Exhibit (99)(a)

	Press Release April 16, 2007

WACHOVIA EARNS $2.30 BILLION, EPS UP 10% TO $1.20 IN 1^st QUARTER 2007

Growth reflects strong retail brokerage and traditional banking market expansion

1^st QUARTER 2007 COMPARED WITH 1^st QUARTER 2006

• Double-digit earnings growth despite difficult interest rate environment. Results include acquisitions and divestitures.

• Record earnings in retail brokerage and asset management.

• Average core deposits up 27 percent. Outstanding checking account growth throughout footprint, with excellent results in expanded markets.

• Average loans up 59 percent, including acquisitions, with particular strength in commercial and small business lending. Expanded consumer franchise including auto lending and credit cards generating results ahead of expectations.

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

• Customer loyalty scores reach high of 52.1%; organic customer acquisition grew 13.4% annualized.

Earnings Highlights

	Three Months Ended
	March 31, 2007				December 31, 2006				March 31, 2006
(In millions, except per share data)	Amount			EPS	Amount		EPS		Amount	EPS
Earnings
Net income (GAAP)	$	2,302		1.20	2,301		1.20		1,728	1.09
Net merger-related and restructuring expenses		6		—	29		0.01		46	0.03
Earnings excluding merger-related and restructuring expenses	$	2,308		1.20	2,330		1.21		1,774	1.12
Discontinued operations, net of income taxes		—		—	(46	)	(0.02	)	—	—
Earnings excluding merger-related and restructuring expenses, and discontinued operations	$	2,308		1.20	2,284		1.19		1,774	1.12
Financial ratios
Return on average common stockholders’ equity		13.47	%		13.09				14.62
Net interest margin (a)		3.01			3.09				3.21
Fee and other income as % of total revenue (a)		45.41			46.32				49.84
Overhead efficiency ratio (a)		55.70	%		57.38				60.07
Capital adequacy (b)
Tier 1 capital ratio		7.4	%		7.4				7.9
Total capital ratio		11.5			11.3				11.5
Leverage ratio		6.1	%		6.0				6.9
Asset quality (c)
Allowance for loan losses as % of nonaccrual and restructured loans		213	%		272				452
Allowance for loan losses as % of loans, net		0.80			0.80				1.08
Allowance for credit losses as % of loans, net (d)		0.84			0.84				1.14
Net charge-offs as % of average loans, net		0.15			0.14				0.09
Nonperforming assets as % of loans, net, foreclosed properties and loans held for sale		0.40	%		0.32				0.28

(a) Tax-equivalent.

(b) The first quarter of 2007 is based on estimates.

(c) Asset quality ratios at March 31, 2007 and 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 1^st QUARTER 2007 EPS UP 10% TO $1.20 PER SHARE/page 2

CHARLOTTE, N.C. — Wachovia Corp. (NYSE:WB) today reported net income of $2.30 billion, or $1.20 per share, in the first quarter of 2007 compared with $1.73 billion, or $1.09 per share, in the first quarter of 2006.

After-tax net merger-related expenses did not affect earnings per share in the first quarter of 2007 and amounted to 3 cents per share in the first quarter of 2006. Excluding these expenses, earnings were $2.31 billion, or $1.20 per share, in the first quarter of 2007 and $1.77 billion, or $1.12 per share, in the first quarter of 2006. Results also included a lower effective tax rate of 30.99 percent compared with 35.06 percent in the first quarter of 2006.

“Once again our team delivered double-digit earnings growth,” said Ken Thompson, Wachovia chairman and chief executive officer. “Our focus on cost control and risk management continues to provide flexibility in the face of the challenging interest rate environment. Most of all, our team’s dedication to serving our customers has a direct impact on our results as we provide industry-leading customer service and grow our base of loyal customers. In addition, we’re seeing very promising results as our cross-business partnerships serve customer needs and generate incremental revenues. The integration of Golden West is on track, and we’re pleased with the cross-sell potential of our expanded mortgage platform, as well as our initial success in cross-selling existing World Savings banking customers.”

Results in the first quarter of 2007 included the full quarter impact of the purchase accounting acquisitions of Golden West on October 1, 2006, and Westcorp on March 1, 2006. Results in the first quarter of 2006 included one month of results related to Westcorp and a $100 million termination payment received in relation to the Bank of America/MBNA merger.

Wachovia Corporation

	Three Months Ended
(In millions)	March 31, 2007		December 31, 2006	March 31, 2006
Net interest income (Tax-equivalent)	$	4,497	4,612	3,539
Fee and other income		3,741	3,980	3,517
Total revenue (Tax-equivalent)		8,238	8,592	7,056
Provision for credit losses		177	206	61
Noninterest expense		4,588	4,931	4,239
Net income		2,302	2,301	1,728
Average loans, net		415,261	412,561	260,574
Average core deposits	$	369,270	362,427	290,214

In the first quarter of 2007 compared with the first quarter of 2006, Wachovia:

• Grew revenue 17 percent on higher loans and deposits primarily due to the addition of Golden West and Westcorp, while higher fee and other income largely reflected strong brokerage managed account fees, growth in fiduciary and asset management fees related to acquisitions and organic growth, and strength in advisory and underwriting fees.

• Increased net interest income 27 percent, reflecting higher average commercial loans, up 10 percent, and increased average consumer loans, largely reflecting the impact of acquisitions.

• Commercial loan growth was led by middle-market commercial, business banking and large corporate lending. Consumer loan growth was led by higher real estate-secured loans including the addition of Golden West, increased auto lending, including the addition of Westcorp, and growth in credit card.

• Average core deposits rose 27 percent, including the impact of acquisitions, and average low-cost core deposits were up 4 percent. Growth in lower spread loans, a

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WACHOVIA’S 1^st QUARTER 2007 EPS UP 10% TO $1.20 PER SHARE/page 3

shift in deposit mix, the impact of acquisitions, and the effects of the inverted yield curve resulted in 20 basis points of margin compression.

• Generated 6 percent growth in fee and other income, reflecting continued growth in retail brokerage managed account fees, strong retail brokerage transaction activity and collaboration between Capital Management and the Corporate and Investment Bank to originate and distribute new investment products. Service charges also contributed to solid growth.

• Increased noninterest expense 8 percent largely reflecting the acquisition impact, and included higher commissions on revenue growth in Capital Management.

• Recorded a provision for credit losses of $177 million largely reflecting growth in auto lending, commercial and credit cards. Net charge-offs were $155 million, or an annualized 0.15 percent of average net loans. Total nonperforming assets including loans held for sale were $1.8 billion, or 0.40 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 12 and 13 include a reconciliation of segment results to Wachovia’s consolidated results of operations in accordance with GAAP.

General Bank Highlights

	Three Months Ended
(In millions)	March 31, 2007			December 31, 2006	March 31, 2006
Net interest income (Tax-equivalent)	$	3,705		3,764	2,531
Fee and other income		862		946	868
Total revenue (Tax-equivalent)		4,615		4,768	3,442
Provision for credit losses		162		147	62
Noninterest expense		2,030		1,996	1,656
Segment earnings	$	1,539		1,667	1,095
Cash overhead efficiency ratio (Tax-equivalent)		43.98	%	41.86	48.10
Average loans, net	$	326,808		324,168	177,458
Average core deposits		292,389		288,578	211,169
Economic capital, average	$	12,622		12,439	7,308

General Bank

The General Bank includes retail, small business and commercial customers. The first quarter of 2007 compared with the first quarter of 2006 included:

• Earnings of $1.5 billion on a 34 percent increase in revenue to $4.6 billion, driven by increased loans and deposits primarily reflecting the addition of Golden West and Westcorp. The business mix continued to shift, reflecting customer preference for fixed rate instead of variable rate loans and certificates of deposit over demand deposits.

• An increase in average loans of $122.3 billion related to the October 2006 acquisition of Golden West. Organic growth was led by middle market commercial and business banking loans.

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WACHOVIA’S 1^st QUARTER 2007 EPS UP 10% TO $1.20 PER SHARE/page 4

• Deposit growth led by consumer certificates of deposit and money market funds. Net new retail checking accounts increased by 270,000 in the first quarter of 2007, with 14 percent of the increase attributable to World Savings branches. The increase compares with an increase of 188,000 in the year-ago quarter and 555,000 in full year 2006.

• Fee and other income down 1 percent, with last year’s $100 million MBNA fee overshadowing solid growth in service charges and interchange income.

• 23 percent growth in noninterest expense including the acquisition impact, 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 412 basis points to 43.98 percent.

• Increased provision as a result of growth in auto lending, commercial and credit card.

Wealth Management Highlights

	Three Months Ended
(In millions)	March 31, 2007			December 31, 2006	March 31, 2006
Net interest income (Tax-equivalent)	$	146		149	150
Fee and other income		195		200	188
Total revenue (Tax-equivalent)		342		352	339
Provision for credit losses		—		—	—
Noninterest expense		241		236	248
Segment earnings	$	65		73	57
Cash overhead efficiency ratio (Tax-equivalent)		70.22	%	67.38	73.25
Average loans, net	$	17,180		16,794	15,603
Average core deposits		14,037		14,208	14,609
Economic capital, average	$	566		574	556

Wealth Management

Wealth Management includes private banking, personal trust, investment advisory services, charitable services, financial planning and insurance brokerage. The first quarter of 2007 compared with the first quarter of 2006 included:

• 14 percent earnings growth to $65 million on modest revenue growth and lower expenses.

• A dip in net interest income as margin compression and a decline in average core deposits overcame strong momentum in loans.

• Increased fee and other income led by strong growth in fiduciary and asset management fees, offset by lower insurance commissions. Continued strong client response to new investment platform contributed to growth.

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WACHOVIA’S 1^st QUARTER 2007 EPS UP 10% TO $1.20 PER SHARE/page 5

Corporate and Investment Bank Highlights

	Three Months Ended
(In millions)	March 31, 2007			December 31, 2006	March 31, 2006
Net interest income (Tax-equivalent)	$	453		512	463
Fee and other income		1,088		1,355	1,242
Total revenue (Tax-equivalent)		1,499		1,811	1,668
Provision for credit losses		—		5	1
Noninterest expense		903		999	893
Segment earnings	$	379		513	491
Cash overhead efficiency ratio (Tax-equivalent)		60.20	%	55.16	53.55
Average loans, net	$	40,946		41,069	36,871
Average core deposits		28,948		26,993	25,568
Economic capital, average	$	7,088		7,117	6,066

Corporate and Investment Bank

The Corporate and Investment Bank includes corporate lending, investment banking, and treasury and international trade finance. First quarter 2007 results compared with the first quarter of 2006 included:

• A decline in earnings to $379 million as strong real estate capital markets and high yield origination results were more than offset by lower principal investing, global rate products and equities results compared with the first quarter a year ago, which included a $33 million gain related to the Archipelago/New York Stock Exchange merger.

• A 2 percent decline in net interest income reflecting spread compression in asset-based lending and lower trading-related income.

• Core deposit growth from global money market deposits and loan growth primarily from real estate capital markets and international.

Capital Management Highlights

	Three Months Ended
(In millions)	March 31, 2007			December 31, 2006	March 31, 2006
Net interest income (Tax-equivalent)	$	265		259	250
Fee and other income		1,458		1,353	1,230
Total revenue (Tax-equivalent)		1,715		1,604	1,472
Provision for credit losses		—		—	—
Noninterest expense		1,236		1,200	1,135
Segment earnings	$	304		256	214
Cash overhead efficiency ratio (Tax-equivalent)		72.07	%	74.86	77.08
Average loans, net	$	1,554		1,419	856
Average core deposits		31,683		30,100	33,583
Economic capital, average	$	1,592		1,504	1,450

Capital Management

Capital Management includes retail brokerage services and asset management. The first quarter of 2007 compared with the first quarter of 2006 included:

• Record earnings of $304 million on record revenue, which reflected higher brokerage transaction activity and equity syndicate distribution fees, strong brokerage managed account fees and the impact of acquisitions. Retail brokerage managed account assets grew 5 percent from year-end 2006 to $140.6 billion at March 31, 2007.

• 9 percent growth in noninterest expense primarily due to higher commissions, employee stock compensation expense and the impact of acquisitions. Solid improvement in the overhead efficiency ratio to 72.07 percent was due to revenue growth and expense control.

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WACHOVIA’S 1^st QUARTER 2007 EPS UP 10% TO $1.20 PER SHARE/page 6

Total assets under management of $314.6 billion at March 31, 2007, were up 13 percent from December 31, 2006, including $26.2 billion from the European Credit Management acquisition, which closed on January 31, 2007, $8.6 billion in net inflows and modest market appreciation. Equity assets reached $106.3 billion, up 3 percent in the same period. Total brokerage client assets grew 2 percent from year-end 2006 to $773.0 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 3,400 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 768 offices in 48 states and service affiliate offices in Latin America, and corporate and investment banking serving clients in selected corporate and institutional sectors globally. Other nationwide businesses include mortgage lending in all 50 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 March 31, 2007, Wachovia had assets of $706.4 billion and market capitalization of $105.3 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 April 16, 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 10 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 19 and 20. In addition, in this news release certain designated net interest income amounts are presented on a tax-equivalent basis, including the calculation of the overhead efficiency ratio.

Wachovia believes these non-GAAP financial measures provide information useful to investors in understanding the underlying operational performance of the company, its business and performance trends and facilitates comparisons with the performance of others in the financial services industry. Specifically, Wachovia believes 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 1^st QUARTER EPS UP 10% TO $1.20 PER SHARE/page 7

Earnings Conference Call and Supplemental Materials

Wachovia CEO Ken Thompson and CFO Tom Wurtz will review Wachovia’s first quarter 2007 results in a conference call and audio webcast beginning at 10 a.m. Eastern Time today. This review may include a discussion of certain non-GAAP financial measures. Supplemental materials relating to first 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 First 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: Monday, April 16, at 1:30 p.m. and continuing through 5 p.m. Friday, May 18. Replay telephone number is 706-645-9291; access code: 9456215.

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 Carrie Ruddy at 704-383-5392.

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PAGE 8

WACHOVIA CORPORATION AND SUBSIDIARIES

FINANCIAL TABLES

TABLE OF CONTENTS

	PAGE
Financial Highlights - Five Quarters Ended March 31, 2007	9
Other Financial Data - Five Quarters Ended March 31, 2007	10
Consolidated Statements of Income - Five Quarters Ended March 31, 2007	11
Business Segments - Three Months Ended March 31, 2007 and December 31, 2006	12
Business Segments - Three Months Ended March 31, 2006	13
Loans - On-Balance Sheet, and Managed and Servicing Portfolios - Five Quarters Ended March 31, 2007	14
Allowance for Loan Losses and Nonperforming Assets - Five Quarters Ended March 31, 2007	15
Consolidated Balance Sheets - Five Quarters Ended March 31, 2007	16
Net Interest Income Summaries - Five Quarters Ended March 31, 2007	17 - 18
Reconciliation of Certain Non-GAAP Financial Measures - Five Quarters Ended March 31, 2007	19 - 20

PAGE 9

WACHOVIA CORPORATION AND SUBSIDIARIES

FINANCIAL HIGHLIGHTS

(Unaudited)

	2007			2006
(Dollars in millions, except per share data)	First Quarter			Fourth Quarter	Third Quarter	Second Quarter	First Quarter
EARNINGS SUMMARY
Net interest income (GAAP)	$	4,460		4,577	3,541	3,641	3,490
Tax-equivalent adjustment		37		35	37	34	49
Net interest income (Tax-equivalent)		4,497		4,612	3,578	3,675	3,539
Fee and other income		3,741		3,980	3,465	3,583	3,517
Total revenue (Tax-equivalent)		8,238		8,592	7,043	7,258	7,056
Provision for credit losses		177		206	108	59	61
Other noninterest expense		4,460		4,741	3,915	4,139	4,079
Merger-related and restructuring expenses		10		49	38	24	68
Other intangible amortization		118		141	92	98	92
Total noninterest expense		4,588		4,931	4,045	4,261	4,239
Minority interest in income of consolidated subsidiaries		136		125	104	90	95
Income from continuing operations before income taxes (Tax-equivalent)		3,337		3,330	2,786	2,848	2,661
Income taxes		998		1,040	872	929	884
Tax-equivalent adjustment		37		35	37	34	49
Income from continuing operations		2,302		2,255	1,877	1,885	1,728
Discontinued operations, net of income taxes		—		46	—	—	—
Net income	$	2,302		2,301	1,877	1,885	1,728
Diluted earnings per common share	$	1.20		1.20	1.17	1.17	1.09
Return on average common stockholders’ equity		13.47	%	13.09	14.85	15.41	14.62
Return on average assets		1.34		1.31	1.34	1.39	1.34
Overhead efficiency ratio		55.70	%	57.38	57.44	58.71	60.07
Operating leverage	$	(13	)	665	1	180	436
ASSET QUALITY
Allowance for loan losses as % of loans, net		0.80	%	0.80	1.03	1.07	1.08
Allowance for loan losses as % of nonperforming assets		194		246	396	421	389
Allowance for credit losses as % of loans, net		0.84		0.84	1.09	1.13	1.14
Net charge-offs as % of average loans, net		0.15		0.14	0.16	0.08	0.09
Nonperforming assets as % of loans, net, foreclosed properties and loans held for sale		0.40	%	0.32	0.26	0.25	0.28
CAPITAL ADEQUACY (a)
Tier I capital ratio		7.4	%	7.4	7.7	7.8	7.9
Total capital ratio		11.5		11.3	11.5	11.4	11.5
Leverage ratio		6.1	%	6.0	6.6	6.6	6.9
OTHER DATA
Average diluted common shares (In millions)		1,925		1,922	1,600	1,613	1,586
Actual common shares (In millions)		1,913		1,904	1,581	1,589	1,608
Dividends paid per common share	$	0.56		0.56	0.56	0.51	0.51
Dividend payout ratio on common shares		46.67	%	46.67	47.86	43.59	46.79
Book value per common share	$	36.47		36.61	32.37	30.75	30.95
Common stock price		55.05		56.95	55.80	54.08	56.05
Market capitalization	$	105,330		108,443	88,231	85,960	90,156
Common stock price to book value		151	%	156	172	176	181
FTE employees (b)		110,369		109,460	97,060	97,316	97,134
Total financial centers/brokerage offices		4,167		4,126	3,870	3,847	3,889
ATMs		5,146		5,212	5,163	5,134	5,179

(a) The first quarter of 2007 is based on estimates.

(b) Amount presented in the fourth quarter of 2006 has been restated to conform to the presentation in 2007.

PAGE 10

WACHOVIA CORPORATION AND SUBSIDIARIES

OTHER FINANCIAL DATA

(Unaudited)

	2007			2006
(In millions)	First Quarter			Fourth Quarter	Third Quarter	Second Quarter	First Quarter
EARNINGS EXCLUDING MERGER-RELATED AND RESTRUCTURING EXPENSES, AND DISCONTINUED OPERATIONS (a) (b)
Return on average common stockholders’ equity		13.50	%	12.98	15.02	15.52	15.01
Return on average assets		1.35		1.30	1.36	1.40	1.38
Overhead efficiency ratio		55.57		56.81	56.90	58.39	59.10
Overhead efficiency ratio excluding brokerage		52.37	%	53.55	53.29	54.85	55.20
Operating leverage	$	(51	)	675	16	135	446
EARNINGS EXCLUDING MERGER-RELATED AND RESTRUCTURING EXPENSES, OTHER INTANGIBLE AMORTIZATION AND DISCONTINUED OPERATIONS (a) (b) (c)
Dividend payout ratio on common shares		45.16	%	45.16	45.53	41.80	43.97
Return on average tangible common stockholders’ equity		33.27		31.58	30.79	32.63	30.64
Return on average tangible assets		1.48		1.43	1.47	1.52	1.49
Overhead efficiency ratio		54.15		55.17	55.60	57.03	57.81
Overhead efficiency ratio excluding brokerage		50.65	%	51.61	51.73	53.21	53.63
Operating leverage	$	(75	)	725	8	142	444
OTHER FINANCIAL DATA
Net interest margin		3.01	%	3.09	3.03	3.18	3.21
Fee and other income as % of total revenue		45.41		46.32	49.20	49.37	49.84
Effective income tax rate (d)		30.22		31.74	31.71	33.05	33.84
Effective tax rate (Tax-equivalent) (d) (e)		30.99	%	32.46	32.61	33.84	35.06
AVERAGE BALANCE SHEET DATA
Commercial loans, net	$	157,288		154,306	150,566	146,341	142,469
Consumer loans, net		257,973		258,255	130,544	128,924	118,105
Loans, net		415,261		412,561	281,110	275,265	260,574
Earning assets		594,313		596,893	472,139	463,232	442,527
Total assets		695,448		698,687	555,164	543,612	522,209
Core deposits		369,270		362,427	291,227	291,638	290,214
Total deposits		402,875		395,380	326,360	327,938	322,830
Interest-bearing liabilities		539,547		536,958	414,563	403,234	384,406
Stockholders’ equity	$	69,320		69,725	50,143	49,063	47,926
PERIOD-END BALANCE SHEET DATA
Commercial loans, net	$	167,039		162,098	159,424	154,277	150,902
Consumer loans, net		254,624		258,060	131,335	128,639	130,030
Loans, net		421,663		420,158	290,759	282,916	280,932
Goodwill and other intangible assets
Goodwill		38,838		38,379	23,535	23,550	23,443
Deposit base		796		883	577	631	691
Customer relationships		684		662	688	714	742
Tradename		90		90	90	90	90
Total assets		706,406		707,121	559,922	553,614	541,842
Core deposits		377,358		371,771	291,667	292,243	296,092
Total deposits		408,148		407,458	323,298	327,614	328,564
Stockholders’ equity	$	69,786		69,716	51,180	48,872	49,789

(a) These financial measures are calculated by excluding from GAAP computed net income presented on page 9, $6 million, $29 million, $25 million, $15 million and $46 million in the first quarter of 2007, and in the fourth, third, second and first quarters of 2006, respectively, of after-tax net merger-related and restructuring expenses, and $46 million after tax in the fourth quarter of 2006 related to discontinued operations.

(b) See page 9 for the most directly comparable GAAP financial measure and pages 19 and 20 for a more detailed reconciliation.

(c) These financial measures are calculated by excluding from GAAP computed net income presented on page 9, $76 million, $90 million, $59 million, $64 million and $59 million in the first quarter of 2007, and in the fourth, third, second and first quarters of 2006, respectively, of deposit base and other intangible amortization.

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

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

PAGE 11

WACHOVIA CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME

(Unaudited)

	2007		2006
(In millions, except per share data)	First Quarter		Fourth Quarter	Third Quarter	Second Quarter	First Quarter
INTEREST INCOME
Interest and fees on loans	$	7,618	7,736	5,096	4,823	4,321
Interest and dividends on securities		1,478	1,491	1,692	1,685	1,565
Trading account interest		433	462	401	387	325
Other interest income		619	681	595	509	496
Total interest income		10,148	10,370	7,784	7,404	6,707
INTEREST EXPENSE
Interest on deposits		3,061	3,067	2,238	2,035	1,779
Interest on short-term borrowings		670	781	860	755	718
Interest on long-term debt		1,957	1,945	1,145	973	720
Total interest expense		5,688	5,793	4,243	3,763	3,217
Net interest income		4,460	4,577	3,541	3,641	3,490
Provision for credit losses		177	206	108	59	61
Net interest income after provision for credit losses		4,283	4,371	3,433	3,582	3,429
FEE AND OTHER INCOME
Service charges		614	646	638	622	574
Other banking fees		416	452	427	449	428
Commissions		659	633	562	588	623
Fiduciary and asset management fees		920	856	823	808	761
Advisory, underwriting and other investment banking fees		407	433	292	318	302
Trading account profits		168	29	123	164	219
Principal investing		48	142	91	189	103
Securities gains (losses)		53	47	94	25	(48	)
Other income		456	742	415	420	555
Total fee and other income		3,741	3,980	3,465	3,583	3,517
NONINTEREST EXPENSE
Salaries and employee benefits		2,972	3,023	2,531	2,652	2,697
Occupancy		312	323	284	291	275
Equipment		307	314	291	299	280
Advertising		61	47	54	56	47
Communications and supplies		173	166	158	162	167
Professional and consulting fees		177	239	200	184	167
Other intangible amortization		118	141	92	98	92
Merger-related and restructuring expenses		10	49	38	24	68
Sundry expense		458	629	397	495	446
Total noninterest expense		4,588	4,931	4,045	4,261	4,239
Minority interest in income of consolidated subsidiaries		136	125	104	90	95
Income from continuing operations before income taxes		3,300	3,295	2,749	2,814	2,612
Income taxes		998	1,040	872	929	884
Income from continuing operations		2,302	2,255	1,877	1,885	1,728
Discontinued operations, net of income taxes		—	46	—	—	—
Net income	$	2,302	2,301	1,877	1,885	1,728
PER COMMON SHARE DATA
Basic earnings
Income from continuing operations	$	1.22	1.20	1.19	1.19	1.11
Net income		1.22	1.22	1.19	1.19	1.11
Diluted earnings
Income from continuing operations		1.20	1.18	1.17	1.17	1.09
Net income		1.20	1.20	1.17	1.17	1.09
Cash dividends	$	0.56	0.56	0.56	0.51	0.51
AVERAGE COMMON SHARES
Basic		1,894	1,889	1,573	1,585	1,555
Diluted		1,925	1,922	1,600	1,613	1,586

PAGE 12

WACHOVIA CORPORATION AND SUBSIDIARIES

BUSINESS SEGMENTS

(Unaudited)

	Three Months Ended March 31, 2007
(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)	$	3,705	146	453		265		(72	)	(37	)	4,460
Fee and other income		862	195	1,088		1,458		138		—		3,741
Intersegment revenue		48	1	(42	)	(8	)	1		—		—
Total revenue (a)		4,615	342	1,499		1,715		67		(37	)	8,201
Provision for credit losses		162	—	—		—		15		—		177
Noninterest expense		2,030	241	903		1,236		168		10		4,588
Minority interest		—	—	—		—		136		—		136
Income taxes (benefits)		873	36	207		175		(289	)	(4	)	998
Tax-equivalent adjustment		11	—	10		—		16		(37	)	—
Net income	$	1,539	65	379		304		21		(6	)	2,302

	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)	$	3,764	149	512		259		(72	)	(35	)	4,577
Fee and other income		946	200	1,355		1,353		126		—		3,980
Intersegment revenue		58	3	(56	)	(8	)	3		—		—
Total revenue (a)		4,768	352	1,811		1,604		57		(35	)	8,557
Provision for credit losses		147	—	5		—		54		—		206
Noninterest expense		1,996	236	999		1,200		451		49		4,931
Minority interest		—	—	—		—		124		1		125
Income taxes (benefits)		948	43	283		148		(361	)	(21	)	1,040
Tax-equivalent adjustment		10	—	11		—		14		(35	)	—
Income from continuing operations		1,667	73	513		256		(225	)	(29	)	2,255
Discontinued operations, net of income taxes		—	—	—		—		46		—		46
Net income (loss)	$	1,667	73	513		256		(179	)	(29	)	2,301

PAGE 13

WACHOVIA CORPORATION AND SUBSIDIARIES

BUSINESS SEGMENTS

(Unaudited)

	Three Months Ended March 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)	$	2,531	150	463		250		145		(49	)	3,490
Fee and other income		868	188	1,242		1,230		(11	)	—		3,517
Intersegment revenue		43	1	(37	)	(8	)	1		—		—
Total revenue (a)		3,442	339	1,668		1,472		135		(49	)	7,007
Provision for credit losses		62	—	1		—		(2	)	—		61
Noninterest expense		1,656	248	893		1,135		239		68		4,239
Minority interest		—	—	—		—		95		—		95
Income taxes (benefits)		618	34	261		123		(130	)	(22	)	884
Tax-equivalent adjustment		11	—	22		—		16		(49	)	—
Net income (loss)	$	1,095	57	491		214		(83	)	(46	)	1,728

(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)

	2007		2006
(In millions)	First Quarter		Fourth Quarter	Third Quarter	Second Quarter	First Quarter
ON-BALANCE SHEET LOAN PORTFOLIO COMMERCIAL
Commercial, financial and agricultural	$	99,687	96,285	95,281	91,737	89,138
Real estate—construction and other		16,965	16,182	16,067	15,329	14,483
Real estate—mortgage		20,130	20,026	19,455	19,745	20,066
Lease financing		24,053	25,341	25,253	25,194	25,238
Foreign		16,240	13,464	12,677	11,680	11,535
Total commercial		177,075	171,298	168,733	163,685	160,460
CONSUMER
Real estate secured		220,682	225,826	100,115	98,420	98,898
Student loans		8,479	7,768	9,175	9,139	10,555
Installment loans		23,665	22,660	21,454	20,508	20,189
Total consumer		252,826	256,254	130,744	128,067	129,642
Total loans		429,901	427,552	299,477	291,752	290,102
Unearned income		8,238	7,394	8,718	8,836	9,170
Loans, net (On-balance sheet)	$	421,663	420,158	290,759	282,916	280,932
MANAGED PORTFOLIO (a)
COMMERCIAL
On-balance sheet loan portfolio	$	177,075	171,298	168,733	163,685	160,460
Securitized loans—off-balance sheet		181	194	218	250	1,191
Loans held for sale		10,467	8,866	5,556	3,602	3,588
Total commercial		187,723	180,358	174,507	167,537	165,239
CONSUMER
Real estate secured
On-balance sheet loan portfolio		220,682	225,826	100,115	98,420	98,898
Securitized loans—off-balance sheet		6,595	5,611	6,151	6,833	7,598
Securitized loans included in securities (b)		5,629	5,321	4,317	4,465	4,628
Loans held for sale		4,089	3,420	3,324	3,843	3,679
Total real estate secured		236,995	240,178	113,907	113,561	114,803
Student
On-balance sheet loan portfolio		8,479	7,768	9,175	9,139	10,555
Securitized loans—off-balance sheet		3,045	3,128	3,218	3,353	1,866
Securitized loans included in securities		52	52	52	52	52
Total student		11,576	10,948	12,445	12,544	12,473
Installment
On-balance sheet loan portfolio		23,665	22,660	21,454	20,508	20,189
Securitized loans—off-balance sheet		2,851	3,276	3,695	3,809	3,297
Securitized loans included in securities		126	137	169	181	193
Loans held for sale		476	282	159	305	592
Total installment		27,118	26,355	25,477	24,803	24,271
Total consumer		275,689	277,481	151,829	150,908	151,547
Total managed portfolio	$	463,412	457,839	326,336	318,445	316,786
SERVICING PORTFOLIO (c)
Commercial	$	271,038	250,652	227,899	212,500	192,367
Consumer	$	25,952	21,039	60,854	58,082	58,697

(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) Amounts presented in 2006 have been restated to conform to the presentation in 2007.

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

PAGE 15

WACHOVIA CORPORATION AND SUBSIDIARIES

ALLOWANCE FOR LOAN LOSSES AND NONPERFORMING ASSETS

(Unaudited)

	2007			2006
(In millions)	First Quarter			Fourth Quarter		Third Quarter		Second Quarter		First Quarter
ALLOWANCE FOR LOAN LOSSES (a)
Balance, beginning of period	$	3,360		3,004		3,021		3,036		2,724
Provision for credit losses		175		204		118		49		59
Provision for credit losses relating to loans transferred to loans held for sale or sold		1		7		(4	)	5		—
Balance of acquired entities at purchase date		—		303		—		—		300
Allowance relating to loans acquired, transferred to loans held for sale or sold		(3	)	(18	)	(15	)	(18	)	12
Net charge-offs		(155	)	(140	)	(116	)	(51	)	(59	)
Balance, end of period	$	3,378		3,360		3,004		3,021		3,036
as % of loans, net		0.80	%	0.80		1.03		1.07		1.08
as % of nonaccrual and restructured loans (b)(c)		213	%	272		520		488		452
as % of nonperforming assets (b)		194	%	246		396		421		389
LOAN LOSSES
Commercial, financial and agricultural	$	34		32		25		32		27
Commercial real estate—construction and mortgage		6		10		2		3		7
Consumer		178		169		149		116		69
Total loan losses		218		211		176		151		103
LOAN RECOVERIES
Commercial, financial and agricultural		9		27		14		54		16
Commercial real estate—construction and mortgage		3		1		1		1		—
Consumer		51		43		45		45		28
Total loan recoveries		63		71		60		100		44
Net charge-offs	$	155		140		116		51		59
Commercial loans net charge-offs as % of average commercial loans, net (d)		0.07	%	0.04		0.03		(0.06	)	0.05
Consumer loans net charge-offs as % of average consumer loans, net (d)		0.20		0.19		0.32		0.23		0.14
Total net charge-offs as % of average loans, net (d)		0.15	%	0.14		0.16		0.08		0.09
NONPERFORMING ASSETS
Nonaccrual loans
Commercial, financial and agricultural	$	303		226		275		299		342
Commercial real estate—construction and mortgage		117		93		80		88		84
Consumer real estate secured		1,113		900		213		226		240
Installment loans		51		15		10		6		6
Total nonaccrual loans		1,584		1,234		578		619		672
Foreclosed properties (c)		155		132		181		99		108
Total nonperforming assets	$	1,739		1,366		759		718		780
Nonperforming loans included in loans held for sale	$	26		16		23		23		24
Nonperforming assets included in loans and in loans held for sale	$	1,765		1,382		782		741		804
as % of loans, net, and foreclosed properties (b)		0.41	%	0.32		0.26		0.25		0.28
as % of loans, net, foreclosed properties and loans held for sale (e)		0.40	%	0.32		0.26		0.25		0.28
Accruing loans past due 90 days	$	555		650		666		624		610

(a) At March 31, 2007, the reserve for unfunded lending commitments was $155 million.

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

(c) Restructured loans are not significant.

(d) Annualized.

(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)

	2007			2006
(In millions, except per share data)	First Quarter			Fourth Quarter		Third Quarter		Second Quarter		First Quarter
ASSETS
Cash and due from banks	$	12,593		15,826		11,850		12,761		12,668
Interest-bearing bank balances		3,451		2,167		5,270		2,244		1,563
Federal funds sold and securities purchased under resale agreements		10,322		16,923		18,497		17,223		18,807
Total cash and cash equivalents		26,366		34,916		35,617		32,228		33,038
Trading account assets		50,752		45,529		43,904		46,552		39,385
Securities		106,841		108,619		106,553		119,179		117,528
Loans, net of unearned income		421,663		420,158		290,759		282,916		280,932
Allowance for loan losses		(3,378	)	(3,360	)	(3,004	)	(3,021	)	(3,036	)
Loans, net		418,285		416,798		287,755		279,895		277,896
Loans held for sale		15,032		12,568		9,039		7,750		7,859
Premises and equipment		6,058		6,141		5,536		5,322		5,194
Due from customers on acceptances		992		855		1,200		1,010		968
Goodwill		38,838		38,379		23,535		23,550		23,443
Other intangible assets		1,570		1,635		1,355		1,435		1,523
Other assets		41,672		41,681		45,428		36,693		35,008
Total assets	$	706,406		707,121		559,922		553,614		541,842
LIABILITIES AND STOCKHOLDERS’ EQUITY
Deposits
Noninterest-bearing deposits		63,399		66,572		63,880		66,388		67,365
Interest-bearing deposits		344,749		340,886		259,418		261,226		261,199
Total deposits		408,148		407,458		323,298		327,614		328,564
Short-term borrowings		47,144		49,157		58,749		62,787		55,390
Bank acceptances outstanding		1,004		863		1,213		1,021		985
Trading account liabilities		18,150		18,228		19,553		18,409		17,846
Other liabilities		16,741		20,004		16,513		17,305		16,070
Long-term debt		142,334		138,594		86,419		74,627		70,218
Total liabilities		633,521		634,304		505,745		501,763		489,073
Minority interest in net assets of consolidated subsidiaries		3,099		3,101		2,997		2,979		2,980
STOCKHOLDERS’ EQUITY
Dividend Equalization Preferred shares, no par value, 97 million shares issued and outstanding at March 31, 2007		—		—		—		—		—
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 1.913 billion shares at March 31, 2007		6,378		6,347		5,271		5,298		5,362
Paid-in capital		51,964		51,746		34,276		34,086		34,291
Retained earnings		13,378		13,723		12,696		12,003		11,724
Accumulated other comprehensive income, net		(1,934	)	(2,100	)	(1,063	)	(2,515	)	(1,588	)
Total stockholders’ equity		69,786		69,716		51,180		48,872		49,789
Total liabilities and stockholders’ equity	$	706,406		707,121		559,922		553,614		541,842

PAGE 17

WACHOVIA CORPORATION AND SUBSIDIARIES

NET INTEREST INCOME SUMMARIES

(Unaudited)

	FIRST QUARTER 2007						FOURTH 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	$	2,173		38	7.05	%	$	3,596		54	5.95	%
Federal funds sold and securities purchased under resale agreements		14,124		177	5.07			20,830		268	5.11
Trading account assets		29,681		442	5.97			31,069		469	6.03
Securities		108,071		1,461	5.42			108,543		1,467	5.40
Loans
Commercial
Commercial, financial and agricultural		98,413		1,736	7.16			96,359		1,726	7.10
Real estate—construction and other		16,508		313	7.69			16,091		311	7.67
Real estate—mortgage		20,231		380	7.61			19,830		380	7.61
Lease financing		7,730		150	7.75			9,674		166	6.88
Foreign		14,406		196	5.49			12,352		170	5.49
Total commercial		157,288		2,775	7.15			154,306		2,753	7.08
Consumer
Real estate secured		225,909		4,148	7.36			226,870		4,240	7.47
Student loans		8,524		136	6.47			8,886		145	6.49
Installment loans		23,540		566	9.42			22,499		546	9.62
Total consumer		257,973		4,850	7.52			258,255		4,931	7.63
Total loans		415,261		7,625	7.38			412,561		7,684	7.42
Loans held for sale		16,748		255	6.16			11,928		200	6.70
Other earning assets		8,255		139	6.82			8,366		149	7.05
Total earning assets excluding derivatives		594,313		10,137	6.85			596,893		10,291	6.87
Risk management derivatives (a)		—		48	0.04			—		114	0.08
Total earning assets including derivatives		594,313		10,185	6.89			596,893		10,405	6.95
Cash and due from banks		12,260						12,418
Other assets		88,875						89,376
Total assets	$	695,448					$	698,687
LIABILITIES AND STOCKHOLDERS’ EQUITY
Interest-bearing deposits
Savings and NOW accounts		84,247		373	1.80			82,924		398	1.90
Money market accounts		107,785		917	3.45			104,620		913	3.46
Other consumer time		116,262		1,369	4.77			111,858		1,310	4.65
Foreign		20,802		249	4.85			20,245		241	4.73
Other time		12,803		167	5.32			12,708		166	5.17
Total interest-bearing deposits		341,899		3,075	3.65			332,355		3,028	3.61
Federal funds purchased and securities sold under repurchase agreements		35,142		430	4.97			43,732		537	4.87
Commercial paper		4,920		57	4.72			5,043		60	4.72
Securities sold short		8,709		83	3.86			9,934		94	3.75
Other short-term borrowings		6,898		44	2.54			6,530		38	2.38
Long-term debt		141,979		1,880	5.35			139,364		1,873	5.35
Total interest-bearing liabilities excluding derivatives		539,547		5,569	4.18			536,958		5,630	4.16
Risk management derivatives (a)		—		119	0.09			—		163	0.13
Total interest-bearing liabilities including derivatives		539,547		5,688	4.27			536,958		5,793	4.29
Noninterest-bearing deposits		60,976						63,025
Other liabilities		25,605						28,979
Stockholders’ equity		69,320						69,725
Total liabilities and stockholders’ equity	$	695,448					$	698,687
Interest income and rate earned—including derivatives			$	10,185	6.89	%			$	10,405	6.95	%
Interest expense and equivalent rate paid—including derivatives				5,688	3.88					5,793	3.86
Net interest income and margin—including derivatives			$	4,497	3.01	%			$	4,612	3.09	%

(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 18

WACHOVIA CORPORATION AND SUBSIDIARIES

NET INTEREST INCOME SUMMARIES

(Unaudited)

THIRD QUARTER 2006						SECOND QUARTER 2006						FIRST QUARTER 2006
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
$	2,671		34	5.07	%	$	2,027		25	5.04	%	$	2,872		31	4.31	%
	17,530		224	5.08			17,628		209	4.75			19,657		209	4.31
	31,160		409	5.24			29,252		393	5.37			27,240		344	5.08
	122,152		1,661	5.44			124,102		1,668	5.38			117,944		1,557	5.28
	93,886		1,673	7.07			90,259		1,555	6.92			87,784		1,411	6.51
	15,787		308	7.74			14,946		277	7.43			14,184		243	6.95
	19,507		378	7.69			20,118		369	7.36			20,166		350	7.04
	9,731		172	7.04			9,895		175	7.08			10,050		171	6.81
	11,655		158	5.37			11,123		142	5.10			10,285		118	4.67
	150,566		2,689	7.09			146,341		2,518	6.90			142,469		2,293	6.52
	99,669		1,670	6.69			97,377		1,584	6.51			96,082		1,514	6.31
	9,605		161	6.65			10,842		170	6.30			10,589		157	6.00
	21,270		517	9.66			20,705		482	9.33			11,434		242	8.57
	130,544		2,348	7.17			128,924		2,236	6.95			118,105		1,913	6.50
	281,110		5,037	7.13			275,265		4,754	6.92			260,574		4,206	6.51
	12,130		214	6.99			9,320		165	7.11			8,274		128	6.24
	5,386		113	8.35			5,638		99	7.00			5,966		118	8.04
	472,139		7,692	6.49			463,232		7,313	6.32			442,527		6,593	6.00
	—		129	0.11			—		125	0.11			—		163	0.15
	472,139		7,821	6.60			463,232		7,438	6.43			442,527		6,756	6.15
	11,973						12,055						12,762
	71,052						68,325						66,920
$	555,164					$	543,612					$	522,209
	75,534		355	1.86			78,539		332	1.70			79,783		304	1.54
	99,788		862	3.43			99,212		764	3.09			99,632		670	2.73
	52,352		548	4.15			48,389		465	3.85			46,309		407	3.57
	20,599		244	4.70			21,031		234	4.47			19,330		187	3.92
	14,534		191	5.23			15,269		197	5.16			13,286		153	4.67
	262,807		2,200	3.32			262,440		1,992	3.04			258,340		1,721	2.70
	51,314		629	4.86			48,732		543	4.47			50,087		503	4.07
	5,190		63	4.77			4,659		51	4.45			4,193		41	3.93
	8,951		82	3.61			9,255		74	3.21			8,520		63	3.01
	5,575		30	2.14			6,423		36	2.24			7,214		40	2.26
	80,726		1,095	5.41			71,725		940	5.25			56,052		697	4.99
	414,563		4,099	3.93			403,234		3,636	3.62			384,406		3,065	3.23
	—		144	0.14			—		127	0.12			—		152	0.16
	414,563		4,243	4.07			403,234		3,763	3.74			384,406		3,217	3.39
	63,553						65,498						64,490
	26,905						25,817						25,387
	50,143						49,063						47,926
$	555,164					$	543,612					$	522,209
		$	7,821	6.60	%			$	7,438	6.43	%			$	6,756	6.15	%
			4,243	3.57					3,763	3.25					3,217	2.94
		$	3,578	3.03	%			$	3,675	3.18	%			$	3,539	3.21	%

PAGE 19

WACHOVIA CORPORATION AND SUBSIDIARIES

RECONCILIATION OF CERTAIN NON-GAAP FINANCIAL MEASURES

(Unaudited)

		2007			2006
(In millions, except per share data)	*	First Quarter			Fourth Quarter		Third Quarter		Second Quarter		First Quarter
INCOME FROM CONTINUING OPERATIONS
Net income (GAAP)	A	$	2,302		2,301		1,877		1,885		1,728
Discontinued operations, net of income taxes (GAAP)			—		(46	)	—		—		—
Income from continuing operations (GAAP)			2,302		2,255		1,877		1,885		1,728
Merger-related and restructuring expenses (GAAP)			6		29		25		15		46
Earnings excluding merger-related and restructuring expenses, and discontinued operations	B		2,308		2,284		1,902		1,900		1,774
Other intangible amortization (GAAP)			76		90		59		64		59
Earnings excluding merger-related and restructuring expenses, other intangible amortization and discontinued operations	C	$	2,384		2,374		1,961		1,964		1,833
RETURN ON AVERAGE COMMON STOCKHOLDERS’ EQUITY
Average common stockholders’ equity (GAAP)	D	$	69,320		69,725		50,143		49,063		47,926
Merger-related and restructuring expenses (GAAP)			1		95		70		50		19
Discontinued operations (GAAP)			—		(8	)	—		—		—
Average common stockholders’ equity, excluding merger-related and restructuring expenses, and discontinued operations	E		69,321		69,812		50,213		49,113		47,945
Average intangible assets (GAAP)	F		(40,263	)	(39,979	)	(24,943	)	(24,972	)	(23,689	)
Average common stockholders’ equity, excluding merger-related and restructuring expenses, other intangible amortization and discontinued operations	G	$	29,058		29,833		25,270		24,141		24,256
Return on average common stockholders’ equity
GAAP	A/D		13.47	%	13.09		14.85		15.41		14.62
Excluding merger-related and restructuring expenses, and discontinued operations	B/E		13.50		12.98		15.02		15.52		15.01
Return on average tangible common stockholders’ equity
GAAP	A/D+F		32.14		30.68		29.55		31.38		28.91
Excluding merger-related and restructuring expenses, other intangible amortization and discontinued operations	C/G		33.27	%	31.58		30.79		32.63		30.64
RETURN ON AVERAGE ASSETS
Average assets (GAAP)	H	$	695,448		698,687		555,164		543,612		522,209
Average intangible assets (GAAP)			(40,263	)	(39,979	)	(24,943	)	(24,972	)	(23,689	)
Average tangible assets (GAAP)	I		655,185		658,708		530,221		518,640		498,520
Average assets (GAAP)			695,448		698,687		555,164		543,612		522,209
Merger-related and restructuring expenses (GAAP)			1		95		70		50		19
Discontinued operations (GAAP)			—		(8	)	—		—		—
Average assets, excluding merger-related and restructuring expenses, and discontinued operations	J		695,449		698,774		555,234		543,662		522,228
Average intangible assets (GAAP)			(40,263	)	(39,979	)	(24,943	)	(24,972	)	(23,689	)
Average tangible assets, excluding merger-related and restructuring expenses, and discontinued operations	K	$	655,186		658,795		530,291		518,690		498,539
Return on average assets
GAAP	A/H		1.34	%	1.31		1.34		1.39		1.34
Excluding merger-related and restructuring expenses, and discontinued operations	B/J		1.35		1.30		1.36		1.40		1.38
Return on average tangible assets
GAAP	A/I		1.43		1.39		1.40		1.46		1.41
Excluding merger-related and restructuring expenses, other intangible amortization and discontinued operations	C/K		1.48	%	1.43		1.47		1.52		1.49

PAGE 20

WACHOVIA CORPORATION AND SUBSIDIARIES

RECONCILIATION OF CERTAIN NON-GAAP FINANCIAL MEASURES

(Unaudited)

		2007			2006
(In millions, except per share data)	*	First Quarter			Fourth Quarter		Third Quarter		Second Quarter		First Quarter
OVERHEAD EFFICIENCY RATIOS
Noninterest expense (GAAP)	L	$	4,588		4,931		4,045		4,261		4,239
Merger-related and restructuring expenses (GAAP)			(10	)	(49	)	(38	)	(24	)	(68	)
Noninterest expense, excluding merger-related and restructuring expenses	M		4,578		4,882		4,007		4,237		4,171
Other intangible amortization (GAAP)			(118	)	(141	)	(92	)	(98	)	(92	)
Noninterest expense, excluding merger-related and restructuring expenses, and other intangible amortization	N	$	4,460		4,741		3,915		4,139		4,079
Net interest income (GAAP)		$	4,460		4,577		3,541		3,641		3,490
Tax-equivalent adjustment			37		35		37		34		49
Net interest income (Tax-equivalent)			4,497		4,612		3,578		3,675		3,539
Fee and other income (GAAP)			3,741		3,980		3,465		3,583		3,517
Total	O	$	8,238		8,592		7,043		7,258		7,056
Retail Brokerage Services, excluding insurance
Noninterest expense (GAAP)	P	$	955		984		893		925		950
Net interest income (GAAP)		$	255		249		240		250		242
Tax-equivalent adjustment			—		—		—		1		—
Net interest income (Tax-equivalent)			255		249		240		251		242
Fee and other income (GAAP)			1,140		1,065		961		966		980
Total	Q	$	1,395		1,314		1,201		1,217		1,222
Overhead efficiency ratios
GAAP	L/O		55.70	%	57.38		57.44		58.71		60.07
Excluding merger-related and restructuring expenses	M/O		55.57		56.81		56.90		58.39		59.10
Excluding merger-related and restructuring expenses, and brokerage	M-P/O-Q		52.37		53.55		53.29		54.85		55.20
Excluding merger-related and restructuring expenses, and other intangible amortization	N/O		54.15		55.17		55.60		57.03		57.81
Excluding merger-related and restructuring expenses, other intangible amortization and brokerage	N-P/O-Q		50.65	%	51.61		51.73		53.21		53.63
OPERATING LEVERAGE
Operating leverage (GAAP)		$	(13	)	665		1		180		436
Merger-related and restructuring expenses (GAAP)			(38	)	10		15		(45	)	10
Operating leverage, excluding merger-related and restructuring expenses			(51	)	675		16		135		446
Other intangible amortization (GAAP)			(24	)	50		(8	)	7		(2	)
Operating leverage, excluding merger-related and restructuring expenses, and other intangible amortization		$	(75	)	725		8		142		444
DIVIDEND PAYOUT RATIOS ON COMMON SHARES
Dividends paid per common share	R	$	0.56		0.56		0.56		0.51		0.51
Diluted earnings per common share (GAAP)	S	$	1.20		1.20		1.17		1.17		1.09
Merger-related and restructuring expenses (GAAP)			—		0.01		0.02		0.01		0.03
Other intangible amortization (GAAP)			0.04		0.05		0.04		0.04		0.04
Discontinued operations (GAAP)			—		(0.02	)	—		—		—
Diluted earnings per common share, excluding merger-related and restructuring expenses, other intangible amortization and discontinued operations	T	$	1.24		1.24		1.23		1.22		1.16
Dividend payout ratios
GAAP	R/S		46.67	%	46.67		47.86		43.59		46.79
Excluding merger-related and restructuring expenses, other intangible amortization and discontinued operations	R/T		45.16	%	45.16		45.53		41.80		43.97

* The letters included in the columns are provided to show how the various ratios presented in the tables on pages 19 and 20 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.