Toronto, October 29, 2002: Mulvihill Premium Global Telecom (the “Corporation”) announced today that the Toronto Stock Exchange has accepted the Corporation’s Notice of Intention to make a normal course issuer bid. The Corporation will have the right to purchase under the bid up to a maximum of 307,266 Class A shares and 307,266 Preferred shares (representing approximately 10% of the Corporation’s public float) commencing October 31, 2002. There are currently 3,098,658 Class A shares and 3,098,658 Preferred shares of the Corporation 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 October 30, 2003, the termination of the bid by the Corporation or the Corporation purchasing the maximum number of Class A shares and Preferred shares permitted under the bid. Class A shares and Preferred shares purchased by the Corporation pursuant to the issuer bid will be cancelled.

The board of directors of the Corporation believes that the Class A shares and the Preferred shares of the Corporation may become available during the proposed purchase period at prices which would make such purchases in the best interests of the Corporation.

The Fund’s investment portfolio is managed by its investment manager, Mulvihill Capital Management Inc. The Fund’s Preferred and Class A shares are listed on The Toronto Stock Exchange under the symbols GT.PR.A and GT.A..