Press Release

Quarterly Dividend Declared
(For Release 4 p.m. EDT October 20, 1999)

Toronto, October 20, 1999: MCM Split Share Corp. (the "Company") has declared quarterly dividends of $0.215090 on each of its Preferred Shares and $0.30 on each of its Class A shares payable on October 29, 1999 to shareholders of record on that date.

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 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 MUH.PR.A and MUH.A.

Distribution Details:

For further information contact
John Mulvihill, President, Mulvihill Capital Management
Don 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