Press Release

Mulvihill Premium Canadian
(For Release 4 p.m. EDT, June 17, 2002)

Toronto, June 17, 2002: Mulvihill Premium Canadian (the "Trust") has declared a quarterly distribution of C$0.50 per Unit payable June 28, 2002 to holders of record on such date.

The Trust's investment objectives are to provide unitholders with a stable stream of quarterly distributions of at least $0.50 per unit. The Trust intends to achieve 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 Trust will write covered call options in respect of all or part of the securities in the Portfolio. In addition, the Trust may write cash covered put options in respect of securities in which the Trust is permitted to invest

Holders of Mulvihill Premium Canadian may elect to have their distributions re-invested into additional units by enrolling in the Trust's Distribution Reinvestment Plan. Unitholders should contact the Plan agent (Computershare) to enroll in the Plan.

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

Distribution Details:

Regular Distribution per Unit
$ 0.50
Payable Date:
June 28, 2002
Record Date:
June 28, 2002
Ex-Dividend Date:
June 26, 2002

For more 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