Press Releases

Announces Semi-Annual Results
(For Release 9 a.m. EDT, June 10, 2002)

Toronto, June 10, 2002: Mulvihill Premium Canadian Bank Fund (the "Company") announces results for the six months ended April 30, 2002. Net income before distributions amounted to $6.3 million or $1.57 per Unit. Net asset value per Class A share was $12.28 as at April 30, 2002, up from $10.26 at October 31, 2001, the Company's year end. Distributions to shareholders for the period amounted to $1.8 million to Preferred shareholders or $0.44 per Preferred Share, and $3.2 million to Class A shareholders or $0.80 per Class A share which included special distributions of $0.20 in each of January 2002 and April 2002.

Each Unit consists of one Class A share and one Preferred share. Preferred shares receive dividends at a rate of 5.75% of their par value of $15.00. The Company's dividend policy on the Class A shares has been set at a rate of $0.80 per share, equivalent to 8% based on the Class A shares initial public offering price of $10.00.

The Company 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 Company will from time to time, write covered call options in respect of all or part of the common shares in the portfolio. In addition, the Company may write cash covered put options in respect of securities in which the Company is permitted to invest.

The Company's investment portfolio is managed by its investment manager, Mulvihill Capital Management Inc. The Company's 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 Operations (Audited)
For the period ended April 30, 2002

Revenue $ 1.4
Net Realized Gains   5.5
        Less: Expenses   (0.6)
Net Realized Income Before Distributions $ 6.3

For further information contact:
John Mulvihill, President & CEO, Mulvihill Capital Management
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