Press Release

Year End Financial Results
(For Release 4:00 p.m. EDT, May 7, 2001)

Toronto, May 7, 2001: MCM Split Share Corp. (the "Company") announces results for the year ended January 31, 2001. Net income before distributions amounted to $13.7 million or $4.15 per Unit. Net asset value per Class A Share decreased from $14.61 to $14.57. Distributions to shareholders in the year amounted to $2.9 million to preferred shareholders or $0.8598 per preferred share, and $9.3 million to Class A shareholders or $2.75 per Class A share which included special distributions of $0.50, $0.50, $0.25 and $0.30 per unit, in April 2000, July 2000, October 2000 and January 2001, respectively.

Each Unit consists of one Class A share and one preferred share. Preferred shares receive dividends at a rate of 5.5% of their par value of $15.00. The CompanyÕs dividend policy on the Class A Shares has been set at a rate of $1.20 per Share, equivalent to 8% based on the Class A Shares initial public offering price of $15.00.

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 & Poor's 100 Index. To generate additional returns above the dividend income earned on the portfolio, the Company may 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 CompanyÕs investment portfolio is managed by its investment manager, Mulvihill Capital Management Inc. The companyÕs preferred and Class A shares are listed on The Toronto Stock Exchange under the symbols MUH.PR.A and MUH.A.

Selected Financial Information:
($ millions)

For further information, contact:
John Mulvihill, President & CEO, Mulvihill Capital Management
Donald Biggs, Vice President, Mulvihill Capital Management

MCM 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