Toronto, April 3, 2003: Mulvihill Premium Canadian Bank (the ³Fund²) announced today that its Board of Directors has approved a proposal to extend the life of the Company for an additional 7 years to November 1, 2010. The proposal will permit holders of Class A Shares and Preferred Shares to extend their participation in the performance of the Company¹s underlying portfolio of Canadian Bank shares beyond the original redemption date of November 1, 2003 while maintaining the rights originally provided to shareholders.

The proposal will involve the amendment of the Company¹s articles of incorporation and will be subject to receipt of all necessary shareholder and regulatory approvals.

A special meeting of holders of Class A Shares and Preferred Shares has been called and will be held on May 16, 2003 to consider and vote upon the proposal. Details of the proposal will be outlined in an information circular to be prepared and delivered to holders of Class A Shares and Preferred Shares in connection with the special meeting.

The Fund¹s investment portfolio is managed by its investment manager, Mulvihill Capital Management Inc. The Fund¹s Preferred and Class A shares are listed on The Toronto Stock Exchange under the symbols PIC.PR.A and PIC.A.