MULVIHILL PRO-AMS RSP SPLIT SHARE CORP. -
INITIAL PUBLIC OFFERING

January 11, 2002 - Toronto, Ontario - Mulvihill Capital Management Inc., as manager of Mulvihill Pro-AMS RSP Split Share Corp., announced that it has filed a preliminary prospectus for a proposed offering of Class A Shares and Class B Shares of Mulvihill Pro-AMS RSP Split Share Corp.

Mulvihill Pro-AMS RSP Split Share Corp.'s investment objectives for the Class A Shares are to provide holders of Class A Shares with fixed cumulative preferential monthly cash distributions and to pay such holders $10.00 for each Class A Share held on redemption on December 31, 2013. The Class A Shares have been provisionally rated Pfd-2 by Dominion Bond Rating Service Limited.

Mulvihill Pro-AMS RSP Split Share Corp.'s investment objectives for the Class B Shares are to provide holders of Class B Shares with regular monthly cash distributions; to pay such holders $20.00 for each Class B Share held at the redemption of the Class B Shares on December 31, 2013; and on December 31, 2013, to provide holders of Class B Shares with the balance of the value of the Company's managed portfolio after paying holders of the Class A Shares $10.00 per Class A Share.

RBC Dominion Securities Inc. is the lead agent for the proposed offering. The other members of the syndicate are CIBC World Markets Inc., TD Securities Inc., BMO Nesbitt Burns Inc., Scotia Capital Inc., National Bank Financial Inc., HSBC Securities (Canada) Inc., Desjardins Securities Inc., Canaccord Capital Corporation, Dundee Securities Corporation, Raymond James Ltd. and Yorkton Securities Inc. Copies of the preliminary prospectus may be obtained from any of the agents.

For more information please contact:
John Mulvihill, President & CEO, Mulvihill Capital Management
Don Biggs, Vice President, Mulvihill Structured Products

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