PIC.A Premium Income Corporation

Mulvihill Premium Canadian Bank (the "Fund") (TSX:PIC.PR.A)(TSX:PIC.A) today
announces results for the six months ended April 30, 2010. Net realized income
before Preferred share transactions amounted to $12.5 million or $0.86 per unit.
Net asset value per Class A share was $7.06 as at April 30, 2010. Distributions
to shareholders for the period amounted to $6.2 million to Preferred
shareholders or $0.43 per Preferred share, and $4.3 million to Class A
shareholders or $0.30 per Class A share. Each Unit consists of one Class A share
and one Preferred 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 Fund 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
Fund may write cash covered put options in respect of securities in which the
Fund is permitted to invest. 


The Fund's investment portfolio is managed by its investment manager, Mulvihill
Capital Management Inc. The Fund'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 Financial Operations                           
For the period ended April 30, 2010 (Unaudited)             
                                                            
Revenue                                             $  6.7  
Net Realized Gain                                      7.7  
                                                     -----  
                                                      14.4  
                                                            
Less: Expenses                                       (1.9)  
                                                     -----  
                                                            
Net Realized Income Before                          $ 12.5  
                                                     -----  
                                                     -----  
Preferred Share Transactions                                
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