Press Releases

Shareholders Approve Special Resolution
(For Release 4:30 p.m. EDT July 29, 1999)

Toronto, July 29, 1999 - Global Telecom Split Share Corp. today announced that its shareholders have approved a special resolution permitting the Company to write cash covered put options as an investment strategy thereby complementing its covered call option writing strategy. The addition of cash covered put options will not in any way change the fundamental objectives of the Company. This additional feature will constitute an enhancement to the investment management tools currently available to the Company and should permit the Company to generate a higher rate of return on cash balances held.

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.

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 and the Montreal Exchange under the symbols GT.PR.A and GT.A.

For more information, please contact:
John Mulvihill, Chairman & CEO, 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
premium@mulvihill.com
www.mulvihill.com