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Wells Fargo and Evergreen Investments to Combine Asset Management Capabilities

Wells Fargo and Wachovia Merger Completed

This page will be updated often with news and user-submitted questions about our integration with Evergreen Investments. Find out how the information will be posted and how you can submit your own questions.

Wells Fargo and Evergreen Investments to Combine Asset Management Capabilities
1-6-2009

We are pleased to announce that Wells Fargo & Company's acquisition of Wachovia Corporation was completed on December 31, 2008. Key factors for you are the strengths of the new Wells Fargo with respect to asset management. The acquisition brings Evergreen Investments into Wells Fargo's Asset Management Group, adding investment product breadth and giving us an opportunity to take advantage of both economies of skill and economies of scale. Going forward, the Asset Management Group will continue to provide for the needs of both institutional and individual investors with a focused business structure as follows...Read More

We are pleased to announce that Wells Fargo & Company's acquisition of Wachovia Corporation was completed on December 31, 2008. Key factors for you are the strengths of the new Wells Fargo with respect to asset management. The acquisition brings Evergreen Investments into Wells Fargo's Asset Management Group, adding investment product breadth and giving us an opportunity to take advantage of both economies of skill and economies of scale. Going forward, the Asset Management Group will continue to provide for the needs of both institutional and individual investors with a focused business structure as follows:

•  Wells Capital Management remains our multiboutique asset management firm focused on institutional clients. Evergreen's core, traditional teams will join the array of diverse and autonomous teams within Wells Capital Management's multiboutique structure. Robert Bissell, CFA, will continue to be president of Wells Capital Management.
•  Evergreen's mutual fund business will be combined with Wells Fargo Advantage Funds® in the near future, and Karla Rabusch will continue to be president of the mutual fund complex for Wells Fargo.

Coming into the acquisition, Evergreen and Wells Fargo's Asset Management Group shared a common philosophy and structure with respect to autonomous investment teams. This "multiboutique" approach supports agile and focused investment teams—each with its own distinct philosophy and process—and allows them to continue to make incisive decisions and seek to produce sustainable alpha. Current investment teams will remain intact and are as committed as always to managing your assets.

Both Wells Fargo and Evergreen have proven track records of successfully acquiring and integrating several investment management firms over the past couple of decades. As we move forward with the integration, we intend to pursue the same thoughtful and deliberate process, which is expected to take time. Evergreen will continue to operate independently for a period of time; meanwhile, it is business as usual for Evergreen, Wells Capital Management, and Wells Fargo Advantage Funds.

We take pride in the successful relationships that have been formed with clients over the years. Your existing relationship managers will endeavor to keep you fully apprised of developments and news related to the integration of our investment management businesses. If you have additional questions, please do not hesitate to contact your existing relationship manager.

Sincerely,

Mike Niedermeyer

Mike Niedermeyer
Executive Vice President
Group Head of Asset Management
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Carefully consider a fund's investment objectives, risks, charges, and expenses before investing. For a current prospectus, containing this and other information, visit www.EvergreenInvestments.com/mf for Evergreen Investments. Read the prospectus carefully before investing.

Evergreen Investment Management Company, LLC, is a subsidiary of Wells Fargo & Company and is an affiliate of Wells Fargo & Company's broker/dealer subsidiaries. Evergreen mutual funds are distributed by Evergreen Investment Services, Inc.