Wachovia Corp New (WBPS) 8-K Results of Operations and Financial Condition

Exhibit (99)(d)

The Supplemental Information contained in Exhibit (99)(d) shows certain historical financial data for each of Wachovia and SouthTrust and also shows similar combined illustrative information reflecting the merger of SouthTrust with and into Wachovia. The historical financial data show the financial results actually achieved by Wachovia and SouthTrust for the periods indicated. The combined illustrative information shows the illustrative effect of the merger under the purchase method of accounting hypothetically assuming the merger was consummated as of the applicable prior period, instead of November 1, 2004, the actual merger consummation date. In the case of the combined illustrative information for the three months ended December 31, 2004, the standalone SouthTrust information represents the period from October 1, 2004 to October 31, 2004. In the case of the combined illustrative information for the full year ended December 31, 2004, the standalone SouthTrust information represents the period from January 1, 2004 to October 31, 2004.

The combined illustrative information is not prepared in accordance with generally accepted accounting principles (“GAAP”), although both the historical Wachovia and historical SouthTrust financial information presented in Exhibit (99)(d) were respectively prepared in accordance with GAAP. Wachovia believes the combined illustrative information is useful to investors in understanding how the financial information of Wachovia and SouthTrust may have appeared on a combined basis had the two companies actually been merged as of the dates indicated and how the financial information of the business segments and certain sub-segments of the new combined company may have appeared had the two companies actually been merged as of the dates indicated.

The combined illustrative information includes estimated adjustments to record certain assets and liabilities of SouthTrust at their respective fair values and to record certain exit costs related to SouthTrust. The estimated adjustments included in Exhibit (99)(d) are subject to updates as additional information becomes available and as additional analyses are performed. Certain other assets and liabilities of SouthTrust will also be subject to adjustment to their respective fair values, including additional intangible assets which may be identified. Pending more detailed analyses, no estimated adjustments are included in Exhibit (99)(d) for these assets and liabilities. Any change in the fair value of the net assets of SouthTrust will change the amount of the purchase price allocable to goodwill. In addition, the final adjustments may be materially different from the unaudited estimated adjustments presented in Exhibit (99)(d). The combined illustrative information cannot be reconciled to GAAP because many of the purchase accounting adjustments resulting from the merger are based upon valuations of assets as of the merger date and therefore cannot be ascertained for prior periods.

We anticipate that the merger will provide Wachovia with financial benefits that include increased revenue and reduced operating expenses, but these financial benefits are not reflected in the combined illustrative

information. Accordingly, the combined illustrative information does not attempt to predict or suggest future results. It also does not necessarily reflect what the historical results of the combined company would have been had our companies been combined during the periods presented.

The costs associated with merger integration activities that impact certain SouthTrust systems, facilities and equipment, personnel and contractual arrangements will be recorded as purchase accounting adjustments when the appropriate plans are in place with potential refinements up to one year after completion of the merger as additional information becomes available. We currently estimate that exit cost purchase accounting adjustments will amount to $447 million pre-tax ($275 million after-tax). The costs associated with integrating systems and operations will be recorded as merger-related expenses based on the nature and timing of the related expenses, but generally will be recorded as the expenses are incurred. Restructuring charges will be recorded based on the nature and timing of the expenses and generally will include merger integration activities that impact Wachovia systems, facilities and equipment, personnel and contractual arrangements. We currently expect merger-related and restructuring expenses will amount to $253 million pre-tax ($156 million after-tax) and will be incurred and reported through 2006.

The information in Exhibit (99)(d) is based on historical financial information and related notes that Wachovia and SouthTrust have respectively presented in prior filings with the Securities and Exchange Commission. Shareholders are encouraged to review that historical financial information and related notes in connection with the combined illustrative information provided in Exhibit (99)(d).

WACHOVIA CORPORATION AND SUBSIDIARIES

SUPPLEMENTAL ILLUSTRATIVE COMBINED FINANCIAL INFORMATION(Unaudited)

TABLE OF CONTENTS

Illustrative Combined Consolidated Balance Sheets
September 30, 2004	1
Illustrative Combined Consolidated Statements of Income
Year Ended December 31, 2004	2
Year Ended December 31, 2003	3
Nine Months Ended September 30, 2004	4
Six Months Ended June 30, 2004	5
Three Months Ended December 31, 2004	6
Three Months Ended September 30, 2004	7
Three Months Ended June 30, 2004	8
Three Months Ended March 31, 2004	9
Three Months Ended December 31, 2003	10
Business Segments
Year Ended December 31, 2004	11
Year Ended December 31, 2003	12
Three Months Ended December 31, 2004	13
Three Months Ended September 30, 2004	14
Three Months Ended June 30, 2004	15
Three Months Ended March 31, 2004	16
Three Months Ended December 31, 2003	17
General Bank - Commercial - Five Quarters Ended December 31, 2004	18
General Bank - Retail and Small Business - Five Quarters Ended December 31, 2004	19
Illustrative Combined Earnings Reconciliation
Five Quarters Ended December 31, 2004	20
Notes to Supplemental Illustrative Combined Financial Information	21

WACHOVIA CORPORATION AND SOUTHTRUST CORPORATION

SUPPLEMENTAL ILLUSTRATIVE COMBINED FINANCIAL INFORMATION

ILLUSTRATIVE COMBINED CONSOLIDATED BALANCE SHEETS(Unaudited)

	September 30, 2004
(In millions, except per share data)	Wachovia			SouthTrust		Combining Adjustments		Illustrative Combined
ASSETS
Cash and due from banks	$	10,355		901		—		11,256
Interest-bearing bank balances		7,664		7		—		7,671
Federal funds sold and securities purchased under resale agreements		30,629		18		—		30,647
Total cash and cash equivalents		48,648		926		—		49,574
Trading account assets		45,129		160		—		45,289
Securities		102,157		11,692		18		113,867
Loans, net of unearned income		174,504		37,114		51		211,669
Allowance for loan losses		(2,324	)	(510	)	—		(2,834	)
Loans, net		172,180		36,604		51		208,835
Premises and equipment		4,150		1,039		(98	)	5,091
Due from customers on acceptances		563		55		—		618
Goodwill		11,481		844		9,093		21,418
Other intangible assets		946		15		725		1,686
Loans held for sale		17,755		683		—		18,438
Other assets		33,689		1,744		(27	)	35,406
Total assets	$	436,698		53,762		9,762		500,222
LIABILITIES AND STOCKHOLDERS’ EQUITY
Deposits
Noninterest-bearing deposits		52,524		5,767		—		58,291
Interest-bearing deposits		200,457		31,415		39		231,911
Total deposits		252,981		37,182		39		290,202
Short-term borrowings		67,589		4,315		—		71,904
Bank acceptances outstanding		570		55		—		625
Trading account liabilities		22,704		60		—		22,764
Other liabilities		14,838		803		54		15,695
Long-term debt		41,444		6,613		236		48,293
Total liabilities		400,126		49,028		329		449,483
Minority interest in net assets of consolidated subsidiaries		2,675		—		—		2,675
STOCKHOLDERS’ EQUITY
Dividend Equalization Preferred shares		—		—		—		—
Common stock		4,359		138		855		5,352
Paid-in capital		18,095		758		12,416		31,269
Retained earnings		10,449		3,728		(3,728	)	10,449
Accumulated other comprehensive income, net		994		110		(110	)	994
Total stockholders’ equity		33,897		4,734		9,433		48,064
Total liabilities and stockholders’ equity	$	436,698		53,762		9,762		500,222

See Notes to Supplemental Illustrative Combined Financial Information.

1

WACHOVIA CORPORATION AND SOUTHTRUST CORPORATION

SUPPLEMENTAL ILLUSTRATIVE COMBINED FINANCIAL INFORMATION

ILLUSTRATIVE COMBINED CONSOLIDATED STATEMENTS OF INCOME(Unaudited)

	Year Ended December 31, 2004
(In millions, except per share data)	Wachovia			SouthTrust	Combining Adjustments		Illustrative Combined
INTEREST INCOME
Interest and fees on loans	$	9,858		1,442	—		11,300
Interest and dividends on securities		4,639		471	—		5,110
Trading account interest		1,147		6	—		1,153
Other interest income		1,644		26	—		1,670
Total interest income		17,288		1,945	—		19,233
INTEREST EXPENSE
Interest on deposits		2,853		350	—		3,203
Interest on short-term borrowings		1,503		39	—		1,542
Interest on long-term debt		971		164	—		1,135
Total interest expense		5,327		553	—		5,880
Net interest income		11,961		1,392	—		13,353
Provision for credit losses		257		90	—		347
Net interest income after provision for credit losses		11,704		1,302	—		13,006
FEE AND OTHER INCOME
Service charges		1,978		221	—		2,199
Other banking fees		1,226		138	—		1,364
Commissions		2,601		29	—		2,630
Fiduciary and asset management fees		2,772		27	—		2,799
Advisory, underwriting and other investment banking fees		911		—	—		911
Trading account profits		35		6	—		41
Principal investing		261		—	—		261
Securities gains (losses)		(10	)	9	—		(1	)
Other income		1,005		158	—		1,163
Total fee and other income		10,779		588	—		11,367
NONINTEREST EXPENSE
Salaries and employee benefits		8,703		635	—		9,338
Occupancy		947		93	—		1,040
Equipment		1,052		75	—		1,127
Advertising		193		12	—		205
Communications and supplies		620		47	—		667
Professional and consulting fees		548		45	—		593
Other intangible amortization		431		9	105		545
Merger-related and restructuring expenses		444		—	—		444
Sundry expense		1,728		120	—		1,848
Total noninterest expense		14,666		1,036	105		15,807
Minority interest in income of consolidated subsidiaries		184		—	—		184
Income before income taxes		7,633		854	(105	)	8,382
Income taxes		2,419		263	(37	)	2,645
Net income	$	5,214		591	(68	)	5,737
PER COMMON SHARE DATA
Basic earnings	$	3.87		1.78	—		3.60
Diluted earnings		3.81		1.77	—		3.55
Cash dividends	$	1.66		0.72	—		1.66
AVERAGE COMMON SHARES
Basic		1,346		332	(87	)	1,591
Diluted		1,370		334	(87	)	1,617

See Notes to Supplemental Illustrative Combined Financial Information.

2

WACHOVIA CORPORATION AND SOUTHTRUST CORPORATION

SUPPLEMENTAL ILLUSTRATIVE COMBINED FINANCIAL INFORMATION

ILLUSTRATIVE COMBINED CONSOLIDATED STATEMENTS OF INCOME (Unaudited)

	Year Ended December 31, 2003
(In millions, except per share data)	Wachovia			SouthTrust	Combining Adjustments		Illustrative Combined
INTEREST INCOME
Interest and fees on loans	$	9,507		1,731	—		11,238
Interest and dividends on securities		3,828		589	—		4,417
Trading account interest		724		12	—		736
Other interest income		1,021		40	—		1,061
Total interest income		15,080		2,372	—		17,452
INTEREST EXPENSE
Interest on deposits		2,360		444	—		2,804
Interest on short-term borrowings		1,219		55	—		1,274
Interest on long-term debt		894		214	—		1,108
Total interest expense		4,473		713	—		5,186
Net interest income		10,607		1,659	—		12,266
Provision for credit losses		586		129	—		715
Net interest income after provision for credit losses		10,021		1,530	—		11,551
FEE AND OTHER INCOME
Service charges		1,731		263	—		1,994
Other banking fees		1,017		232	—		1,249
Commissions		2,318		41	—		2,359
Fiduciary and asset management fees		2,345		34	—		2,379
Advisory, underwriting and other investment banking fees		787		—	—		787
Trading account profits		110		8	—		118
Principal investing		(139	)	—	—		(139	)
Securities gains		45		—	—		45
Other income		1,268		137	—		1,405
Total fee and other income		9,482		715	—		10,197
NONINTEREST EXPENSE
Salaries and employee benefits		7,708		759	—		8,467
Occupancy		851		105	—		956
Equipment		1,021		97	—		1,118
Advertising		160		15	—		175
Communications and supplies		598		57	—		655
Professional and consulting fees		460		37	—		497
Other intangible amortization		518		13	123		654
Merger-related and restructuring expenses		443		—	—		443
Sundry expense		1,521		135	—		1,656
Total noninterest expense		13,280		1,218	123		14,621
Minority interest in income of consolidated subsidiaries		143		—	—		143
Income before income taxes and change in accounting principle		6,080		1,027	(123	)	6,984
Income taxes		1,833		322	(43	)	2,112
Income before change in accounting principle		4,247		705	(80	)	4,872
Change in accounting principle, net		17		—	—		17
Net income		4,264		705	(80	)	4,889
Dividends on preferred stock		5		—	—		5
Net income available to common stockholders	$	4,259		705	(80	)	4,884
PER COMMON SHARE DATA
Basic
Income before change in accounting principle	$	3.20		2.08	—		3.00
Net income		3.21		2.08	—		3.00
Diluted
Income before change in accounting principle		3.17		2.06	—		2.96
Net income		3.18		2.06	—		2.97
Cash dividends	$	1.25		0.84	—		1.25
AVERAGE COMMON SHARES
Basic		1,325		338	(37	)	1,626
Diluted		1,340		342	(38	)	1,644

See Notes to Supplemental Illustrative Combined Financial Information.

3

WACHOVIA CORPORATION AND SOUTHTRUST CORPORATION

SUPPLEMENTAL ILLUSTRATIVE COMBINED FINANCIAL INFORMATION

ILLUSTRATIVE COMBINED CONSOLIDATED STATEMENTS OF INCOME(Unaudited)

	Nine Months Ended September 30, 2004
(In millions, except per share data)	Wachovia			SouthTrust	Combining Adjustments		Illustrative Combined
INTEREST INCOME
Interest and fees on loans	$	7,044		1,285	—		8,329
Interest and dividends on securities		3,407		424	—		3,831
Trading account interest		759		6	—		765
Other interest income		1,109		22	—		1,131
Total interest income		12,319		1,737	—		14,056
INTEREST EXPENSE
Interest on deposits		1,993		309	—		2,302
Interest on short-term borrowings		1,011		32	—		1,043
Interest on long-term debt		651		146	—		797
Total interest expense		3,655		487	—		4,142
Net interest income		8,664		1,250	—		9,914
Provision for credit losses		148		81	—		229
Net interest income after provision for credit losses		8,516		1,169	—		9,685
FEE AND OTHER INCOME
Service charges		1,459		200	—		1,659
Other banking fees		883		124	—		1,007
Commissions		1,981		26	—		2,007
Fiduciary and asset management fees		2,072		25	—		2,097
Advisory, underwriting and other investment banking fees		640		—	—		640
Trading account profits		51		6	—		57
Principal investing		254		—	—		254
Securities gains (losses)		(33	)	9	—		(24	)
Other income		668		163	—		831
Total fee and other income		7,975		553	—		8,528
NONINTEREST EXPENSE
Salaries and employee benefits		6,464		540	—		7,004
Occupancy		687		83	—		770
Equipment		780		67	—		847
Advertising		142		9	—		151
Communications and supplies		457		42	—		499
Professional and consulting fees		369		41	—		410
Other intangible amortization		318		9	93		420
Merger-related and restructuring expenses		328		—	—		328
Sundry expense		1,287		107	—		1,394
Total noninterest expense		10,832		898	93		11,823
Minority interest in income of consolidated subsidiaries		130		—	—		130
Income before income taxes		5,529		824	(93	)	6,260
Income taxes		1,763		258	(33	)	1,988
Net income	$	3,766		566	(60	)	4,272
PER COMMON SHARE DATA
Basic earnings	$	2.90		1.71	—		2.68
Diluted earnings		2.85		1.68	—		2.64
Cash dividends	$	1.20		0.72	—		1.20
AVERAGE COMMON SHARES
Basic		1,299		332	(37	)	1,594
Diluted		1,321		336	(37	)	1,620

See Notes to Supplemental Illustrative Combined Financial Information.

4

WACHOVIA CORPORATION AND SOUTHTRUST CORPORATION

SUPPLEMENTAL ILLUSTRATIVE COMBINED FINANCIAL INFORMATION

ILLUSTRATIVE COMBINED CONSOLIDATED STATEMENTS OF INCOME(Unaudited)

	Six Months Ended June 30, 2004
(In millions, except per share data)	Wachovia		SouthTrust	Combining Adjustments		Illustrative Combined
INTEREST INCOME
Interest and fees on loans	$	4,651	842	—		5,493
Interest and dividends on securities		2,251	281	—		2,532
Trading account interest		434	4	—		438
Other interest income		682	13	—		695
Total interest income		8,018	1,140	—		9,158
INTEREST EXPENSE
Interest on deposits		1,302	197	—		1,499
Interest on short-term borrowings		615	18	—		633
Interest on long-term debt		402	94	—		496
Total interest expense		2,319	309	—		2,628
Net interest income		5,699	831	—		6,530
Provision for credit losses		105	57	—		162
Net interest income after provision for credit losses		5,594	774	—		6,368
FEE AND OTHER INCOME
Service charges		960	132	—		1,092
Other banking fees		570	82	—		652
Commissions		1,413	18	—		1,431
Fiduciary and asset management fees		1,404	16	—		1,420
Advisory, underwriting and other investment banking fees		403	—	—		403
Trading account profits		111	4	—		115
Principal investing		53	—	—		53
Securities gains		38	9	—		47
Other income		422	129	—		551
Total fee and other income		5,374	390	—		5,764
NONINTEREST EXPENSE
Salaries and employee benefits		4,346	361	—		4,707
Occupancy		453	54	—		507
Equipment		512	44	—		556
Advertising		96	6	—		102
Communications and supplies		308	28	—		336
Professional and consulting fees		235	36	—		271
Other intangible amortization		219	6	62		287
Merger-related and restructuring expenses		201	—	—		201
Sundry expense		791	82	—		873
Total noninterest expense		7,161	617	62		7,840
Minority interest in income of consolidated subsidiaries		102	—	—		102
Income before income taxes		3,705	547	(62	)	4,190
Income taxes		1,202	169	(22	)	1,349
Net income	$	2,503	378	(40	)	2,841
PER COMMON SHARE DATA
Basic earnings	$	1.92	1.14	—		1.78
Diluted earnings		1.89	1.12	—		1.75
Cash dividends	$	0.80	0.48	—		0.80
AVERAGE COMMON SHARES
Basic		1,301	332	(37	)	1,596
Diluted		1,323	336	(37	)	1,622

See Notes to Supplemental Illustrative Combined Financial Information.

5

WACHOVIA CORPORATION AND SOUTHTRUST CORPORATION

SUPPLEMENTAL ILLUSTRATIVE COMBINED FINANCIAL INFORMATION

ILLUSTRATIVE COMBINED CONSOLIDATED STATEMENTS OF INCOME(Unaudited)

	Three Months Ended December 31, 2004
(In millions, except per share data)	Wachovia			SouthTrust		Combining Adjustments		Illustrative Combined
INTEREST INCOME
Interest and fees on loans	$	2,814		157		—		2,971
Interest and dividends on securities		1,232		47		—		1,279
Trading account interest		388		—		—		388
Other interest income		535		4		—		539
Total interest income		4,969		208		—		5,177
INTEREST EXPENSE
Interest on deposits		860		41		—		901
Interest on short-term borrowings		492		7		—		499
Interest on long-term debt		320		18		—		338
Total interest expense		1,672		66		—		1,738
Net interest income		3,297		142		—		3,439
Provision for credit losses		109		9		—		118
Net interest income after provision for credit losses		3,188		133		—		3,321
FEE AND OTHER INCOME
Service charges		519		21		—		540
Other banking fees		343		14		—		357
Commissions		620		3		—		623
Fiduciary and asset management fees		700		2		—		702
Advisory, underwriting and other investment banking fees		271		—		—		271
Trading account profits (losses)		(16	)	—		—		(16	)
Principal investing		7		—		—		7
Securities gains		23		—		—		23
Other income		337		(5	)	—		332
Total fee and other income		2,804		35		—		2,839
NONINTEREST EXPENSE
Salaries and employee benefits		2,239		95		—		2,334
Occupancy		260		10		—		270
Equipment		272		8		—		280
Advertising		51		3		—		54
Communications and supplies		163		5		—		168
Professional and consulting fees		179		4		—		183
Other intangible amortization		113		—		12		125
Merger-related and restructuring expenses		116		—		—		116
Sundry expense		441		13		—		454
Total noninterest expense		3,834		138		12		3,984
Minority interest in income of consolidated subsidiaries		54		—		—		54
Income before income taxes		2,104		30		(12	)	2,122
Income taxes		656		5		(4	)	657
Net income	$	1,448		25		(8	)	1,465
PER COMMON SHARE DATA
Basic earnings	$	0.97		0.08		—		0.92
Diluted earnings		0.95		0.07		—		0.90
Cash dividends	$	0.46		—		—		0.46
AVERAGE COMMON SHARES
Basic		1,487		332		(235	)	1,584
Diluted		1,518		336		(235	)	1,619

See Notes to Supplemental Illustrative Combined Financial Information.

6

WACHOVIA CORPORATION AND SOUTHTRUST CORPORATION

SUPPLEMENTAL ILLUSTRATIVE COMBINED FINANCIAL INFORMATION

ILLUSTRATIVE COMBINED CONSOLIDATED STATEMENTS OF INCOME(Unaudited)

	Three Months Ended September 30, 2004
(In millions, except per share data)	Wachovia			SouthTrust	Combining Adjustments		Illustrative Combined
INTEREST INCOME
Interest and fees on loans	$	2,393		443	—		2,836
Interest and dividends on securities		1,156		143	—		1,299
Trading account interest		325		2	—		327
Other interest income		427		9	—		436
Total interest income		4,301		597	—		4,898
INTEREST EXPENSE
Interest on deposits		691		112	—		803
Interest on short-term borrowings		396		14	—		410
Interest on long-term debt		249		52	—		301
Total interest expense		1,336		178	—		1,514
Net interest income		2,965		419	—		3,384
Provision for credit losses		43		24	—		67
Net interest income after provision for credit losses		2,922		395	—		3,317
FEE AND OTHER INCOME
Service charges		499		68	—		567
Other banking fees		313		42	—		355
Commissions		568		8	—		576
Fiduciary and asset management fees		668		9	—		677
Advisory, underwriting and other investment banking fees		237		—	—		237
Trading account profits (losses)		(60	)	2	—		(58	)
Principal investing		201		—	—		201
Securities losses		(71	)	—	—		(71	)
Other income		246		34	—		280
Total fee and other income		2,601		163	—		2,764
NONINTEREST EXPENSE
Salaries and employee benefits		2,118		179	—		2,297
Occupancy		234		29	—		263
Equipment		268		23	—		291
Advertising		46		3	—		49
Communications and supplies		149		14	—		163
Professional and consulting fees		134		5	—		139
Other intangible amortization		99		3	31		133
Merger-related and restructuring expenses		127		—	—		127
Sundry expense		496		25	—		521
Total noninterest expense		3,671		281	31		3,983
Minority interest in income of consolidated subsidiaries		28		—	—		28
Income before income taxes		1,824		277	(31	)	2,070
Income taxes		561		89	(11	)	639
Net income	$	1,263		188	(20	)	1,431
PER COMMON SHARE DATA
Basic earnings	$	0.97		0.56	—		0.90
Diluted earnings		0.96		0.56	—		0.88
Cash dividends	$	0.40		0.24	—		0.40
AVERAGE COMMON SHARES
Basic		1,296		334	(37	)	1,593
Diluted		1,316		339	(37	)	1,618

See Notes to Supplemental Illustrative Combined Financial Information.

7

WACHOVIA CORPORATION AND SOUTHTRUST CORPORATION

SUPPLEMENTAL ILLUSTRATIVE COMBINED FINANCIAL INFORMATION

ILLUSTRATIVE COMBINED CONSOLIDATED STATEMENTS OF INCOME(Unaudited)

	Three Months Ended June 30, 2004
(In millions, except per share data)	Wachovia		SouthTrust	Combining Adjustments		Illustrative Combined
INTEREST INCOME
Interest and fees on loans	$	2,316	425	—		2,741
Interest and dividends on securities		1,110	139	—		1,249
Trading account interest		237	2	—		239
Other interest income		356	8	—		364
Total interest income		4,019	574	—		4,593
INTEREST EXPENSE
Interest on deposits		654	98	—		752
Interest on short-term borrowings		316	8	—		324
Interest on long-term debt		211	48	—		259
Total interest expense		1,181	154	—		1,335
Net interest income		2,838	420	—		3,258
Provision for credit losses		61	29	—		90
Net interest income after provision for credit losses		2,777	391	—		3,168
FEE AND OTHER INCOME
Service charges		489	67	—		556
Other banking fees		301	43	—		344
Commissions		657	9	—		666
Fiduciary and asset management fees		700	8	—		708
Advisory, underwriting and other investment banking fees		203	—	—		203
Trading account profits		34	2	—		36
Principal investing		15	—	—		15
Securities gains		36	6	—		42
Other income		172	95	—		267
Total fee and other income		2,607	230	—		2,837
NONINTEREST EXPENSE
Salaries and employee benefits		2,164	184	—		2,348
Occupancy		224	28	—		252
Equipment		253	22	—		275
Advertising		48	3	—		51
Communications and supplies		157	14	—		171
Professional and consulting fees		126	28	—		154
Other intangible amortization		107	3	31		141
Merger-related and restructuring expenses		102	—	—		102
Sundry expense		314	54	—		368
Total noninterest expense		3,495	336	31		3,862
Minority interest in income of consolidated subsidiaries		45	—	—		45
Income before income taxes		1,844	285	(31	)	2,098
Income taxes		592	90	(11	)	671
Net income	$	1,252	195	(20	)	1,427
PER COMMON SHARE DATA
Basic earnings	$	0.96	0.59	—		0.89
Diluted earnings		0.95	0.58	—		0.88
Cash dividends	$	0.40	0.24	—		0.40
AVERAGE COMMON SHARES
Basic		1,300	332	(37	)	1,595
Diluted		1,320	336	(37	)	1,619

See Notes to Supplemental Illustrative Combined Financial Information.

8

WACHOVIA CORPORATION AND SOUTHTRUST CORPORATION

SUPPLEMENTAL ILLUSTRATIVE COMBINED FINANCIAL INFORMATION

ILLUSTRATIVE COMBINED CONSOLIDATED STATEMENTS OF INCOME(Unaudited)

	Three Months Ended March 31, 2004
(In millions, except per share data)	Wachovia		SouthTrust	Combining Adjustments		Illustrative Combined
INTEREST INCOME
Interest and fees on loans	$	2,335	417	—		2,752
Interest and dividends on securities		1,141	142	—		1,283
Trading account interest		197	2	—		199
Other interest income		326	5	—		331
Total interest income		3,999	566	—		4,565
INTEREST EXPENSE
Interest on deposits		648	99	—		747
Interest on short-term borrowings		299	10	—		309
Interest on long-term debt		191	46	—		237
Total interest expense		1,138	155	—		1,293
Net interest income		2,861	411	—		3,272
Provision for credit losses		44	28	—		72
Net interest income after provision for credit losses		2,817	383	—		3,200
FEE AND OTHER INCOME
Service charges		471	65	—		536
Other banking fees		269	39	—		308
Commissions		756	9	—		765
Fiduciary and asset management fees		704	8	—		712
Advisory, underwriting and other investment banking fees		200	—	—		200
Trading account profits		77	2	—		79
Principal investing		38	—	—		38
Securities gains		2	3	—		5
Other income		250	34	—		284
Total fee and other income		2,767	160	—		2,927
NONINTEREST EXPENSE
Salaries and employee benefits		2,182	177	—		2,359
Occupancy		229	26	—		255
Equipment		259	22	—		281
Advertising		48	3	—		51
Communications and supplies		151	14	—		165
Professional and consulting fees		109	8	—		117
Other intangible amortization		112	3	31		146
Merger-related and restructuring expenses		99	—	—		99
Sundry expense		477	28	—		505
Total noninterest expense		3,666	281	31		3,978
Minority interest in income of consolidated subsidiaries		57	—	—		57
Income before income taxes		1,861	262	(31	)	2,092
Income taxes		610	79	(11	)	678
Net income	$	1,251	183	(20	)	1,414
PER COMMON SHARE DATA
Basic earnings	$	0.96	0.55	—		0.89
Diluted earnings		0.94	0.55	—		0.87
Cash dividends	$	0.40	0.24	—		0.40
AVERAGE COMMON SHARES
Basic		1,302	331	(36	)	1,597
Diluted		1,326	335	(37	)	1,624

See Notes to Supplemental Illustrative Combined Financial Information.

9

WACHOVIA CORPORATION AND SOUTHTRUST CORPORATION

SUPPLEMENTAL ILLUSTRATIVE COMBINED FINANCIAL INFORMATION

ILLUSTRATIVE COMBINED CONSOLIDATED STATEMENTS OF INCOME(Unaudited)

	Three Months Ended December 31, 2003
(In millions, except per share data)	Wachovia			SouthTrust	Combining Adjustments		Illustrative Combined
INTEREST INCOME
Interest and fees on loans	$	2,357		425	—		2,782
Interest and dividends on securities		1,104		142	—		1,246
Trading account interest		189		2	—		191
Other interest income		301		5	—		306
Total interest income		3,951		574	—		4,525
INTEREST EXPENSE
Interest on deposits		568		102	—		670
Interest on short-term borrowings		311		10	—		321
Interest on long-term debt		195		47	—		242
Total interest expense		1,074		159	—		1,233
Net interest income		2,877		415	—		3,292
Provision for credit losses		86		37	—		123
Net interest income after provision for credit losses		2,791		378	—		3,169
FEE AND OTHER INCOME
Service charges		436		69	—		505
Other banking fees		250		51	—		301
Commissions		732		14	—		746
Fiduciary and asset management fees		700		9	—		709
Advisory, underwriting and other investment banking fees		223		—	—		223
Trading account profits		14		2	—		16
Principal investing		(13	)	—	—		(13	)
Securities losses		(24	)	—	—		(24	)
Other income		295		32	—		327
Total fee and other income		2,613		177	—		2,790
NONINTEREST EXPENSE
Salaries and employee benefits		2,152		178	—		2,330
Occupancy		244		28	—		272
Equipment		285		23	—		308
Advertising		56		2	—		58
Communications and supplies		156		14	—		170
Professional and consulting fees		146		12	—		158
Other intangible amortization		120		3	31		154
Merger-related and restructuring expenses		135		—	—		135
Sundry expense		481		36	—		517
Total noninterest expense		3,775		296	31		4,102
Minority interest in income of consolidated subsidiaries		63		—	—		63
Income before income taxes		1,566		259	(31	)	1,794
Income taxes		466		79	(11	)	534
Net income	$	1,100		180	(20	)	1,260
PER COMMON SHARE DATA
Basic earnings	$	0.84		0.54	—		0.78
Diluted earnings		0.83		0.54	—		0.77
Cash dividends	$	0.35		0.21	—		0.35
AVERAGE COMMON SHARES
Basic		1,311		332	(37	)	1,606
Diluted		1,332		336	(37	)	1,631

See Notes to Supplemental Illustrative Combined Financial Information.

10

WACHOVIA CORPORATION

SUPPLEMENTAL ILLUSTRATIVE COMBINED FINANCIAL INFORMATION

BUSINESS SEGMENTS(Unaudited) (As reported)

	Year Ended December 31, 2004
(Dollars in millions)	General Bank			Capital Management		Wealth Management		Corporate and Investment Bank		Parent		Net Merger- Related and Restructuring Expenses		Total
CONSOLIDATED
Net interest income	$	8,046		555		506		2,441		663		(250	)	11,961
Fee and other income		2,431		4,948		559		2,931		(90	)	—		10,779
Intersegment revenue		168		(48	)	6		(128	)	2		—		—
Total revenue		10,645		5,455		1,071		5,244		575		(250	)	22,740
Provision for credit losses		315		—		(1	)	(41	)	(16	)	—		257
Noninterest expense		5,536		4,608		762		2,569		747		444		14,666
Minority interest		—		—		—		—		297		(113	)	184
Income taxes (benefits)		1,699		307		112		876		(447	)	(128	)	2,419
Tax-equivalent adjustment		41		1		—		123		85		(250	)	—
Net income (loss)	$	3,054		539		198		1,717		(91	)	(203	)	5,214
Cash overhead efficiency ratio		52.01	%	84.48		71.10		48.99		54.97		—		59.98
Average loans, net	$	128,063		278		11,273		32,125		294		—		172,033
Average core deposits	$	172,471		25,951		12,319		19,058		1,809		—		231,608

WACHOVIA CORPORATION/SOUTHTRUST CORPORATION

SUPPLEMENTAL ILLUSTRATIVE COMBINED FINANCIAL INFORMATION

ILLUSTRATIVE COMBINED BUSINESS SEGMENTS (Unaudited)

	Year Ended December 31, 2004
(Dollars in millions)	General Bank			Capital Management		Wealth Management	Corporate and Investment Bank		Parent		Net Merger- Related and Restructuring Expenses		Illustrative Combined
CONSOLIDATED
Net interest income	$	9,297		564		528	2,471		752		(259	)	13,353
Fee and other income		2,829		4,994		573	2,958		13		—		11,367
Intersegment revenue		172		(51	)	6	(128	)	1		—		—
Total revenue		12,298		5,507		1,107	5,301		766		(259	)	24,720
Provision for credit losses		389		—		—	(37	)	(5	)	—		347
Noninterest expense		6,443		4,655		780	2,595		890		444		15,807
Minority interest		—		—		—	—		297		(113	)	184
Income taxes (benefits)		1,932		309		118	875		(461	)	(128	)	2,645
Tax-equivalent adjustment		52		1		—	134		72		(259	)	—
Net income (loss)	$	3,482		542		209	1,734		(27	)	(203	)	5,737
Cash overhead efficiency ratio		52.39	%	84.55		70.41	48.96		44.59		—		59.31
Average loans, net	$	154,008		278		11,701	33,368		2,908		—		202,263
Average core deposits	$	193,893		26,462		12,613	19,156		2,431		—		254,555

See Notes to Supplemental Illustrative Combined Financial Information.

11

WACHOVIA CORPORATION

SUPPLEMENTAL ILLUSTRATIVE COMBINED FINANCIAL INFORMATION

BUSINESS SEGMENTS(Unaudited) (As reported)

	Year Ended December 31, 2003
(Dollars in millions)	General Bank			Capital Management		Wealth Management	Corporate and Investment Bank		Parent		Net Merger- Related and Restructuring Expenses		Total
CONSOLIDATED
Net interest income	$	7,315		249		434	2,312		553		(256	)	10,607
Fee and other income		2,191		4,191		534	2,262		304		—		9,482
Intersegment revenue		179		(69	)	6	(116	)	—		—		—
Total revenue		9,685		4,371		974	4,458		857		(256	)	20,089
Provision for credit losses		470		—		12	250		(146	)	—		586
Noninterest expense		5,334		3,684		722	2,335		762		443		13,280
Minority interest		—		—		—	—		174		(31	)	143
Income taxes (benefits)		1,377		250		88	570		(298	)	(154	)	1,833
Tax-equivalent adjustment		39		1		—	126		90		(256	)	—
Income before change in accounting principle		2,465		436		152	1,177		275		(258	)	4,247
Change in accounting principle, net		—		—		—	—		17		—		17
Net income		2,465		436		152	1,177		292		(258	)	4,264
Dividends on preferred stock		—		—		—	—		5		—		5
Net income available to common stockholders	$	2,465		436		152	1,177		287		(258	)	4,259
Cash overhead efficiency ratio		55.07	%	84.28		74.22	52.37		28.39		—		60.55
Average loans, net	$	113,867		139		9,638	33,210		1,473		—		158,327
Average core deposits	$	152,720		2,788		10,922	15,395		1,297		—		183,122

WACHOVIA CORPORATION/SOUTHTRUST CORPORATION

SUPPLEMENTAL ILLUSTRATIVE COMBINED FINANCIAL INFORMATION

ILLUSTRATIVE COMBINED BUSINESS SEGMENTS(Unaudited)

	Year Ended December 31, 2003
(Dollars in millions)	General Bank			Capital Management		Wealth Management	Corporate and Investment Bank		Parent		Net Merger- Related and Restructuring Expenses		Illustrative Combined
CONSOLIDATED
Net interest income	$	8,779		266		459	2,359		671		(268	)	12,266
Fee and other income		2,715		4,249		550	2,287		396		—		10,197
Intersegment revenue		183		(73	)	6	(116	)	—		—		—
Total revenue		11,677		4,442		1,015	4,530		1,067		(268	)	22,463
Provision for credit losses		578		—		13	255		(131	)	—		715
Noninterest expense		6,392		3,739		742	2,371		934		443		14,621
Minority interest		—		—		—	—		174		(31	)	143
Income taxes (benefits)		1,666		255		95	569		(319	)	(154	)	2,112
Tax-equivalent adjustment		52		1		—	139		76		(268	)	—
Income before change in accounting principle		2,989		447		165	1,196		333		(258	)	4,872
Change in accounting principle, net		—		—		—	—		17		—		17
Net income		2,989		447		165	1,196		350		(258	)	4,889
Dividends on preferred stock		—		—		—	—		5		—		5
Net income available to common stockholders	$	2,989		447		165	1,196		345		(258	)	4,884
Cash overhead efficiency ratio		54.74	%	84.15		73.18	52.34		25.90		—		59.49
Average loans, net	$	143,680		140		10,120	34,751		4,192		—		192,883
Average core deposits	$	176,708		3,247		11,241	15,524		2,025		—		208,745

See Notes to Supplemental Illustrative Combined Financial Information.

12

WACHOVIA CORPORATION

SUPPLEMENTAL ILLUSTRATIVE COMBINED FINANCIAL INFORMATION

BUSINESS SEGMENTS(Unaudited) (As reported)

	Three Months Ended December 31, 2004
(Dollars in millions)	General Bank			Capital Management		Wealth Management	Corporate and Investment Bank		Parent		Net Merger- Related and Restructuring Expenses		Total
CONSOLIDATED
Net interest income	$	2,295		155		140	634		133		(60	)	3,297
Fee and other income		661		1,222		138	685		98		—		2,804
Intersegment revenue		47		(10	)	1	(38	)	—		—		—
Total revenue		3,003		1,367		279	1,281		231		(60	)	6,101
Provision for credit losses		108		—		—	4		(3	)	—		109
Noninterest expense		1,533		1,146		197	657		185		116		3,834
Minority interest		—		—		—	—		83		(29	)	54
Income taxes (benefits)		484		80		28	198		(100	)	(34	)	656
Tax-equivalent adjustment		10		1		—	30		19		(60	)	—
Net income	$	868		140		54	392		47		(53	)	1,448
Cash overhead efficiency ratio		51.04	%	83.87		70.13	51.29		31.08		—		58.50
Average loans, net	$	147,304		370		12,326	35,691		836		—		196,527
Average core deposits	$	192,062		31,527		12,998	21,434		2,606		—		260,627

WACHOVIA CORPORATION/SOUTHTRUST CORPORATION

SUPPLEMENTAL ILLUSTRATIVE COMBINED FINANCIAL INFORMATION

ILLUSTRATIVE COMBINED BUSINESS SEGMENTS(Unaudited)

	Three Months Ended December 31, 2004
(Dollars in millions)	General Bank			Capital Management		Wealth Management	Corporate and Investment Bank		Parent		Net Merger- Related and Restructuring Expenses		Illustrative Combined
CONSOLIDATED
Net interest income	$	2,423		156		142	636		143		(61	)	3,439
Fee and other income		698		1,227		140	685		89		—		2,839
Intersegment revenue		48		(10	)	1	(38	)	(1	)	—		—
Total revenue		3,169		1,373		283	1,283		231		(61	)	6,278
Provision for credit losses		114		—		—	6		(2	)	—		118
Noninterest expense		1,645		1,152		199	661		211		116		3,984
Minority interest		—		—		—	—		83		(29	)	54
Income taxes (benefits)		500		80		30	195		(114	)	(34	)	657
Tax-equivalent adjustment		11		1		—	31		18		(61	)	—
Net income	$	899		140		54	390		35		(53	)	1,465
Cash overhead efficiency ratio		51.89	%	83.99		69.97	51.50		36.59		—		59.01
Average loans, net	$	157,824		370		12,502	36,206		2,067		—		208,969
Average core deposits	$	200,867		31,676		13,125	21,473		2,885		—		270,026

See Notes to Supplemental Illustrative Combined Financial Information.

13

WACHOVIA CORPORATION

SUPPLEMENTAL ILLUSTRATIVE COMBINED FINANCIAL INFORMATION

BUSINESS SEGMENTS(Unaudited) (As reported)

	Three Months Ended September 30, 2004
(Dollars in millions)	General Bank			Capital Management		Wealth Management		Corporate and Investment Bank		Parent		Net Merger- Related and Restructuring Expenses		Total
CONSOLIDATED
Net interest income	$	1,994		152		131		597		154		(63	)	2,965
Fee and other income		601		1,131		136		787		(54	)	—		2,601
Intersegment revenue		43		(13	)	2		(33	)	1		—		—
Total revenue		2,638		1,270		269		1,351		101		(63	)	5,566
Provision for credit losses		74		—		(1	)	(15	)	(15	)	—		43
Noninterest expense		1,366		1,096		189		679		214		127		3,671
Minority interest		—		—		—		—		65		(37	)	28
Income taxes (benefits)		426		63		30		222		(145	)	(35	)	561
Tax-equivalent adjustment		10		—		—		30		23		(63	)	—
Net income (loss)	$	762		111		51		435		(41	)	(55	)	1,263
Cash overhead efficiency ratio		51.82	%	86.29		70.34		50.22		112.81		—		61.20
Average loans, net	$	124,574		346		11,481		33,240		(1,089	)	—		168,552
Average core deposits	$	170,329		29,099		12,462		19,366		1,733		—		232,989
WACHOVIA CORPORATION/SOUTHTRUST CORPORATION SUPPLEMENTAL ILLUSTRATIVE COMBINED FINANCIAL INFORMATION ILLUSTRATIVE COMBINED BUSINESS SEGMENTS(Unaudited)
	Three Months Ended September 30, 2004
(Dollars in millions)	General Bank			Capital Management		Wealth Management		Corporate and Investment Bank		Parent		Net Merger- Related and Restructuring Expenses		Illustrative Combined
CONSOLIDATED
Net interest income	$	2,372		154		138		607		179		(66	)	3,384
Fee and other income		726		1,144		140		794		(40	)	—		2,764
Intersegment revenue		44		(14	)	2		(33	)	1		—		—
Total revenue		3,142		1,284		280		1,368		140		(66	)	6,148
Provision for credit losses		93		—		—		(13	)	(13	)	—		67
Noninterest expense		1,621		1,109		194		685		247		127		3,983
Minority interest		—		—		—		—		65		(37	)	28
Income taxes (benefits)		507		64		31		224		(152	)	(35	)	639
Tax-equivalent adjustment		13		—		—		33		20		(66	)	—
Net income (loss)	$	908		111		55		439		(27	)	(55	)	1,431
Cash overhead efficiency ratio		51.61	%	86.40		69.41		50.14		79.78		—		59.91
Average loans, net	$	155,929		346		11,996		34,783		2,161		—		205,215
Average core deposits	$	196,282		29,577		12,819		19,481		2,505		—		260,664

See Notes to Supplemental Illustrative Combined Financial Information.

14

WACHOVIA CORPORATION

SUPPLEMENTAL ILLUSTRATIVE COMBINED FINANCIAL INFORMATION

BUSINESS SEGMENTS(Unaudited) (As reported)

	Three Months Ended June 30, 2004
(Dollars in millions)	General Bank			Capital Management		Wealth Management	Corporate and Investment Bank		Parent		Net Merger- Related and Restructuring Expenses		Total
CONSOLIDATED
Net interest income	$	1,901		131		120	613		138		(65	)	2,838
Fee and other income		600		1,245		144	716		(98	)	—		2,607
Intersegment revenue		40		(12	)	2	(30	)	—		—		—
Total revenue		2,541		1,364		266	1,299		40		(65	)	5,445
Provision for credit losses		65		—		—	(4	)	—		—		61
Noninterest expense		1,310		1,144		190	616		133		102		3,495
Minority interest		—		—		—	—		70		(25	)	45
Income taxes (benefits)		412		80		28	223		(121	)	(30	)	592
Tax-equivalent adjustment		11		—		—	31		23		(65	)	—
Net income (loss)	$	743		140		48	433		(65	)	(47	)	1,252
Cash overhead efficiency ratio		51.53	%	83.86		71.54	47.50		67.74		—		59.66
Average loans, net	$	122,040		254		10,878	29,816		654		—		163,642
Average core deposits	$	166,481		24,734		12,230	18,712		1,652		—		223,809
WACHOVIA CORPORATION/SOUTHTRUST CORPORATION SUPPLEMENTAL ILLUSTRATIVE COMBINED FINANCIAL INFORMATION ILLUSTRATIVE COMBINED BUSINESS SEGMENTS(Unaudited)
	Three Months Ended June 30, 2004
(Dollars in millions)	General Bank			Capital Management		Wealth Management	Corporate and Investment Bank		Parent		Net Merger- Related and Restructuring Expenses		Illustrative Combined
CONSOLIDATED
Net interest income	$	2,281		133		127	621		164		(68	)	3,258
Fee and other income		718		1,259		148	723		(11	)	—		2,837
Intersegment revenue		41		(13	)	2	(30	)	—		—		—
Total revenue		3,040		1,379		277	1,314		153		(68	)	6,095
Provision for credit losses		90		—		—	(4	)	4		—		90
Noninterest expense		1,596		1,159		195	625		185		102		3,862
Minority interest		—		—		—	—		70		(25	)	45
Income taxes (benefits)		477		79		30	220		(105	)	(30	)	671
Tax-equivalent adjustment		14		—		—	35		19		(68	)	—
Net income (loss)	$	863		141		52	438		(20	)	(47	)	1,427
Cash overhead efficiency ratio		52.49	%	83.99		70.76	47.54		30.00		—		58.76
Average loans, net	$	153,333		254		11,392	31,302		3,715		—		199,996
Average core deposits	$	192,355		25,444		12,593	18,831		2,376		—		251,599

See Notes to Supplemental Illustrative Combined Financial Information.

15

WACHOVIA CORPORATION

SUPPLEMENTAL ILLUSTRATIVE COMBINED FINANCIAL INFORMATION

BUSINESS SEGMENTS(Unaudited) (As reported)

	Three Months Ended March 31, 2004
(Dollars in millions)	General Bank			Capital Management		Wealth Management	Corporate and Investment Bank		Parent		Net Merger- Related and Restructuring Expenses		Total
CONSOLIDATED
Net interest income	$	1,856		117		115	597		238		(62	)	2,861
Fee and other income		569		1,350		141	743		(36	)	—		2,767
Intersegment revenue		38		(13	)	1	(27	)	1		—		—
Total revenue		2,463		1,454		257	1,313		203		(62	)	5,628
Provision for credit losses		68		—		—	(26	)	2		—		44
Noninterest expense		1,327		1,222		186	617		215		99		3,666
Minority interest		—		—		—	—		79		(22	)	57
Income taxes (benefits)		377		84		26	233		(81	)	(29	)	610
Tax-equivalent adjustment		10		—		—	32		20		(62	)	—
Net income (loss)	$	681		148		45	457		(32	)	(48	)	1,251
Cash overhead efficiency ratio		53.86	%	84.04		72.50	46.95		50.44		—		60.70
Average loans, net	$	118,161		139		10,393	29,702		786		—		159,181
Average core deposits	$	160,819		18,348		11,576	16,691		1,239		—		208,673
WACHOVIA CORPORATION/SOUTHTRUST CORPORATION SUPPLEMENTAL ILLUSTRATIVE COMBINED FINANCIAL INFORMATION ILLUSTRATIVE COMBINED BUSINESS SEGMENTS(Unaudited)
	Three Months Ended March 31, 2004
(Dollars in millions)	General Bank			Capital Management		Wealth Management	Corporate and Investment Bank		Parent		Net Merger- Related and Restructuring Expenses		Illustrative Combined
CONSOLIDATED
Net interest income	$	2,221		121		121	607		267		(65	)	3,272
Fee and other income		687		1,364		145	756		(25	)	—		2,927
Intersegment revenue		39		(14	)	1	(27	)	1		—		—
Total revenue		2,947		1,471		267	1,336		243		(65	)	6,199
Provision for credit losses		92		—		—	(26	)	6		—		72
Noninterest expense		1,581		1,235		192	624		247		99		3,978
Minority interest		—		—		—	—		79		(22	)	57
Income taxes (benefits)		448		86		27	236		(90	)	(29	)	678
Tax-equivalent adjustment		14		—		—	35		16		(65	)	—
Net income (loss)	$	812		150		48	467		(15	)	(48	)	1,414
Cash overhead efficiency ratio		53.65	%	83.97		71.57	46.70		40.80		—		59.56
Average loans, net	$	148,883		139		10,902	31,133		3,709		—		194,766
Average core deposits	$	185,963		19,058		11,909	16,810		1,953		—		235,693

See Notes to Supplemental Illustrative Combined Financial Information.

16

WACHOVIA CORPORATION

SUPPLEMENTAL ILLUSTRATIVE COMBINED FINANCIAL INFORMATION

BUSINESS SEGMENTS(Unaudited) (As reported)

	Three Months Ended December 31, 2003
(Dollars in millions)	General Bank			Capital Management		Wealth Management	Corporate and Investment Bank		Parent		Net Merger- Related and Restructuring Expenses		Total
CONSOLIDATED
Net interest income	$	1,875		95		114	589		269		(65	)	2,877
Fee and other income		501		1,327		138	621		26		—		2,613
Intersegment revenue		49		(17	)	2	(34	)	—		—		—
Total revenue		2,425		1,405		254	1,176		295		(65	)	5,490
Provision for credit losses		145		—		1	35		(95	)	—		86
Noninterest expense		1,396		1,196		187	648		213		135		3,775
Minority interest		—		—		—	—		78		(15	)	63
Income taxes (benefits)		312		75		25	151		(52	)	(45	)	466
Tax-equivalent adjustment		10		1		—	32		22		(65	)	—
Net income	$	562		133		41	310		129		(75	)	1,100
Cash overhead efficiency ratio		57.54	%	85.08		74.24	55.06		30.98		—		63.35
Average loans, net	$	116,372		156		9,936	30,822		2,314		—		159,600
Average core deposits	$	158,128		7,004		11,333	16,422		1,222		—		194,109
WACHOVIA CORPORATION/SOUTHTRUST CORPORATION SUPPLEMENTAL ILLUSTRATIVE COMBINED FINANCIAL INFORMATION ILLUSTRATIVE COMBINED BUSINESS SEGMENTS(Unaudited)
	Three Months Ended December 31, 2003
(Dollars in millions)	General Bank			Capital Management		Wealth Management	Corporate and Investment Bank		Parent		Net Merger- Related and Restructuring Expenses		Illustrative Combined
CONSOLIDATED
Net interest income	$	2,248		98		121	598		295		(68	)	3,292
Fee and other income		627		1,341		142	630		50		—		2,790
Intersegment revenue		50		(18	)	1	(34	)	1		—		—
Total revenue		2,925		1,421		264	1,194		346		(68	)	6,082
Provision for credit losses		177		—		1	37		(92	)	—		123
Noninterest expense		1,656		1,210		192	656		253		135		4,102
Minority interest		—		—		—	—		78		(15	)	63
Income taxes (benefits)		385		75		26	151		(58	)	(45	)	534
Tax-equivalent adjustment		13		1		—	35		19		(68	)	—
Net income	$	694		135		45	315		146		(75	)	1,260
Cash overhead efficiency ratio		56.61	%	85.03		73.10	54.93		28.18		—		61.98
Average loans, net	$	146,777		156		10,431	32,232		5,124		—		194,720
Average core deposits	$	182,735		7,508		11,627	16,557		1,925		—		220,352

See Notes to Supplemental Illustrative Combined Financial Information.

17

WACHOVIA CORPORATION

SUPPLEMENTAL ILLUSTRATIVE COMBINED FINANCIAL INFORMATION

BUSINESS SEGMENTS(Unaudited) (As reported)

	2004						2003
(Dollars in millions)	Fourth Quarter			Third Quarter	Second Quarter	First Quarter	Fourth Quarter
GENERAL BANK - COMMERCIAL
Net interest income	$	718		588	554	536	544
Fee and other income		95		101	97	126	91
Intersegment revenue		33		28	24	23	31
Total revenue		846		717	675	685	666
Provision for credit losses		41		18	15	6	57
Noninterest expense		311		288	275	275	293
Income taxes		168		140	128	137	105
Tax-equivalent adjustment		10		10	11	10	10
Segment earnings	$	316		261	246	257	201
Cash overhead efficiency ratio		36.69	%	40.18	40.79	40.11	43.95
Average loans, net	$	67,737		52,533	51,546	50,390	50,148
Average core deposits	$	42,546		38,968	37,767	35,319	34,125
WACHOVIA CORPORATION/SOUTHTRUST CORPORATION SUPPLEMENTAL ILLUSTRATIVE COMBINED FINANCIAL INFORMATION ILLUSTRATIVE COMBINED BUSINESS SEGMENTS(Unaudited)
	2004						2003
(Dollars in millions)	Fourth Quarter			Third Quarter	Second Quarter	First Quarter	Fourth Quarter
GENERAL BANK - COMMERCIAL
Net interest income	$	776		760	730	708	723
Fee and other income		101		116	113	141	107
Intersegment revenue		33		28	24	23	31
Total revenue		910		904	867	872	861
Provision for credit losses		44		36	28	18	74
Noninterest expense		337		335	338	331	344
Income taxes		182		180	167	176	150
Tax-equivalent adjustment		11		13	14	14	13
Segment earnings	$	336		340	320	333	280
Cash overhead efficiency ratio		37.09	%	37.04	38.95	37.94	40.05
Average loans, net	$	75,328		75,261	74,513	73,233	72,832
Average core deposits	$	43,622		41,948	40,741	38,101	36,855

See Notes to Supplemental Illustrative Combined Financial Information.

18

WACHOVIA CORPORATION

SUPPLEMENTAL ILLUSTRATIVE COMBINED FINANCIAL INFORMATION

BUSINESS SEGMENTS(Unaudited) (As reported)

	2004							2003
(Dollars in millions)	Fourth Quarter			Third Quarter	Second Quarter		First Quarter	Fourth Quarter
GENERAL BANK - RETAIL AND SMALL BUSINESS
Net interest income	$	1,577		1,406	1,347		1,320	1,331
Fee and other income		566		500	503		443	410
Intersegment revenue		14		15	16		15	18
Total revenue		2,157		1,921	1,866		1,778	1,759
Provision for credit losses		67		56	50		62	88
Noninterest expense		1,222		1,078	1,035		1,052	1,103
Income taxes		316		286	284		240	207
Tax-equivalent adjustment		—		—	—		—	—
Segment earnings	$	552		501	497		424	361
Cash overhead efficiency ratio		56.68	%	56.17	55.41	��	59.16	62.69
Average loans, net	$	79,567		72,041	70,494		67,771	66,224
Average core deposits	$	149,516		131,361	128,714		125,500	124,003
WACHOVIA CORPORATION/SOUTHTRUST CORPORATION SUPPLEMENTAL ILLUSTRATIVE COMBINED FINANCIAL INFORMATION ILLUSTRATIVE COMBINED BUSINESS SEGMENTS(Unaudited)
	2004							2003
(Dollars in millions)	Fourth Quarter			Third Quarter	Second Quarter		First Quarter	Fourth Quarter
GENERAL BANK - RETAIL AND SMALL BUSINESS
Net interest income	$	1,647		1,612	1,551		1,513	1,525
Fee and other income		597		610	605		546	520
Intersegment revenue		15		16	17		16	19
Total revenue		2,259		2,238	2,173		2,075	2,064
Provision for credit losses		70		57	62		74	103
Noninterest expense		1,308		1,286	1,258		1,250	1,312
Income taxes		318		327	310		272	235
Tax-equivalent adjustment		—		—	—		—	—
Segment earnings	$	563		568	543		479	414
Cash overhead efficiency ratio		57.85	%	57.49	57.91		60.24	63.51
Average loans, net	$	82,496		80,668	78,820		75,650	73,945
Average core deposits	$	157,245		154,334	151,614		147,862	145,880

See Notes to Supplemental Illustrative Combined Financial Information.

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WACHOVIA CORPORATION AND SOUTHTRUST CORPORATION

SUPPLEMENTAL ILLUSTRATIVE COMBINED FINANCIAL INFORMATION

ILLUSTRATIVE COMBINED EARNINGS RECONCILIATION(Unaudited)

	2004					2003
(In millions)	Fourth Quarter		Third Quarter	Second Quarter	First Quarter	Fourth Quarter
Pro forma combined net income	$	1,465	1,431	1,427	1,414	1,260
After tax merger-related and restructuring expenses		80	88	69	67	95
Pro forma combined earnings, excluding after tax merger-related and restructuring expenses		1,545	1,519	1,496	1,481	1,355
After tax deposit base and other intangible amortization		86	92	96	99	108
Pro forma combined earnings, excluding after tax merger-related and restructuring expenses, and after tax deposit base and other intangible amortization	$	1,631	1,611	1,592	1,580	1,463

See Notes to Supplemental Illustrative Combined Financial Information.

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WACHOVIA CORPORATION AND SUBSIDIARIES

NOTES TO SUPPLEMENTAL ILLUSTRATIVE COMBINED FINANCIAL INFORMATION

NOTE1: PRESENTATION

GENERAL

The unaudited supplemental illustrative combined financial information (the "Supplemental Information") is provided as additional financial information related to the November 1, 2004, merger of Wachovia Corporation (the "Company") and SouthTrust Corporation ("SouthTrust") as more fully described below. The merger did not meet the "significant subsidiary" test for required disclosure pursuant to applicable securities and accounting regulations and the Supplemental Information in this Exhibit 99(d) shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, nor shall it be incorporated by reference in any filing under the Securities Act of 1933. The Supplemental Information is not necessarily indicative of the results of operations that may be expected in the future and the Supplemental Information will not subsequently be revised as a result of finalizing fair value estimates related to the net assets of SouthTrust or for organizational or other changes that may occur. Estimates of the accretion or amortization of income or expense related to current fair value estimates other than amortization of the core deposit and other intangibles created by the merger are not anticipated to be significant and are excluded from the Supplemental Information. See also Note 2 below. Business segment net interest income and total revenue are presented on a tax-equivalent basis and the tax-equivalent amount is eliminated in the "Net Merger-Related and Restructuring Expenses" column in order for "Total" and "Illustrative Combined" amounts to conform to amounts appearing in the "Illustrative Combined Consolidated Statements of Income". For the three months ended December 31, 2004, the standalone SouthTrust information represents the period from October 1, 2004 to October 31, 2004. For the full year ended December 31, 2004, the standalone SouthTrust information represents the period from January 1, 2004 to October 31, 2004.

BUSINESS COMBINATION

On June 21, 2004, the Company announced the signing of a definitive merger agreement with SouthTrust, and the merger was completed on November 1, 2004. The terms of this transaction called for the Company to exchange 0.89 shares of its common stock for each share of SouthTrust common stock. Based on the Company's average of the closing prices for a period beginning two trading days before the announcement of the merger and ending two days after the merger announcement of $45.86 ($40.82 for each share of SouthTrust common stock), the transaction is valued at $14.0 billion.

RECLASSIFICATIONS

For each period presented, certain reported information for the Company, as well as certain of its business segments, and for SouthTrust has been reclassified to conform to the Company's current presentation of financial information. The reclassifications of various fee and other income categories relate to Capital Management and were necessary to conform prior periods to our current presentation resulting from the retail brokerage system conversions. Additionally, prior periods results of the General Bank and Parent have been restated to eliminate a credit for intercompany servicing of securitized assets provided to the General Bank by the Parent that ceased in the fourth quarter of 2004. This credit had previously been recorded as a reduction of expenses in the General Bank and now remains in fee and other income of the Parent. These reclassifications had no effect on the Company's or SouthTrust's previously reported consolidated financial position or results of operations.

NOTE 2: ILLUSTRATIVE COMBINED CONSOLIDATED BALANCE SHEETS

Preliminary fair value adjustments include an increase to securities and loans of $18 million and $51 million, respectively, or a total of $69 million; a decrease in premises and equipment of $98 million; a decrease in other assets of $27 million; an increase in interest-bearing deposits and long-term debt of $39 million and $236 million, respectively, or a total of $275 million; and an increase in other liabilities of $54 million, which includes an increase of $99 million related to employee benefit plans, net exit costs of $60 million and a net deferred income tax benefit of $105 million. Stockholders' equity reflects the issuance of 298 million shares of Wachovia common stock to holders of SouthTrust common stock. See also Note 4 below.

21

NOTE 3: OTHER INTANGIBLE AMORTIZATION

Combining adjustments in the statements of income represent the periodic amortization of core deposit and other intangibles resulting from the SouthTrust merger. The amortization amount was determined using accelerated amortization methods over periods ranging from 2 years to 14 years. The amortization amount represents the first three months of estimated amortization expense applied on a constant basis for each period presented as adjusted for actual amounts reported by SouthTrust. Accordingly, for each period prior to December 31, 2004, amortization amounts reported by SouthTrust prior to the November 1, 2004, merger consummation were added to the pro forma adjustments. An effective income tax rate of 35 percent was used to determine the related income tax benefit.

NOTE 4: PRELIMINARY GOODWILL AND OTHER INTANGIBLE ASSETS

Preliminary goodwill, and deposit base and customer relationship intangibles related to the SouthTrust merger are presented below.

PRELIMINARY GOODWILL AND OTHER INTANGIBLE ASSETS CREATED BY THE WACHOVIA/SOUTHTRUST MERGER

(In millions)
Purchase price less SouthTrust ending tangible stockholders’ equity as of November 1, 2004	$	10,048
Preliminary fair value purchase accounting adjustments
Financial assets		(69	)
Premises and equipment		98
Employee benefit plans		99
Financial liabilities		275
Other		27
Total pre-tax fair value purchase accounting adjustments		430
Deferred income taxes		(163	)
Total after-tax fair value purchase accounting adjustments		267
Preliminary exit cost purchase accounting adjustments
Personnel and employee termination benefits		168
Gain on regulatory-mandated branch sales		(129	)
Other		21
Total pre-tax exit costs		60
Deferred income taxes		17
Total after-tax exit cost purchase accounting adjustments (One-time costs)		77
Total intangibles		10,392
Deposit base intangible		662
Other intangibles		78
Deferred income taxes		(285	)
Preliminary goodwill	$	9,937

22