Wells Fargo Closed-End Funds Declare Monthly Distributions

SAN FRANCISCO–(BUSINESS WIRE)–The Wells Fargo Income Opportunities Fund (NYSE American: EAD), the
Wells Fargo Multi-Sector Income Fund (NYSE American: ERC), and the Wells
Fargo Utilities and High Income Fund (NYSE American: ERH) have each
announced a distribution.

The following dates apply to today’s distribution declaration for each
fund:

*This fund makes distributions in accordance with a managed distribution
plan that provides for the declaration of monthly distributions to
common shareholders of the fund at an annual minimum fixed rate of 8%
for the Wells Fargo Income Opportunities Fund and 9% for the Wells Fargo
Multi-Sector Income Fund based on the fund’s average monthly net asset
value (NAV) per share over the prior 12 months. Under the managed
distribution plan, distributions are sourced from income and also may be
sourced from paid-in capital and/or capital gains. The fund’s
distributions in any period may be more or less than the net return
earned by the fund on its investments and therefore should not be used
as a measure of performance or confused with yield or income.
Distributions in excess of fund returns will cause the fund’s NAV to
decline. Investors should not draw any conclusions about the fund’s
investment performance from the amount of its distribution or from the
terms of its managed distribution plan.

The Wells Fargo 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 Multi-Sector Income Fund is a closed-end income fund.
The fund’s 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 Utilities and High Income Fund is a closed-end equity
and high-yield bond fund. The fund’s 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 final determination of the source of all distributions is subject to
change and is made after year-end. Each fund will send shareholders a
Form 1099-DIV for the calendar year that will tell shareholders how to
report these distributions for federal income tax purposes.

For more information on Wells Fargo’s closed-end funds, please visit
our website.

These closed-end funds are no longer engaged in initial public
offerings, and shares are available only 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 through broker-dealers in the
secondary marketplace, and the market price of the shares is determined
by supply and demand, not by 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. 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. When interest rates rise, the value of
debt securities tends to fall. When interest rates decline, interest
that a fund is able to earn on its investments in debt securities also
may decline, but the value of those securities may increase. Changes in
market conditions and government policies may lead to periods of
heightened volatility in the debt securities market and reduced
liquidity for certain fund investments. Interest rate changes and their
impact on the funds and their NAVs can be sudden and unpredictable.

The use of leverage results in certain risks, including, among others,
the likelihood of greater volatility of the NAV 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 Asset Management (WFAM) is the trade name for certain
investment advisory/management firms owned by Wells Fargo & Company.
These firms include but are not limited to Wells Capital Management
Incorporated and Wells Fargo Funds Management, LLC. Certain products
managed by WFAM entities are distributed by Wells Fargo Funds
Distributor, LLC (a broker-dealer and Member FINRA).

This material is for general informational and educational purposes only
and is NOT intended to provide investment advice or a recommendation of
any kind—including a recommendation for any specific investment,
strategy, or plan.

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. Readers must make their own assessment of the
information contained herein and consider such other factors as they may
deem relevant to their individual circumstances.

401791 04-19

INVESTMENT PRODUCTS: NOT FDIC INSURED ● NO BANK GUARANTEE ● MAY LOSE
VALUE NO BANK

Contacts

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1-800-730-6001
Financial advisor
inquiries
1-888-877-9275

Media contact:
Robert Julavits
917-260-2448
[email protected]