Announcement

Middlefield High Income Trust
$150,000,000

We are pleased to announce the launch of Middlefield High Income Trust, a specialized fund designed to provide Unitholders with a high level of sustainable income. The Trust will invest in a diversified portfolio of high income securities across a broad range of investment vehicles including income funds, royalty trusts, real estate investment trusts and high-yield debt. These are all sectors where Middlefield has in-depth expertise and an excellent track record.

Highlights of the Mint Fund include:

• Anticipated going in return of 9%.
• RRSP, RRIF and DPSP eligible.
• Potential for tax deferred distributions.
• An active management strategy that will reflect changes in market conditions and outlook.
• Portfolio income enhanced through instalment receipt structure and leverage.
• Open market repurchase mechanism to support unit asset value on an ongoing basis.
• Liquidity through TSE listing.

The offering is scheduled to close by mid-March. Each unit is priced at $10.00, with $6.00 payable on closing and a $4.00 instalment payable on February 26, 1998. Minimum subscription is 100 units or $1,000.

If you would like a prospectus, please do not hesitate to contact your Investment Advisor.

This announcement is not to be construed as an offer to sell or the solicitation of an offer to buy
these securities