PIC.A Premium Income Corporation

Mulvihill Premium Canadian Bank (the "Company") (TSX: PIC.PR.A)(TSX: PIC.A) today announces results for the year ended October 31, 2009. Net realized loss before Preferred share transactions amounted to $(52.3) million or $(3.16) per Unit. Each Unit consists of one Class A share and one Preferred Share. Distributions to shareholders amounted to $0.86 per Preferred share, and $0.45 per Class A share.

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 Fund'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.

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Selected Financial Information : ($ Millions)
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Statement of Net Assets                             2009
                                                 --------
Assets                                           $ 290.2
Liabilities                                        229.9
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Net Assets (Unitholders Equity)                  $  60.3

Statement of Financial Operations
Income                                           $  11.6
Expenses                                            (3.4)
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Net Investment Income                            $   8.2

Net Loss on Investments                            (60.5)
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Net Realized Loss Before
Preferred Share Transactions                     $ (52.3)

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A member of the Mulvihill Capital Management Inc. Group of Funds.

Contacts: Mulvihill Premium Canadian Bank Investor Relations 416.681.3966 or Toll Free at 1.800.725.7172 www.mulvihill.com