Press Release

Global Plus Income Trust
Declares Initial Quarterly & Special Income Distributions
(For Release 9 a.m. EDT, November 29, 1999)

Toronto, November 29, 1999: Global Plus Income Trust [GIP.UN] has declared its initial quarterly income distribution of C$0.60 per Unit (pro-rata from inception on September 13, 1999) payable December 31, 1999 to holders of record on such date and a special distribution of C$0.15 per Unit payable December 8, 1999 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 1999 so that it will not be liable for tax. The amount of the distribution may therefore be subject to minor adjustment.

Unitholders of Global Plus Income Trust may elect to have their distributions re-invested into additional Units by enrolling in the Trust¹s Distribution Reinvestment Plan. In order to take advantage of distribution reinvestment, Unitholders should contact their broker or the Plan Agent (Montreal Trust Company of Canada) as soon as possible to enroll in the plan.

The Trust¹s 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 & Poor¹s 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 Trust¹s investment portfolio is managed by its investment manager, Mulvihill Capital Management Inc. Trust Units are listed on The Toronto Stock Exchange and The Montreal Exchange under the symbol GIP.un.

Special Distribution Details:

Special Distribution per Unit:	$0.15
Payable Date:	December 8, 1999
Record Date:	December 8, 1999
Ex-Distribution Date:	December 6, 1999

Regular Distribution Details:

For further 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