HI PREFS Announces New Director and Officer Appointments

    TORONTO, Sept. 9 /CNW/ - The Board of Directors of High Income Preferred
Shares Corporation ("HI PREFS") expressed its sadness at the tragic death of
Jack Lawrence last month. Mr. Lawrence had served as Chairman and Director of
the HI PREFS Board of Directors since its inception in June 2002 and was
Chairman and CEO of Lawrence Asset Management Inc. ("LAMI"), the Manager of HI
    The Board announced that John Crow would be assuming the Chair of HI
PREFS. Mr. Crow has been a member of the HI PREFS Board since its inception.
The Board also announced that Catherine Stretch, Vice President of LAMI, had
been appointed to the HI PREFS Board of Directors and to the HI PREFS Audit
Committee. Ms. Stretch has been an employee of LAMI since October 2000 and has
been involved in the day-to-day operations of HI PREFS since its inception.
Ms. Stretch is also the President of HI PREFS.

    HI PREFS 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 60 Index, income funds and investment grade debt
securities. Lawrence Asset Management Inc. is both Manager and Investment
Manager of HI PREFS.

    %SEDAR: 00017798E

For further information:

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

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