OFFER BY
HIGH INCOME SECURITIES FUND
TO PURCHASE FOR CASH
UP TO 55% OF THE FUND’S OUTSTANDING
SHARES OF COMMON STOCK
THE OFFER AND WITHDRAWAL RIGHTS WILL EXPIRE AT 5:00 P.M., NEW YORK CITY TIME, ON MARCH 15, 2019 OR SUCH LATER DATE TO WHICH THE OFFER IS
EXTENDED (THE “TERMINATION DATE”).
THIS OFFER IS NOT CONDITIONED ON ANY MINIMUM NUMBER OF SHARES BEING TENDERED, BUT IS SUBJECT TO OTHER CONDITIONS AS OUTLINED IN THE OFFER
TO PURCHASE AND IN THE LETTER OF TRANSMITTAL, AND IN THE EVENT THAT THE OFFER IS OVERSUBSCRIBED, THE BOARD OF TRUSTEES, IN ITS SOLE DISCRETION, MAY (I) PURCHASE ALL OF THE SHARES TENDERED, INCLUDING SHARES IN EXCESS OF THE LIMITATION, BY
AMENDING OR EXTENDING THE OFFER OR (II) PURCHASE SHARES PRO RATA AMONG TENDERING STOCKHOLDERS IN PROPORTION TO THE NUMBER OF SHARES TENDERED TO THE FUND BY EACH SUCH STOCKHOLDER.
February 8, 2019
To Our Clients:
Enclosed for your consideration is the Offer to Purchase, dated February 8, 2019, of High Income Securities Fund, Inc.
(the “Fund”), a Massachusetts business trust registered under the Investment Company Act of 1940 as a closed-end, diversified management investment company, and a related Letter of Transmittal (which together with any amendments or supplements
thereto, collectively constitute the “Offer”), pursuant to which the Fund is offering to purchase up to 55% of the Fund’s outstanding common shares of beneficial interest, without par value (the “Shares”), upon the terms and conditions set
forth in the Offer. In accordance with the rules of the U.S. Securities and Exchange Commission, the Fund may purchase additional Shares not to exceed 2% of the outstanding Shares (approximately 258,607 Shares) without amending or extending
the Offer.
The Offer to Purchase and the Letter of Transmittal are being forwarded to you for your information only and cannot be
used by you to tender Shares held by us for your account. We are the holder of record of Shares held for your account. A TENDER OF SUCH SHARES CAN BE MADE ONLY BY US AS THE HOLDER OF RECORD AND ONLY PURSUANT TO YOUR INSTRUCTIONS.
Your attention is called to the following:
(1) The purchase price to be paid for the Shares is an amount per Share equal to 99% of the per Share net
asset value (“NAV”) as determined by the Fund at the close of regular trading on the New York Stock Exchange on March 15, 2019, or such later date to which the Offer is extended. The current NAV of the Fund is calculated on each Friday and the
last business day of each month and may be obtained by calling the Fund toll-free at 1(888) 898-4107.
(2) Upon the terms and subject to the conditions of the Offer, the Fund will purchase all Shares validly
tendered on or prior to the Termination Date.
(3) No fees or commission will be payable to the Fund in connection with the Offer. However, tendering
Stockholders may be obligated to pay brokerage fees, or subject to Instruction 7 of the Letter of Transmittal, stock transfer taxes on the purchase of Shares by the Fund pursuant to the Offer.
(4) Your instructions to us should be forwarded in ample time before the Termination Date to permit us to
submit a tender on your behalf.
The Offer is not being made to, nor will tenders be accepted from or on behalf of, holders of Shares in any jurisdiction in which the
making or acceptance of the Offer would not be in compliance with the applicable law.
NEITHER THE FUND NOR ITS BOARD OF TRUSTEES IS MAKING ANY RECOMMENDATION TO ANY STOCKHOLDER WHETHER TO TENDER OR REFRAIN FROM TENDERING
SHARES IN THE OFFER. EACH STOCKHOLDER IS URGED TO READ AND EVALUATE THE OFFER AND ACCOMPANYING MATERIALS CAREFULLY.
INSTRUCTIONS
The undersigned acknowledge(s) receipt of your letter, and the enclosed Offer dated February 8, 2019 relating to the
Fund’s offer to purchase up to 55% of the Fund’s Shares.
This will instruct you to tender to the Fund the number of Shares indicated below (which are held by you for the
account of the undersigned), upon the terms and subject to the conditions set forth in the Offer that you have furnished to the undersigned.
AGGREGATE NUMBER OF SHARES TO BE TENDERED:
____________ Shares
__________________________________________________________
__________________________________________________________
(Signature(s))
__________________________________________________________
__________________________________________________________
__________________________________________________________
(Please Print Name(s) and Address Here)
__________________________________________________________
(Area Code and Telephone No.)
__________________________________________________________
(Taxpayer Identification Number)
Date: _________________, 20__