HI PAYS Declares Regular Monthly Distributions to Preferred Shareholders

    TORONTO, July 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 July 31, 2008 to shareholders of record on July 15,
    HI PAYS is due to terminate on July 31, 2008 (the "Termination Date"). In
accordance with the terms of the Articles, HI PAYS will redeem all of the
outstanding preferred shares, equity shares, and subordinate shares of the
Fund on the Termination Date. Shareholders are not required to take any action
to cause their shares to be redeemed. Redemption proceeds calculated in
accordance with the Articles (less any tax required by law to be deducted or
withheld therefrom), together with the amount, if any, of declared but unpaid
dividends on such shares, will be paid to shareholders on or before August 8,
2008 to shareholders' accounts at the investment firm where their shares are
held at the time of the termination.
    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:                                          July 11, 2008
    Record Date:                                               July 15, 2008
    Payment Date:                                              July 31, 2008

    %SEDAR: 00017231E

For further information:

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

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