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HSM News The Hyperion(R) Strategic Mortgage Income Fund, Inc. Dividend Declaration October 6, 2006

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 October 26, 2006 to shareholders of record on October 17, 2006. The ex-dividend date is October 13, 2006. Based on the NYSE closing price of $13.87 on October 5, 2006, the Fund’s yield was 7.79%. Based on the net asset value per share of $14.10 on October 5, 2006, the yield of the Trust was 7.66%. As of September 30, 2006, the portfolio’s average duration, as measured on a net assets basis, was 4.9 years; the average duration of total assets was 3.0 years; and leverage equaled 31.7%. Eighty Nine 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 4.8 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 real estate, power, timber, 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 August 31, 2006, Hyperion Capital managed $20.2 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: