Press Release

Quarterly Dividend, Special Dividend Declared
(For Release 4 p.m. EDT, March 15, 2001)

Toronto, March 15, 2001: Global Telecom Split Share Corp. (the "Company") has declared quarterly dividends of $0.219325 (subject to minor adjustment) on each of its Preferred Shares and $0.30 on each of its Class A shares payable on March 30, 2001 to shareholders of record on that date. In addition, the Company has declared a special dividend on each of its Class A shares of $0.10 payable on the same date.

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 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.

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