HI PREFS Declares Regular Monthly Distributions

    TORONTO, June 5 /CNW/ - The Board of Directors of High Income Preferred
Shares Corporation ("HI PREFS") today announced its regular monthly
distribution to holders of HI PREFS Series 1 Shares (TSX: HPF.PR.A) and HI
PREFS Series 2 Shares (TSX: HPF.PR.B). Distributions are payable June 29, 2007
to shareholders of record on June 15, 2007.

    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.

    Distribution Details

    Distribution per Series 1 Share (TSX: HPF.PR.A):     $0.1219
    Distribution per Series 2 Share (TSX: HPF.PR.B):     $0.0888
    Ex-Dividend Date:                                    June 13, 2007
    Record Date:                                         June 15, 2007
    Payment Date:                                        June 29, 2007

    %SEDAR: 00017798E

For further information:

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

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