Tyco International Wins 2006 AFP Pinnacle Award Grand Prize

Award presented by the Association for Financial Professionals and Wachovia for Tyco's innovative treasury portal.

BETHESDA, MD - October 16, 2006 - Tyco International won the 2006 Association for Financial Professionals (AFP) Pinnacle Award Grand Prize for its creation of an innovative Internet-accessible treasury portal. The Award, the most distinguished honor in treasury and finance, was presented during the Opening General Session at the AFP 27th Annual Conference.

Jointly sponsored with Wachovia Corporation, the AFP Pinnacle Awards are 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: Strategy, Innovation, and Risk.

Presenting the Grand Prize Award to Tyco, Ranjana Clark, Executive Vice President and head of Wachovia's Treasury Services division said, "Innovation is one of our driving principles at Wachovia. This is the tenth anniversary of Wachovia's sponsorship of AFP's Pinnacle Award and we are proud to demonstrate Wachovia's mission to deliver uncommon wisdom for shared success through these awards. This year's winner Tyco International demonstrates innovation, creativity, initiative and bold, creative thinking."

Tyco International won the AFP Pinnacle Grand Prize and the award for Innovation for the treasury team's creation and implementation of an internet-accessible treasury portal. The team was challenged to create a centralized automated process for managing all contingent liabilities. The solution provides Tyco the ability to control the entire contingent liability process and maintain easy communication with its global network of employees and banks.

As part of the 2006 Grand Prize, Wachovia will make a $10,000 donation on behalf of the Grand Prize winner to the charity of Tyco's choice. Tyco International has selected the Susan G. Komen Breast Cancer Foundation, North Jersey Affiliate in Summit, New Jersey to receive the donation. AFP and Wachovia will present the check at a press conference to be held on November 14th.

"Financial professionals are increasingly being called on to provide strategic solutions and develop business functions that drive efficiency and success across their organization," said Jim Kaitz, President and CEO of the Association for Financial Professionals. Each year the Pinnacle Award recognizes innovation, original thinking and initiative and the dynamic solutions being implemented by treasury and finance professionals. We congratulate Tyco International as the Grand Prize winner along with Deluxe Corporation and PepsiCo for their achievements."

The 2006 Pinnacle Award recipients are:

• Grand Prize and for Innovation: Leading Advances in Treasury and Finance
  Tyco International, Princeton, NJ

• Strategy: Treasury as a Strategic Partner
  Deluxe Corporation, St. Paul, Minnesota

• Risk: Advanced Risk Management Methodologies
  PepsiCo, Inc., Purchase, New York

Read more on the winning solutions.

Winners went through rigorous judging by a team of senior practitioners from around the country. This year's panel of judges included: Tracy S.D. Howard, investment director, Anderson Corporation; Patricia Hui, CTP, treasury manager, Tektronic Inc.; Linda Zang, CCM, director of treasury operations, University of Pittsburgh Medical Center; Michael Howe, assistant treasurer, Devon Energy Corporation; Michael Buonasora, partner treasurer, Ogilvy & Mather North America; Dan Washburn, CTP, finance manager, Alliant Energy Corporation; Ed Banas, CTP, treasurer, PayPal an Ebay Company; Kevin Talty, treasurer, Ohio State Treasury; and James Gilligan, CTP, manager, corporate treasury, Great Plains Energy.

About AFP.
The Association for Financial Professionals in Bethesda, Maryland, supports more than 15,000 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 daily 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/remote deposit capture, 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. Ten of the bank's key treasury product capabilities are 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".

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.