Press Release

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

Toronto, June 25, 2003: Mulvihill Pro-AMS U.S. (the "Fund") announced today that the Toronto Stock Exchange has accepted the Fund's 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 1,331,327 units (representing approximately 10% of the Fund¹s public float) commencing June 27, 2003. The Fund has purchased 207,200 units at an average cost of $19.09 per unit from June 26, 2002 to May 31, 2003 pursuant to a normal course issuer bid. As at May 31, 2003 there were 13,325,273 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 June 26, 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 further information, please contact:

John Mulvihill, President & CEO
David Middleton,CFO
Mulvihill Structured Products

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