Press Release

Declares Year End & Special Income Distributions
(For Release 9 a.m. EDT, December 15, 2000)

Toronto, December 15, 2000: Global Plus Income Trust [GIP.UN] has declared its regular quarterly income distribution of C$0.50 per Unit plus a special distribution of $0.25 per Unit payable December 29, 2000 to holders of record on such date. The special distribution will ensure that the Trust distributes sufficient of its net income and net realized capital gains for 2000 so that it will not be liable for tax. The amount of the distribution may therefore be subject to minor adjustment.

The total distribution for Unitholders for the year ending December 31, 2000 should therefore be $2.75 per Unit (including special distributions during the year of $0.75) equivalent to an 11% annual distribution yield on the original issue price of $25.00.

Unitholders of Global Plus Income Trust may elect to have their distributions re-invested into additional Units by enrolling in the TrustÕs Distribution Reinvestment Plan. In order to take advantage of distribution reinvestment, Unitholders should contact their broker or the Plan Agent (Computershare) as soon as possible to enroll in the plan.

The TrustÕs strategy is to invest the net proceeds from this offering in a diversified portfolio (the "Portfolio") consisting principally of common shares issued by corporations selected from the Standard & PoorÕs 100 Index and American Depository Receipts ("ADRs") of the top 100 corporations selected on the basis of market capitalization whose ADRs are trading on the New York Stock Exchange or NASDAQ. In addition, in order to provide further global investment opportunities, the Trust may, from time to time, invest up to a maximum of 25% of its net asset value in World Equity Benchmark Shares that seek to provide investment results that track the performance of a specific country index compiled by Morgan Stanley Capital International Inc.

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 common shares in the Portfolio. In addition, the Trust may write cash covered put options in respect of securities in which the Trust is permitted to invest.

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

Distribution Details:

Regular Distribution per Unit:	$0.50
Special Distribution per Unit:	$0.25 (subject to minor adjustment)
Payable Date:	December 29, 2000
Record Date:	December 29, 2000
Ex-Distribution Date:	December 27, 2000

For more information contact:
John Mulvihill, Chairman & CEO, Mulvihill Capital Management
Don Biggs, Vice President, Mulvihill Capital Management

Global Plus Income Trust
121 King Street West, Suite 2600
Toronto, Ontario M5H 3T9
(416) 681-3966   (800) 725-7172
premium@mulvihill.com
www.mulvihill.com