Ivy High Income Opportunities Fund Names Nelson as Portfolio Manager

25-year veteran has managed high yield portfolios for 15 years; takes over for Krug

Ivy High Income Opportunities Fund (NYSE:IVH) today announced that veteran high-yield portfolio manager William M. Nelson assumed portfolio management of the Fund, effective immediately. He takes over Ivy High Income Opportunities Fund from Bryan C. Krug, who had managed the Fund since its inception.

Nelson joined the firm in 1995 as a fixed income investment analyst specializing in high yield securities. He was appointed vice president and portfolio manager of Ivy Funds VIP High Income ($644 million in assets) in 1999 and portfolio manager of the Waddell & Reed Advisors High Income Fund ($2 billion in assets) in 2008. He has 25 years of industry experience. Nelson earned a BS in business administration from Bucknell University and an MBA in finance and marketing from the University of Connecticut.

Ivy High Income Opportunities Fund’s investment objective is to seek to provide total return through a combination of a high level of current income and capital appreciation. The Fund seeks to achieve its investment objective by investing primarily in a portfolio of high yield corporate bonds of varying maturities and other fixed income instruments of predominantly corporate issuers, including first- and second-lien secured loans. There can be no assurance that the Fund will achieve its investment objective.

An investment in the Fund is subject to market risk, including the possible loss of the entire principal amount invested. The price of the Fund’s shares will fluctuate with market conditions and other factors. Closed-end funds frequently trade at a discount from their net asset values (NAVs), which may increase an investor’s risk of loss. At the time of sale, shares may have a market price that is below NAV, and may be worth less than the original investment.

Investing in below investment grade securities may carry a greater risk of nonpayment of interest or principal than higher-rated bonds. Loans (including loan assignments, loan participations and other loan instruments) carry other risks, including the risk of insolvency of the lending bank or other intermediary. Loans may be unsecured or not fully collateralized, may be subject to restrictions on resale, and sometimes trade infrequently on the secondary market. An investment in the Fund is not appropriate for all investors and is not intended to be a complete investment program. The Fund is designed as a long-term investment and not as a trading vehicle.

Ivy Investment Management Company (IICO) serves as the Fund’s investment adviser. IICO is a wholly-owned subsidiary of Waddell & Reed Financial, Inc.

Ivy High Income Opportunities FundInvestor contact:Nicole McIntosh-Russell, 913-236-1880VP of Investor RelationsorMedia contact:Roger Hoadley, 913-236-1993VP, Director of Communications

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