Toronto, September 11, 2002: Mulvihill Premium Global Telecom (the “Company”) today has announced that it will suspend payment of quarterly dividends on its Preferred Shares effective immediately in order to permit the Company to preserve its ability to meet its investment objectives in the long term.

The Company’s Telecom Universe has experienced a sharp decline resulting in a reduction in the Company’s Net Asset Value. As a result, the payment of dividends on the Preferred shares will be suspended until such time as the value of the underlying portfolio and asset coverage on the Preferred shares improves. These dividends are cumulative and arrears must be paid before the Class A share dividend is reinstated.

In addition, Dominion Bond Rating Service Limited (“DBRS”) has prescribed certain changes to be made to its original rating agency criteria outlined in the Company’s prospectus pertaining to the composition of the Global Telecom Universe. These changes follow the downgrade of the Preferred shares in July of this year by DBRS to P5 (low) from P3 (low) due to the decline in the fund’s Net Asset Value and the Preferred share’s asset coverage.

The definition of “Approved Rating” has been changed to BBB (low) from A (low) thereby expanding the scope of the Company’s permitted investments. Further, the requirement to obtain DBRS approval in respect of new securities which otherwise meet the investment criteria has been eliminated. These changes will enhance the Company’s ability to meet its investment objectives in the long term.

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