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3 Closed-End Funds Have Repaid a Portion of Their Outstanding Borrowings; Evergreen Multi-Sector Income Fund Declares Monthly Dividend

November 24, 2008

BOSTON – Evergreen Investments today announced that Evergreen Utilities and High Income Fund (AMEX: ERH), Evergreen Income Advantage Fund (AMEX: EAD), and Evergreen Multi-Sector Income Fund (AMEX: ERC), three of its closed end funds, have repaid a portion of their borrowings secured April 30, 2008 from a multi-seller commercial paper conduit administered by a major financial institution. ERH has repaid $20 million; EAD has repaid $70 million; and ERC has repaid $20 million.

Evergreen Investments also announced the dividend declaration for ERC.

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
November 24, 2008 December 11, 2008 December 15, 2008 January 2, 2009 $0.1083 / share
 
To make changes to your account, please contact your financial advisor, brokerage firm, bank, or other nominee with whom your shares are registered. If your shares are registered with the funds' transfer agent, Computershare, please contact them directly at 1-800-730-6001 or visit www.computershare.com.

For more information about Evergreen’s closed-end funds, contact your financial advisor, or visit the Closed-End Funds section on EvergreenInvestments.com, or call 1-800-343-2898.

These closed-end funds are no longer offered as initial public offerings and are only offered through broker/dealers on the secondary market.

About Evergreen Investments
Evergreen Investments is the brand name under which Wachovia Corporation (NYSE:WB) conducts its investment management business. Wachovia Global Asset Management is the brand name under which Evergreen Investments conducts sales and distribution business outside of the United States. Combined, the groups serve more than four million individual and institutional investors through a broad range of investment products. Led by more than 300 investment professionals, Evergreen Investments strives to meet client investment objectives through disciplined, team-based asset management. Evergreen Investments manages more than $209 billion in assets (as of September 30, 2008).

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