Evergreen Investments Announces Investment Personnel Appointments

March 1, 2007

Press Release

Andrew Cestone Joins the Firm as Head of Global High Yield

BOSTON -- Evergreen Investments announced today that Andrew Cestone has been named managing director and head of Global High Yield for Evergreen affiliate, Tattersall Advisory Group (TAG). In this role, Cestone will oversee several high yield bond portfolios and institutional separate accounts. He will report to Bob Calhoun, chief investment officer of TAG.

Cestone will succeed Gary Pzegeo—who has been acting as interim head of the high yield team—as lead portfolio manager on the high yield bond portfolios. To ensure a smooth transition, Pzegeo will co-manage the high yield portfolios until Cestone assumes lead portfolio management responsibilities on July 2, 2007. At that time, Pzegeo will transition to a senior fixed income portfolio specialist role, responsible for product management, account management, client reviews, sales and client service support.

Cestone is joined by five analysts he worked with on the Deutsche Asset Management (DeAM) high yield team: Charles (C.J.) Baldoni, Michael Brown, Howard Bryerman, Eran Grumberg, and Robert McLaughlin. During their tenure at DeAM, the team built a strong track record when compared with high yield benchmarks and high yield peers. Cestone and the additional team members are based in Philadelphia.

“Andrew’s industry experience—and historical track record—is evidence of the disciplined, intrinsic value-oriented investment process that he has employed,” said Christopher Conkey, chief investment officer, Evergreen Investments. “Under his leadership, we believe the broadened and strengthened high yield team to be poised to deliver long-term, competitive investment results for clients.”

In Cestone’s role as head of Global High Yield, he will have lead portfolio management responsibility for several institutional separately-managed accounts, as well as oversight of the following:

  • Evergreen High Yield Bond Fund (NASDAQ:EKHAX)
  • Evergreen VA High Income Fund
  • Evergreen Income Advantage Fund1 (AMEX:EAD)
  • Evergreen Managed Income Fund1 (AMEX:ERC) [co-manager]
  • Evergreen Select High Yield Bond Fund2 (NASDAQ:EHYIX)
  • Evergreen Diversified Bond Fund3 (NASDAQ:EKDLX) [co-manager]
  • Evergreen Utilities and High Income Fund4 (AMEX:ERH) [co-manager]

“In their prior roles, Andrew and the new high yield team members applied a research-intensive, risk-conscious approach that delivered consistent, top-quartile performance over the past several years,” said Calhoun. “This strategy is in-line with Evergreen’s approach and strengthens the opportunity we have to help further improve investment performance in our high yield products—leveraging the broad support of the TAG credit research team—and explore opportunities for innovative product enhancements in the Core Plus space.”

With nearly 15 years industry experience, Cestone has a long tenured career managing fixed income portfolios. From 1998 through 2006, Cestone was employed by Deutsche Asset Management, spending the majority of his tenure as managing director and chief investment officer for high yield fixed income portfolios. In this role, he had responsibility for the leadership, direction, management and performance of more than $4 billion in high yield assets for institutional and retail clients. Previously, Cestone served as an investment analyst with Phoenix Investment Partners, with credit research responsibility for top-decile Phoenix High Yield, Emerging Markets and Multi-Sector mutual funds. From 1993 through 1997, Cestone held several roles at Bank of America (formerly Fleet Financial Group), including credit officer and portfolio manager.

About Evergreen Investments
Evergreen Investments is the brand name under which Wachovia Corporation (NYSE:WB) conducts its investment management business. Wachovia Global Asset Management is the brand name under which Evergreen Investments conducts sales and distribution business outside of the United States. Combined, the groups serve more than four million individual and institutional investors through a broad range of investment products. Led by more than 300 investment professionals, Evergreen Investments strives to meet client investment objectives through disciplined, team-based asset management. Evergreen Investments manages more than $273 billion in assets (as of December 31, 2006). For more information on Evergreen, please visit EvergreenInvestments.com.

Source:Evergreen Investments

Media Inquiries:
Laura Fay: 617.210.3867, lfay@EvergreenInvestments.com
Dan Flaherty: 617.210.3887, dflaherty@EvergreenInvestments.com

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