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Evergreen Investments Announces Approval of Interim Advisory Agreements for Closed-End Funds

November 3, 2008

BOSTON – The Board of Trustees for the Evergreen Investments closed-end funds announced approval of interim Advisory Agreements between the following Funds and Evergreen Investment Management Company, LLC. (EIMC) and interim Sub-Advisory Agreements with each fund's sub-advisor(s), if any:

  • Global Dividend Opportunity Fund (NYSE:EOD)
  • Income Advantage Fund (AMEX:EAD)
  • International Balanced Income Fund (NYSE:EBI)
  • Multi-Sector Income Fund (AMEX:ERC)
  • Utilities and High Income Fund (AMEX:ERH)

Wells Fargo & Company (Wells Fargo) and Wachovia Corporation (Wachovia), parent company of Evergreen Investments, announced that Wells Fargo agreed to acquire Wachovia in a whole company transaction that will include all of Wachovia’s banking and other businesses, including Evergreen Investments. The transaction is expected to close during the fourth quarter of 2008, subject to receipt of regulatory approvals and Wachovia shareholder approval. In connection with this transaction, Wachovia issued preferred shares representing approximately a 39.9% voting interest in Wachovia to Wells Fargo. Due to the issuance of the preferred shares, Wells Fargo may be deemed to control EIMC, and therefore the Advisory Agreements between the Funds and EIMC and the Sub-Advisory Agreements between EIMC and the Funds’ sub-advisers may have terminated automatically in connection with the issuance of preferred shares. To address this possibility, the Board of Trustees approved interim Advisory Agreements with EIMC and interim Sub-Advisory Agreements with each sub-adviser, which became effective upon the issuance of the preferred shares. The interim advisory agreements are substantially identical to the terms and provisions of the original agreements. The interim advisory agreements will be in effect for a period of up to 150 days. EIMC's receipt of the advisory fees under an interim advisory agreement is subject to the approval by shareholders of the fund of a new advisory agreement with EIMC. The Funds expect no change in portfolio management, investment objectives or policies as a result of the interim agreements.

A prospectus supplement was filed with the Securities and Exchange Commission (SEC) notifying open-end shareholders of the interim Advisory and Sub-Advisory Agreements for all Evergreen Funds.

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 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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