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Press Release Declares Year End Distribution Toronto, December 17, 2001: Mulvihill Summit Digital World (the "Trust") has declared a year end distribution of C$0.15 per Unit payable December 31, 2001 to unitholders of record on such date. The amount of the distribution may be subject to minor adjustment. The Trust would also like to announce that it has completed its tax planning to realize capital losses in the portfolio to reduce the taxable income of the Trust. As a result, it is expected that some or all of the distributions will be non-taxable in 2001. The amount of the non-taxable distribution will reduce Unitholders' adjusted cost base of their Units used to calculate capital gains realized by Unitholders on ultimate redemption or other disposition of their Units. The Trust's strategy is to invest the net proceeds from this offering in a diversified portfolio of Common Shares issued by leading digitally based companies. These companies are either listed on a major North American stock exchange or quoted on NASDAQ with a market capitalization in excess of US$5.0 billion. They must operate within the sectors of Telecommunication Services, Telecommunication Equipment Suppliers, Enabling Hardware and Software, and Related Digital Commerce, Services and Products, the "Digital World Universe". To generate additional returns above the dividend income earned on the portfolio, the Trust will, from time to time, write covered call options in respect of all or part of the securities in its portfolio. In addition, the Trust may write cash covered put options in respect of securities in which it is permitted to invest. Accordingly, the Trust will hold a portion of its assets in cash equivalents which will be used to provide cover in respect of the writing of cash covered put positions. Mulvihill Summit Digital World offers investors the opportunity to conveniently acquire additional units of the Trust by reinvesting their cash distributions through the Trust's Distribution Reinvestment Plan. Unitholders may enroll in the Plan by contacting their investment advisor. 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 DWT.UN.
Digital World Trust |
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