Toronto, June 17, 2002: Mulvihill Premium Global Telecom (the "Company") has declared a year end dividend of $0.219087 on each of its Preferred Shares payable June 28, 2002 to shareholders of record on that date. The amount of the dividend may be subject to minor adjustment.

In respect of the Class A shares, the Company's Telecom Universe has experienced a sharp decline resulting in a reduction in the Company's net asset value per Unit. As a result, the dividends on the Class A shares continue to be suspended until such time as the value of the underlying portfolio and coverage on the Preferred Shares improves.

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 Company may write cash covered put options in respect of securities in which the Company 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.