Press Releases

Quarterly Dividend Declared
(For Release 4 p.m. EDT March 22, 1999)

Toronto, March 22, 1999: Global Telecom Split Share Corp. (the "Company") has declared its quarterly dividend for Preferred shareholders of $0.218992 payable March 31, 1999 on each of its Preferred Shares to shareholders of record on that date, 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.

The Companyıs investment portfolio is managed by itıs investment manager, Mulvihill Capital Management Inc. The companyıs 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.

Distribution Details:

Dividend per Preferred Share: $ 0.218992
Payable Date: March 31, 1999
Record Date: March 31, 1999
Ex-Dividend Date: March 29, 1999

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