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HSM News The Hyperion(R) Strategic Mortgage Income Fund, Inc. Dividend Declaration March 2, 2007

NEW YORK--(BUSINESS WIRE)--The Board of Directors of the Hyperion Strategic Mortgage Income Fund, Inc. (the “Fund”) (NYSE: HSM) declared a monthly dividend of $0.090 per share, payable on March 29, 2007 to shareholders of record on March 13, 2007. The ex-dividend date is March 9, 2007. Based on the NYSE closing price of $13.53 on March 1, 2007, the Fund’s yield was 7.98%. Based on the net asset value per share of $14.00 on March 1, 2007, the yield of the Trust was 7.71%. As of February 28, 2007, the portfolio’s average duration, as measured on a net assets basis, was 4.5 years; the average duration of total assets was 2.7 years; and leverage equaled 30.0%. One Hundred Three percent of interest rate risk due to leverage is hedged using interest rate swaps and floating rate securities that have a weighted average life of 3.5 years.

The Fund’s investment advisor, Hyperion Brookfield Asset Management, Inc. (“Hyperion Brookfield”), is a wholly owned subsidiary of Brookfield Asset Management, Inc. (“Brookfield”) (NYSE: BAM). Brookfield is an asset manager primarily focused on property, power, infrastructure, fixed income and equity. Brookfield and its affiliates manage assets totaling over $50 billion for institutional and retail clients, as well as its own principal investments. As of January 31, 2007, Hyperion Capital managed $20.8 billion in fixed income client assets. Additional information on the Fund’s assets and performance is available by contacting Hyperion Brookfield Shareholder Services at the following:

          The Hyperion Strategic Mortgage Income Fund, Inc.     Three World Financial Center 200 Vesey Street, 10th Floor                      New York, NY 10281-1010                     Telephone: 1-800 HYPERION