Press Release

Announces Semi-Annual Results
(For Release 4 p.m. EDT, February 27, 2001)

Toronto, February 27, 2001: Global Telecom Split Share Corp. (the "Company") announces results for the six months ended December 31, 2000. Net income before distributions amounted to $7.6 million or $2.11 per Unit. Net asset value per Class A Share was $8.81. Distributions to shareholders for the period amounted to $1.6 million to Preferred Shareholders or $0.4384 per Preferred Share, and $3.2 million to Class A shareholders or $0.90 per Class A Share which included special distributions of $0.15 in each of September and December, 2000 respectively.

Each Unit consists of one Class A Share and one Preferred Share. Preferred Shares receive dividends at a rate of 5.5% of their par value of $15.00. The CompanyÕs dividend policy on the Class A Shares has been set at a rate of $1.20 per Share, payable quarterly in the amount of $0.30, equivalent to 8% based on the Class A Shares initial public offering price of $15.00.

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 CompanyÕs investment portfolio is managed by its investment manager, Mulvihill Capital Management Inc. The CompanyÕs 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 (Unaudited)
For the six months ended December 31, 2000

For more information, 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