HI PAYS Declares Regular Monthly Distributions to Preferred Shareholders and Reversal of Management Fee Accrual

    TORONTO, Sept. 5 /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 September 28, 2007 to shareholders of record on
September 17, 2007.
    HI PAYS also announced that it has reversed a $1,132,913.04 accrual for
management fees which would be payable if all previously suspended Equity
Share and Subordinate Share distributions were to be paid in full. It is
unlikely that such distributions will be paid prior to HI PAYS termination on
July 31, 2008 and accordingly the accrual has been reversed. This has the
positive impact of adding approximately $0.77 to the Net Asset Value per
Equity Share (TSX:PAY).

    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

    Distribution Details

    Distribution per Preferred Share (TSX: PAY.PR.A):     $0.1146
    Ex-Dividend Date:                                     September 13, 2007
    Record Date:                                          September 17, 2007
    Payment Date:                                         September 28, 2007

    %SEDAR: 00017231E

For further information:

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

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