Evergreen Closed End Funds Declare Monthly Dividends.

BOSTON -- Evergreen Investments today announced the dividend declaration for Evergreen Income Advantage Fund (AMEX:EAD), Evergreen Managed Income Fund (AMEX:ERC), Evergreen Utilities and High Income Fund (AMEX:ERH) and Evergreen International Balanced Income Fund (NYSE:EBI).

Evergreen Income Advantage Fund is a closed-end high yield bond fund. The fund's investment objective is to seek a high level of current income. The fund may, as a secondary objective, seek capital appreciation to the extent consistent with its investment objective.

Evergreen Income Advantage Fund declared the following monthly
                    dividend from ordinary income:

Declaration   Ex-dividend    Record date   Payable       Dividend
     Date          Date                      Date        rate/share
------------- ------------- ------------- ---------- -----------------
 March 17,     April 13,     April 18,     May 1,
     2006          2006          2006        2006    $0.1250 / share
------------- ------------- ------------- ---------- -----------------

Evergreen Managed 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 Managed Income Fund declared the following monthly
                    dividend from ordinary income:

Declaration  Ex-dividend    Record date   Payable       Dividend
    Date          Date                      Date        rate/share
------------ ------------- ------------- ---------- ------------------
 March 17,    April 13,     April 18,     May 1,
    2006          2006          2006        2006     $0.1167 / share
------------ ------------- ------------- ---------- ------------------

Evergreen Utilities and High Income Fund is a closed-end equity and high yield bond fund. The fund's primary investment objective is to seek a high level of current income and moderate capital growth, with emphasis on providing tax-advantaged dividend income. The dividend below represents an increase in the monthly dividend rate of $0.0417 per share. The increase in the monthly distribution rate reflects both favorable income levels from investments in the stocks of domestic utility companies, as well as investments in foreign utility companies. At the new distribution rate of $0.1667 per common share, the common share distribution yield will be 10.0% on the initial offer price of $20 per common share.

Evergreen Utilities and High Income Fund declared the following
                monthly dividend from ordinary income:

Declaration   Ex-dividend   Record date   Payable       Dividend
     Date          Date                     Date        rate/share
------------- ------------- ------------ ---------- ------------------
 March 17,     April 13,     April 18,    May 1,
     2006          2006         2006        2006     $0.1667 / share
------------- ------------- ------------ ---------- ------------------

As previously announced, Evergreen Investments will hold a conference call to discuss Evergreen Utilities and High Income Fund on Monday, March 20, 2006, at 4:15 pm EST. Interested parties should call toll free 877.238.1611 and enter the following conference identification number when prompted: 6540347.

Evergreen International Balanced Income Fund is a closed-end fund investing primarily in international stocks and bonds. The fund's investment objective is to seek to provide a high level of income.

Evergreen International Balanced Income Fund declared the
           following monthly dividends from ordinary income:

Declaration   Ex-dividend    Record date   Payable       Dividend
     Date          Date                      Date        rate/share
------------- ------------- ------------- ---------- -----------------
 March 17,     April 13,     April 18,     May 1,
     2006          2006          2006        2006    $0.1458 / share
------------- ------------- ------------- ---------- -----------------

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 400 investment professionals, Evergreen Investments strives to meet client investment objectives through disciplined, team-based asset management. Evergreen Investments manages approximately $249 billion in assets (as of December 31, 2005). Please visit EvergreenInvestments.com for more information about Evergreen Investments.