Press Release
Quarterly Dividends Declared
(For Release 4 p.m. EDT, July 2, 2003)

Toronto, July 2, 2003: Mulvihill Premium Split Share (the “Fund”) has declared its quarterly dividend of $0.20625 on each of its Preferred Shares and $0.30 on each of its Class A shares, payable July 31, 2003 to shareholders of record as of July 15, 2003. The amount of the dividend may be subject to minor adjustment.

The Fund is a mutual fund corporation, which invests its net assets in a diversified portfolio consisting principally of common shares, issued by some or all of a group selected from the TSX 300 Index. In order to meet its investment objectives, the Fund may, from time to time invest up to 20% of the cost amount of its assets in common shares issued by corporations selected from the Standard & Poors 100 Index. To generate additional returns above the dividend income earned on the portfolio, the Fund may from time to time, write covered call options in respect of all or part of the common shares 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.

The Fund’s investment portfolio is managed by its investment manager, Mulvihill Capital Management Inc. The Fund’s Preferred and Class A shares are listed on The Toronto Stock Exchange under the symbols MUH.PR.A and MUH.A.

Distribution Details:

For further information, contact:
John Mulvihill, President & CEO
David Middleton, CFO
Mulvihill Structured Products

Mulvihill Premium Split Share
121 King Street West, Suite 2600
Toronto, Ontario M5H 3T9
(416) 681-3966   (800) 725-7172
www.mulvihill.com
hybrid@mulvihill.com