Press Release

Declares Quarterly Distribution
(For Release 4 p.m. EDT, June 17, 2002)

Toronto, June 17, 2002: Mulvihill Premium U.S. (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 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.

Distribution Details:

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

First Premium U.S. Income Trust
121 King Street West, Suite 2600
Toronto, Ontario M5H 3T9
(416) 681-3966   (800) 725-7172