American Stock Exchange Lists Evergreen Utilities and High Income Fund NEW YORK, April 28 /PRNewswire/ -- The American Stock Exchange(R) (Amex(R)) today began trading common shares of the new Evergreen Utilities and High Income Fund under the symbol ERH. The Evergreen Utilities and High Income Fund is a newly organized and non- diversified closed-end management investment company. The fund's advisor is Evergreen Investments Management Company, LLC, a subsidiary of Wachovia Corporation. The investment objective of the Evergreen Utilities and High Income Fund is to seek a high level of current income and moderate capital growth, with an emphasis on providing tax-advantaged dividend income. "We're very pleased to welcome Evergreen Investments back to the American Stock Exchange with the launch of their fourth closed-end fund," said Tom Rzepski, vice president of Amex's closed-end fund business. "The Amex looks forward to a long and continued partnership with Evergreen, together bringing investors new and innovative investment opportunities." The fund is issuing 11,500,000 common shares at an initial price of $20 per share, resulting in gross proceeds of $230 million, exclusive of the underwriters' over-allotments. The lead manager of the underwriting syndicate is Citigroup Global Markets Inc. and the specialist for the Evergreen Utilities and High Income Fund is Kellogg Capital Group. The American Stock Exchange lists 147 closed-end funds with over $24 billion in assets. For additional information on this fund or other Amex- listed closed-end funds, please call 1-800-THE-AMEX. About the American Stock Exchange The American Stock Exchange(R) (Amex(R)) is the only primary exchange that offers trading across a full range of equities, options and exchange traded funds (ETFs), including structured products and HOLDRS(SM). In addition to its role as a national equities market, the Amex is the pioneer of the ETF, responsible for bringing the first domestic product to market in 1993. Leading the industry in ETF listings, the Amex lists 138 ETFs. The Amex is also one of the largest options exchanges in the U.S., trading options on broad-based and sector indexes as well as domestic and foreign stocks. For more information, please visit http://www.amex.com/. 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 $248 billion in assets (as of March 31, 2004). For more information on Evergreen, please visit http://www.evergreeninvestments.com/. DATASOURCE: The American Stock Exchange CONTACT: Lynn Duffy of American Stock Exchange, +1-212-306-1654, ; or Laura Fay of Evergreen Investments, +1-617-210-3867, Web site: http://www.amex.com/ http://www.evergreeninvestments.com/

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