Toronto, June 17, 2002: Mulvihill Pro-AMS U.S. (the "Trust") has declared its monthly distribution of C$0.0833 per Unit payable June 28, 2002 to holders of record on such date.

Mulvihill Pro-AMS U.S. was launched in October, 2000 with three investment objectives: (1) to provide unitholders of the Trust with monthly distributions, (2) to return at a minimum the original issue price of the units ($25.00) to unitholders upon termination of the Trust, and (3) to preserve the value of the Trust's Managed Portfolio. In order to achieve the monthly distribution and preservation objectives, approximately 40% of the net proceeds of the Trust were invested in a diversified portfolio at inception of the Trust (known as the Managed Portfolio) consisting principally of equity securities of companies with a market capitalization in excess of US $5.0 billion selected from the S&P 500 Index.

To provide the Trust with the means to return the original issue price of the Units on or about the Termination Date, the Trust, has entered into a forward purchase and sale agreement with Royal Bank of Canada ("RBC") to which RBC will agree to pay to the Trust C$25.00 for each Unit outstanding on the Termination Date in exchange for the Trust agreeing to deliver to RBC equity securities which the Trust has acquired with approximately 60% of the net proceeds of the offering (known as the Fixed Portfolio).

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

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