Mr. John Germain reports

MULVIHILL CAPITAL MANAGEMENT INC. ANNOUNCES SPECIAL MEETING FOR PREMIUM INCOME CORPORATION

The board of directors of Mulvihill Capital Management Inc., the manager of Premium Income Corp., and the fund have approved a proposal to change the fund's investment restrictions.

The purpose of the proposal is to permit the manager to have greater flexibility in managing the fund's portfolio, and includes changing the fund's investment restrictions to permit the fund to purchase and hold substantially all of its net assets in common shares of Bank of Montreal, Canadian Imperial Bank of Commerce, National Bank of Canada, Royal Bank of Canada, Bank of Nova Scotia and Toronto Dominion Bank directly and/or indirectly through investment in underlying investment funds, including those managed by the manager, and to invest up to 10 per cent of its net asset value in other securities such as equity securities, fixed income securities (including preferred shares) and investment funds that provide exposure to such securities (including investment funds managed by the manager). The fund's other investment restrictions will remain unchanged.

A special meeting of the holders of Class A shares and preferred shares of the fund has been called and will be held on April 23, 2026, at 1 First Canadian Place, Suite 6300, 100 King St. West, Toronto, Ont., to consider and vote up on the proposal. Further details of the proposal will be outlined in a management information circular to be prepared and delivered to Shareholders. The circular will also be available on SEDAR+ and posted on the fund's website. Implementation of the proposal is subject to required regulatory approvals.