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According to a Press Release dated November 4, 2002, the complaint alleges that First Union Securities, Inc., later Wachovia Securities, Inc., failed to inform Masters Program investors of the material third-party compensation it received as a result of the investors' participation in the Masters Program. Specifically, the complaint alleges that First Union/Wachovia Securities, Inc., did not inform Masters Program investors that it:

(1) selected Masters Program investment advisers based, in part, upon the profits those advisers generated for First Union/Wachovia Securities, Inc.;

(2) received material third-party compensation as a result of its role as 'middle-man' in the Masters Program; and

(3) received other significant material third-party compensation as a direct result of the investors' participation in the Masters Program.

The complaint alleges that due to its failure to disclose the material third- party compensation it received as a direct result of the investors' participation in the Masters Program First Union/Wachovia Securities, Inc., violated the federal securities laws and prevented the investors from comprehending the biased and self-interested nature of First Union/Wachovia Securities, Inc.'s role in the Masters Program.

The class constitutes those who enrolled in either the First Union Securities Masters Investment Consulting Program or the Wachovia Securities Masters Investment Consulting Program (collectively referred to herein as the 'Masters Program') during the period indicated below.