Press Release

Announces Normal Course Issuer Bid
(For Immediate Release, April 25, 2003)

Toronto, April 25, 2003:Mulvihill Premium U.S. (the "Fund") announced today that the Toronto Stock Exchange has accepted the Fund¹s Notice of Intention to make a normal course issuer bid. The Fund will have the right to purchase under the bid up to a maximum of 1,061,173 units (representing approximately 10% of the Fund¹s public float) commencing April 28, 2003. There are currently 10,648,532 units of the Fund issued and outstanding. Purchases made pursuant to the normal course issuer bid will be made in the open market through the facilities of the Toronto Stock Exchange. The normal course issuer bid will remain in effect until the earlier of April 27, 2004, the termination of the bid by the Fund or the Fund purchasing the maximum number of units permitted under the bid. Units purchased by the Fund pursuant to the issuer bid will be cancelled.

Management and directors of the manager of the Fund, Mulvihill Fund Services Inc., believe that units of the Fund may become available during the proposed purchase period at prices which would make such purchases in the best interests of the Fund.

For more information, please contact:
John Mulvihill, President & CEO
David Middleton,CFO
Mulvihill Structured Products

Mulvihill Premium U.S.
121 King Street West, Suite 2600
Toronto, Ontario M5H 3T9
(416) 681-3966   (800) 725-7172
hybrid@mulvihill.com