098		195		38		4,045
Minority interest		—	—	—		—		104		—		104
Income taxes (benefits)		704	42	230		136		(227	)	(13	)	872
Tax-equivalent adjustment		11	—	9		—		17		(37	)	—
Net income (loss)	$	1,246	72	406		237		(59	)	(25	)	1,877

PAGE 15

WACHOVIA CORPORATION AND SUBSIDIARIES

BUSINESS SEGMENTS

(Unaudited)

	Three Months Ended December 31, 2005
(In millions)	General Bank		Wealth Management	Corporate and Investment Bank		Capital Management		Parent		Net Merger- Related and Restructuring Expenses (b)		Total
CONSOLIDATED
Net interest income (a)	$	2,467	153	586		234		135		(52	)	3,523
Fee and other income		746	189	901		1,167		(14	)	—		2,989
Intersegment revenue		55	2	(51	)	(7	)	1		—		—
Total revenue (a)		3,268	344	1,436		1,394		122		(52	)	6,512
Provision for credit losses		75	1	(13	)	—		18		—		81
Noninterest expense		1,669	253	785		1,112		306		58		4,183
Minority interest		—	—	—		—		103		—		103
Income taxes (benefits)		547	32	224		103		(233	)	(21	)	652
Tax-equivalent adjustment		12	—	23		—		17		(52	)	—
Income from continuing operations		965	58	417		179		(89	)	(37	)	1,493
Discontinued operations, net of income taxes		—	—	—		—		214		—		214
Net income	$	965	58	417		179		125		(37	)	1,707

(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 16

WACHOVIA CORPORATION AND SUBSIDIARIES

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

(Unaudited)

	2006					2005
(In millions)	Fourth Quarter		Third Quarter	Second Quarter	First Quarter	Fourth Quarter
ON-BALANCE SHEET LOAN PORTFOLIO COMMERCIAL
Commercial, financial and agricultural	$	96,285	95,281	91,737	89,138	87,327
Real estate—construction and other		16,182	16,067	15,329	14,483	13,972
Real estate—mortgage		20,026	19,455	19,745	20,066	19,966
Lease financing		25,341	25,253	25,194	25,238	25,368
Foreign		13,464	12,677	11,680	11,535	10,221
Total commercial		171,298	168,733	163,685	160,460	156,854
CONSUMER
Real estate secured		225,826	100,115	98,420	98,898	94,748
Student loans		7,768	9,175	9,139	10,555	9,922
Installment loans		22,660	21,454	20,508	20,189	6,751
Total consumer		256,254	130,744	128,067	129,642	111,421
Total loans		427,552	299,477	291,752	290,102	268,275
Unearned income		7,394	8,718	8,836	9,170	9,260
Loans, net (On-balance sheet)	$	420,158	290,759	282,916	280,932	259,015
MANAGED PORTFOLIO (a)
COMMERCIAL
On-balance sheet loan portfolio	$	171,298	168,733	163,685	160,460	156,854
Securitized loans—off-balance sheet		194	218	250	1,191	1,227
Loans held for sale		8,866	5,556	3,602	3,588	3,860
Total commercial		180,358	174,507	167,537	165,239	161,941
CONSUMER
Real estate secured
On-balance sheet loan portfolio		225,826	100,115	98,420	98,898	94,748
Securitized loans—off-balance sheet		5,611	6,151	6,833	7,598	8,438
Securitized loans included in securities		6,440	6,611	6,878	4,628	4,817
Loans held for sale		3,420	3,324	3,843	3,679	2,296
Total real estate secured		241,297	116,201	115,974	114,803	110,299
Student
On-balance sheet loan portfolio		7,768	9,175	9,139	10,555	9,922
Securitized loans—off-balance sheet		3,128	3,218	3,353	1,866	2,000
Securitized loans included in securities		52	52	52	52	52
Total student		10,948	12,445	12,544	12,473	11,974
Installment
On-balance sheet loan portfolio		22,660	21,454	20,508	20,189	6,751
Securitized loans—off-balance sheet		3,276	3,695	3,809	3,297	3,392
Securitized loans included in securities		137	169	181	193	206
Loans held for sale		282	159	305	592	249
Total installment		26,355	25,477	24,803	24,271	10,598
Total consumer		278,600	154,123	153,321	151,547	132,871
Total managed portfolio	$	458,958	328,630	320,858	316,786	294,812
SERVICING PORTFOLIO (b)
Commercial	$	250,652	227,899	212,500	192,367	173,428
Consumer	$	21,039	60,854	58,082	58,697	56,741

(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 17

WACHOVIA CORPORATION AND SUBSIDIARIES

ALLOWANCE FOR LOAN LOSSES AND NONPERFORMING ASSETS

(Unaudited)

	2006									2005
(In millions)	Fourth Quarter			Third Quarter		Second Quarter		First Quarter		Fourth Quarter
ALLOWANCE FOR LOAN LOSSES (a)
Balance, beginning of period	$	3,004		3,021		3,036		2,724		2,719
Provision for credit losses		204		118		49		59		72
Provision for credit losses relating to loans transferred to loans held for sale or sold		7		(4	)	5		—		5
Balance of acquired entities at purchase date		303		—		—		300		—
Allowance relating to loans acquired, transferred to loans held for sale or sold		(18	)	(15	)	(18	)	12		(21	)
Net charge-offs		(140	)	(116	)	(51	)	(59	)	(51	)
Balance, end of period	$	3,360		3,004		3,021		3,036		2,724
as % of loans, net		0.80	%	1.03		1.07		1.08		1.05
as % of nonaccrual and restructured loans (b)		272	%	520		488		452		439
as % of nonperforming assets (b)		246	%	396		421		389		378
LOAN LOSSES
Commercial, financial and agricultural	$	32		25		32		27		52
Commercial real estate—construction and mortgage		10		2		3		7		12
Consumer		169		149		116		69		65
Total loan losses		211		176		151		103		129
LOAN RECOVERIES
Commercial, financial and agricultural		27		14		54		16		50
Commercial real estate—construction and mortgage		1		1		1		—		3
Consumer		43		45		45		28		25
Total loan recoveries		71		60		100		44		78
Net charge-offs	$	140		116		51		59		51
Commercial loans net charge-offs as % of average commercial loans, net (c)		0.04	%	0.03		(0.06	)	0.05		0.03
Consumer loans net charge-offs as % of average consumer loans, net (c)		0.19		0.32		0.23		0.14		0.16
Total net charge-offs as % of average loans, net (c)		0.14	%	0.16		0.08		0.09		0.09
NONPERFORMING ASSETS
Nonaccrual loans
Commercial, financial and agricultural	$	226		275		299		342		307
Commercial real estate—construction and mortgage		93		80		88		84		85
Consumer real estate secured		900		213		226		240		221
Installment loans		15		10		6		6		7
Total nonaccrual loans		1,234		578		619		672		620
Foreclosed properties (d)		132		181		99		108		100
Total nonperforming assets	$	1,366		759		718		780		720
Nonperforming loans included in loans held for sale (e)	$	16		23		23		24		32
Nonperforming assets included in loans and in loans held for sale	$	1,382		782		741		804		752
as % of loans, net, and foreclosed properties (b)		0.32	%	0.26		0.25		0.28		0.28
as % of loans, net, foreclosed properties and loans held for sale (e)		0.32	%	0.26		0.25		0.28		0.28
Accruing loans past due 90 days	$	650		666		624		610		625

(a) At December 31, 2006, the reserve for unfunded lending commitments was $154 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 18

WACHOVIA CORPORATION AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(Unaudited)

	2006									2005
(In millions, except per share data)	Fourth Quarter			Third Quarter		Second Quarter		First Quarter		Fourth Quarter
ASSETS
Cash and due from banks	$	15,826		11,850		12,761		12,668		15,072
Interest-bearing bank balances		2,167		5,270		2,244		1,563		2,638
Federal funds sold and securities purchased under resale agreements		16,923		18,497		17,223		18,807		19,915
Total cash and cash equivalents		34,916		35,617		32,228		33,038		37,625
Trading account assets		45,529		43,904		46,552		39,385		42,704
Securities		108,619		106,553		119,179		117,528		113,698
Loans, net of unearned income		420,158		290,759		282,916		280,932		259,015
Allowance for loan losses		(3,360	)	(3,004	)	(3,021	)	(3,036	)	(2,724	)
Loans, net		416,798		287,755		279,895		277,896		256,291
Loans held for sale		12,568		9,039		7,750		7,859		6,405
Premises and equipment		6,141		5,536		5,322		5,194		4,910
Due from customers on acceptances		855		1,200		1,010		968		824
Goodwill		38,379		23,535		23,550		23,443		21,807
Other intangible assets		1,635		1,355		1,435		1,523		1,208
Other assets		41,681		45,428		36,693		35,008		35,283
Total assets	$	707,121		559,922		553,614		541,842		520,755
LIABILITIES AND STOCKHOLDERS’ EQUITY
Deposits
Noninterest-bearing deposits		66,572		63,880		66,388		67,365		67,487
Interest-bearing deposits		340,886		259,418		261,226		261,199		257,407
Total deposits		407,458		323,298		327,614		328,564		324,894
Short-term borrowings		49,157		58,749		62,787		55,390		61,953
Bank acceptances outstanding		863		1,213		1,021		985		892
Trading account liabilities		18,228		19,553		18,409		17,846		17,598
Other liabilities		20,004		16,513		17,305		16,070		15,986
Long-term debt		138,594		86,419		74,627		70,218		48,971
Total liabilities		634,304		505,745		501,763		489,073		470,294
Minority interest in net assets of consolidated subsidiaries		3,101		2,997		2,979		2,980		2,900
STOCKHOLDERS’ EQUITY
Dividend Equalization Preferred shares, no par value, 97 million shares issued and outstanding at December 31, 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 1.904 billion shares at December 31, 2006		6,347		5,271		5,298		5,362		5,189
Paid-in capital		51,746		34,276		34,086		34,291		31,172
Retained earnings		13,723		12,696		12,003		11,724		11,973
Accumulated other comprehensive income, net		(2,100	)	(1,063	)	(2,515	)	(1,588	)	(773	)
Total stockholders’ equity		69,716		51,180		48,872		49,789		47,561
Total liabilities and stockholders’ equity	$	707,121		559,922		553,614		541,842		520,755

PAGE 19

WACHOVIA CORPORATION AND SUBSIDIARIES

NET INTEREST INCOME SUMMARIES

(Unaudited)

	FOURTH QUARTER 2006						THIRD 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	$	3,596		54	5.95	%	$	2,671		34	5.07	%
Federal funds sold and securities purchased under resale agreements		20,830		268	5.11			17,530		224	5.08
Trading account assets		31,069		469	6.03			31,160		409	5.24
Securities		108,543		1,467	5.40			122,152		1,661	5.44
Loans
Commercial
Commercial, financial and agricultural		96,359		1,726	7.10			93,886		1,673	7.07
Real estate—construction and other		16,091		311	7.67			15,787		308	7.74
Real estate—mortgage		19,830		380	7.61			19,507		378	7.69
Lease financing		9,674		166	6.88			9,731		172	7.04
Foreign		12,352		170	5.49			11,655		158	5.37
Total commercial		154,306		2,753	7.08			150,566		2,689	7.09
Consumer
Real estate secured		226,870		4,240	7.47			99,669		1,670	6.69
Student loans		8,886		145	6.49			9,605		161	6.65
Installment loans		22,499		546	9.62			21,270		517	9.66
Total consumer		258,255		4,931	7.63			130,544		2,348	7.17
Total loans		412,561		7,684	7.42			281,110		5,037	7.13
Loans held for sale		11,928		200	6.70			12,130		214	6.99
Other earning assets		8,366		149	7.05			5,386		113	8.35
Total earning assets excluding derivatives		596,893		10,291	6.87			472,139		7,692	6.49
Risk management derivatives (a)		—		114	0.08			—		129	0.11
Total earning assets including derivatives		596,893		10,405	6.95			472,139		7,821	6.60
Cash and due from banks		12,418						11,973
Other assets		89,376						71,052
Total assets	$	698,687					$	555,164
LIABILITIES AND STOCKHOLDERS’ EQUITY
Interest-bearing deposits
Savings and NOW accounts		82,924		398	1.90			75,534		355	1.86
Money market accounts		104,620		913	3.46			99,788		862	3.43
Other consumer time		111,858		1,310	4.65			52,352		548	4.15
Foreign		20,245		241	4.73			20,599		244	4.70
Other time		12,708		166	5.17			14,534		191	5.23
Total interest-bearing deposits		332,355		3,028	3.61			262,807		2,200	3.32
Federal funds purchased and securities sold under repurchase agreements		43,732		537	4.87			51,314		629	4.86
Commercial paper		5,043		60	4.72			5,190		63	4.77
Securities sold short		9,934		94	3.75			8,951		82	3.61
Other short-term borrowings		6,530		38	2.38			5,575		30	2.14
Long-term debt		139,364		1,873	5.35			80,726		1,095	5.41
Total interest-bearing liabilities excluding derivatives		536,958		5,630	4.16			414,563		4,099	3.93
Risk management derivatives (a)		—		163	0.13			—		144	0.14
Total interest-bearing liabilities including derivatives		536,958		5,793	4.29			414,563		4,243	4.07
Noninterest-bearing deposits		63,025						63,553
Other liabilities		28,979						26,905
Stockholders’ equity		69,725						50,143
Total liabilities and stockholders’ equity	$	698,687					$	555,164
Interest income and rate earned—including derivatives			$	10,405	6.95	%			$	7,821	6.60	%
Interest expense and equivalent rate paid—including derivatives				5,793	3.86					4,243	3.57
Net interest income and margin—including derivatives			$	4,612	3.09	%			$	3,578	3.03	%

(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

NET INTEREST INCOME SUMMARIES

(Unaudited)

SECOND QUARTER 2006						FIRST QUARTER 2006						FOURTH QUARTER 2005
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
$	2,027		25	5.04	%	$	2,872		31	4.31	%	$	2,514		24	3.75	%
	17,628		209	4.75			19,657		209	4.31			22,647		237	4.17
	29,252		393	5.37			27,240		344	5.08			34,461		482	5.59
	124,102		1,668	5.38			117,944		1,557	5.28			115,557		1,506	5.21
	90,259		1,555	6.92			87,784		1,411	6.51			85,155		1,326	6.17
	14,946		277	7.43			14,184		243	6.95			13,803		226	6.51
	20,118		369	7.36			20,166		350	7.04			20,132		333	6.57
	9,895		175	7.08			10,050		171	6.81			10,153		184	7.26
	11,123		142	5.10			10,285		118	4.67			9,118		97	4.23
	146,341		2,518	6.90			142,469		2,293	6.52			138,361		2,166	6.22
	97,377		1,584	6.51			96,082		1,514	6.31			80,984		1,236	6.10
	10,842		170	6.30			10,589		157	6.00			11,235		155	5.46
	20,705		482	9.33			11,434		242	8.57			6,902		127	7.32
	128,924		2,236	6.95			118,105		1,913	6.50			99,121		1,518	6.11
	275,265		4,754	6.92			260,574		4,206	6.51			237,482		3,684	6.17
	9,320		165	7.11			8,274		128	6.24			17,646		270	6.10
	5,638		99	7.00			5,966		118	8.04			8,897		155	6.92
	463,232		7,313	6.32			442,527		6,593	6.00			439,204		6,358	5.77
	—		125	0.11			—		163	0.15			—		184	0.16
	463,232		7,438	6.43			442,527		6,756	6.15			439,204		6,542	5.93
	12,055						12,762						12,770
	68,325						66,920						68,408
$	543,612					$	522,209					$	520,382
	78,539		332	1.70			79,783		304	1.54			78,936		258	1.30
	99,212		764	3.09			99,632		670	2.73			100,999		609	2.39
	48,389		465	3.85			46,309		407	3.57			43,549		369	3.37
	21,031		234	4.47			19,330		187	3.92			17,464		157	3.56
	15,269		197	5.16			13,286		153	4.67			14,859		166	4.46
	262,440		1,992	3.04			258,340		1,721	2.70			255,807		1,559	2.42
	48,732		543	4.47			50,087		503	4.07			55,336		526	3.77
	4,659		51	4.45			4,193		41	3.93			8,062		76	3.74
	9,255		74	3.21			8,520		63	3.01			8,801		70	3.13
	6,423		36	2.24			7,214		40	2.26			7,164		39	2.18
	71,725		940	5.25			56,052		697	4.99			47,804		576	4.81
	403,234		3,636	3.62			384,406		3,065	3.23			382,974		2,846	2.95
	—		127	0.12			—		152	0.16			—		121	0.13
	403,234		3,763	3.74			384,406		3,217	3.39			382,974		2,967	3.08
	65,498						64,490						64,018
	25,817						25,387						26,983
	49,063						47,926						46,407
$	543,612					$	522,209					$	520,382
		$	7,438	6.43	%			$	6,756	6.15	%			$	6,542	5.93	%
			3,763	3.25					3,217	2.94					2,967	2.68
		$	3,675	3.18	%			$	3,539	3.21	%			$	3,575	3.25	%

PAGE 21

WACHOVIA CORPORATION AND SUBSIDIARIES

NET INTEREST INCOME SUMMARIES

(Unaudited)

	YEAR ENDED 2006						YEAR ENDED 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	$	2,793		144	5.16	%	$	2,516		81	3.23	%
Federal funds sold and securities purchased under resale agreements		18,911		910	4.82			24,008		795	3.31
Trading account assets		29,695		1,615	5.44			33,800		1,668	4.94
Securities		118,170		6,353	5.38			115,107		5,913	5.14
Loans
Commercial
Commercial, financial and agricultural		92,100		6,365	6.91			80,901		4,554	5.63
Real estate—construction and other		15,259		1,139	7.46			13,158		760	5.78
Real estate—mortgage		19,904		1,477	7.42			20,187		1,194	5.92
Lease financing		9,836		684	6.95			10,223		727	7.12
Foreign		11,360		588	5.18			8,035		303	3.77
Total commercial		148,459		10,253	6.91			132,504		7,538	5.69
Consumer
Real estate secured		130,275		9,008	6.91			77,152		4,511	5.85
Student loans		9,975		633	6.35			11,126		548	4.92
Installment loans		19,013		1,787	9.40			7,140		488	6.84
Total consumer		159,263		11,428	7.18			95,418		5,547	5.81
Total loans		307,722		21,681	7.05			227,922		13,085	5.74
Loans held for sale		10,428		707	6.78			15,293		874	5.71
Other earning assets		6,343		479	7.54			9,944		533	5.36
Total earning assets excluding derivatives		494,062		31,889	6.45			428,590		22,949	5.35
Risk management derivatives (a)		—		531	0.11			—		959	0.23
Total earning assets including derivatives		494,062		32,420	6.56			428,590		23,908	5.58
Cash and due from banks		12,300						12,524
Other assets		73,972						67,896
Total assets	$	580,334					$	509,010
LIABILITIES AND STOCKHOLDERS’ EQUITY
Interest-bearing deposits
Savings and NOW accounts		79,194		1,389	1.75			79,762		833	1.04
Money market accounts		100,824		3,209	3.18			96,826		1,950	2.01
Other consumer time		64,872		2,730	4.21			39,695		1,206	3.04
Foreign		20,305		906	4.46			13,922		422	3.03
Other time		13,949		707	5.07			11,947		436	3.66
Total interest-bearing deposits		279,144		8,941	3.20			242,152		4,847	2.00
Federal funds purchased and securities sold under repurchase agreements		48,457		2,212	4.56			54,302		1,673	3.08
Commercial paper		4,775		215	4.50			11,898		363	3.05
Securities sold short		9,168		313	3.41			10,279		341	3.31
Other short-term borrowings		6,431		144	2.26			6,675		124	1.87
Long-term debt		87,178		4,605	5.28			47,774		2,133	4.46
Total interest-bearing liabilities excluding derivatives		435,153		16,430	3.78			373,080		9,481	2.54
Risk management derivatives (a)		—		586	0.13			—		527	0.14
Total interest-bearing liabilities including derivatives		435,153		17,016	3.91			373,080		10,008	2.68
Noninterest-bearing deposits		64,136						62,438
Other liabilities		26,782						26,473
Stockholders’ equity		54,263						47,019
Total liabilities and stockholders’ equity	$	580,334					$	509,010
Interest income and rate earned—including derivatives			$	32,420	6.56	%			$	23,908	5.58	%
Interest expense and equivalent rate paid—including derivatives				17,016	3.44					10,008	2.34
Net interest income and margin—including derivatives			$	15,404	3.12	%			$	13,900	3.24	%

(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 22

WACHOVIA CORPORATION AND SUBSIDIARIES

RECONCILIATION OF CERTAIN NON-GAAP FINANCIAL MEASURES

(Unaudited)

		2006									2005
(In millions, except per share data)	*	Fourth Quarter			Third Quarter		Second Quarter		First Quarter		Fourth Quarter
INCOME FROM CONTINUING OPERATIONS
Net income (GAAP)	A	$	2,301		1,877		1,885		1,728		1,707
Discontinued operations, net of income taxes (GAAP)			(46	)	—		—		—		(214	)
Income from continuing operations (GAAP)			2,255		1,877		1,885		1,728		1,493
Merger-related and restructuring expenses (GAAP)			29		25		15		46		37
Earnings excluding merger-related and restructuring expenses, and discontinued operations	B		2,284		1,902		1,900		1,774		1,530
Other intangible amortization (GAAP)			90		59		64		59		57
Earnings excluding merger-related and restructuring expenses, other intangible amortization and discontinued operations	C	$	2,374		1,961		1,964		1,833		1,587
RETURN ON AVERAGE COMMON STOCKHOLDERS’ EQUITY
Average common stockholders’ equity (GAAP)	D	$	69,725		50,143		49,063		47,926		46,407
Merger-related and restructuring expenses (GAAP)			95		70		50		19		146
Discontinued operations (GAAP)			(8	)	—		—		—		(36	)
Average common stockholders’ equity, excluding merger-related and restructuring expenses, and discontinued operations	E		69,812		50,213		49,113		47,945		46,517
Average intangible assets (GAAP)	F		(39,979	)	(24,943	)	(24,972	)	(23,689	)	(23,302	)
Average common stockholders’ equity, excluding merger-related and restructuring expenses, other intangible amortization and discontinued operations	G	$	29,833		25,270		24,141		24,256		23,215
Return on average common stockholders’ equity
GAAP	A/D		13.09	%	14.85		15.41		14.62		14.60
Excluding merger-related and restructuring expenses, and discontinued operations	B/E		12.98		15.02		15.52		15.01		13.05
Return on average tangible common stockholders’ equity
GAAP	A/D+F		30.68		29.55		31.38		28.91		29.33
Excluding merger-related and restructuring expenses, other intangible amortization and discontinued operations	C/G		31.58	%	30.79		32.63		30.64		27.11
RETURN ON AVERAGE ASSETS
Average assets (GAAP)	H	$	698,687		555,164		543,612		522,209		520,382
Average intangible assets (GAAP)			(39,979	)	(24,943	)	(24,972	)	(23,689	)	(23,302	)
Average tangible assets (GAAP)	I		658,708		530,221		518,640		498,520		497,080
Average assets (GAAP)			698,687		555,164		543,612		522,209		520,382
Merger-related and restructuring expenses (GAAP)			95		70		50		19		146
Discontinued operations (GAAP)			(8	)	—		—		—		(36	)
Average assets, excluding merger-related and restructuring expenses, and discontinued operations	J		698,774		555,234		543,662		522,228		520,492
Average intangible assets (GAAP)			(39,979	)	(24,943	)	(24,972	)	(23,689	)	(23,302	)
Average tangible assets, excluding merger-related and restructuring expenses, and discontinued operations	K	$	658,795		530,291		518,690		498,539		497,190
Return on average assets
GAAP	A/H		1.31	%	1.34		1.39		1.34		1.30
Excluding merger-related and restructuring expenses, and discontinued operations	B/J		1.30		1.36		1.40		1.38		1.17
Return on average tangible assets
GAAP	A/I		1.39		1.40		1.46		1.41		1.36
Excluding merger-related and restructuring expenses, other intangible amortization and discontinued operations	C/K		1.43	%	1.47		1.52		1.49		1.27

PAGE 23

WACHOVIA CORPORATION AND SUBSIDIARIES

RECONCILIATION OF CERTAIN NON-GAAP FINANCIAL MEASURES

(Unaudited)

		2006									2005
(In millions, except per share data)	*	Fourth Quarter			Third Quarter		Second Quarter		First Quarter		Fourth Quarter
OVERHEAD EFFICIENCY RATIOS
Noninterest expense (GAAP)	L	$	4,931		4,045		4,261		4,239		4,183
Merger-related and restructuring expenses (GAAP)			(49	)	(38	)	(24	)	(68	)	(58	)
Noninterest expense, excluding merger-related and restructuring expenses	M		4,882		4,007		4,237		4,171		4,125
Other intangible amortization (GAAP)			(141	)	(92	)	(98	)	(92	)	(93	)
Noninterest expense, excluding merger-related and restructuring expenses, and other intangible amortization	N	$	4,741		3,915		4,139		4,079		4,032
Net interest income (GAAP)		$	4,577		3,541		3,641		3,490		3,523
Tax-equivalent adjustment			35		37		34		49		52
Net interest income (Tax-equivalent)			4,612		3,578		3,675		3,539		3,575
Fee and other income (GAAP)			3,980		3,465		3,583		3,517		2,989
Total	O	$	8,592		7,043		7,258		7,056		6,564
Retail Brokerage Services, excluding insurance
Noninterest expense (GAAP)	P	$	984		893		924		950		899
Net interest income (GAAP)		$	248		239		249		241		226
Tax-equivalent adjustment			—		—		1		—		—
Net interest income (Tax-equivalent)			248		239		250		241		226
Fee and other income (GAAP)			1,065		962		967		980		919
Total	Q	$	1,313		1,201		1,217		1,221		1,145
Overhead efficiency ratios
GAAP	L/O		57.38	%	57.44		58.71		60.07		63.72
Excluding merger-related and restructuring expenses	M/O		56.81		56.90		58.39		59.10		62.84
Excluding merger-related and restructuring expenses, and brokerage	M-P/O-Q		53.56		53.30		54.85		55.20		59.52
Excluding merger-related and restructuring expenses, and other intangible amortization	N/O		55.17		55.60		57.03		57.81		61.41
Excluding merger-related and restructuring expenses, other intangible amortization and brokerage	N-P/O-Q		51.62	%	51.73		53.22		53.63		57.79
OPERATING LEVERAGE
Operating leverage (GAAP)		$	665		1		180		436		(312	)
Merger-related and restructuring expenses (GAAP)			10		15		(45	)	10		(25	)
Operating leverage, excluding merger-related and restructuring expenses			675		16		135		446		(337	)
Other intangible amortization (GAAP)			50		(8	)	7		(2	)	(6	)
Operating leverage, excluding merger-related and restructuring expenses, and other intangible amortization		$	725		8		142		444		(343	)
DIVIDEND PAYOUT RATIOS ON COMMON SHARES
Dividends paid per common share	R	$	0.56		0.56		0.51		0.51		0.51
Diluted earnings per common share (GAAP)	S	$	1.20		1.17		1.17		1.09		1.09
Merger-related and restructuring expenses (GAAP)			0.01		0.02		0.01		0.03		0.02
Other intangible amortization (GAAP)			0.05		0.04		0.04		0.04		0.04
Discontinued operations (GAAP)			(0.02	)	—		—		—		(0.14	)
Diluted earnings per common share, excluding merger-related and restructuring expenses, other intangible amortization and discontinued operations	T	$	1.24		1.23		1.22		1.16		1.01
Dividend payout ratios
GAAP	R/S		46.67	%	47.86		43.59		46.79		46.79
Excluding merger-related and restructuring expenses, other intangible amortization and discontinued operations	R/T		45.16	%	45.53		41.80		43.97		50.50

* The letters included in the columns are provided to show how the various ratios presented in the tables on pages 22 and 23 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.