HI PAYS Declares Regular Monthly Distributions to Preferred Shareholders

    TORONTO, June 3 /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 June 30, 2008 to shareholders of record on June 16,

    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 PAYS. HI PAYS is scheduled to terminate on July 31, 2008, at
which time the Preferred Shares and Equity Shares will be redeemed at their
Net Asset Value.

    Distribution Details

    Distribution per Preferred Share (TSX: PAY.PR.A):      $0.1146
    Ex-Dividend Date:                                      June 12, 2008
    Record Date:                                           June 16, 2008
    Payment Date:                                          June 30, 2008

    %SEDAR: 00017231E

For further information:

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

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