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Wells Fargo Advantage Closed-End Funds



  Wells Fargo Advantage Closed-End Funds

    Declare Monthly and Quarterly Dividends; Wells Fargo Advantage Income
                   Opportunities Fund Reduces Dividend Rate

Business Wire

SAN FRANCISCO -- February 21, 2013

The Wells Fargo Advantage Income Opportunities Fund (NYSE MKT: EAD), the Wells
Fargo Advantage Multi-Sector Income Fund (NYSE MKT: ERC), the Wells Fargo
Advantage Utilities and High Income Fund (NYSE MKT: ERH), and the Wells Fargo
Advantage Global Dividend Opportunity Fund (NYSE: EOD) each announced today
its dividend declaration. The Wells Fargo Advantage Income Opportunities Fund
also announced a reduction in its dividend distribution.

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. As part of its
principal investment strategy, the fund invests at least 80% of its total
assets in below-investment-grade (high-yield) debt securities, loans, and
preferred stock. The U.S. high-yield markets have produced a record-level
low-yield environment. In light of this, the fund is reducing its monthly
dividend declared today from $0.077 to $0.068 per share.

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

Declaration         Ex-dividend         Record         Payable         Dividend/share
date                date                date           date
February            March 12,           March          April
21, 2013            2013                14,            1, 2013         $0.068/share
                                        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         Payable         Dividend/share
date                date                date           date
February            March 12,           March          April
21, 2013            2013                14,            1, 2013         $0.10/share
                                        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         Payable         Dividend/share
date                date                date           date
February            March 12,           March          April
21, 2013            2013                14,            1, 2013         $0.075/share
                                        2013

The Wells Fargo Advantage Global Dividend Opportunity Fund is a closed-end
fund investing primarily in a diversified portfolio of common stocks of U.S.
and non-U.S. companies. The fund’s investment objective is to seek a high
level of current income. The fund’s secondary objective is long-term growth of
capital.

The Wells Fargo Advantage Global Dividend Opportunity Fund declared the
following quarterly dividend:

Declaration         Ex-dividend         Record         Payable         Dividend
date                date                date           date            rate/share
February            March 12,           March          April
21, 2013            2013                14,            1, 2013         $0.210/share
                                        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.

High-yield, lower-rated bonds may contain more risk due to the increased
possibility of default. Foreign investments may contain more risk due to the
inherent risks associated with changing political climates, foreign market
instability, and foreign currency fluctuations. Risks of international
investing are magnified in emerging or developing markets. Funds that
concentrate their investments in a single industry or sector may face
increased risk of price fluctuation over more diversified funds due to adverse
developments within that industry or sector. Nondiversified funds may face
increased risk of price fluctuation over more diversified funds due to adverse
developments within certain sectors. Small- and mid-cap securities may be
subject to special risks associated with narrower product lines and limited
financial resources compared with their large-cap counterparts. The use of
leverage results in certain risks including, among others, the likelihood of
greater volatility of net asset value and the market price of common shares.
Derivatives involve additional risks, including interest-rate risk, credit
risk, the risk of improper valuation and the risk of noncorrelation to the
relevant instruments they are designed to hedge or to closely track. There are
numerous risks associated with transactions in options on securities. Illiquid
securities may be subject to wide fluctuations in market value and may be
difficult to sell.

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.

215205 02-13

            NOT FDIC INSURED • NO BANK GUARANTEE • MAY LOSE VALUE

Contact:

Wells Fargo & Company
John Roehm, 415-222-5338 (Media)
john.o.roehm@wellsfargo.com
or
Shareholder inquiries, 1-800-730-6001
Financial advisor inquiries, 1-888-877-9275
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