Toronto, September 17, 2003: Mulvihill Premium Split Share (the "Fund") announces results for the six months ended, July 31, 2003. Net realized income before distributions amounted to $4.7 million or $1.42 per unit. Net assets increased from $27.9 million or $8.48 per share to $32.2 million or $9.79 per share for Class A shares, net of distributions to Class A shareholders in the amount of $2.0 million or $0.60 per Class A share. Distributions to Preferred shareholders amounted to $1.4 million or $0.41 per Preferred share. Each unit consists of one Class A share and one Preferred share.

The Fund is a mutual fund corporation, which invests its net assets in a diversified portfolio (the "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 & Poor's 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.

Statement of Operations
For the six months ended July 31, 2003
(Unaudited)

Selected Financial Information:
($ Millions)