AFP Press Release

University of Pittsburgh Medical Center Receives 2004 AFP Pinnacle Award Grand Prize

Allied Waste Industries, Inc. Recognized as Innovator in Treasury as a Strategic Partner Category

BETHESDA, MD -- OCTOBER 25, 2004 – The University of Pittsburgh Medical Center (UPMC) will receive the 2004 Association for Financial Professionals (AFP) Pinnacle Award grand prize for its creation of U-PAY, an Internet-based statement presentment and payment program for the UPMC hospital network. The award will be presented during the Opening General Session at The AFP 25th Annual Conference in San Diego, November 7-10.

Jointly sponsored with Wachovia Corporation, the AFP Pinnacle Award is presented annually to organizations whose finance and treasury professionals have developed innovative solutions to address cash management and financial challenges. The program accepts entries for and presents awards in three categories: Treasury as a Strategic Partner, Technology, and Innovation. Judges then select a grand prize winner from those three honorees. The 2004 Pinnacle Award winners are:

• University of Pittsburgh Medical Center (Pittsburgh, PA) – Innovation and Technology
• Allied Waste Industries, Inc. (Scottsdale, AZ) - Treasury as a Strategic Partner

As part of the 2004 grand prize, AFP and Wachovia will make a $10,000 donation on behalf of University of Pittsburgh Medical Center to Magee-Womens Health Foundation in Pittsburgh.

"Financial professionals are challenged to exceed daily responsibilities and develop business functions that drive efficiency and success," said AFP's President and CEO Jim Kaitz. "Each year, the AFP Pinnacle Award recognizes some of the most innovative and dynamic solutions that come out of the Treasury and Finance department. We congratulate The University of Pittsburgh Medical Center and Allied Waste Industries, Inc. for enhancing the profession through unique and influential processes."

"Innovation is one of our driving principles here at Wachovia. We are pleased, therefore, to be able to sponsor the AFP’s Pinnacle Award, for the eighth consecutive year," said Ranjana Clark, Executive Vice President and Head of Wachovia’s Treasury Services Division. "In an industry such as ours, it is important to keep looking ahead to find better and more efficient ways to use treasury services. The University of Pittsburgh Medical Center and Allied Waste Industries, Inc. should be congratulated on their creation and implementation of such innovative treasury best practices."

A committee of finance industry experts judged the Pinnacle Award entries. This year's panel of judges included: Suzanne S. Allen, CTP, treasurer, Rural Cellular Corporation; R. Anthony Benten, vice president and treasurer, The New York Times Company; J. Craig Brinkman, global accounts receivable manager, Proctor & Gamble; Karen Clarke, CTP, learning and development manager, Wells Fargo; G. Taylor Evans III, chief financial officer and treasurer, modern builders suplly, inc; William J. Hopkins, treasurer, Christian Children’s Fund, Inc.; Carrie Housteau, CTP, treasury manager, Limited Brands; Elizabeth Thomas, CTP, director of treasury, Barnes & Noble, Inc.; Henry Waszkowski, CCM, senior vice president, treasury consulting, Wachovia Bank.

About AFP
The Association for Financial Professionals in Bethesda, Maryland, supports more than 14,000 individual members from a wide range of industries throughout all stages of their careers in various aspects of treasury and financial management. AFP is the preferred resource for financial professionals for continuing education, financial tools and publications, career development, certifications, research, representation to legislators and regulators, and the development of industry standards. For more information visit www.afponline.org.

About Wachovia Corporation
Wachovia Corporation (NYSE:WB) is one of the largest providers of financial services to retail, brokerage and corporate customers, with retail operations from Connecticut to Florida and retail brokerage operations nationwide. Wachovia had assets of $436.7 billion, market capitalization of $61.4 billion and stockholders’ equity of $33.9 billion at September 30, 2004. Its four core businesses, the General Bank, Capital Management, Wealth Management, and the Corporate and Investment Bank, serve 12 million client relationships (including households and businesses), primarily in 11 states and Washington, D.C. Its full-service retail brokerage firm, Wachovia Securities, LLC, serves clients in 49 states. Global services are offered through 33 international offices. Online banking and brokerage products and services also are available through wachovia.com.