Press Release

For Immediate Release

Toronto, March 18, 2002 - Mulvihill Pro-AMS RSP Split Share Corp. (the "Company") announced today that it has completed its initial public offering of Class A Shares and Class B Shares of the Company for aggregate gross proceeds of $102,000,000 in an offering led by RBC Dominion Securities Inc. 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.

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

The Company's investment objectives for the Class B Shares are to provide holders of Class B Shares with regular monthly cash distributions targeted to be 8.5% per annum; to pay such holders $20.00 for each Class B Share held at 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 holders of the Class A Shares $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") and pursuant to the terms thereof will agree to deliver the equity securities so acquired for a cash amount on termination which will be negotiated at the time such forward agreement is entered into. The Company will not enter into additional Class A Share Forward Agreements at such time as 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 prices ($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 (the "Class B Share Forward 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) will be 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. From time to time, the Company 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 Company 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 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.

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