RHY Rmk MS HI Income Fd

NEW YORK, NEW YORK is pleased to announce its appointment as Investment Advisor to certain funds that were previously managed by Morgan Asset Management, Inc. (collectively, the "Funds"). Hyperion Brookfield was approved by stockholders and, effective today, has assumed its duties as Investment Advisor to the following Funds:

  - RMK Advantage Income Fund, Inc. (NYSE: RMA)
  - RMK High Income Fund, Inc. (NYSE: RMH)
  - RMK Multi-Sector High Income Fund, Inc. (NYSE: RHY)
  - RMK Strategic Income Fund, Inc. (NYSE: RSF)
   (collectively, the "Closed-End Funds")

    And the following series of the Morgan Keegan Select Fund, Inc.:
  - Regions Morgan Keegan Select High Income Fund (NYSE: MKHIX),
  - Regions Morgan Keegan Select Short Term Bond Fund (NYSE: MSBIX), and
  - Regions Morgan Keegan Select Intermediate Bond Fund (NYSE: MKIBX)
   (collectively, the "Open-End Funds")

The lead portfolio manager for each of the Funds is Dana Erikson, who is supported by a team of seasoned investment professionals. Mr. Erikson has over 20 years of investment experience in the high yield and loan business, including management of multiple closed- and open-end high yield and multi-sector funds. The co-portfolio manager for the Funds is Anthony Breaks. Mr. Breaks has over 11 years of investment experience, primarily in the area of structured finance investments. The portfolio managers are supported by Hyperion Brookfield's teams of specialists in the asset-backed securities, mortgage-backed securities ("MBS") and corporate bond sectors.

The well publicized problems in mortgage and credit markets have had a significant impact on the Funds. Redemptions and deleveraging have contributed to a concentration in complex mortgage-backed securities, asset-backed securities and collateralized debt obligations. Hyperion Brookfield's near-term goal for the Funds is to reposition the portfolios in favor of investment grade and high yield corporate securities along with asset-backed securities. Achieving better diversification across different sectors of the fixed income market should allow the Funds to increase the predictability of income, provide a base for net asset value stability, and preserve total return potential. Further, Hyperion Brookfield believes that such a portfolio repositioning may improve the Closed-End Funds' ability to obtain leverage at rates that are beneficial to shareholders. Historically, the use of leverage contributes to a closed-end fund's ability to pay attractive dividends to shareholders, so establishing predictable financing alternatives will be a priority.

"We believe that a portfolio repositioning is in shareholders' best interests, yet we are mindful of today's difficult markets and the challenges they will present in executing our plan," commented John Feeney, Hyperion Brookfield's President and CEO. "The markets for many of the Funds' holdings continue to face difficulties unlike any in recent history. Nevertheless, our strategy will focus entirely on our goal of creating the most long-term value for shareholders."

The Funds' management team will host a dial-in teleconference to provide additional information about the Funds' future investment strategy on Thursday, September 4, 2008, at 4:30 p.m. Eastern Time (3:30 p.m. Central). The teleconference can be accessed by dialing 877-397-0272 or 719-325-4900 (International). A replay of the recorded teleconference will be available through September 18, 2008. The replay can be accessed by dialing 888-203-1112 or 719-457-0820 (International) and entering passcode 8004383.

About Hyperion Brookfield

Hyperion Brookfield is a registered investment advisor located in New York City. The firm was founded in 1989 to provide relative value driven fixed income investment strategies, such as core fixed income, high yield, and specialized MBS. Hyperion Brookfield manages in excess of $22 billion for a client base including pension funds, financial institutions, mutual funds, insurance companies and foundations. Hyperion Brookfield is a subsidiary of Brookfield Asset Management Inc., a global asset manager focused on property, power and other infrastructure assets with approximately US$95 billion of assets under management.

Forward-Looking Information

This news release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements that are based on various assumptions (some of which are beyond our control) may be identified by reference to a future period or periods or by the use of forward-looking terminology, such as "may," "will," "believe," "expect," "anticipate," "continue," "should," "intend," or similar terms or variations on those terms or the negative of those terms. Although we believe that the expectations contained in any forward-looking statement are based on reasonable assumptions, we can give no assurance that our expectations will be attained. We do not undertake, and specifically disclaim any obligation, to publicly release any update or supplement to any forward-looking statements to reflect the occurrence of anticipated or unanticipated events or circumstances after the date of such statements.

For more information on the Funds, please visit our website at www.hyperionbrookfield.com, where stockholders also can access a document that discusses some frequently asked questions.

Contacts: Hyperion Brookfield Asset Management, Inc. Investor Relations Department 1-800 HYPERION Website: www.hyperionbrookfield.com

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