High Income Principal And Yield Securities Corporation Clarifies Tax Treatment for Shares Tendered to Issuer Bid

    TORONTO, Feb. 15 /CNW/ - High Income Principal and Yield Securities
Corporation ("HIPAYS") - today announced proceeds received by former
shareholders of PAY.pr.a who tendered their shares to the Dutch auction held
in May 2007 should be treated as proceeds of disposition. The amount by which
the proceeds of disposition exceed (or are less than) the shareholder's
adjusted cost base of the tendered shares will result in a capital gain (or
loss) to the tendering shareholder.
    Shareholders who tendered shares to the Dutch auction are encouraged to
consult their own tax advisors with respect to the capital gain (or loss)
related to their disposition.

    HIPAYS invests in a diversified portfolio consisting principally of
preferred 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

    %SEDAR: 00017231E

For further information:

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

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