Toronto, December 17, 2001: Mulvihill Premium U.S. (the "Trust") has declared a year end distribution of C$0.50 per Unit payable December 31, 2001 to holders of record on such date. The amount of the distribution may be subject to minor adjustment.

The Trust would also like to announce that it has completed its tax planning to realize capital losses in the portfolio to reduce the taxable income of the Trust. As a result, it is expected that some or all of the distributions will be non-taxable in 2001. The amount of the non-taxable distribution will reduce Unitholders' adjusted cost base of their Units used to calculate capital gains realized by Unitholders on ultimate redemption or other disposition of their Units.

The Trust's investment objectives are to provide Unitholders with a stable stream of quarterly distributions of at least C$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 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 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.

Unitholders of Mulvihill Premium U.S. may elect to have their distributions reinvested into additional units by enrolling in the Trust's Distribution Reinvestment Plan. Unitholders should contact their broker of 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 FPU.UN.