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Premier Pacific Inc (PPI)

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Thursday 13 April, 2006

Premier Pacific Inc

Redemption and Dividend

Premier Pacific Income Fund PLC
13 April 2006


13 April 2006

Premier Pacific Income Fund

Net Asset Value, Redemption and Dividend Announcement
     
1.   The net asset value at 31 March 2006 was 80.51 pence per share.

2.   The number of shares tendered for redemption was 4,156,521 being 24.46% of
     the outstanding shares at 31 March 2006.  As this is below the 25% maximum 
     level prior to the Board exercising its discretion, all shares presented 
     for redemption will be redeemed.   Payment of redemption proceeds, subject 
     to completion of the necessary paperwork by redeeming shareholders, will be 
     made on 13 April 2006.  The number of shares outstanding after the 
     redemption is 12,833,729.

3.   A redemption charge of 2.5% will be levied on redeeming shareholders to
     cover the costs associated with realising the necessary cash payment to 
     them and the repayment of part of the outstanding loan.

4.   Due to the redemption of shares a further repayment of the loan has been
     necessary.  The amount repaid is £1.5 million and this was done on 6 April 
     2006 on the normal roll over day for the month.  Gearing at the month end 
     was 47.5%, lower than a month ago due to the rise in net asset value.  
     After the repayment and payment of the redemption, gearing will be 48.4%.  
     The loan outstanding is now £5 million.

5.   The Board have resolved that a dividend of 0.725 pence per share will be
     paid to shareholders in respect of the quarter ending 31 March 2006.  The 
     shares will go ex-dividend on 26 April 2006, have an Irish register date of 
     25 April 2006 and a payment date of 22 May 2006.

6.   For the remainder of the year it is proposed that the following dates will
     apply for dividend payments:


Ex-dividend Date              Irish Register Date         Payment Date
26 July 2006                  25 July 2006                21 August 2006
25 October 2006               24 October 2006             20 November 2006



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