PIC.A Premium Income Corporation

Premium Income Corporation (TSX:PIC.A)(TSX:PIC.PR.A) (the "Fund") is pleased to
announce that it has filed a preliminary short form prospectus relating to an
offering of warrants ("Warrants") to holders ("Shareholders") of its class A
shares ("Class A Shares"). Each Shareholder of record on a date to be
established prior to filing the final short form prospectus will receive one
Warrant for each Class A Share held.


Two Warrants will entitle the holder to acquire one Class A Share and one
Preferred Share upon payment of the subscription price. The Record Date and the
subscription price will be determined at the time the Fund files its final
prospectus for the offering. The Fund has applied to list the Warrants and the
Class A Shares and the Preferred Shares issuable upon the exercise thereof on
the Toronto Stock Exchange.


The exercise of Warrants by holders will provide the Fund with additional
capital that can be used to take advantage of attractive investment
opportunities and is also expected to increase the trading liquidity of the
Class A Shares and the Preferred Shares and to reduce the management expense
ratio of the Fund.


The Fund invests in a portfolio consisting principally of 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 (the "Banks"). To generate
additional returns above the dividend income earned on the Fund's portfolio, the
Fund may from time to time write covered call options in respect of some or all
of the common shares in the Fund's portfolio. The Fund may also, from time to
time, write cash-covered put options in respect of securities in which the Fund
is permitted to invest. The manager and investment manager of the Fund is
Mulvihill Capital Management Inc.


For further information, please contact Investor Relations at 416.681.3900, toll
free at 1.800.725.7172 or visit www.mulvihill.com.


A preliminary short form prospectus containing important information relating to
these securities has been filed with the securities commissions or similar
authorities in certain jurisdictions of Canada. The preliminary short form
prospectus is still subject to completion or amendment. Copies of the
preliminary short form prospectus may be obtained from Mulvihill Capital
Management Inc. at the address, telephone numbers, website and e-mail address
set forth above. There will not be any sale or any acceptance of an offer to buy
the securities until a receipt for the final short form prospectus has been
issued.


Commissions, trailing commissions, management fees and expenses all may be
associated with mutual fund investments. Please read the prospectus before
investing. Mutual funds are not guaranteed, their values change frequently and
past performance may not be repeated.

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