Press Releases

Special Dividend, Quarterly Dividends Declared
(For Release 4 p.m. EDT, October 1, 2002)

Toronto, October 1, 2002: Mulvihill Premium Canadian Bank (the “Company”) has declared its quarterly dividends of $0.220835 on each of its Preferred Shares and $0.20 on each of its Class A shares, payable October 31, 2002 to shareholders of record as of October 31, 2002. In addition, the Company has declared a special dividend on each of its Class A shares of $0.10 payable on the same date for a total dividend of $0.30 to Class A shareholders. The amount of the dividend may be subject to minor adjustment.

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 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.

Distribution Details:

Dividend per Preferred Share: $ 0.220835
Regular Dividend per Class A Share: $ 0.20
Special Dividend per Class A Share $ 0.10

Payable Date:

October 31, 2002

Record Date:

October 31, 2002

Ex-Dividend Date:

October 29, 2002


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
hybrid@mulvihill.com