Premium Income Corporation ("PIC") initiated an at-the-market (ATM) equity offering on August 8, 2024, qualifying the distribution of up to $110 million in Preferred Shares and $40 million in Class A Shares. The offering was established under an Equity Distribution Agreement with National Bank Financial Inc., acting as the sales agent. These shares, listed on the Toronto Stock Exchange under the symbols "PIC.PR.A" for Preferred Shares and "PIC.A" for Class A Shares, will be sold at prevailing market prices directly on the exchange, ensuring price variability for purchasers based on market conditions at the time of sale.

PIC intends to allocate the proceeds in line with its investment objectives, primarily targeting Canadian financial institutions' equities, including major banks. National Bank Financial Inc. will receive a 2.5% commission on the gross sales price for each share sold through the ATM program. Legal counsel for the transaction includes Osler, Hoskin & Harcourt LLP representing the fund, and Blake, Cassels & Graydon LLP advising the agent. The fund anticipates listing requirements to be met as per TSX conditions, with total estimated offering expenses of approximately $140,000.