PRESS RELEASES

“J. L. Kaplan’s investment management expertise is an excellent addition to Evergreen Investments’ strong product lineup,” said Bill Ennis, president and chief executive officer of Evergreen Investments. “J. L. Kaplan fortifies our expanding institutional business and allows us product line extension given their unique skills and strong performance record.”

Founded in 1976, J. L. Kaplan invests in small and middle capitalization companies management views as high quality that are reasonably easy to understand, have favorable long-term prospects, are managed by competent individuals with integrity and are available at a price that represents a discount from its intrinsic value.

“J. L. Kaplan’s disciplined ‘owner’s’ approach to value investing has created what I believe is a remarkable long-term track record,” said Dennis Ferro, president and chief investment officer of Evergreen Investment Management Company, LLC. “Their investment management capabilities extend our expertise in the institutional arena. I’m pleased J. L. Kaplan has joined our roster of talented investment professionals.”

James Kaplan, the founder and owner of J. L. Kaplan Associates, LLC, and his colleagues will remain with the firm and continue to manage the group’s four equity products focused on domestic small and middle capitalization companies. J. L. Kaplan will operate as a separately run asset management firm and deliver its products under the J. L. Kaplan name through Evergreen’s extensive distribution networks and relationships.

“We will be able to transfer such functions as compliance, human resources and information technology support to our new partner,” said James Kaplan. “This will free up more time for the stock selection and portfolio management we much prefer to be doing. ”

The transaction is expected to close some time in the fourth quarter.

About Evergreen Investments

Evergreen Investments is the brand name under which Wachovia Corporation (NYSE: WB) conducts its investment management business and is a leading asset management firm serving more than four million individual and institutional investors through a broad range of investment products. Led by 350 investment professionals, Evergreen Investments strives to meet client investment objectives through disciplined, team-based asset management. Today, Evergreen Investments manages more than $215 billion in assets.