Evergreen Closed-End Funds Declare Monthly Dividends

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

        
      
      
        
          January 15, 2010
        
        
        
        
          February 11, 2010
        
        
        
        
          February 16, 2010
        
        
        
        
          March 1, 2010
        
        
        
        
          $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

        
      
      
        
          January 15, 2010
        
        
        
        
          February 11, 2010
        
        
        
        
          February 16, 2010
        
        
        
        
          March 1, 2010
        
        
        
        
          $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

        
      
      
        
          January 15, 2010
        
        
        
        
          February 11, 2010
        
        
        
        
          February 16, 2010
        
        
        
        
          March 1, 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

        
      
      
        
          January 15, 2010
        
        
        
        
          February 11, 2010
        
        
        
        
          February 16, 2010
        
        
        
        
          March 1, 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 September 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. 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 $155.5 billion in assets (as of September 30, 2009). Evergreen InvestmentsSM is a service mark of Evergreen Investment Management Company, LLC. Copyright 2010. Evergreen Investment Management Company, LLC. For more information on Evergreen, please visit EvergreenInvestments.com. 120282 01-10

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