The Board of Directors of Middlefield Limited (the “Manager”), manager of MBN Corporation (“MBN” or the “Corporation”), would like to confirm that, as previously described in the press releases dated March 8, 2022 and April 6, 2022, all equity shares of the Corporation (the “Equity Shares”) have been redeemed effective April 21, 2022 (the “Redemption Date”). The Equity Shares were thereafter voluntarily de-listed from the Toronto Stock Exchange. The redemption proceeds are equal to $10.5874 per Equity Share, which are expected to be paid out to holders of Equity Shares of record as of the Redemption Date by April 29, 2022.

As the redemption proceeds are less than the Paid-Up Capital of the Equity Shares, the redemption proceeds are expected to be treated entirely as return of capital.   However, holders of Equity Shares should still consult their tax advisors regarding the tax treatment of any capital gain or capital loss arising on the redemption related to their specific circumstances. Please note there should be no tax consequences to those shareholders who hold their investment within registered plans, such as RRSPs, TFSAs, etc.

Middlefield Group

Formed in 1979, Middlefield creates equity income mandates designed to balance risk and return to meet the demanding requirements of Financial Advisors and their clients. These financial products include TSX-Listed IPOs and ETFs, Mutual Funds, Split Share Corporations, Flow Through LPs and Real Estate Investment Funds and Partnerships.

For further information, please visit our website at www.middlefield.com or contact Nancy Tham in our Sales and Marketing Department at 1.888.890.1868.

You will usually pay brokerage fees to your dealer if you purchase or sell units/shares of investment funds on the Toronto Stock Exchange or other alternative Canadian trading system (an “Exchange”). If the units/shares are purchased or sold on an Exchange, investors may pay more than the current net asset value when buying and may receive less than the current net asset value when selling them.

There are ongoing fees and expenses associated with owning units or shares of an investment fund. An investment fund must prepare disclosure documents that contain key information about the fund. You can find more detailed information about the fund in these documents. The indicated rates of return are the historical annual compounded total returns, including changes in unit or share value and reinvestment of all distributions, and does not take into account certain fees such as redemption fees or optional charges or income taxes payable by any securityholder that would have reduced returns. Investment funds are not guaranteed, their values change frequently and past performance may not be repeated.

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