Termination Proceeds to be Paid to Shareholders of High Income Principal and Yield Securities Corporation

    TORONTO, Aug. 1 /CNW/ - Lawrence Asset Management Inc., the Manager of
High Income Principal and Yield Securities Corporation (the "HI PAYS")
announced today that in accordance with the provisions set out in the articles
of incorporation (the "Articles"), HI PAYS was terminated as of market close
on July 31, 2008 (the "Termination Date").
    In accordance with the terms of the Articles, HI PAYS will redeem all of
the outstanding preferred shares, equity shares, and subordinate shares of the
Fund on the Termination Date at Net Asset Value per Share. Redemption proceeds
calculated in accordance with the Articles of $25.00 per Preferred Share
(TSX:PAY.pr.a) and $11.49 per Equity Share (TSX:PAY), will be paid to
shareholders on or before August 8, 2008 via their brokerage accounts.
Shareholders are not required to take any action to cause their shares to be
redeemed. The Subordinate Shares had no value as of the Termination Date.
    From and after the Termination Date, Shareholders cease to be entitled to
any dividends of the Fund and will not be entitled to exercise any of the
rights of shareholders of the Fund unless payment of the redemption amount in
respect of your shares is not duly made by the Fund.
    For more information please visit www.lawrenceasset.com.

    %SEDAR: 00017231E

For further information:

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

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