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September 2008 Evergreen Closed-End Funds Dividend Declaration; Evergreen announces options strategy management changes for Evergreen International Balanced Income Fund

September 18, 2008

BOSTON – Evergreen Investments today announced the dividend declaration for Evergreen Income Advantage Fund (AMEX:EAD), Evergreen Multi-Sector Income Fund (AMEX:ERC), Evergreen Utilities and High Income Fund (AMEX:ERH), and Evergreen International Balanced Income Fund (NYSE:EBI).

Evergreen Income Advantage Fund is a closed-end high-yield bond fund. The fund's investment objective is to seek a high level of current income. The fund may, as a secondary objective, seek capital appreciation to the extent consistent with its investment objective.

Evergreen Income Advantage Fund declared the following monthly dividend from ordinary income:

Declaration Date Ex-Dividend Date Record Date Payable Date Dividend Rate/Share
September 18, 2008 October 14, 2008 October 16, 2008 November 3, 2008 $0.1094 / share
 
Evergreen Multi-Sector Income Fund is a closed-end bond fund. The fund’s primary investment objective is to seek a high level of current income consistent with limiting its overall exposure to domestic interest rate risk.

Evergreen Multi-Sector Income Fund declared the following monthly dividend from ordinary income:

Declaration Date Ex-Dividend Date Record Date Payable Date Dividend Rate/Share
September 18, 2008 October 14, 2008 October 16, 2008 November 3, 2008 $0.1083 / share
 
Evergreen Utilities and High Income Fund is a closed-end equity and high-yield bond fund. The fund’s primary investment objective is to seek a high level of current income and moderate capital growth, with emphasis on providing tax-advantaged dividend income.

Evergreen Utilities and High Income Fund declared the following monthly dividend from ordinary income:

Declaration Date Ex-Dividend Date Record Date Payable Date Dividend Rate/Share
September 18, 2008 October 14, 2008 October 16, 2008 November 3, 2008 $0.23 / share
 
Evergreen International Balanced Income Fund is a closed-end fund investing primarily in international stocks and bonds. The fund's investment objective is to seek to provide a high level of income.

Evergreen International Balanced Income Fund declared the following monthly dividend from ordinary income:

Declaration Date Ex-Dividend Date Record Date Payable Date Dividend Rate/Share
September 18, 2008 October 14, 2008 October 16, 2008 November 3, 2008 $0.1458 / share
 
To make changes to your account, please contact your financial advisor, brokerage firm, bank, or other nominee with whom your shares are registered. If your shares are registered with the funds’ transfer agent, Computershare, please contact them directly at 1-800-730-6001 or visit www.computershare.com.

Evergreen Investments, which serves as the investment adviser to Evergreen International Balanced Income Fund (NYSE: EBI), also announced today it will leverage the in-house talent and expertise of its Derivatives and Alternative Strategies team, led by Tim Stevenson, in managing the Fund’s options strategy. On or about November 18, 2008, the team will replace Analytic Investors, LLC, which has served as the sub-adviser responsible for the options strategy since the Fund’s October 2005 inception.

EBI seeks to achieve its investment objective of providing a high level of income by investing primarily in common stocks of non-U.S. issuers and other equity securities, and debt securities of non-U.S. issuers. In addition, EBI employs a strategy of writing call options, primarily on a variety of both non-U.S. and U.S. securities-based indices. The Fund also may write options on exchange-traded funds that represent certain indices, countries, or market sectors; on futures contracts; and on individual securities. The options portfolio for EBI has a notional value of $44.8 million as of June 30, 2008.

These closed-end funds are no longer offered as an initial public offering and are only offered through broker/dealers on the secondary market.

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 more than 300 investment professionals, Evergreen Investments strives to meet client investment objectives through disciplined, team-based asset management. Evergreen Investments manages more than $245 billion in assets (as of June 30, 2008).

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