HI PREFS Announces Results of Annual Redemption

    TORONTO, July 3 /CNW/ - Lawrence Asset Management Inc., the Manager of
High Income Preferred Shares Corporation ("HI PREFS") today announced that
680,998 HI PREFS Series 1 Shares (TSX: HPF.PR.A) and 207,662 HI PREFS Series 2
Shares (TSX: HPF.PR.B) were submitted for the annual redemption on June 30,
2008. Subsequent to the annual redemption there are 410,956 Series 1 Shares
issued and outstanding and 800,792 Series 2 Shares issued and outstanding.
    The redemption proceeds will be paid to Series 1 and Series 2
shareholders who participated in the annual redemption on or before July 15,
2008. Series 1 shareholders will receive redemption proceeds of $25.00 per
Series 1 Share submitted for redemption and Series 2 shareholders will receive
redemption proceeds of $11.11 per Series 2 Share submitted for redemption.

    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@lawvest.com

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