Regular Distribution Special Distribution
Toronto, June 17, 1997: First Premium Income Trust has declared a quarterly cash distribution of C$1.00 per Unit payable June 30, 1997 to holders of record on such date. This distribution consists of the regular quarterly distribution of C$0.50 per Unit and a special distribution of C$0.50 per Unit. The increased market volatility and favourable price performance have allowed the Trust to achieve higher levels of income than expected.
Holders of First Premium Income Trust may elect to have their distributions re-invested into additional Units by enrolling in the Trust's Distribution Reinvestment Plan. Unitholders should contact their broker or the Plan Agent (Montreal Trust Company of Canada) to enroll in the plan.
First Premium Income 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.
The Trust's investment portfolio is managed by it's investment manager, Mulvihill Capital Management. Trust Units are listed on The Toronto Stock Exchange and The Montreal Exchange under the symbol FPI.un