Toronto, August 22, 2003: Mulvihill Premium Canadian (the "Fund") announces results for six months ended June 30, 2003. Net realized income before distributions amounted to $3.2 million or $0.52 per unit. Net assets were $122.2 million or $19.86 per unit, net of distributions to unitholders in the amount of $6.3 million or $1.00 per unit.

The Fund's investment objectives are to provide unitholders with quarterly distributions and to return the original issue price of the units ($25.00 per unit) to unitholders upon termination of the Fund. The Fund achieves its investment objectives by investing in a diversified portfolio consisting primarily of common shares issued by major Canadian issuers. In order to generate returns above the dividend income generated by the Portfolio, the Fund may write covered call options in respect of all or part of the securities in the Portfolio. In addition, the Fund may write cash covered put options in respect of securities in which the Fund is permitted to invest.

Unitholders of Mulvihill Premium Canadian may elect to have their distributions re-invested into additional units by enrolling in the Fund's Distribution Reinvestment Plan. Unitholders may enroll in the Plan by contacting their investment advisor.