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Evergreen Investments Announces Plans to Fully Redeem Auction Market Preferred Shares Holdings

April 26, 2010

BOSTON — Evergreen Investments today announced plans to secure debt financing to redeem all remaining outstanding Auction Market Preferred Shares (AMPS) from Evergreen Income Advantage Fund (NYSE Amex: EAD) and Evergreen Multi-Sector Income Fund (NYSE Amex: ERC), two of the firmís closed-end funds. The Funds previously secured debt financing from a multi-seller commercial paper conduit administered by a major financial institution to redeem approximately 60% of outstanding AMPS from EAD, and approximately 80% from ERC, as well as all outstanding Auction Preferred Shares (APS) from Evergreen Utilities and High Income Fund (NYSE Amex:ERH). After completion of the redemptions outlined below, none of the Evergreen closed-end funds will have any outstanding AMPS or APS.

The tables below list the total number of shares, total amount redeemed, and anticipated redemption dates for each of the Funds.

Evergreen Multi-Sector Income Fund (ERC):
Series CUSIP Total Shares Redeemed Total Amount Redeemed Anticipated Redemption Date
M7 30024Y401 640 $16,000,000 May 18, 2010
W7 30024Y500 640 $16,000,000 May 13, 2010
F7 30024Y609 640 $16,000,000 May 17, 2010
T28 30024Y203 640 $16,000,000 May 19, 2010
Th28 30024Y302 640 $16,000,000 June 4, 2010

†Evergreen Income Advantage Fund (EAD):  

Series CUSIP Total Shares Redeemed Total Amount Redeemed Anticipated Redemption Date
T7 30023Y402 1280 $32,000,000 May 19, 2010
W7 30023Y501 1280 $32,000,000 May 13, 2010
Th7 30023Y600 1280 $32,000,000 May 14, 2010
F7 30023Y709 1280 $32,000,000 May 17, 2010
M28 30023Y204 1360 $34,000,000 June 8, 2010
W28 30023Y303 1360 $34,000,000 May 27, 2010

For more information about Evergreen’s closed-end funds, contact your financial advisor, visit, or call 1-800-343-2898.

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 (CEF) 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 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 ( 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

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