Press Release
Quarterly Dividends Declared
(For Release 4 p.m. EDT, July 22, 2002)

Toronto, July 22, 2002: Mulvihill Premium Split Share (the "Company") has declared quarterly dividends of $0.215458 on each of its Preferred Shares and $0.30 on each of its Class A shares, payable July 31, 2002 to shareholders of record on that date. The amount of the dividend may be 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 some or all of a group selected from the TSE 300 Index. In order to meet its investment objectives, the Company may, from time to time invest up to 20% of the cost amount of its assets in common shares issued by corporations selected from the Standard & Poors 100 Index. 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 MUH.PR.A and MUH.A.

Distribution Details:

For further information, contact:
John Mulvihill, President & CEO, Mulvihill Capital Management
David Middleton, CFO Mulvihill Structured Products

MCM Split Share Corp.
121 King Street West, Suite 2600
Toronto, Ontario M5H 3T9
(416) 681-3966   (800) 725-7172
www.mulvihill.com
hybrid@mulvihill.com