Toronto, August 19, 2002: Mulvihill Pro-AMS RSP Split Share Corp. (the “Company”) has declared its monthly distribution of $0.05417 on each of its Class A Shares, and $0.14167 on each of its Class B Shares, payable August 30, 2002 to holders of record on such date.

The Company’s investment objectives for the Class A Shares are to provide Class A Shareholders with fixed cumulative preferential monthly cash distributions in the amount of $0.05417 per Class A Share (6.5% per annum on the original issue price) and to pay such Shareholders $10.00 for each Class A Share held on redemption on December 31, 2013 (the “Termination Date”).

The Company’s investment objectives with respect to the Class B Shares are to provide Class B Shareholders with monthly cash distributions targeted to be 8.5% per annum; to pay such holders $20.00 for each Class B Share held on the redemption of the Class B Shares on the Termination Date; and on the Termination Date, to provide holders of Class B Shares with the balance of the value of the Company’s Managed Portfolio (described below) after paying Class A Shareholders $10.00 per Class A Share.

To further enhance the Company’s ability to return the original issue price of Class A Shares on termination, the Company intends to contribute, every six months (commencing September 30, 2002) an amount targeted to be a minimum of $0.43 per Class A Share outstanding representing 1/23rd of the issue price of a Class A Share, to an account (the “Class A Share Forward Account”) which will be used to acquire Canadian equity securities. The Company will at each such time enter into a forward purchase and sale agreement (each a “Class A Share Forward Agreement”) with Royal Bank of Canada (“RBC”) until the forward price that would be payable to the Company under the Class A Share Forward Agreements on the Termination Date equals the Class A share issue price ($10.00) multiplied by the number of Class A Shares outstanding. The Class A Shares have been rated Pfd-2 by Dominion Bond Rating Service Limited.

To provide the Company with the means to return the original issue price of the Class B Shares on termination, the Company has entered into a forward purchase and sale agreement with RBC pursuant to which RBC will agree to pay to the Company an amount equal to $20.00 in respect to each Class B Share outstanding on the Termination Date in exchange for the Company agreeing to deliver to RBC equity securities (the “Fixed Portfolio”). The balance of the net proceeds of the offering (i) have been invested by the Company in a diversified portfolio consisting principally of Canadian and U.S. equity securities that are listed on a major North American stock exchange or market whose issues 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 and (ii) will also be used to enter into the Class A Shares Forward Agreements (collectively, the “Managed Portfolio”).

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

The Class A Shares trade under the symbol SPL.A, and the Class B Shares trade under the symbol SPL.B on the Toronto Stock Exchange.