Evergreen Investments Announces Portfolio Management Appointments

July 2, 2007

Press Release

BOSTON – Evergreen Investments announced that effective today, Walter T. McCormick, CFA, will assume lead portfolio management responsibilities for Evergreen Equity Income Fund (ETRAX). He succeeds Sujatha Avutu, who has chosen to leave Evergreen to pursue other opportunities. McCormick will retain his current portfolio management responsibilities, which include lead portfolio management of Evergreen Fundamental Large Cap Fund (EGIAX), VA Fundamental Large Cap Fund, institutional sub-advisory accounts and Evergreen’s Large Cap Dividend Growth retail separately managed account strategy.

In addition, effective today, Emory “Sandy” Sanders, CFA, has been named a portfolio manager of Evergreen Fundamental Large Cap Fund. Gary Mishuris, CFA, has been named a portfolio manager of Evergreen Equity Income Fund. Both Sanders and Mishuris will work closely with lead manager McCormick to provide portfolio management support for each fund and related institutional accounts. Both will retain their current senior equity analyst roles as well.

With over 35 years industry experience, managing director and senior portfolio manager McCormick has a long-tenured career managing equity portfolios, including 18 years with Evergreen. From 1984 through 1998, McCormick served as head of the Large Cap Core Growth team at Keystone Investments, a predecessor firm. Between 1998 and 2000, he served as head of the Large Cap Value team at David L. Babson & Co. before retiring to pursue other personal interests. He returned to Evergreen in 2002 and currently serves as head of Evergreen’s Large Cap Value and Core Equity group, which includes the Equity Income Fund.

Sanders is a director, portfolio manager and senior equity analyst with Evergreen’s Fundamental Equity Research Team. His responsibilities include the analysis of technology companies, specializing in communications equipment, Internet retail, Internet software and electronics and instruments companies. He also is the Consumer Staples Research Team leader, with direct coverage including packaged foods, personal care, household goods and tobacco. Sanders has been with Evergreen or one of its predecessor firms since 1997. He received a bachelor’s of science from the University of Vermont and has been awarded the use of the chartered financial analyst (CFA) designation by the CFA Institute and is a member of the Boston Securities Analysts Society.

Mishuris is a director, portfolio manager and senior equity analyst with Evergreen’s Fundamental Equity Research Team. He is responsible for the media and entertainment; gaming, lodging and leisure; healthcare services; and telecommunication services sectors. He has been with Evergreen since 2004. Previously, he served as an equity research associate with Fidelity Investments from 2001 to 2004. He received a bachelor’s of science in economics and computer science from MIT. He has been awarded the use of the Chartered Financial Analyst (CFA) designation by the CFA Institute and is a member of the CFA Institute and the Boston Securities Analysts Society.

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 $312 billion in assets (as of March 31, 2007). 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

Shareholder Inquiries: 800.343.2898

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Evergreen Investments Announces Portfolio Management Appointments

July 2, 2007

Press Release

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