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Wells Fargo Funds Management and Evergreen Investments Announce the Approval of Proposed Changes to Four Evergreen Closed-End Funds


SAN FRANCISCO--(BUSINESS WIRE)--As part of the integration of the Evergreen and Wells Fargo Advantage mutual fund families, Wells Fargo Funds Management, LLC, and Evergreen Investments announced today that shareholders have approved proposals for new advisory and subadvisory contracts and the nomination of trustees for four Evergreen closed-end funds: Evergreen Income Advantage Fund (NYSE Amex:EAD), Evergreen Multi-Sector Income Fund (NYSE Amex:ERC), Evergreen Utilities and High Income Fund (NYSE Amex:ERH), and Evergreen Global Dividend Opportunity Fund (NYSE:EOD). In addition, the four Funds have been renamed, effective after the close of business on July 9, 2010. The trading symbols for each of the four Funds will not change.

Former Closed-End Fund Name New Closed-End Fund Name Evergreen Income Advantage Fund Wells Fargo Advantage Income Opportunities Fund (NYSE Amex: EAD) Evergreen Multi-Sector Income Fund Wells Fargo Advantage Multi-Sector Income Fund (NYSE Amex: ERC) Evergreen Utilities and High Income Fund Wells Fargo Advantage Utilities and High Income Fund (NYSE Amex: ERH) Evergreen Global Dividend Opportunity Fund Wells Fargo Advantage Global Dividend Opportunity Fund (NYSE: EOD) The shareholder meeting for the Evergreen International Balanced Income Fund (NYSE:EBI) has been adjourned for all proposals until July 30, 2010. Shareholder votes for the Fund will continue to be solicited and accepted until the next meeting date.

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

The foregoing is not a solicitation of any proxy. The definitive proxy statement relating to the proposals for the Evergreen International Balanced Income Fund has been filed with the Securities and Exchange Commission (SEC). Obtain a free copy of each Fund's proxy statement by calling 1-800-343-2898 or by visiting www.EvergreenInvestments.com. The proxy statement will also be available for free on the SEC's Web site at www.sec.gov. You should read the proxy statement carefully because it contains important information.

These closed-end funds are no longer offered as an initial public offering and are only offered through broker/dealers on the secondary market. Unlike an open-end mutual fund, a closed-end fund offers a fixed number of shares for sale. After the initial public offering, shares are bought and sold in the secondary marketplace, and the market price of the shares is determined by supply and demand, not by net asset value (NAV), often at a lower price than the NAV. A closed-end fund is not required to buy its shares back from investors upon request.

Various statements contained in this press release are "forward-looking statements." All forward-looking statements involve risks and uncertainties. In particular, any statement contained in this press release regarding expectations or assumptions are subject to risks, uncertainties, and contingencies, including market risks, which are beyond our control, and which may cause actual results or achievements to differ materially and perhaps substantially from anticipated results or achievements. Evergreen Investments and the Evergreen Funds do not make any representations or warranties (express or implied) about the accuracy of such forward-looking statements.

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 (www.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. 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 www.EvergreenInvestments.com.

Wells Fargo Funds Management, LLC, a wholly owned subsidiary of Wells Fargo & Company, provides investment advisory and administrative services for Wells Fargo Advantage Funds®. Other affiliates of Wells Fargo & Company provide subadvisory and other services for the Funds. The Funds are distributed by Wells Fargo Funds Distributor, LLC, Member FINRA/SIPC, an affiliate of Wells Fargo & Company.

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 mutual funds are distributed by Wells Fargo Funds Distributor, LLC, Member FINRA/SIPC, an affiliate of Wells Fargo & Company. Evergreen Investments(SM) is a service mark of Evergreen Investment Management Company, LLC. Copyright 2010. Evergreen Investment Management Company, LLC. 124681 07-10

NOT FDIC INSURED • NO BANK GUARANTEE • MAY LOSE VALUE

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