Premium Income Corporation Announces Successful Overnight Offering of Preferred Shares

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Not for distribution to U.S. newswire services or for dissemination in the United States.

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TORONTO, June 30, 2026 (GLOBE NEWSWIRE) — (TSX: PIC.PR.A) – Premium Income Corporation (the “Fund”) is pleased to announce a successful overnight treasury offering of 4,300,000 Preferred Shares. Gross proceeds of the offering are expected to be $70,090,000.

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The offering is expected to close on or about July 8, 2026, and is subject to certain closing conditions including approval by the Toronto Stock Exchange (“TSX”). The Preferred Shares will be offered at a price of $16.30 per Preferred Share. The trading price on the TSX for the Preferred Shares as at the last trade on June 29, 2026, was $16.55. Since the inception of the Fund, the aggregate dividends declared on the Preferred Shares have been $26.49 per share.

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The Fund invests in a portfolio consisting principally of direct and/or indirect investments in common shares of Bank of Montreal, The Bank of Nova Scotia, Canadian Imperial Bank of Commerce, National Bank of Canada, Royal Bank of Canada and The Toronto-Dominion Bank (collectively, the “Banks”) and may invest up to 10% of its net asset value (“NAV”) 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 Mulvihill Capital Management Inc. (the “Manager”), the manager of the Fund). The manager and investment manager of the Fund is Mulvihill Capital Management Inc.

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The Preferred Shares pay fixed cumulative preferential monthly cash distributions in the amount of $0.10625 ($1.275 per annum) per Preferred Share representing a yield of 8.50% on the original issue price of $15.00. The syndicate of agents for the offering is being led by National Bank Financial Inc.

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For further information, please contact Investor Relations at 416.681.3966, toll free at 1.800.725.7172, email at [email protected] or visit www.mulvihill.com

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A short form base shelf prospectus containing important detailed information about the securities being offered has been filed with securities commissions or similar authorities in each of the provinces of Canada. Copies of the short form base shelf prospectus may be obtained from a member of the syndicate. The Fund intends to file a supplement to the short form base shelf prospectus and investors should read the short form base shelf prospectus and the prospectus supplement before making an investment decision. There will not be any sale or any acceptance of an offer to buy the securities being offered until the prospectus supplement has been filed with the securities commissions or similar authorities in each of the provinces of Canada.

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You will usually pay brokerage fees to your dealer if you purchase or sell shares of the investment fund on the TSX. If shares of the Fund are purchased or sold on the TSX, investors may pay more than the current net asset value when buying shares of the investment fund and may receive less than the current net asset value when selling them.