PIC.A Premium Income Corporation

(TSX:PIC.A)(TSX:PIC.PR.A) - Premium Income Corporation (the "Fund") is pleased
to announce that it has filed a final short form prospectus relating to an
offering of Warrants to holders of its Class A Shares. Each Shareholder of
record on May 6, 2011 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 of $23.65. The Toronto
Stock Exchange has conditionally approved the listing of the Warrants under the
symbol PIC.WT and the Class A Shares and the Preferred Shares issuable upon the
exercise thereof. It is expected that the Warrants will commence trading on May
9, 2011 and will remain trading until noon (EST) on the expiry date of December
15, 2011. Warrants may be exercised only on the expiry date.


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.


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

This offering is only made by prospectus. The prospectus contains important
detailed information about the securities being offered. Copies of the
prospectus may be obtained from Mulvihill Capital Management Inc. at the
address, telephone numbers, website and e-mail address set forth above.
Investors should read the prospectus before making an investment decision. 


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

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