RMK Multi-Sector High Income Fund, Inc. Monthly Dividend Declaration

  RMK Multi-Sector High Income Fund, Inc. (the "Fund") (NYSE: RHY) today announced that its Board of Directors declared a monthly dividend of $0.010 per share, payable on October 30, 2008 to stockholders of record on October 14, 2008. The ex-dividend date is October 9, 2008. Based on the NYSE closing price of $0.70 on October 2, 2008, the Fund's annualized dividend yield is 17.14%.

Dividends may include net investment income, capital gains and/or return of capital. The dividend yield referenced above is calculated as the annualized amount of the most recent monthly dividend declared divided by the stated stock price.

          Portfolio of Investments as of September 30, 2008
          Sector Allocation as a Percentage of Total Assets

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Asset-Backed Securities ("ABS")                                14%
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Collateralized Debt Obligations ("CDOs")                       16%
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High Yield Corporates                                          58%
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Equities                                                        3%
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Cash                                                            9%
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        Credit Allocation as a Percentage of Total Assets

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A and Above                                                    12%
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BBB                                                             1%
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BB                                                             24%
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B                                                              31%
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CCC                                                             6%
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Unrated                                                        17%
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Cash                                                            9%
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RMK Multi-Sector High Income Fund, Inc. is managed by Hyperion Brookfield Asset Management, Inc, 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 approximately $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. For more information, please visit our website at www.hyperionbrookfield.com.

Contacts: RMK Multi-Sector High Income Fund, Inc. Three World Financial Center 200 Vesey Street, 10th Floor New York, NY, 10281-1010 1-800 HYPERION