Press Releases

Global Telecom Split Share Corp.
Quarterly Dividend, Special Dividend Declared
(For Release 4 p.m. EDT, September 20, 1999)

Toronto, September 20, 1999: Global Telecom Split Share Corp. (the "Company") has declared quarterly dividends of $0.218303 on each of its Preferred Shares and $0.30 on each of its Class A shares payable on September 30, 1999 to shareholders of record on that date. In addition, the Company has declared a special dividend on each of its Class A shares of $0.10 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.

The Company¹s investment portfolio is managed by its investment manager, Mulvihill Capital Management Inc. The company¹s 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):

Dividend per Preferred Share:	$ 0.218303
Regular Dividend per Class A Share:	$ 0.300000
Special Dividend per Class A Share:	$ 0.100000
Payable Date:	September 30, 1999
Record Date:	September 30, 1999
Ex-Dividend Date:	September 28, 1999

For more information, please contact:
John Mulvihill, President, 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