Press Releases

Special Dividend Declared
(For Release 4 p.m. EDT June 8, 1999)

Toronto, June 8, 1999: Global Telecom Split Share Corp. (the "Company") announced today that it has declared its initial dividend on the Class A Shares and the regular quarterly dividend on its Preferred Shares. The Board has declared a quarterly dividend for Preferred Shareholders of $ 0.218793 payable June 29, 1999 on each of its Preferred Shares to shareholders of record on that date.

In declaring the dividend payable on the Class A Shares, the Board of Directors wished to establish an ordinary dividend in keeping with its dividend policy for its Class A Shares sustainable under most circumstances over the longer term. The Board has therefore estimated the Class A Share dividend calculated under its dividend policy should provide an annual yield of 8% of the initial price of $15.00 ($1.20 per Class A Share). Furthermore, the Board has adopted a policy to pay any ordinary dividends on the Class A shares on a quarterly (as opposed to annual) basis. Therefore, the quarterly dividend on the Class A Shares should be $0.30 per Class A Share beginning with the first quarterly dividend on September 30, 1999.

For the Company's 1999 fiscal year end, the Board has declared an annual dividend for Class A Shareholders of $2.50, payable June 29, 1999 on each of its Class A Shares to shareholders of record on that date consisting of a $1.20 regular dividend (an annual yield of 8% based on the original issue price of $15.00) and $1.30 in a Special Dividend. The total distribution of $2.50 per Class A Share represents an annual yield of 16.67% based on the original issue price of $15.00. The purpose of this Special Dividend is to ensure that the Company distributes a sufficient amount of its net income and net realized capital gains for 1999 so that it will not be liable for income tax on such amounts. The amount of the Special Dividend may therefore be subject to minor adjustment.

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

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

Distribution Details:

Dividend per Preferred Share: $0. 218793
Regular Dividend per Class A Share: $1.20
Special Dividend per Class A Share: $1.30
Total Distribution per Class A Share: $1.30
Payable Date: June 29, 1999
Record Date: June 29, 1999
Ex-Dividend Date: June 25, 1999


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


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