Toronto, August 26, 2002: Mulvihill Pro-AMS RSP (the “Fund”) announces results for six months ended June 30, 2002. Net realized loss before distributions amounted to $(7.0) million or $(0.16) per unit. Net assets decreased from $988.5 million to $868.8 million. Distributions to unitholders amounted to $44.2 million or $0.98 per unit.

Mulvihill Pro-AMS RSP was launched in March 2001 with three investment objective: (1) to provide unitholders of the Fund with monthly distributions; (2) to return at a minimum the original issue price of the units ($25.00) to unitholders upon termination of the Fund; and (3) to preserve the value of the Fund’s Managed Portfolio.

To provide the Fund with the means to return the original issue price of the Units on or about the Termination Date, the Fund has entered into a forward purchase and sale agreement with Royal Bank of Canada (“RBC”) pursuant to which RBC will agree to pay to the Fund an amount equal to C$25.00 for each Unit outstanding on the Termination Date in exchange for the Fund agreeing to deliver to RBC equity securities (the “Fixed Portfolio”).

The balance of the net proceeds have been invested in a diversified portfolio (the “Managed Portfolio”) consisting primarily of equity securities of companies selected from the S&P/TSX 60 Index and of companies with a market capitalization in excess of US$5.0 billion selected from the S&P 500 Index.

The Fund may from time to time write covered call options in respect of all or part of the securities in the Managed Portfolio. In addition, the Fund may write cash covered put options in respect of securities in which the Fund is permitted to invest.