Press Release

(For Immediate Release, November 14, 2003)

Toronto, November 14, 2003: First Premium Income Trust (the "Fund") announced today that its unitholders have approved a proposal to extend the life of the Fund for an additional 10 years to January 1, 2014. The proposal permits holders of Units to extend their participation in the performance of the Fund's underlying portfolio of common shares issued by major Canadian issuers that are in the top 200 of the S&P/TSX Composite by market capitalization beyond the original redemption date of January 1, 2004 while maintaining the rights originally provided to unitholders. RBC Dominion Securities Inc. acted as soliciting dealer manager in respect of the extension proposal.

The Fund's investment portfolio is managed by its investment manager, Mulvihill Capital Management Inc. The Fund's Units are listed on the Toronto Stock Exchange under the symbol FPI.UN. The Fund operates under the registered name Mulvihill Premium Canadian Fund.

For further information, please contact:

John Mulvihill, President & CEO
David Middleton,CFO
Mulvihill Structured Products

Mulvihill Premium Canadian
121 King Street West, Suite 2600
Toronto, Ontario M5H 3T9
(416) 681-3966   (800) 725-7172
hybrid@mulvihill.com