Press Release

Declares Special & Quarterly Dividends
(For Release 9 a.m. EDT, November 29, 1999)

Toronto, November 29, 1999: Global Telecom Split Share Corp. [GT.A, GT.PR.A] has declared regular quarterly dividends of $0.218900 on each of its Preferred Shares and $0.30 on each of its Class A shares payable on December 31, 1999 to shareholders of record on that date.In addition, the Company has declared a special dividend on each of its Class A shares of $5.00 payable on December 8, 1999 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 Companyıs investment portfolio is managed by its investment manager, Mulvihill Capital Management Inc. The companyıs 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.

Special Dividend Details:

Special Dividend per Class A Share:: $5.00
Payable Date: December 8, 1999
Record Date: December 8, 1999
Ex-Dividend Date: December 6, 1999


Regular Dividend Details:

Regular Dividend per Preferred Share: $0.218900
Regular Dividend per Class A Share: $0.30
Payable Date: December 31, 1999
Record Date: December 31, 1999
Ex-Dividend Date: December 29, 1999

For more information, please contact:
John Mulvihill, President, 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