Toronto, November 1, 2001: Mulvihill Pro-AMS 100Plus (Cdn$) Trust (the "Cdn$ Trust") and Mulvihill Pro-AMS 100Plus (US$) Trust (the "US$ Trust"), and together with the Cdn$ Trust, the "Trusts"), announced today that each Trust has completed its initial public offering of trust units for aggregate gross proceeds of Cdn $214,310,000 in an offering led by RBC Dominion Securities Inc. The other members of the syndicate are Merrill Lynch Canada Inc., TD Securities Inc., BMO Nesbitt Burns Inc., Scotia Capital Inc., CIBC World Markets Inc., National Bank Financial Inc., Desjardins Securities Inc., HSBC Securities Inc., HSBC Securities (Canada) Inc., Canaccord Capital Corporation, Raymond James Ltd. and Yorkton Securities Inc.

The Cdn$ Trust's investment objectives are: (i) to return at least the original issue price of the Cdn$ Units (Cdn. $25.00 per Cdn$ Trust Unit) to Unitholders upon termination of the Trust on December 30, 2016 (the "Termination Date"); (ii) to provide Unitholders with a stable stream of monthly distributions targeted to be at least Cdn. $0.17708 per Cdn$ Trust Unit (Cdn. $2.1250 per annum or 8.5% on the original issue price); and (iii) to preserve the value of each Trust's managed portfolio (described below), which will provide Unitholders with capital appreciation above the original issue price.

The US$ Trust's investment objectives are: (i) to return at least the original issue price of the US$ Trust Units (U.S.$20.00 per US$ Trust Unit) to Unitholders upon termination of the Trust on the Termination Date; (ii) to provide Unitholders with a stable stream of monthly distributions targeted to be at least U.S.$0.14167 per US$ Trust Unit (U.S.$1.70 per annum or 8.5% on the original issue price); and (iii) to preserve the value of the US$ Trust's managed portfolio (described below), which will provide Unitholders with capital appreciation above the original issue price.

To provide each Trust with the means to return the original issue price of the Units on termination, each Trust has entered into a forward purchase and sale agreement (the "Forward Agreements") with Royal Bank of Canada ("RBC") pursuant to which RBC will agree to pay to the Cdn$ Trust an amount equal to Cdn. $25.00 for each Cdn$ Trust Unit and to pay the US$ Trust U.S.$20.00 for each US$ Trust Unit outstanding on the Termination Date in exchange for the applicable Trust agreeing to deliver to RBC equity securities (the "Fixed Portfolios").

The balance of the net proceeds of each offering will be invested by each Trust in a diversified internationally focused portfolio (the "Managed Portfolios") consisting principally of equity securities (including common shares and ADRs) that are listed on a major North American stock exchange or market with an emphasis on the top 100 in each category by market capitalization of ADRs, U.S. equities and Canadian equities. In addition, the issues of such securities must have a market capitalization in excess of U.S. $5.0 billion if listed solely in the United States or a market capitalization in excess of Cdn. $1 billion if listed in Canada.

Each Trust will, from time to time, write covered call options in respect of all or part of the securities in its Portfolio. From time to time, each Trust may hold a portion of its assets in cash equivalents. Such cash equivalents may be used to provide cover in respect of writing cash covered put options in respect of securities in which the Trust is permitted to invest, which is intended to generate additional returns and to reduce the cost of acquiring securities subject to the put options.

The Units of the Cdn$ Trust trade under the symbol PRC.UN, and the units of the US$ Trust trade under the symbol PRU.U on The Toronto Stock Exchange.