Press Release

Declares Quarterly Dividend
(For Release 4 p.m., EDT, December 3, 2003)

Toronto, December 3, 2003 : Mulvihill Premium Global Telecom (the "Fund") has declared its quarterly dividend of $0.20625 on each of its Preferred Shares payable December 31, 2003 to shareholders of record as of December 15, 2003. The dividends on the Class A shares continue to be suspended until such time as the value of the underlying portfolio and coverage on the Preferred Shares improves.

The Fund is a mutual fund corporation, which invests its net assets in a diversified portfolio consisting principally of common shares issued by corporations within the Fund's Global Telecom Universe. To generate additional returns above the dividend income earned on the portfolio, the Fund may from time to time write covered call options in respect of all or part of the common shares in the Portfolio. In addition, the Fund may write cash covered put options in respect of securities in which the Fund is permitted to invest.

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

Distribution Details:

Dividend per Preferred Share
$ 0.20625
Regular Dividend per Class A Share
$ nil
Payable Date
December 31, 2003
Record Date
December 15, 2003
Ex-Dividend Date
December 11, 2003


For further information contact:
John Mulvihill, President & CEO
David Middleton, CFO
Mulvihill Structured Product


Mulvihill Premium Global Telecom
121 King Street West, Suite 2600
Toronto, Ontario M5H 3T9
(416) 681-3966   (800) 725-7172
hybrid@mulvihill.com