U.S. Global Investors Renames Regent Eastern European Fund Fund Up 39.59 Percent (as of June 3, 2002) One Year Total Return

The press release below is latest press release from U.S. Global Investors, a registered investment advisory firm with approximately $1.3 billion in assets under management. It announces the renaming of one of its funds from Regent Eastern European Fund to Eastern European Fund. If you would like additional information about this or one the 11 other mutual funds managed by U.S. Global Investors, please do not hesitate to contact me. If you would like a Microsoft Word copy of this press release, please reply to request one. Thank you for your time.

San Antonio — June 5, 2002 ---- U.S. Global Investors, Inc. (NASDAQ: GROW), a registered investment advisory firm with approximately $1.3 billion in assets under management, announced today that effective June 5, 2002, the U.S. Global Accolade Funds Regent Eastern European Fund (NASDAQ: EUROX) will be renamed the Eastern European Fund. This revision is a result of the recent change of the sub-advisers name from Regent Fund Management Limited to Charlemagne Capital Limited.

The fund, which is up 28.74 percent (as of June 3, 2002) since the beginning of the year and is nearing its all-time high of $13.79 per share (March 27, 2000), will continue to be managed by Stefan Böttcher and Andrew Wiles. The investment strategy will remain the same, focusing on dynamic companies that have most favorable currency rates, GDP growth, interest rates and political stability in the emerging markets of Eastern Europe, including Russia, the Czech Republic, Hungary, Poland and Slovakia.

About U.S. Global Investors, Inc.
U.S. Global Investors, Inc. is a registered investment adviser with a focus on profitable niche markets around the world. Headquartered in San Antonio, Texas, the Company offers financial solutions and provides transfer agency and other services to U.S. Global Investors Funds and U.S. Global Accolade Funds. The groups consist of 12 no-load mutual funds that invest in a variety of investment options, from emerging markets to money markets.

For more complete information about any U.S. Global fund, including charges and ongoing expenses, obtain a prospectus by visiting us at www.usfunds.com, or call 1-800-US-FUNDS. Please read it carefully before you invest or send money. Distributed by U.S. Global Brokerage, Inc.

The Eastern European Funds performance for the 1- 5- and since inception (inception date 03/31/97) period is 41.19%, 3.57% and 3.57%, respectively as of 03/31/02. Performance data quoted represent past performance and investment return and principal value of an investment will fluctuate so that an investors shares, when redeemed, may be worth more or less than their original cost.

Foreign emerging market investing involves special risks such as currency fluctuation and less public disclosure, as well as economic and political risk.

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