Press Release

Announces Normal Course Issuer Bid
(For Immediate Release)

June 21, 2002 ­ Toronto, Ontario : Pro-AMS U.S. Trust (TSX: PAM) (the ³Trust²) announced today that the Toronto Stock Exchange has accepted the Trust¹s Notice of Intention to make a normal course issuer bid. The Trust will have the right to purchase under the bid up to a maximum of 2,158,330 units (representing approximately 10% of the Trust¹s public float) commencing June 26, 2002. There are currently 21,595,309 units of the Trust issued and outstanding. Purchases made pursuant to the normal course issuer bid will be made in the open market through the facilities of the Toronto Stock Exchange. The normal course issuer bid will remain in effect until the earlier of June 25, 2003, the termination of the bid by the Trust or the Trust purchasing the maximum number of units permitted under the bid. Units purchased by the Trust pursuant to the issuer bid will be cancelled.

Management and directors of the manager of the Trust, Mulvihill Fund Services Inc., believe that units of the Trust may become available during the proposed purchase period at prices which would make such purchases in the best interests of the Trust.

For further information, contact:
John Mulvihill or David Middleton
Mulvihill Fund Services Inc.
Telephone: (416) 681-3900

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