CONSENT OF DAVENPORT & COMPANY LLC
We hereby consent to the use of our opinion letter dated December 18, 2003, to the Board of Directors of Guaranty Financial Corporation included as Appendix II to the proxy statement/prospectus that is a part of the Registration Statement on Form S-4 relating to the proposed merger of Guaranty Financial Corporation with and into Union Bankshares Corporation, and to the references to such letter and to our firm in such proxy statement/prospectus.
In giving such consent we do not thereby admit that we come within the category of persons whose consent is required under Section 7 of the Securities Act of 1933, as amended (the Act), or the rules and regulations of the Securities and Exchange Commission thereunder (the Regulations), nor do we admit that we are experts with respect to any part of such Registration Statement within the meaning of the term experts as used in the Act or the Regulations.
DAVENPORT & COMPANY LLC
/s/ Robert F. Mizell
Robert F. Mizell, CFA
Senior Vice President
Dated: March 5, 2004