Toronto, December 17, 2001:Mulvihill Premium Global Telecom (the "Company") has declared its quarterly dividends of $0.218748 on each of its Preferred Shares and $0.15 on each of its Class A shares, payable December 31, 2001 to shareholders of record on that date. The amount of the dividend may 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. 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.