RMK Multi-Sector High Income Fund Declares $0.28 Per Share Year-End Distributions.

MEMPHIS, Tenn. -- Please replace the release with the following corrected version due to multiple revisions.

The corrected release reads:

RMK MULTI-SECTOR HIGH INCOME FUND DECLARES $0.28 PER SHARE YEAR-END DISTRIBUTIONS

The Board of Directors of RMK Multi-Sector High Income Fund, Inc. (NYSE: RHY) declared a special one-time income dividend of $0.05 per share and a short-term capital gain distribution of $0.23 per share payable on December 27, 2006 to stockholders of record on December 21, 2006. Ex-dividend date for the special income dividend and capital gain distributions is December 19, 2006.

RMK Multi-Sector High Income Fund, Inc. is a diversified, closed-end investment company seeking a high level of current income with capital appreciation as a secondary investment objective.

About Morgan Asset Management

Morgan Asset Management, Inc. is the investment advisory arm of Regions Financial Corporation (NYSE: RF). Morgan Asset Management is the investment advisor to Regions Morgan Keegan Trust, Regions Morgan Keegan Select Funds, RMK Advantage Income Fund, Inc., RMK High Income Fund, Inc., RMK Multi-Sector High Income Fund, Inc. and RMK Strategic Income Fund, Inc. With locations throughout the South, Morgan Asset Management, an affiliate of Morgan Keegan & Co. Inc., manages more than $33 billion for institutions and high net worth individuals. Additional information about Morgan Asset Management, Morgan Keegan and Regions - a member of the S& P 100 Index - can be found at www.morgankeegan.com and www.regions.com.

For Additional Information:

Additional information about RMK Multi-Sector High Income Fund, Inc., including the fund's annual and semi-annual reports to stockholders, prospectus and statement of additional information, may be obtained by visiting the fund's website at www.rmkfunds.com or by calling 1-800-564-2188.