PRESS RELEASE

For Immediate Release
19 November 2004

Media Inquiries
Laura Fay 617.210.3867
lfay@evergreeninvestments.com


Evergreen Investments


EVERGREEN INVESTMENTS TO PROPOSE THAT EVERGREEN UTILITIES AND HIGH INCOME FUND
MAKE A TENDER OFFER TO REPURCHASE SHARES

BOSTON - Evergreen Investments announced today that it would propose to the
Board of Trustees of the Evergreen Utilities and High Income Fund (AMEX:ERH)
that the fund make a tender offer to repurchase up to 5 percent of the fund's
outstanding shares at net asset value. The Board is expected to consider the
recommendation at a meeting on December 9, 2004. The Board of Trustees'
consideration is subject to certain conditions set forth in the fund's
prospectus dated April 27, 2004.

As described in the fund's prospectus, under the Enhanced Liquidity Plan, the
Board is required to consider repurchasing shares in the event that the fund's
common shares trade at a discount to net asset value of greater than 5 percent
for at least 15 out of 20 trading days during a predetermined measurement
period. The first measurement period commenced on October 29, 2004. As of the
close of business on November 18, 2004, the fund had traded at a discount of
greater than 5 percent for 15 days, initiating the recommendation that the Board
consider a tender offer.

In the event the Board approves the tender offer, terms of the offer will be
mailed to the fund's shareholders in December.

About Evergreen Investments
Evergreen Investments is the brand name under which Wachovia Corporation
(NYSE:WB) conducts its investment management business and is a leading asset
management firm serving more than four million individual and institutional
investors through a broad range of investment products. Led by 350 investment
professionals, Evergreen Investments strives to meet client investment
objectives through disciplined, team-based asset management. Evergreen
Investments manages more than $247 billion in assets (as of September 30, 2004).
For more information on Evergreen, please visit www.evergreeninvestments.com.


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