Wells Fargo Advantage Closed-End Funds Declare Monthly Dividends

  Wells Fargo Advantage Closed-End Funds Declare Monthly Dividends

Business Wire

SAN FRANCISCO -- December 28, 2012

The Wells Fargo Advantage Income Opportunities Fund (NYSE MKT: EAD), the Wells
Fargo Advantage Multi-Sector Income Fund (NYSE MKT: ERC) and the Wells Fargo
Advantage Utilities and High Income Fund (NYSE MKT: ERH) each announced today
its dividend declaration.

The Wells Fargo Advantage Income Opportunities 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 it is consistent with its investment objective.

The Wells Fargo Advantage Income Opportunities Fund declared the following
monthly dividend:

Declaration      Ex-dividend      Record date  Payable      Dividend/share
date              date                            date
December 28,      January 11,       January 15,   February 1,   $0.077/share
2012              2013              2013          2013
                                                                

The Wells Fargo Advantage Multi-Sector 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.

The Wells Fargo Advantage Multi-Sector Income Fund declared the following
monthly dividend:

Declaration      Ex-dividend      Record date  Payable      Dividend/share
date              date                            date
December 28,      January 11,       January 15,   February 1,   $0.10/share
2012              2013              2013          2013
                                                                

The Wells Fargo Advantage 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 an
emphasis on providing tax-advantaged dividend income.

The Wells Fargo Advantage Utilities and High Income Fund declared the
following monthly dividend:

Declaration      Ex-dividend      Record date  Payable      Dividend/share
date              date                            date
December 28,      January 11,       January 15,   February 1,   $0.075/share
2012              2013              2013          2013
                                                                

These closed-end funds are no longer offered as an initial public offering,
and shares are only offered through broker/dealers on the secondary market.
Unlike an open-end mutual fund, a closed-end fund 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 (NAV), and is often lower than
the NAV. A closed-end fund is not required to buy its shares back from
investors upon request.

Wells Fargo Funds Management, LLC, a wholly owned subsidiary of Wells Fargo &
Company, provides investment advisory and administrative services for Wells
Fargo Advantage Funds^®. Other affiliates of Wells Fargo & Company provide
subadvisory and other services for the funds. The open-end funds are
distributed by Wells Fargo Funds Distributor, LLC, Member FINRA/SIPC, an
affiliate of Wells Fargo & Company. For more information on Wells Fargo
Advantage Funds, please visit wellsfargoadvantagefunds.com.

Some of the information contained herein may include forward-looking
statements about the expected investment activities of the funds. These
statements provide no assurance as to the funds’ actual investment activities
or results. The reader must make his/her own assessment of the information
contained herein and consider such other factors as he/she may deem relevant
to his/her individual circumstances.

214007 12-12

            NOT FDIC INSURED • NO BANK GUARANTEE • MAY LOSE VALUE

Contact:

Wells Fargo Funds Management, LLC
Shareholder inquiries:
1-800-730-6001
Financial advisor inquiries:
1-888-877-9275
Media contact:
John Roehm, 415-222-5338
john.o.roehm@wellsfargo.com