PRESS RELEASE

MINT ANNOUNCES NORMAL COURSE ISSUER BID

Middlefield High Income Trust ("MINT") announced today its intention to make a normal course issuer bid for its units through the facilities of The Toronto Stock Exchange (the "TSE"). This normal course issuer bid is subject to regulatory approval. In accordance with the Trust Agreement by which MINT is governed, market purchases pursuant to this normal course issuer bid may only be effected if unitholders are offering their units for sale at less than net asset value per unit.

At December 17, 1997, there were 9,820,007 units issued and outstanding including 9,038,860 units in the public float. If regulatory approval is obtained, MINT may, during the 12 month period subsequent to such approval, purchase on the TSE up to 903,886 units, being 10% of the public float of the units. MINT will cancel all units purchased pursuant to the bid.

The units have been trading at prices which are less than the net asset value per unit. As a result, depending on future movements and other factors, MINT believes that its units may represent an attractive investment and a desirable use of available funds.

MINT raised $98 million in early 1997 through an initial public offering. The primary objectives of MINT are to produce a high level of sustainable income and to minimize the risk of investing in high income securities on a cost effective basis. MINT comprises four classes of assets: income funds, high yield debt, real estate investment trusts and royalty trusts.

MINT trades on the Toronto Stock Exchange under the symbol "MID.IR".

For further information contact:


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

December 17, 1997