Ohio Treasurer of State’s Office Receives 2005 AFP Pinnacle Award Grand Prize

PPL Services, Allstate Insurance Company, and Wind River Systems Recognized for Innovative and Dynamic Treasury Solutions

BETHESDA, MD -- September 21, 2005 – The Ohio Treasurer of State Jennette B. Bradley’s Office will receive the 2005 Association for Financial Professionals (AFP) Pinnacle Award grand prize for its creation of STORMS (State Treasury Operational Risk Management System), a graphically-based tool used by operational employees to document events that may pose an operational risk to the Treasury. The award will be presented during the Opening General Session at The AFP Annual Conference in San Antonio, October 9-12.

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 four categories: Treasury as a Strategic Partner, Technology, Innovation, and Compliance Solutions. Judges then select a grand prize winner from those four honorees. The 2005 Pinnacle Award winners are:

• Ohio Treasurer of State’s Office (Columbus, OH) – Treasury as a Strategic Partner

• PPL Services (Allentown, PA) – Compliance Solutions

 • Allstate Insurance Company (Northbrook, IL) – Innovation

• Wind River Systems, Inc. (Alameda, California) – Risk Management

“I am proud we have been recognized as a national leader in our efforts to minimize financial risks and ensure the protection of public funds,” said Ohio Treasurer Bradley. “It is a true honor that this award will benefit those that have had to endure the tragic devastation caused by Hurricane Katrina. This recognition is a tribute to the hard work of Ohio’s Treasury employees.”

As part of the 2005 grand prize, AFP and Wachovia will make a $10,000 donation on behalf of the Ohio Treasurer of State’s Office to The American Red Cross.

"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 Treasury and Finance departments. We congratulate the Ohio Treasurer of State’s Office and other winners for enhancing the profession through unique and influential processes." “Innovation is one of our driving principles here at Wachovia, which makes us proud to be able to sponsor the AFP’s Pinnacle Award, for the ninth consecutive year,” said Craig Ponsonby,, Senior Vice President and Head of Corporate Sales with 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 Ohio Treasurer of State’s Office and each winner should be congratulated and admired for 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; Tom Lobene, treasurer-Americas, WPP Group; J. Craig Brinkman, global accounts receivable manager, Proctor & Gamble; Terry Crawford, vp & treasurer, AMC Entertainment ; William J. Hopkins, treasurer, Christian Children’s Fund, Inc.;Elizabeth Thomas, CTP, director of treasury, Barnes & Noble, Inc.; and Tracy S.D. Howard, investment director, Anderson Corporation.

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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’s Treasury Services Division As part of Wachovia's Corporate and Investment Bank, Wachovia's Treasury Services Division offers a comprehensive suite of integrated payables and receivables solutions, including electronic check conversion, accounts receivable conversion, a full range of ACH services, image technology, a national wholesale and retail lockbox network and international treasury solutions. In recent Phoenix Hecht surveys, 20 out of 26 of Wachovia's treasury services products were ranked "A" or "A+" by upper-middle and large corporate customers. Additionally, ten of the bank's key treasury product capabilities are ranked in the top four for market share in Ernst & Young's survey. Wachovia's Information and Access product, Wachovia Connection®, ranked first in that survey. For the second year in a row, Wachovia Connection was also voted the "Best Corporate/Institutional Online Cash Management Service in North America" by Global Finance, and the most recent Bank Leader Survey placed Wachovia's Treasury Services Number 2 for "Overall Satisfaction" and "Overall Quality of Customer Service".

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 west to Texas, and retail brokerage operations nationwide. Wachovia had assets of $511.8 billion, market capitalization of $78.2 billion and stockholders’ equity of $47.9 billion at June 30, 2005. Its four core businesses, the General Bank, Capital Management, Wealth Management, and the Corporate and Investment Bank, serve 13 million household and business relationships primarily through 3,126 offices in 15 states and Washington, D.C. Its full-service retail brokerage firm, Wachovia Securities, LLC, also serves clients through 699 offices in 49 states and five Latin American countries. Our Corporate and Investment Bank serves clients primarily in 10 key industry sectors nationwide. Global services are offered through 33 international offices. Online banking and brokerage products and services also are available through wachovia.com.