Press Releases

First Premium U.S. Income Trust:
Declares Quarterly Income Distribution (For Release 4 p.m. EDT, September 20, 1999)

Toronto, September 20, 1999: First Premium U.S. Income Trust has declared a regular quarterly cash distribution of C$0.50 per Unit payable September 30, 1999 to holders of record September 30, 1999.

Unitholders of First Premium U.S. Income Trust may elect to have their distributions re-invested into additional units by enrolling in the Trust¹s Distribution Reinvestment Plan. Unitholders should contact their broker or the Plan Agent (Montreal Trust Company of Canada) to enroll in the plan.

The Trust¹s investment objectives are to provide Unitholders with a stable stream of quarterly distributions of at least $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 & Poor¹s 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.

The Trust¹s investment portfolio is managed by its investment manager, Mulvihill Capital Management. Trust Units are listed on The Toronto Stock Exchange and The Montreal Exchange under the symbol FPU.un

Distribution Details:

For more information, please contact:
John Mulvihill, Chairman & CEO, Mulvihill Capital Management
Don Biggs, Vice President, Mulvihill Capital Management

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