PIC.A Premium Income Corporation

Mulvihill Premium Canadian Bank (the "Fund") (TSX:PIC.A)(TSX:PIC.PR.A) has
declared its quarterly distribution of $0.215625 on each of its Preferred Shares
and $0.15 on each of its Class A shares, payable July 30, 2010 to shareholders
of record as of July 15, 2010. To the extent that any portion of the
distributions are ordinary taxable Dividends and not capital gains Dividends,
they will be eligible Dividends.


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 may 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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Distribution Details :                                                      
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Distribution per Preferred Share:                           $0.215625       
Regular Distribution per Class A Share:                     $0.15           
Payable Date:                                               July 30, 2010   
Record Date:                                                July 15, 2010   
Ex-Dividend Date:                                           July 13, 2010   
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