Merrill Lynch Investment Managers Completes Successful High-Yield Closed-End Fund Offering.

Business Editors

NEW YORK--(BUSINESS WIRE)--June 4, 2003

Merrill Lynch Investment Managers (MLIM) announced today that the initial public offering of common shares of the Corporate High Yield Fund VI (NYSE: HYT) raised gross proceeds of nearly $550 million, assuming full exercise of the underwriters' overallotment option, which may not occur.

Corporate High Yield Fund VI, which commenced trading on the NYSE on May 28, seeks to provide investors with monthly income by investing primarily in a diversified portfolio of high-yield securities rated below investment grade by established rating agencies. Capital appreciation will be the second investment objective of the fund.

"For investors looking to diversify their fixed income portfolio, high-yield securities, which provide the potential for higher income than investment grade securities although at greater risk, may be an attractive alternative," said Kevin McKenna, Head of Fixed Income for MLIM Americas. "The Corporate High Yield Fund VI is an easy way for investors to access this asset class."

Following outstanding demand from investors, the Fund's initial public offering was capped last week. The offering includes over $89 million in gross proceeds raised through nearly 80 third-party underwriters. Currently, MLIM offers 34 closed-end funds that trade on the NYSE, representing approximately $16 billion in assets. Of that, MLIM offers closed-end high-yield funds with nearly $2.5 billion in assets, including Corporate High Yield VI.

The Fund is managed by MLIM's team of fixed income investment professionals led by co-portfolio managers Dan Evans and Betsy Phillips, who have a combined 57 years of experience with high-yield investments.

Merrill Lynch (NYSE: MER) is one of the world's leading financial management and advisory companies with offices in 36 countries and total client assets of approximately $1.1 trillion. As an investment bank, it is a leading global underwriter of debt and equity securities and strategic advisor to corporations, governments, institutions and individuals worldwide. Through Merrill Lynch Investment Managers, the company is one of the world's largest managers of financial assets. For more information on Merrill Lynch, please visit www.ml.com.

The price of shares of the Fund traded on the New York Stock Exchange will fluctuate with market conditions and may be worth more or less than their original offering price. Shares of closed-end funds often trade at a discount to their net asset value, but may also trade at a premium.

For more complete information about the fund, including risks, charges and expenses, please request a prospectus. Investors should read the prospectus carefully before they invest or send money.