EVERGREEN INVESTMENTS ADDS SECOND GMO FUND TO FUND LINE-UP


BOSTON -- Expanding its mutual fund offerings for clients, Evergreen Investments
today  announced  the  adoption  of a second  mutual  fund  managed by GMO - the
Pelican Fund.  Subject to requisite  shareholder and regulatory  approvals,  the
Fund will be renamed  Evergreen Large Cap Value Fund and will join the Evergreen
Investments' family of funds.

"The  adoption of the Pelican Fund presents a unique  opportunity  to add to our
already strong asset  management  expertise and broaden the depth and breadth of
our product line," said Dennis Ferro,  President and Chief Investment Officer of
Evergreen  Investments.  "The Fund's  distinctive blend of fundamental  security
selection augmented by proprietary  quantitative tools and risk management makes
it a nice complement to our line-up of domestic value equity products."

Also subject to requisite shareholder and regulatory approvals,  GMO will retain
its  current  role as the Fund's  manager.  The Fund's  investment  style is not
expected to change.

"We are happy to expand our  relationship  with  Evergreen,  and  provide  GMO's
investment   solutions  and   capabilities  to  Evergreen   shareholders   while
maintaining   our  focus  on  our  core   competency  of  managing   assets  for
institutional clients. This Fund's strategy brings a unique approach intended to
generate  superior risk adjusted returns,  as it is based on GMO's  quantitative
and  traditional  security  analysis,"  said Tony  Ryan,  head of global  client
relations and sales at GMO.


"GMO's strength in quantitative  analysis and institutional  asset management is
well known," said Bill Ennis, President and Chief Executive Officer of Evergreen
Investments.  "By adding the Pelican  Fund to our  investment  lineup we look to
leverage GMO's strengths in new markets and grow our U.S. Value equity assets."

                                    - more -

GMO's  investment  team  responsible  for  managing  the  fund,  led by Ed Choi,
believes that the market is inefficient, and that a portfolio of stocks with low
expectations but sound  fundamentals  will, as profitability  and/or  perception
improve,   substantially   outperform   the  broad  market.   In  addition,   by
understanding  risk in both  absolute  and relative  terms,  the team strives to
construct a portfolio with below market risk. Through rigorous  research,  GMO's
team identifies and exploits undervalued stocks. This group's strategy is driven
by stock selection,  with a focus on identifying  value in large companies based
on fundamental economic principles,  including perceived financial,  operational
and management strength.


Evergreen Investments recently announced the adoption of the GMO Global Balanced
Allocation Fund, which was renamed the Evergreen Asset Allocation Fund.

After  filing  definitive  proxy  materials  with the SEC,  the Fund  will  mail
prospectus/proxy  statements  relating to the  transaction  to  shareholders  on
November 8, 2002. Shareholders are urged to read the prospectus/proxy  statement
as it contains  important  information.  The proxy  statement and other relevant
documents  are  also  available  at  no  charge  from  the  SEC's  web  site  at
www.sec.gov.  This document does not  constitute an offer of any  securities for
sale.


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.

About GMO

GMO is an independent,  global  investment  management firm servicing clients in
the corporate, public, endowment and foundation marketplace.  Founded in 1977 on
the  philosophy of  value-oriented  investing and constant  innovation,  GMO has
grown to become one of the world's  premier  asset  management  firms.  Based in
Boston, the firm also oversees offices in London,  Sydney, and San Francisco and
employs  approximately  230 people  worldwide.  GMO  currently  manages over $26
billion in client  assets using both  traditional  and  quantitative  investment
techniques.  Their institutional services include portfolio strategies investing
in equities,  fixed income and real estate in the U.S., developed  international
and emerging markets. Additional information on GMO is available at www.gmo.com.

For more  information  on Evergreen  Funds,  call your  financial  advisor for a
prospectus.  The prospectus  provides more complete  information about the fund,
including  charges,  expenses,  and other ongoing fees. Please read it carefully
before you invest or send  money.  Evergreen  mutual  funds are  distributed  by
Evergreen Distributor, Inc. 90 Park Avenue, 10th Floor, New York, NY 10016.





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