Toronto, February 8, 2002: Mulvihill Premium Global Telecom Fund (the "Company") announces results for the period ended December 31, 2001. Net income before distributions and income taxes amounted to $4.3 million or $1.29 per Unit. Net asset value per Class A share was $3.39. Distributions to shareholders for the period amounted to $1.5 million to Preferred shareholders or $0.44 per Preferred Share, and $1.5 million to Class A shareholders or $0.45 per Class A share

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 Company's 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. As a result of continued weakness within the telecommunications sector, the quarterly dividend on Class A shares was reduced to $0.15 per share during the second Company's quarter ended December 31, 2001.

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.

Selected Financial Information : ($ Millions):
Statement of Operations (Unaudited)
For the period ended December 31, 2001