MasterCard Worldwide Wins 2007 AFP Pinnacle Award Grand Prize

The Association for Financial Professionals and Wachovia Recognize MasterCard’s ERM solution

October 21, 2007 – Bethesda, MD - The Association for Financial Professionals (AFP) and Wachovia today announced MasterCard Worldwide is the 2007 AFP Pinnacle Award Grand Prize winner.

The Grand Prize recognizes innovative solutions to address cash management and financial challenges. MasterCard was chosen from among three winners in the Strategy, Innovation and Risk categories. MasterCard had won the Risk category for their implementation of a corporate-wide Enterprise Risk Management (ERM) system.

David Trotter, head of Wachovia’s Treasury Services division, presented the award today at the opening general session of AFP’s 28th Annual Conference in Boston, Massachusetts.

“We are pleased to support thought leadership in Treasury strategies and solutions,” Trotter said. “Since the Pinnacle Award’s inception, Wachovia has sponsored this important catalyst promoting and recognizing innovation which advances the industry as a whole.”

The MasterCard Worldwide team surmounted unique challenges to successfully implement an ERM system. Critical to their success was development of a reporting structure of roles and responsibilities that enabled a company-wide system of checks-and-balances expanding the capabilities of their ERM system. As a result, MasterCard experienced a reduction of key risks, risk-weighted decision-making and transparency of risk reporting.

Wachovia will make a $10,000 donation to Grand Prize winner MasterCard’s charity of choice, AmeriCares. Based in Stamford, Connecticut, AmeriCares provides disaster relief and humanitarian aid around the world.

“The Pinnacle Award is not only an award to honor the best innovative and original solutions of treasury and finance professionals, it also serves as an opportunity for dialogue between the winners and other professionals that may be facing similar operational/financial challenges within their own organizations,” said Jim Kaitz, president and CEO of the Association for Financial Professionals. “The Pinnacle Award is increasingly becoming a highly sought after honor in our industry and more competitive than ever before. We congratulate MasterCard Worldwide, Occidental Petroleum and Western Union for their wonderful achievements.”

The 2007 Pinnacle Award recipients are:

• Grand Prize and Category Winner for Risk: Advanced Risk Management Methodologies:
  MasterCard Worldwide, Purchase, NY

• Strategy: Treasury as a Strategic Partner
  Western Union, Englewood, CO

• Innovation: Leading Advances in Treasury Finance
  Occidental Petroleum Corp., Los Angeles, CA

For more on the winning solutions visit: www.afponline.org/pub/rec/pinnacle_award.html

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 $754.2 billion and market capitalization of $95.3 billion at September 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 $800 billion in client assets through 11,400 registered representatives in 786 offices nationwide. The acquisition of A.G. Edwards, Inc., following the end of the third quarter, added approximately 740 offices, 6,300 financial consultants and $384 billion in brokerage client assets. Online banking is available at wachovia.com; online brokerage products and services at wachoviasec.com; and investment products and services at evergreeninvestments.com.