Press Releases

Announces Semi-Annual Financial Results
(For Release 9 a.m. EDT, June 11, 2003)

Toronto, June 11, 2003: Mulvihill Premium Canadian Bank Fund (the ³Fund²) today announces results for the six months ended April 30, 2003. Net realized income before distributions and income taxes amounted to $3.8 million or $0.96 per Unit. Net assets were $38.7 million or $9.72 per Class A share, net of distributions to shareholders in the amounts of $1.8 million for Preferred shareholders or $0.44 per Preferred Share, and $2.4 million to Class A shareholders or $0.60 per Class A share. Distributions to Class A shareholders included special distributions of $0.10 per Class A Share in each of January and April, 2003.

Each Unit consists of one Class A Share and one Preferred Share. Preferred Shares receive distributions at a rate of 5.75% of their initial public offering price of $15.00. The Fundıs distribution policy on the Class A Shares has been set at an annual rate of $0.80 per Share, equivalent to 8% based on the Class A Shares initial public offering price of $10.00.

Mulvihill Premium Canadian Bank is a mutual fund corporation, which invests in the common shares of Bank of Montreal, The Bank of Nova Scotia, Canadian Imperial Bank of Commerce, Royal Bank of Canada, and the Toronto Dominion Bank. To generate additional returns above the dividend income earned on the portfolio, the Fund may from time to 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 Fundıs investment portfolio is managed by its investment manager, Mulvihill Capital Management Inc. The Fundıs Preferred and Class A Shares are listed on The Toronto Stock Exchange under the symbols PIC.PR.A and PIC.A.

Selected Financial Information : ($ Millions)
Statement of Financial Operations
For the period ended April 30,2003

Revenue $1.4
Net Realized Gains   3.3
Less: Expenses  (0.9)
Net Realized Income Before Distributions and Income Taxes $ 3.8

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

Mulvihill Premium Canadian Bank Fund
121 King Street West, Suite 2600
Toronto, Ontario M5H 3T9
(416) 681-3966   (800) 725-7172