Press Releases

Mulvihill Capital Management Inc. Launches New Product Offering

Toronto, January 5, 1999: Mulvihill Capital Management Inc. ("MCM") is pleased to announce that 60Plus Income Trust (the "Trust") has filed a preliminary prospectus for a proposed offering of trust units (the "Units"). MCM, investment manager of the First Premium family of funds, has been retained to act as investment manager of the Trust.

The Trust's investment objectives are (i) to provide unitholders (the "Unitholders") of the Trust with a stable stream of quarterly distributions of at least $0.50 per Unit on the last day of each calendar quarter (8% per annum or pre-tax interest equivalent in excess of 10% for most taxable individuals); and (ii) to return the original issue price of the Units ($25.00 per Unit) to Unitholders upon termination of the Trust on January 1, 2009.

The Trust intends to invest in a diversified portfolio (the "Portfolio") consisting principally of common shares issued by corporations selected from the S&P/TSE 60 Index. The Trust may also, from time to time, invest up to 20% of the cost amount of its assets in (i) common shares issued by the top 60 corporations selected on the basis of market capitalization from the S&P 100 Index or (ii) American Depository Receipts ("ADRs") of the top 60 corporations selected on the basis of market capitalization whose ADRs are trading on the New York Stock Exchange or NASDAQ.

To generate additional returns above the dividend income earned on the Portfolio, the Trust will, from time to time, write covered call options in respect of all or part of the securities in the Portfolio.

The Portfolio will be actively managed by MCM. MCM is the investment manager of the First Premium family of funds which have, in aggregate, completed prospectus offerings in excess of $950 million. In addition, MCM manages investments for numerous pension and endowment funds and for individuals having a significant net worth. MCM's total assets under management exceed $3 billion.

RBC Dominion Securities Inc. is the lead agent for the proposed offering. The other members of the syndicate are Nesbitt Burns Inc., ScotiaMcLeod Inc., TD Securities Inc., CIBC Wood Gundy Securities Inc., Merrill Lynch Canada Inc., Levesque Beaubien Geoffrion Inc. and Trilon Securities Corporation.

For further information please contact your investment advisor or Mulvihill Capital Management Inc. at (416) 681-3900.

60 Plus Income Trust
121 King Street West, Suite 2600
Toronto, Ontario M5H 3T9
(416) 681-3966   (800) 725-7172
premium@mulvihill.com
www.mulvihill.com