Evergreen Launches Large Cap Intrinsic Value Fund.

BOSTON -- Evergreen Investments announced today the launch of Evergreen Intrinsic Value Fund (NASDAQ: EIVAX), a large cap value equity mutual fund. The fund will seek capital appreciation and will typically hold approximately 40 issues, with at least 80 percent of its assets in a diversified portfolio of common stocks of large U.S. companies whose market capitalizations fall within the range of the companies in the Russell 1000 Value Index.

Metropolitan West Capital Management (MetWest Capital), a majority-owned subsidiary of Evergreen, will manage the fund as the fund's sub-advisor. Howard Gleicher, CFA, oversees the MetWest Capital investment team and is the lead portfolio manager on the fund. Gleicher has served as chief executive officer and chief investment officer since MetWest Capital's inception in August 1997 and has managed the Intrinsic Value strategy in other investment vehicles for institutional clients since that time. In addition to Gleicher, the investment team includes MetWest Capital president, Gary W. Lisenbee, senior vice president, David M. Graham and director of research, Jeffrey Peck.

"Leveraging the tenure, experience and track record of the MetWest Capital team, we are pleased to bring to the retail marketplace a large cap fundamentally-driven intrinsic value mutual fund," said Dennis Ferro, president and chief executive officer, Evergreen Investments.

Evergreen announced its acquisition of a majority interest in MetWest Capital in March 2006 and closed the transaction in June.

"Through our partnership with Evergreen we are eager to offer financial advisors and their clients access to MetWest Capital's disciplined, research-based investment approach in a mutual fund format," said Lisenbee. "Leveraging the distribution, marketing and sales support of Evergreen allows us to offer our intrinsic value money management across multiple channels, including retail, institutional, and high net worth separate accounts."

The fund will employ an intrinsic value strategy focused on identifying stocks trading at a discount to estimated fair value with positive catalysts. The portfolio managers will rely heavily on qualitative, fundamental work that begins by distinguishing high-quality businesses, then valuing those companies, and finally, identifying multiple, visible catalysts to unlock value. Catalysts may include the productive use of strong free cash flow; positive change in management or control; innovative or competitively superior products; or the resolution of ancillary problems or misperceptions.

MetWest Capital is based in Newport Beach, Calif., and predominantly manages large cap value equity portfolios for institutional and high net worth clients in the United States and abroad. MetWest Capital's assets have grown from $1.7 billion in 2002 to approximately $5.5 billion as of June 30, 2006, with approximately 85% of total assets in their Large Cap Intrinsic Value strategy and the remainder spread across their other investment disciplines.

An investor should consider the fund's investment objectives, risks, charges and expenses carefully before investing or sending money. This and other important information about the investment company can be found in the fund's prospectus. To obtain a prospectus, please contact your financial advisor or go to EvergreenInvestments.com. Read the prospectus carefully before investing.

Value-based investments are subject to the risk that the broad market may not recognize their intrinsic value. Since the fund tends to invest in a smaller number of stocks than many similar mutual funds, changes in the value of individual stocks may have a larger impact on its net asset value than such fluctuations would if the fund were more broadly invested.

Mutual funds are not insured by the FDIC or any other government agency, are not issued or guaranteed by any bank, and may lose value.

Evergreen mutual funds are distributed by Evergreen Investment Services, Inc. 200 Berkeley Street, Boston, MA 02116.

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 400 investment professionals, Evergreen Investments strives to meet client investment objectives through disciplined, team-based asset management. Evergreen Investments manages more than $250 billion in assets (as of June 30, 2006). Please visit EvergreenInvestments.com for more information about Evergreen Investments.