MIDDLEFIELD HIGH INCOME TRUST

"MINT" LISTED ON TSE TODAY

An initial public offering of units of Middlefield High Income Trust ("Mint") was completed today in the amount of $90,000,000. Mint is an eight year closed end trust listed on the Toronto Stock Exchange (symbol "MID.IR") and managed by the Middlefield Group of companies. The issue was placed by a syndicate of investment dealers led by RBC Dominion Securities Inc. and including Scotia McLeod Inc., Nesbitt Burns Inc., CIBC Wood Gundy Securities Inc. and Middlefield Securities Limited.

The two primary objectives of Mint are to achieve a high level of sustainable cash returns distributed quarterly over the life of the trust and to minimize risk through broad diversification and active investment management. The initial portfolio will include Real Estate Investment Trusts (REITs), Income Funds, Royalty Trusts and High Yield Debt.

For further information contact:

Mr. W. Garth Jestley
Director Middlefield Group
(416)362-0714

March 13, 1997