Toronto, November 6, 2002: Mulvihill Premium Global Telecom (The "Fund") announces results for the year ended June 29,2002. Net realized loss before distributions and income taxes amounted to $(45.2) million or $(13.63) per unit. Distributions to Preferred shareholders amounted to $2.9 million or $0.8744 per Preferred share and $1.5 million to Class A shareholders or $0.45 per Class A share.

Each unit consists of one Class A share and one Preferred share. The investment objectives of the Fund are (i) to provide holders of Preferred shares with cumulative preferential quarterly cash dividends; (ii) to return the original issue price to holders of Preferred shares at the time of redemption of such shares on July 2, 2008; and (iii) to provide holders of Class A shares with the benefit of any capital appreciation in the value of the Portfolio over the amount required to be paid to holders of Preferred shares on July 2, 2008 and with annual cash dividends equal to the amount, if any, by which the net realized capital gains, dividends and option premiums (other than option premiums in respect of options outstanding at year end) earned on the Portfolio in any year, net of expenses, taxes and loss carry forwards, exceed the amount of the dividends paid on Preferred shares.

The Fund is a mutual fund corporation, which invests its net assets in a diversified portfolio (the "Portfolio") consisting principally of common shares issued by corporations within the Fund¹s Global Telecom Universe. To generate additional returns above the dividend income earned on the Portfolio, the Fund may, from time to time, write covered call options in respect of all or part of the common shares in the Portfolio. In addition, the Fund may write cash covered put options in respect of securities in which the Fund is permitted to invest.

The Fund's investment portfolio is managed by its investment manager, Mulvihill Capital Management Inc. The Fund¹s 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, 2002