Le Lézard
Subject: Stock Sale/Buyback

High Income Securities Fund Announces Non-Transferable Rights Offering


High Income Securities Fund ("the Fund") (NYSE: PCF) announced today that its Board of Trustees has approved the terms of a non-transferable rights offering to shareholders to purchase additional shares of beneficial interest.

The Fund will issue to holders of its shares of beneficial interest of record on September 22, 2021 non-transferable rights to subscribe for up to an aggregate of 9,487,873 shares of beneficial interest. Record date shareholders will receive one right for each share owned on the record date. The rights will entitle a holder to purchase one new share of beneficial interest for every full right held. Rights holders who fully exercise their rights will also be entitled to subscribe, subject to certain limitations set forth in the prospectus (which shall be available on the website of the Securities and Exchange Commission at www.sec.gov) and subject to allotment, for additional shares of beneficial interest that were not subscribed for by other rights holders. Rights may be exercised until 5:00 p.m., New York City time on October 22, 2021, unless extended (the "Expiration Date"). If there are not enough unsubscribed shares available to honor all additional subscription requests, the Fund may, in its sole discretion, issue additional shares up to 200% of the shares available in the offering to honor additional subscription requests.

The subscription price for the shares to be issued will be equal to the lesser of 95% of (1) the net asset value per share ("NAV") on the trading day after the Expiration Date or (2) the volume weighted average market price per share for the three consecutive trading days ending on the trading day after the Expiration Date, provided, however that such amount shall not be less than 85% of the NAV as of the close on the trading day after the Expiration Date. Because the subscription price will be determined after the Expiration Date, rights holders will not know the actual subscription price at the time of exercise. Rights holders will be required to pay for the shares subscribed for at the estimated subscription price set forth in the prospectus (and must pay an additional amount or receive a partial refund, depending on the actual subscription price).

The market price of the Fund's shares is currently greater than its NAV. If, during the 30-day period after the Expiration Date, the closing price of the Fund's shares is less than 95% of NAV for any 5 consecutive trading days, the Board will consider causing the Fund to commence a self-tender offer for the Fund's shares at a price of no less than 95% of NAV.

The rights offering will be made pursuant to a post-effective amendment to the Fund's registration statement on Form N-2 to be filed with the Securities and Exchange Commission.

This press release is not intended to and does not constitute an offer to sell or the solicitation of an offer to subscribe for or buy or an invitation to purchase or subscribe for any securities in any jurisdiction, nor shall there be any sale, issuance or transfer of securities in any jurisdiction in contravention of applicable law. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended.

For more information, please call InvestorCom, the Fund's information agent at (877) 972-0090.



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