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Evergreen Closed-End Funds Declare Monthly Dividends

October 16, 2009

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

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 it is 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
October 16, 2009 November 12, 2009 November 16, 2009 December 1, 2009 $0.0929 / 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
October 16, 2009 November 12, 2009 November 16, 2009 December 1, 2009 $0.11 / 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
October 16, 2009 November 12, 2009 November 16, 2009 December 1, 2009 $0.06475 / 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
October 16, 2009 November 12, 2009 November 16, 2009 December 1, 2009 $0.1083 / 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.

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 one of the brand names under which Wells Fargo & Company (NYSE:WFC) conducts its investment management business. Wells Fargo & Company is a diversified financial services company with $1.3 trillion in assets (as of June 30, 2009), providing banking, insurance, investments, mortgage and consumer finance through almost 11,000 stores and the Internet (WellsFargo.com) across North America and internationally. Wachovia Global Asset Management is the brand name under which Evergreen Investments conducts sales and distribution business outside of the United States. Evergreen Investments serves 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 $162.5 billion in assets (as of June 30, 2009).

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