Wachovia Corporation Licenses XCB™ from XcitekCostBasis

New York, NY, June 24, 2003 – XcitekCostBasis, the leading automated solution for supplying cost basis and tax data, announced today that Wachovia Corporation has signed an agreement to license XCB™ for calculating cost allocation factors and tax opinions on corporate actions.

"We found the product to be user friendly and cost effective in supporting our trust account base," said Susan D. Lane, Managing Director for Securities Servicing at Wachovia. "It provided accurate and concise information on a high percentage of capital changes."

"We are very pleased to welcome Wachovia as our latest XCB client," says Brendan P. Farrell Jr., President of XcitekCostBasis. "We have seen tremendous growth in this product since its inception in 2000. XCB has developed into a major source of cost basis and tax data and is licensed by many of the industry’s largest financial institutions. XcitekCostBasis is thrilled with the opportunity to provide an industry leader such as Wachovia with a solution that offers timely and accurate information at an affordable cost."

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