Evergreen Announces Plan to Liquidate Evergreen International Balanced Income Fund

The Board of Trustees of Evergreen International Balanced Income Fund (NYSE:EBI) today approved the liquidation of the Fund.

The liquidation is expected to occur after the close of business on Monday, August 16, 2010. Shares of the Fund will cease to be traded on the New York Stock Exchange at that time. Shareholders at that time will receive a liquidating distribution equal to the net asset value (NAV) of their investment in the Fund as of the close of business on August 16, 2010.

The Fund seeks to provide a high level of income by primarily investing in dividend-paying international stocks and other equity securities and international debt securities. The Fund seeks to supplement its current income by writing call options on international indices. The Fund’s investment advisor, Evergreen Investment Management Company, LLC, has informed the Fund’s Trustees that it believes that declines over time in the current income available for distribution by the Fund and the Fund’s recent investment performance have contributed to the discount at which the Fund’s shares trade to their net asset value. Evergreen does not expect the Fund’s income available for distribution to increase for the foreseeable future due, in part, to anticipated changes to the U.S. tax code. In light of these and other factors, and after reviewing various other strategic options, Evergreen recommended to the Trustees that the Fund be liquidated.

A meeting of shareholders of the Fund held on July 9, 2010, to consider proposals to approve new advisory and subadvisory contracts and Trustee appointments was adjourned to July 30, 2010. No action is expected to be taken on the proposals at that adjourned meeting.

The dividend that the Fund declared on June 10, 2010, which is payable August 2, 2010, to shareholders of record on July 15, 2010, will be the Fund’s final regular monthly dividend. Any income or gain that otherwise would have been distributed by way of a dividend declared in July 2010 and payable in September 2010 will instead be distributed as a dividend to be paid on or before the date of the Fund’s liquidation.

The Fund is a closed-end, U.S.-registered management investment company advised by Evergreen Investment Management Company, LLC, with total net assets of $168 million as of June 30, 2010.

For more information, please visit the News Room page on www.EvergreenInvestments.com or the Press Room on www.wellsfargo.com/advantagefunds, contact your financial advisor, or call 1-800-343-2898.

The Fund’s shares 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 and is part of the Wells Fargo Asset Management Group. Wells Fargo & Company is a diversified financial services company with $1.2 trillion in assets as of March 31, 2010, providing banking, insurance, investments, mortgage and consumer finance through almost 11,000 stores and the internet (WellsFargo.com) across North America and internationally. The Wells Fargo Asset Management Group serves individual and institutional investors through a broad range of investment products; strives to meet client investment objectives through disciplined, team-based asset management; and manages more than $465 billion in assets as of March 31, 2010. For more information on Evergreen, please visit EvergreenInvestments.com.

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 InvestmentsSM is a service mark of Evergreen Investment Management Company, LLC. Copyright 2010. Evergreen Investment Management Company, LLC.

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The foregoing is not an offer to sell, nor a solicitation of an offer to buy, shares of any investment company. For more information regarding the fund, please call 1-800-343-2898 or visit the Evergreen funds’ website at www.EvergreenInvestments.com. Information regarding the fund may also be found on the Securities and Exchange Commission’s website (http://www.sec.gov).

Funds: NOT FDIC INSURED | NOT BANK GUARANTEED | MAY LOSE VALUE