MDC.UN Digital Consumer Dividend Fund

Digital Consumer Dividend Fund (the “Fund”) (TSX: MDC.UN) announced that it has filed a notice with the Toronto Stock Exchange (the “TSX”) and received its approval to make a normal course issuer bid (“NCIB”).  Purchases pursuant to the NCIB will be made in the open market through the facilities of the TSX.  This NCIB will commence on July 17, 2019 and will terminate on July 16, 2020.  In accordance with the Declaration of Trust by which the Fund is governed, market purchases pursuant to its NCIB may be effected by the Fund.

The Fund had 6,000,000 units issued and outstanding as at July 3, 2019.  The Fund may, during the 12 month period commencing July 17, 2019 purchase on the TSX up to 586,500 units, being 10% of the public float and may not, in any 30 day period, purchase more than 120,000 units, being 2% of the units issued and outstanding.  The Fund will cancel all units purchased pursuant to the bid.  Subject to receiving all necessary regulatory approvals, the Fund may, in lieu of canceling units acquired, hold the units in treasury for resale.  Digital Consumer Dividend Fund is implementing the NCIB to allow it to purchase units if and when it makes sense to do so.

Digital Consumer Dividend Fund trades on the Toronto Stock Exchange under the symbol “MDC.UN”.

For further information visit our website at www.middlefield.com or contact the undersigned:

Nancy ThamManaging Director, Sales and Marketing(416) 847-5349

July 12, 2019

This press release may contain forward-looking information, including with respect to future purchases of Units by the Fund.  The forward-looking information contained in this press release constitutes current expectations, as of the date of this press release, with respect to the matters covered hereby.  Investors and others should not assume that any forward-looking statement contained in this press release represents an estimate as of any date other than the date of this press release.

812 Memorial Drive N.W., Calgary,  AB  T2N 3C8   T. 403.269.2100   F. 403.269.2911   www.middlefield.com