Toronto, August 26, 2002: Mulvihill Premium U.S. (the “Fund”) announces results for the six months ended June 30, 2002. Net realized loss before distributions amount to $(3.2) million or $(0.27) per unit. Net assets decreased from $234.1 million to $181.9 million. Distributions to Unitholders amounted to $11.9 million or $1.00 per unit.

Mulvihill Premium U.S. was launched in February 1997 to provide investors 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 (the “Portfolio”) consisting primarily of common shares issued by corporations that rank in the top 50 of the Standard & Poor’s 100 Index. In order to generate returns above the dividend income generated by the Portfolio, the Fund may 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.

Mulvihill Premium U.S. 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.