NEW YORK, NEW YORK took over as investment advisor of the following RMK 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)

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 "Funds")

As part of the management transition of the Funds, Hyperion Brookfield took over the pricing and administration function on July 31st. The Funds' drop in net asset values ("NAV") on July 31st reflects the application by the Company of the Funds' new pricing policies and procedures. Before July 31st, the Funds' NAVs were based upon the application of the prior administrator's pricing policies and procedures. The NAVs are based upon market information available each day. There can be no assurance that there will not be further adjustments in pricing based upon the market information that may become available to the Company in the future.

Additional information related to Hyperion Brookfield's pricing procedure, can be found in the "Frequently Asked Questions" document, which has been posted on the Company's website at www.hyperionbrookfield.com.

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.

Contacts: Hyperion Brookfield Asset Management, Inc. Investor Relations Department Three World Financial Center 200 Vesey Street, 10th Floor New York, NY 10281-1010 1-800 HYPERION

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