HI PAYS Declares Regular Monthly Distributions to Preferred Shareholders

    TORONTO, Aug. 1 /CNW/ - The Board of Directors of High Income Principal
And Yield Securities Corporation ("HI PAYS") today announced its regular
monthly distributions to holders of HI PAYS Preferred Shares (TSX: PAY.PR.A).
Distributions are payable August 31, 2007 to shareholders of record on August
15, 2007.

    HI PAYS invests in a diversified portfolio consisting principally of
common shares issued by corporations whose shares are included in the S&P 500
Index and the S&P/TSX Composite Index, income funds and debt securities.
Lawrence Asset Management Inc. is both Manager and Investment Manager of HI

    Distribution Details

    Distribution per Preferred Share (TSX: PAY.PR.A):       $0.1146
    Ex-Dividend Date:                                       August 13, 2007
    Record Date:                                            August 15, 2007
    Payment Date:                                           August 31, 2007

    %SEDAR: 00017231E

For further information:

For further information: Investor Relations: Catherine Stretch, (416)
362-6283, info@lawvest.com

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