Toronto, November 19, 2001: Mulvihill Premium Global Telecom (the "Company") announces results for the year ended June 29, 2001. Net realized income before distributions amounted to $10.6 million or $3.04 per Unit. Net asset value per Class A share was $5.34 after all distributions. Distributions to shareholders for the year amounted to $3.1 million to Preferred shareholders or $0.8751 per Preferred Share, and $5.7 million to Class A shareholders or $1.60 per Class A share which included special distributions of $0.15, $0.15 and $0.10 per unit in September 2000, December 2000 and March 2001 respectively.

Each Unit consists of one Class A Share and one Preferred Share. Preferred Shares receive distributions at a rate of 5.5% of their par value of $15.00. The Company's distribution policy on the Class A Shares has been set at a rate of $1.20 per Share, payable quarterly in the amount of $0.30, equivalent to 8% based on the Class A Shares initial public offering price of $15.00.

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.

Selected Financial Information : ($ Millions):
Statement of Operations (Audited)
For the year ended June 29, 2001