Press Release

Declares Special & Quarterly Dividends
(For Release 9 a.m. EDT, December 15, 2000)

Toronto, December 15, 2000: Global Telecom Split Share Corp. [GT.A, GT.PR.A] has declared regular quarterly dividends of $0.219325 on each of its Preferred Shares and $0.30 on each of its Class A shares payable on December 29, 2000 to shareholders of record on that date. In addition, the Company has declared a special dividend on each of its Class A shares of $0.15 payable on December 29, 2000 to shareholders of record on that date.

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

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

Regular Dividend Details:

Regular Dividend per Preferred Share: $0.219325
Regular Dividend per Class A Share: $0.30
Special Dividend per Class A Share: $0.15
Payable Date: December 29, 2000
Record Date: December 29, 2000
Ex-Dividend Date: December 27, 2000


For further information, please contact:
John Mulvihill, President, Mulvihill Capital Management
Donald 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