Press Release

Announces Semi-Annual Results
(For Immediate Release, August 22, 2003)

Toronto, August 22, 2003: Mulvihill Premium U.S. (the "Fund") announces results for the six months ended June 30, 2003. Net realized losses before distributions amounted to $(7.3) million or $(0.72) per unit. Net assets were $142.4 million or $13.95 per unit, net of distributions to unitholders in the amount of 6.3 million or $0.60 per unit.

The Fund's investment objectives are to provide unitholders with quarterly distributions and to return the original issue price of the units ($25.00 per unit) to unitholders upon termination of the Fund. The Fund achieves its investment objectives by investing in a diversified portfolio consisting primarily of common shares issued by corporations that rank in the top 50 of the Standard and Poors 500 Index.

In order to generate returns above the dividend income generated by the portfolio, the Fund may write covered call options in respect of all or part of the securities in the portfolio. In addition, the Fund may write cash covered put options in respect of securities in which the Fund is permitted to invest.

Unitholders of Mulvihill Premium U.S. may elect to have their distributions reinvested into additional units by enrolling in the Fundıs Distribution Reinvestment Plan. Unitholders may enroll in the Plan by contacting their investment advisor.

The Fund's investment portfolio is managed by its investment manager, Mulvihill Capital Management Inc. Fund Units are listed on The Toronto Stock Exchange under the symbol FPU.UN.

Selected Financial Information:
($ millions)

Statement of Financial Operations
For the six months ended June 30, 2003

Revenue $ 0.1
NetRealized Losses (5.9)
  $ (5.8)
Less: Expenses (1.5)
Net Realized Loss Before Distributions $ (7.3)

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