Lawrence Payout Ratio Trust Declares Monthly Distribution

    TORONTO, Aug. 21 /CNW/ - The Manager of Lawrence Payout Ratio Trust
("LPRT") today announced the Trust's distribution to holders of Lawrence
Payout Ratio Trust Units (TSX: LPU.UN). The monthly distribution of $0.0583
per trust unit will be payable on or before September 17, 2007 to holders of
record as of August 31, 2007.
    As previously announced on August 7, 2007, Unitholders of LPRT approved a
proposal to convert the Fund into an open-ended mutual fund. Units of the Fund
will no longer be listed and posted for trading on the TSX as of August 24th,
2007, but instead will be redeemable at their net asset value on a weekly
basis. The first weekly redemption date will be August 31st, 2007. The Fund
will continue its objective to pay Unitholders monthly distributions of
$0.0583 per unit and the same low annual management fee of 0.45% will apply.
Upon conversion, the name of the Fund will change to Lawrence Income & Growth

    Lawrence Payout Ratio Trust is an actively managed portfolio of Canadian
income funds selected based on maintaining low estimated payout ratios and
other factors, as determined by the manager. LPRT units are RRSP eligible.
LPRT is managed by Lawrence Asset Management Inc.

    Distribution Details

    Distribution per Lawrence Payout Ratio unit
     (TSX: LPU.UN):                                                  $0.0583
    Ex-Dividend Date:                                        August 29, 2007
    Record Date:                                             August 31, 2007
    Payment Date:                                         September 17, 2007

    %SEDAR: 00022491E

For further information:

For further information: Investor Relations, Catherine Stretch, (416)

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