Press Release

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

Toronto, September 19, 2002: Mulvihill Premium U.S. (the “Fund”) has declared a quarterly distribution of C$0.30 per Unit payable September 30, 2002 to holders of record on such date.

In light of the decline in the Fund’s Net Asset Value and the equity markets in which the Fund is permitted to invest, the Fund has reduced its distribution to preserve its ability to meets its investment objectives in the long term. The Fund invests in a diversified portfolio consisting primarily of common shares issued by corporations that rank in the top 50 of the Standard & Poor’s 100.

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.

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

Distribution Details:

Distribution per Unit: $ 0.30
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 U.S.
121 King Street West, Suite 2600
Toronto, Ontario M5H 3T9
(416) 681-3966   (800) 725-7172