Mr. John Germain reports

PREMIUM INCOME CORPORATION ANNOUNCES YEAR END RESULTS

Premium Income Corp. has released the results of operations for the fiscal year ended Oct. 31, 2023. The decrease in net assets attributable to holders of Class A shares amounted to $44.8-million, or $3.20 per Class A share. Net assets attributable to holders of Class A shares were $7.1-million, or 46 cents per Class A share. Cash distributions of 86 cents per preferred share and 81 cents per Class A share were paid during the year.

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.

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.