SL1 - Problem connecting to MATLAB engine

Problem
The following error is shown when attempting to access Simulink models:

Tool	Solution
Simulink R2016b+	MagicDraw - Set up API-based integration according to Simulink instructions in the User Guide, item 1 Rhapsody - Set up API-based integration according to Simulink instructions in the User Guide, item 1
Simulink R2012a-R2016a	MagicDraw - Set up file-based integration according to Simulink instructions in the User Guide, item 2 Rhapsody - Set up file-based integration according to Simulink instructions in the User Guide, item 2