Mr. John Germain of Mulvihill reports

PREMIUM INCOME CORPORATION ANNOUNCES SEMI-ANNUAL RESULTS

Premium Income Corp. has released results of operations for the six months ended April 30, 2023. Decrease in net assets attributable to holders of Class A shares amounted to $6.3-million or 46 cents per Class A share. Net assets attributable to holders of Class A shares as at April 30, 2023, were $47.5-million or $3.42 per Class A share. Cash distributions of 43 cents per preferred share and 41 cents per Class A share were paid during the period.

Premium Income is a mutual fund corporation, which invests in a portfolio consisting principally of common shares of Bank of Montreal, Bank of Nova Scotia, Canadian Imperial Bank of Commerce, National Bank of Canada, Royal Bank of Canada and Toronto-Dominion Bank. The fund employs an active covered-call writing strategy to enhance the income generated by the portfolio and to reduce volatility. In addition, the fund may write cash covered put options in respect of securities in which it is permitted to invest.

The investment portfolio of the fund 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, respectively.

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