Mr. Dean Orrico reports

MIDDLEFIELD LAUNCHES ETF SERIES FOR INCOME PLUS AND ACTIVENERGY DIVIDEND CLASSES

Middlefield Ltd. has launched an ETF (exchange-traded fund) series for Income Plus and ActivEnergy Dividend Class Mutual Funds, providing investors with access to two established strategies in an ETF format. Trading of the ETF units commenced today on the Toronto Stock Exchange.

Income Plus Class is one of Middlefield's longest-running equity income mandates, with a proven 25-year record and a history of uninterrupted monthly distributions since inception. ActivEnergy Dividend Class offers investors actively managed exposure to dividend-paying companies across the energy sector. The ETF series will allow investors to access these strategies with the liquidity, transparency and trading flexibility of an ETF.

"This launch further expands Middlefield's ETF platform and reflects growing investor demand for flexible ways to access our investment strategies. By introducing the ETF series for Income Plus and ActivEnergy, investors can now access these established strategies through the ETF structure while benefiting from our proven, disciplined approach to portfolio management," said Dean Orrico, president and chief executive officer of Middlefield.

About the funds

• Income Plus Class is an award-winning fund with leading long-term performance and tax-efficient monthly distributions. It employs a high-conviction, active management strategy focused on companies paying high levels of sustainable income.
• ActivEnergy Dividend Class is an actively managed, diversified fund comprising primarily dividend-paying companies in the energy production, services and infrastructure industries. Growth in global energy demand, together with continuing and significant geopolitical instability, supports the crude oil and natural gas sectors over the long term.

About Middlefield

Founded in 1979, Middlefield is an income-focused asset manager with offices in Toronto, Canada, and London, England. Middlefield's investment team has developed a disciplined investment process over many years that seeks to identify attractive opportunities while evaluating the risks that impact returns. Its specialized suite of innovative investment solutions for both individual and institutional investors include exchange-traded funds trading in Canada, the United Kingdom, Italy and Germany, as well as Canadian mutual funds, split share corporations, closed-end funds and flow-through LPs. The company's core business currently includes seven income mandates: real estate, health care, innovation, infrastructure, energy, diversified income and fixed income, all of which incorporate Middlefield's focus on diversification in market sectors and companies which have the ability to generate growing levels of cash flow.

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