Press Release

Announces Annual Results
(For Release 9 a.m. EDT, September 25, 2003)

Toronto, September 25, 2003: Mulvihill Premium Global Telecom (The "Fund") announces results for the year ended June 29,2003. Net realized income before distributions amounted to $3.4 million or $1.10 per unit. Distributions paid to Preferred shareholders amounted to $2.5 million or $0.62 per Preferred share.

Each unit consists of one Class A share and one Preferred share. Preferred share distributions are cumulative at a rate of 5.5% of their par value of $15.00. In respect of the Class A Shares, the FundŐs Telecom Universe has experienced a sharp decline resulting in a reduction in the FundŐs net asset value per unit. As a result, the distributions 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 (the "Portfolio") consisting principally of common shares issued by corporations within the FundŐs 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 Fund's Preferred and Class A shares are listed on The Toronto Stock Exchange under the symbols GT.PR.A and GT.A.

Selected Financial Information : ($ Millions):
Statement of Operations (Audited)
For the year ended June 29, 2003

Revenue $ 1.2
Net Realized Losses 3.0
  $ 4.2
Less: Expenses $ 0.8
Net Realized Income before Distributions and Income Taxes $3.4

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