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					September 8, 2006

FOR IMMEDIATE RELEASE:

For more information: Karen McNeil-Miller 336-723-1456

Kate B. Reynolds Charitable Trust Announces Strategic Direction WINSTON-SALEM, NC – The Kate B. Reynolds Charitable Trust has announced its strategic intent and direction for 2006 and beyond. The statement is the outgrowth of 18 months of study and review by Trust advisory boards and staff. It is designed to better articulate the Trust’s priorities as it begins its sixtieth year. “As a Trust, our goal has been – and continues to be – to fulfill Mrs. Reynolds’ vision of improving quality of life and quality of health for future generations of North Carolinians. To do that, we feel we must be more proactive and creative in responding to social needs. This articulation of our strategic intent and direction helps to ensure greater focus and increased effectiveness as we advocate for the financially needy of our state. We want to invest in the best and most effective initiatives, organizations, and partnerships for helping low-income North Carolinians achieve an acceptable quality of life and health,” said Karen McNeil-Miller, President of the Trust. Over the next three-to-five years as the Trust transitions to meet goals defined by its 2006 strategic intent, the following priorities will be established:  Increasing impact through more focused grantmaking by placing greater emphasis on the root causes and effects of poverty and disease and by expanding the capacity of the non-profits in which we invest.  Promoting innovation through best practices and successful models in both our proactive and responsive grantmaking.

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Increasing our influence and institutional leverage on behalf of those we serve by playing multiple roles beyond grantmaking: roles in areas such as education, advocacy, and convening.

Transitioning to meet the priorities for the Poor and Needy Division will be achieved by making grants to programs and initiatives that serve the financially needy residents of Forsyth County in two broad categories: Supplying Basic Needs and Increasing Self Reliance. Supplying Basic Needs grants will make up 50-60% of funds awarded annually by the Division. These grants will be directed to programs that alleviate the effects of poverty on daily life by providing food, shelter and health care. Providing adequate health care will be an area of special emphasis and priority within the Supplying Basic Needs category of grants and efforts. Grants for Supplying Basic Needs may be awarded for a period of up to three years. Increasing Self Reliance grants will make up 40-50% of annual Division funding. Increasing Self Reliance will support programs that address the root causes of poverty and provide opportunities for individuals and families to achieve and maintain a higher quality of life. Supportive housing, education, and job training will be the areas of special emphasis within the Increasing Self Reliance category. Grants for Increasing Self Reliance may be awarded for a period of up to five years. Transitioning to meet the priorities for the Health Care Division will be achieved by awarding 35-40% of annual funding in the area of Supporting Prevention and 60-65% in the area of Providing Treatment. The goal of Supporting Prevention is to promote wellness by providing services before conditions occur or are diagnosed, while Providing Treatment focuses on improving health outcomes by providing health and medical services for diagnosed and existing conditions. Within Supporting Prevention, disease and illness prevention and health promotion and wellness have been chosen as the areas of special emphasis and priority.

Within Providing Treatment, access to primary medical care, advancing mental health services, and diabetes care and management have been chosen as the areas of special emphasis and priority. The Health Care Division will also give greater consideration to programs that support vulnerable populations of either the uninsured and underinsured, children and youth, the frail elderly, or residents of rural areas. Similarly, efforts that employ strategies that promote either integrated care, community-based services, or systemic change will be given priority. “We are extremely proud of the work of the Trust, and we take our traditional grantmaking role very seriously. But we want to do more. To be successful, we must invest in untried and innovative solutions. We must serve as a safe place for experimentation and measured risk-taking to address the source of these problems,” McNeil Miller said. “We want to go beyond funding programs that help people cope under the current system. We are committed to accelerating positive movement on critical community issues and effecting enduring systemic change.”

The Kate B. Reynolds Charitable Trust was established in 1947 under the will of Mrs. Kate B. Reynolds. Wachovia Corporation acts as the Trustee.

ABOUT WACHOVIA CORPORATION Wachovia Corporation (NYSE:WB) is one of the nation’s largest diversified financial services companies, providing 13.4 million household and business relationships with a broad range of banking, asset management, wealth management and corporate and investment banking products and services. Wachovia has retail and commercial banking operations in 16 states with 3,109 offices from Connecticut to Florida and west to Texas and California. Two core businesses operate under the Wachovia Securities brand name: retail brokerage in 49 states and in Latin America, and corporate and investment banking in selected industries nationwide. Globally, Wachovia serves clients through more than 40 international offices. Online banking is available at wachovia.com; online brokerage products and services at wachoviasec.com, and investment products

and services at evergreeninvestments.com. Wachovia had assets of $553.6 billion, market capitalization of $86.0 billion and stockholders’ equity of $48.9 billion at June 30, 2006. The proposed merger with Golden West Financial Corporation (NYSE: GDW), parent of World Savings Bank, is expected to close in the fourth quarter of 2006, pending shareholder and regulatory approval. With this proposed merger, Wachovia would strengthen its position in California, Texas, Florida, New Jersey and New York, and enter attractive metropolitan areas in five additional states: Arizona, Colorado, Illinois, Kansas and Nevada. The combined company would serve banking customers through 3,400 offices in 21 states and Washington, D.C. In addition, Wachovia would gain mortgage lending operations under the World Savings Bank name in 39 states.