Press Releases

Initial Dividend Declared
(For Release 4 p.m. EDT September 21, 1998)

Toronto, September 21, 1998: Global Telecom Split Share Corp. (the "Company") has declared its initial quarterly dividend for Preferred shareholders of $0.222462 (pro-rata from inception on June 30, 1998) 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 Company's investment portfolio is managed by it's investment manager, Mulvihill Capital Management Inc. The company's 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: (pro-rata)

For more information, please contact:
John Mulvihill, Chairman & CEO, Mulvihill Capital Management
Don 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
premium@mulvihill.com
www.mulvihill.com