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Evergreen Investments Announces Changes to Closed-End Funds

BOSTON--(BUSINESS WIRE)--As part of the integration of the Evergreen Funds into the Wells Fargo Advantage mutual fund family, Evergreen Investments announced today that the Board of Trustees of the Evergreen Funds has approved proposals for name changes, new advisory and subadvisory arrangements, and the nomination of Trustees for each of the five 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), Evergreen International Balanced Income Fund (NYSE: EBI) and Evergreen Global Dividend Opportunity Fund (NYSE: EOD).

The proposed new advisory and subadvisory arrangements and the election of trustees for each fund are subject to approval by the Funds' shareholders. Shareholders of the Funds on the record date will receive a proxy statement relating to the proposals. Shareholder meetings are expected to be held on July 9, 2010. The name changes would be effective upon shareholder approval of the new advisory and subadvisory arrangements. None of the Funds' investment objectives or investment strategies will change as a result of these proposals.

A more comprehensive overview of the announced proposals follows. For more information about the Funds, please visit EvergreenInvestments.com.

Evergreen Income Advantage Fund

Shareholders will be asked to approve a new advisory contract with Wells Fargo Funds Management, LLC, and a new subadvisory contract with Wells Capital Management, Inc., an institutional asset management firm within Wells Fargo's Asset Management Group, to be effective July 9, 2010. Following approval of the new contracts, Phil Susser and Niklas Nordenfelt of Wells Capital Management are expected to assume portfolio management responsibilities for the Fund, and the Fund will be renamed the Wells Fargo Advantage Income Opportunities Fund.

The Fund's primary investment objective is to seek a high level of current income, with a secondary objective of capital appreciation. The Fund invests primarily in below-investment-grade (high-yield) debt securities, loans and preferred stock. As of March 31, 2010, the Fund had net assets of $662.5 million.

Evergreen Multi-Sector Income Fund

Shareholders will be asked to approve a new advisory contract with Wells Fargo Funds Management, a new subadvisory contract with Wells Capital Management, and a new subadvisory contract with the Fund's current subadvisor, First International Advisors, LLC, to be effective July 9, 2010. Following approval of the new contracts, Susser and Nordenfelt of Wells Capital Management are expected to assume portfolio management responsibilities for the high-yield portion of the Fund. Tony Norris and Peter Wilson of First International Advisors are expected to continue to manage the foreign debt securities portion of the Fund. Norris is expected to continue providing the asset allocation services to the Fund. Richard Applebach and Christopher Kauffman of Wells Capital Management will continue to manage the adjustable rate mortgage portion of the Fund. Applebach and Kauffman currently provide the same services to the Fund as portfolio managers at Tattersall Advisory Group, a current subadvisor to the Fund. In addition, the Fund will be renamed the Wells Fargo Advantage Multi-Sector Income 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. The Fund's assets are allocated among securities consisting of below-investment-grade (high-yield) U.S. debt securities, loans and preferred stocks; investment-grade foreign debt securities; and adjustable rate mortgage-backed securities issued by the U.S. government, its agencies and instrumentalities. As of March 31, 2010, the Fund had net assets of $668.5 million.

Evergreen Utilities and High Income Fund

Shareholders will be asked to approve a new advisory contract with Wells Fargo Funds Management, a new subadvisory contract with Wells Capital Management, and a new subadvisory contract with the Fund's current subadvisor, Crow Point Partners, LLC, to be effective July 9, 2010. Following approval of the new contracts, Susser and Nordenfelt of Wells Capital Management are expected to assume portfolio management responsibilities for the high-yield portion of the Fund, and Tim O'Brien of Crow Point Partners is expected to continue to manage the utilities portion of the Fund. In addition, the Fund will be renamed the Wells Fargo Advantage Utilities and High Income Fund.

The Fund's primary investment objective is to seek a high level of current income and moderate capital growth, with an emphasis on providing tax-advantaged dividend income. The Fund allocates its assets among common, preferred and convertible securities of utilities companies, as well as U.S.-dollar-denominated non-investment-grade securities. As of March 31, 2010, the Fund had net assets of $106.1 million.

Evergreen International Balanced Income Fund

Shareholders will be asked to approve a new advisory contract with Wells Fargo Funds Management, a new subadvisory contract with Wells Capital Management, and a new subadvisory contract with the Fund's current subadvisor, First International Advisors, to be effective July 9, 2010. Following approval of the new contracts, Tim Stevenson, CFA, of Wells Capital Management is expected to continue to manage the options overlay strategy for the Fund. Stevenson currently provides the same services to the Fund as a portfolio manager at Evergreen Investment Management Company, LLC, current advisor to the Fund. Francis Claró, CFA, of Wells Capital Management is expected to continue to manage the international equities portion of the Fund. Claro currently provides the same services to the Fund as a portfolio manager at Evergreen Investment Management Company, LLC, current advisor to the Fund. Norris and Wilson of First International Advisors are expected to continue to manage the international bond portion of the Fund. Norris will also continue to manage the asset allocation responsibilities of the Fund. In addition, the Fund will be renamed the Wells Fargo Advantage International Balanced Income Fund.

Evergreen International Balanced Income Fund's primary investment objective is to provide a high level of income. The Fund invests primarily in dividend-paying international stocks and other equity securities and international debt securities. In addition, the Fund will write call options on international indices. As of March 31, 2010, the Fund had net assets of $189.3 million.

Evergreen Global Dividend Opportunity Fund

Shareholders will be asked to approve a new advisory contract with Wells Fargo Funds Management, a new subadvisory contract with Wells Capital Management, and a new subadvisory contract with the Fund's current subadvisor, Crow Point Partners, to be effective July 9, 2010. Following approval of the new contracts, Stevenson of Wells Capital Management is expected to continue to manage the options overlay strategy for the Fund. Stevenson currently provides the same services to the Fund as a portfolio manager at Evergreen Investment Management Company, LLC, current advisor to the Fund. O'Brien of Crow Point Partners is expected to continue to manage the Fund's equity securities. In addition, the Fund will be renamed the Wells Fargo Advantage Global Dividend Opportunity Fund.

The Fund's primary objective is to seek a high level of current income. The Fund's secondary objective is long-term growth of capital. The Fund primarily invests in U.S. and non-U.S. equities believed to offer above-average potential for current and/or future dividends. The Fund actively employs a dividend capture strategy and also writes call options on a variety of U.S.-and non-U.S.-based securities indices to generate additional distributable income. As of March 31, 2010, the Fund had net assets of $517.1 million.

All Funds

Shareholders will also be asked to vote on a proposal to elect seven new Trustees and to re-elect two existing Trustees to the Board of Trustees for each of the closed-end funds, to be effective July 9, 2010. Each of the proposed seven new Trustees is a member of the current Wells Fargo Advantage Funds Board of Trustees. The two existing Trustees nominated for re-election are Mr. Michael S. Scofield and Dr. Leroy Keith, Jr., each of whom is a current member of the Evergreen Funds Board of Trustees. Scofield and Keith are also expected to join the Wells Fargo Advantage Funds Board of Trustees in early July 2010.

For more information about Evergreen's closed-end funds, contact your financial advisor, visit EvergreenInvestments.com, or call 800.343.2898.

The foregoing is not a solicitation of any proxy. Once a definitive proxy statement relating to the proposals for each Fund has been filed with the Securities and Exchange Commission (the "SEC"), more information regarding the proposals will be available. Once available, a free copy of each Fund's proxy statement may be obtained by calling 1-800-343-2898 or by visiting www.EvergreenInvestments.com. Each proxy statement will also be available for free on the SEC's web site 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, 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 (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 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. 123041 05-10

NOT FDIC INSURED • NO BANK GUARANTEE • MAY LOSE VALUE

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