Evergreen Investments to Buy Three Funds

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Jan. 28, 2003 -- Evergreen Investments said it has agreed to

acquire three Undiscovered Managers mutual funds that are run by an

Evergreen unit for an undisclosed amount of cash.

The funds include Undiscovered Managers Small Cap Value/Inv (USVRX) and

Undiscovered Managers Mid Cap Value/Instl (UHVLX). Also included in the deal

is the Undiscovered Managers Merger & Acquisition Fund, which is not yet

being offered for sale.

Kaplan will continue to manage the funds. Evergreen, a unit of Wachovia

Corp (WB), acquired Kaplan, which oversees about $3 billion in assets, last

November.

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