Premium Income Corporation Establishes at-the-Market Equity Program

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

TORONTO, Sept. 04, 2026 (GLOBE NEWSWIRE) -- (TSX: PIC.A; PIC.PR.A) – Premium Income Corporation (the “Fund”) is pleased to announce it has established an at-the-market equity program (“ATM Program”) that allows the Fund to issue shares of the Fund to the public from time to time, at the Fund’s discretion, effective until October 2, 2028, unless terminated prior to such date by the Fund. Any Class A Shares or Preferred Shares sold in the ATM Program will be sold through the Toronto Stock Exchange (the “TSX”) or any other marketplace in Canada on which the Class A Shares and Preferred Shares are listed, quoted or otherwise traded at the prevailing market price at the time of sale. Sales of Class A Shares and Preferred Shares through the ATM Program will be made pursuant to the terms of an equity distribution agreement dated September 3, 2026 (the “Equity Distribution Agreement”) with National Bank Financial Inc. (the “Agent”).

Sales of Class A Shares and Preferred Shares will be made by way of “at-the-market distributions” as defined in National Instrument 44-102 Shelf Distributions on the TSX or on any marketplace for the Class A Shares and Preferred Shares in Canada. Since the Class A Shares and Preferred Shares will be distributed at the prevailing market prices at the time of the sale, prices may vary among purchasers during the period of distribution. The ATM Program is being offered pursuant to a prospectus supplement dated September 3, 2026, to the Fund’s short form base shelf prospectus dated September 3, 2026. The maximum gross proceeds from the issuance of the shares will be $250,000,000. Copies of the prospectus supplement and the short form base shelf prospectus may be obtained from your registered financial advisor using the contact information for such advisor, or from representatives of the Agent and are available on SEDAR+ at www.sedarplus.com.

The volume and timing of distributions under the ATM Program, if any, will be determined at the Fund’s sole discretion. The Fund intends to use the proceeds from the ATM Program in accordance with the investment objectives and investment strategies of the Fund, subject to the investment restrictions of the Fund.

This ATM Program replaces the prior ATM program established in August 2024.

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 directly and/or indirectly up to 10% of its net asset value in other securities such as equity securities and fixed income securities (including preferred shares) and in investment funds that provide exposure to such securities (including investment funds managed by Mulvihill Capital Management Inc. (the “Manager”), the manager of the Fund).

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

A short form base shelf prospectus and prospectus supplement 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 the Agent. Investors should read the short form base shelf prospectus and the prospectus supplement before making an investment decision.

Commissions, management fees and expenses all may be associated with mutual fund investments. Please read the prospectus before investing. Mutual funds are not guaranteed, their values change frequently and past performance may not be repeated.

The securities offered have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or any applicable exemption from the registration requirements. This news release does not constitute an offer to sell or the solicitation of an offer to buy securities nor will there be any sale of such securities in any state in which such offer, solicitation or sale would be unlawful.