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Evergreen Closed-End Funds Declare Monthly Dividends

March 11, 2010

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 also announced a reduction in the monthly dividend rate of Evergreen Income Advantage Fund and Evergreen Utilities and High Income Fund.

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. The dividend below is a reduction in the stable dividend rate equal to $0.0079 per common share. The reduction in the dividend rate is primarily attributable to current market conditions impacting the yields on portfolio securities. At the new distribution rate of $0.085 per common share, the common share distribution yield will be 6.80% as a percent of the initial offer price.

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

Declaration Date Ex-Dividend Date Record Date Payable Date Dividend Rate/Share
March 10, 2010 April 13, 2010 April 15, 2010 May 3, 2010 $0.085 / 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. The dividend below is a reduction in the stable dividend rate equal to $0.035 per common share. The reduction in the dividend rate is primarily attributable to changing conditions in the equity markets, which have resulted in adjustments to the portfolio's income projections. At the new distribution rate of $0.075 per common share, the common share distribution yield will be 4.50% as a percent of the initial offer price.

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
March 10, 2010 April 13, 2010 April 15, 2010 May 3, 2010 $0.075 / 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
March 10, 2010 April 13, 2010 April 15, 2010 May 3, 2010 $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
March 10, 2010 April 13, 2010 April 15, 2010 May 3, 2010 $0.1083 / share
 
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 $1.2 trillion in assets (as of January 20, 2010), providing banking, insurance, investments, mortgage and consumer finance through almost 11,000 stores and the Internet (WellsFargo.com) across North America and internationally. Evergreen Investments serves more than four million individual and institutional investors through a broad range of investment products. Evergreen Investments strives to meet client investment objectives through disciplined, team-based asset management and manages more than $142.9 billion in assets (as of December 31, 2009).

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