Toronto, August 26, 2002: Mulvihill Premium Canadian (the “Fund”) announces results for six months ended June 30, 2002. Net realized income before distributions amounted to $7.4 million or $1.11 per unit. Net assets decreased from $154.6 million to $139.5 million. Distributions to unitholders amounted to $6.7 million or $1.00 per unit.

Mulvihill Premium Canadian was launched in June 1996 to provide investors with a stable stream of income. The Fund’s objectives are to provide quarterly distributions to holders of at least $0.50 per unit. The Fund invests in a diversified portfolio (the “Portfolio”) consisting primarily of common shares issued by major Canadian issuers selected from the TSX 200 Index. In order to generate additional returns above the dividend income received, the Fund writes 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.

Mulvihill Premium Canadian offers investors the opportunity to conveniently acquire additional units of the Fund by re-investing their cash distributions through the Fund’s Distribution Reinvestment Plan (the “Plan”). Unitholders may enroll in the Plan by contacting their investment advisor or transfer agent.