Press Release

Declares Quarterly Distribution
(For Immediate Release, September 19, 2002)

Toronto, September 19, 2002 :Mulvihill Premium Canadian (the “Fund”) has declared a quarterly distribution of C$0.50 per Unit payable September 30, 2002 to holders of record on such date.

The Fund’s investment objectives are to provide unitholders with a stable stream of quarterly distributions of at least $0.50 per unit. The Fund 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 Fund will 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.

Holders 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 should contact the Plan agent (Computershare) to enroll in the Plan.

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

Distribution Details:

Distribution per Unit: $ 0.50
Payable Date: September 30, 2002
Record Date: September 30 , 2002
Ex-Dividend Date: September 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