AFP and Wachovia Announce Category Winners of the 2007 Pinnacle Awards

Grand Prize Winner to be Announced at AFP's Annual Conference

August 22, 2007 - Bethesda, MD – The Association for Financial Professionals (AFP) and Wachovia today announced winners of the most distinguished treasury and finance award -- AFP’s 2007 Pinnacle Award. Winners were chosen for the best industry solutions in three categories: Risk, Strategy and Innovation.

“Over its 11 years, the Pinnacle Award has evolved into more than an accolade. In addition to well-deserved recognition, the process fosters thought leadership and innovative industry solutions that raise the bar for the industry as a whole. Wachovia is pleased to sponsor this award to promote industry-wide advancements and best practices,” said David Trotter, head of Wachovia’s Treasury Services division, the nation’s third-largest cash management provider. This year’s category winners, and contenders for the Grand Prize, are:

• Mastercard Worldwide, based in Purchase, NY, won in the Risk category for “Advanced Risk Management Methodologies.”
• Western Union, based in Englewood, CO, won the Strategy category for “Treasury as a Strategic Partner.”
• Occidental Petroleum Corp. of Los Angeles, CA, won the Innovation category for “Leading Advances in Treasury Finance.”

Category winners receive complimentary registration, lodging and airfare for two to the 2007 AFP Annual Conference. Trotter will present awards to category winners, and announce one of them as the Grand Prize winner, at the conference’s opening general session at the Boston Convention and Exhibition Center, October 21 at 3:30 pm in front of 6,000 of their peers. The Grand Prize winner will receive a $10,000 donation from Wachovia which will be presented to the winner’s charity of choice.

“The Pinnacle award is a great opportunity for companies to submit meaningful projects completed over the past year. The winners are then able to showcase their efforts and share the success of their team members with their peers in Finance and Treasury at the annual conference. By highlighting their accomplishments in developing and implementing a creative project with significant benefits to the company, it may become a catalyst for others to pursue similar goals,” said Tom Lobene, Treasurer-Americas, WPP Group.

The 2007 Pinnacle winners were rigorously judged on the effectiveness, relevance and sophistication of their solution by a team of senior practitioners from around the country. This year's panel included: Kathy Sabia-Cahill, director of banking & cash management, Tyco International; Scott Cornelsen, director of cash management, Qwest; Bobby Eiseman, senior corporate treasury manager, VWR International;

Steve Galezowski, assistant treasurer, Quebecor World; Melody Hart, director of creditor relations, Goodyear; Tom Lobene, treasurer-Americas, WPP Group; Brian Breen, senior vice president and treasurer, Simmons; Walt Stark, assistant treasurer, Humana; and Randy Marinescu, treasurer, Canexus Ltd.

To learn more about the winning solutions from Mastercard Worldwide, Western Union and Occidental Petroleum Corp., please visit AFP’s Pinnacle Web page at www.AFPonline.org/pinnacle.

The 2007 Pinnacle Award Winners will also be featured in the September issue of AFP Exchange magazine.

To register or learn more about AFP’s 2007 Annual Conference, please visit www.AFPonline.org/conference.

MEDIA SAVE THE DATE
AFP 28TH Annual Conference, Boston, October 21-24, 2007

Media interested in attending the finance event of the year should register for complimentary press passes by contacting Natalia Martinovic at nmartino@afponline.org.

About AFP®
The Association for Financial Professionals (AFP) serves more than 16,000 individual members throughout all stages of their careers in treasury and financial management. Headquartered in Bethesda, MD, AFP provides professional certification, continuing education, research, development of industry standards, financial tools and publications, training and career development and representation to legislators and regulators. AFP’s global reach includes AFP of Canada, a Toronto-based membership organization and gtnews, a London-based, on-line resource for the treasury and finance community.

AFP is the daily resource for its members to seek answers, solutions, best practices and collaboration with peers. For more information about AFP, visit www.AFPonline.org.

About Wachovia Treasury Services
Wachovia's Treasury Services, the third-largest US cash management provider, tailors solutions for businesses of all sizes, geographies and industries. The company offers liquidity management solutions and a comprehensive suite of global integrated payables and receivables solutions, including electronic check conversion, accounts receivable conversion, ACH services, image solutions, a national wholesale and retail lockbox network, as well as commercial card services. Greenwich Associates’ 2006 Middle Market Survey ranks the bank No. 1 in Customer Service and Operations Accuracy among cash management banks. Phoenix-Hecht’s bi-annual surveys consistently give Wachovia’s Treasury Services products top grades across mid-market and large corporate markets for quality and customer satisfaction. Ernst and Young’s 2006 US Cash Management Survey ranks the bank number 3 in market share, and ranks the bank’s information and access product, Wachovia Connection(r), No. 1 for the highest number of Information Reporting Internet Accounts.

About Wachovia
Wachovia Corporation (NYSE:WB) is one of the nation’s largest diversified financial services companies, with assets of $719.9 billion and market capitalization of $97.5 billion at June 30, 2007. Wachovia provides a broad range of retail banking and brokerage, asset and wealth management, and corporate and investment banking products and services to 13 million household and business customers. Wachovia has 3,400 retail financial centers in 21 states from Connecticut to Florida and west to Texas and California, and nationwide retail brokerage, mortgage lending and auto finance businesses. Globally, clients are served in selected corporate and institutional sectors and through more than 40 international offices. Our retail brokerage operations under the Wachovia Securities brand name manage more than $795 billion in client assets through approximately 10,800 registered representatives in 774 offices in 48 states and through service affiliate offices in Latin America. Online banking is available at wachovia.com; online brokerage products and services at wachoviasec.com; and investment products and services at evergreeninvestments.com. In May 2007, Wachovia announced an agreement to acquire A.G. Edwards, Inc., a financial services holding company whose primary subsidiary is the national investment firm of A.G. Edward & Sons, Inc. A.G. Edwards and its affiliates employ 6,623 financial consultants in 741 offices nationwide and two European locations in London and Geneva. This proposed acquisition is expected to be completed in the fourth quarter of 2007, pending the approval of A.G. Edwards shareholders and applicable regulatory approvals.