Mulvihill Pro-AMS RSP

Mulvihill Pro-AMS RSP

March 30, 2005 09:00 ET

Mulvihill Pro-AMS RSP Announces Year End Results




MARCH 30, 2005 - 09:00 ET

Mulvihill Pro-AMS RSP Announces Year End Results

TORONTO, ONTARIO--(CCNMatthews - March 30, 2005) - Mulvihill Pro-AMS RSP
(the "Fund")(TSX:PR.UN) announces results for the year ended December
31, 2004. Total results from financial operations amounted to a gain of
$28.9 million or $1.05 per unit which included both realized and
unrealized capital gains and losses. Net assets were $306.1 million or
$20.14 per unit, net of distributions to unitholders in the amount of
$24.2 million or $0.88 per unit.

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

The forward purchase and sale agreement remains in force with Royal Bank
of Canada ("RBC") pursuant to which RBC will agree to pay to the Fund an
amount equal to the original issue price of C$25.00 for each unit
outstanding on the Termination Date on December 31, 2012, in exchange
for the Fund agreeing to deliver to RBC equity securities, known as the
Fixed Portfolio. The Managed Portfolio consists principally 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

The Fund's investment portfolio is managed by its investment manager,
Mulvihill Capital Management Inc. Fund units are listed on The Toronto
Stock Exchange under the symbol PR.UN.

Selected Financial Information : ($ Millions)

Statement of Net Assets 2004
Assets $ 492.6
Liabilities 186.5

Net Assets (Unitholders Equity) $ 306.1

Statement of Financial Operations
Income $ (0.8)
Expenses (10.7)
Net Investment Loss $ (11.5)
Net Gain on Investments 40.4

Total Results from Financial Operations $ 28.9


Contact Information

    Mulvihill Structured Products
    John Mulvihill
    President & CEO
    (416) 681-3966
    Mulvihill Structured Products
    Bruce Graham
    Vice President
    (416) 681-3966or (800) 725-7172
    A member of the Mulvihill Capital Management Inc. Group of Funds