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Helios High Income Fund, Inc. Announces Reverse Stock Split

Helios High Income Fund, Inc. (the "Fund") (NYSE: HIH) today announced that its Board of Directors approved a 1-for-5 reverse stock split. The Fund expects the effective date for the reverse stock split to be after the close of business on Monday, August 31, 2009. The Fund is expected to trade on a split-adjusted basis under its new CUSIP number of 42327X204 beginning Tuesday, September 1, 2009.

The reverse stock split will result in every five outstanding shares being converted into one share, thereby reducing the number of shares outstanding from 24.2 million to 4.8 million. Fractional shares will be issued in the reverse stock split in lieu of cash. Once the reverse stock split is complete, each stockholder's account will reflect fewer shares with a higher net asset value and market price per share. This will not affect the Fund's portfolio or the total value of each individual stockholder's investment as each stockholder will continue to hold the same percentage of shares following the completion of the reverse stock split.

The Fund uses its web site as a channel of distribution of material company information. Financial and other material information regarding the Fund is routinely posted on and accessible at www.hyperionbrookfield.com/strategies/retail_funds.htm.

Helios High Income Fund, Inc. is managed by Hyperion Brookfield Asset Management, Inc., a registered investment advisor headquartered 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 $16 billion as of June 30, 2009 for a client base that includes pension funds, financial institutions, mutual funds, closed-end 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 $80 billion of assets under management as of June 30, 2009.