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Meineke Car Care Centers Partners With Wachovia Retirement Services

Franchisees have access to Wachovia's Connect k small business retirement plan

CHARLOTTE, N.C., Oct. 13 -- Wachovia Corporation is pleased to announce a joint agreement with Meineke Car Care Centers, Inc., to offer retirement savings plans to Meineke's franchise owners and employees.

Meineke's approximately 900 franchises nationwide will be able to provide to their employees Connect k, a full-service retirement plan specially designed to meet the needs of small businesses.

"We know that retirement planning is extremely important to our franchise owners and their employees," said Kenneth Walker, President and CEO of Meineke. "This is something that our dealers have asked us for, and we are delighted to have negotiated this program on their behalf. Wachovia was able to provide a solution that offers our franchises some of the same benefits and advantages as large 401(k) plans."

As part of its partnership with Wachovia, Meineke franchise owners and employees have access to such features as:

   - Professional financial advisors for guidance and relationship
     management.
   - Experienced, dedicated client service team for program information and
     questions.
   - Broad array of investment options from leading fund families.

This partnership is an extension of an existing relationship in which Wachovia provides recordkeeping and plan administration for Meineke's corporate retirement plan.

"This partnership with Meineke is a great opportunity to expand our relationship and provide a great retirement savings vehicle to Meineke franchises nationwide," said Joe Ready, head of Wachovia Retirement Services. "We are pleased to help Meineke's franchise owners and employees plan and save for retirement."

Connect k is a full service 401(k) plan offering features and services to more than 1,000 small businesses. It offers services that are typically available to large companies, including a wide range of competitive fund options from leading investment managers, dedicated customer service teams and an affordable fee structure. Connect k is offered through Wachovia Bank, N.A. Wachovia partners with ePlan Services, and its affiliates, in providing services to Connect k customers. Connect k service providers and representatives do not act as investment advisors or fiduciaries to the plan, plan sponsor, trustee or participants.

Beginning in 1972 with a single shop specializing in exhaust work, Meineke Car Care Centers, Inc., has expanded product offerings while demonstrating steady growth, both domestically and internationally. With almost 900 operating shops and over 100 additional licenses sold, Meineke has been headquartered in Charlotte since 1986.

Wachovia Corporation 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. The Corporate and Investment Bank serves clients primarily in selected industries nationwide. Global services are offered through 40 offices around the world. Online banking and brokerage products and services also are available through Wachovia.com.