Mulvihill Pro-AMS U.S.

Mulvihill Pro-AMS U.S.

March 30, 2005 09:00 ET

Mulvihill Pro-AMS U.S. Announces Year End Results




MARCH 30, 2005 - 09:00 ET

Mulvihill Pro-AMS U.S. Announces Year End Results

TORONTO, ONTARIO--(CCNMatthews - March 30, 2005) - Mulvihill Pro-AMS
U.S. (the "Fund") (TSX:PAM.UN) announces results for the year ended
December 31, 2004. Total results from financial operations amounted to a
gain of $8.9 million or $0.98 per unit which included both realized and
unrealized capital gains and losses. Net assets were $100.7 million or
$21.58 per unit, net of distributions to unitholders in the amount of
$4.3 million or $0.48 per unit.

Mulvihill Pro-AMS U.S. was launched in October, 2000 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 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 January 4, 2011 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 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 invest.

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 PAM.UN.

Selected Financial Information : ($ Millions)

Statement of Net Assets 2004
Assets $ 170.4
Liabilities 69.7
Net Assets (Unitholders Equity) $ 100.7

Statement of Financial Operations
Income $ (0.2)
Expenses (3.8)
Net Investment Loss $ (4.0)

Net Gain on Investments 12.9
Total Results from Financial Operations $ 8.9



Contact Information

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