Press Release

Special Dividend, Year End Dividends Declared
(For Release 4 p.m. EDT, June 5, 2000)

Toronto, June 5, 2000: Global Telecom Split Share Corp. (the "Company") has declared quarterly dividends of $0.219356 on each of its Preferred Shares and $1.00 on each of its Class A shares payable on June 29, 2000 to shareholders of record on that date. The Class A Share distribution is comprised of a regular $0.30 distribution plus a special distribution of $0.70. The purpose of the special dividend is to ensure that the Company distributes a sufficient amount of its net income and net realized capital gains for 2000 so that it will not be liable for income tax on such amounts. The amount of the special dividend may therefore be subject to minor adjustment.

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 Company¹s investment portfolio is managed by its investment manager, Mulvihill Capital Management Inc. The company¹s Preferred and Class A shares are listed on The Toronto Stock Exchange under the symbols GT.PR.A and GT.A.

Distribution Details:

For further 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