Press Release

Declares Special Quarterly Dividend
(For Release 6:00 p.m. EDT, September 5, 2000)

Toronto, September 5, 2000: Global Telecom Split Share Corp. (the "Company") has declared quarterly dividends of $0.219101 on each of its Preferred Shares and $0.30 on each of its Class A shares payable on September 29, 2000 to shareholders of record on that date. In addition, the Company has declared a special dividend on each of its Class A shares of $0.15 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. In addition, the Trust may write cash covered put options in respect of securities in which it 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

Distribution Details:

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