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Exchange Bulletin

Middlefield Global Real Asset Fund (RA.UN) To Trade On Toronto Stock Exchange


November 22, 2019

Issuer: Middlefield Global Real Asset Fund (the "Fund")

SecuritySymbolIssued and Outstanding SecuritiesReserved SecuritiesIssue Price
Trust units
(the "Units")
RA.UN 15,000,000 2,310,000 $10.00
Listing category: Non-Corporate
Trading currency: CDN$
Transaction: Initial public offering of Units (the "Offering")
Listing date: November 25, 2019 (as at 5:01 pm) in anticipation of closing of the Offering.
Anticipated closing date: November 26, 2019
Posted for trading date: November 26, 2019 (at the opening) subject to confirmation of closing of the Offering.
Other market(s): None
Designated market maker: Citadel Securities Canada ULC
Security ownership registration: CDS book-entry system
Investor relations: Francisco Z. Ramirez
President, Middlefield Limited
(403) 269-2100

- OR -

Catherine E. Rebuldela
Chief Financial Officer, Middlefield Limited
(403) 269-2100
Incorporation: An investment fund established as a trust under the laws of the Province of Alberta pursuant to a declaration of trust dated as of October 11, 2019.
Manager and Trustee: Middlefield Limited
Fiscal year end: December 31
Nature of business: The Fund's investment objectives are to provide holders of Units with: (i) stable monthly cash distributions; and (ii) enhanced long-term total return through capital appreciation of the Fund's investment portfolio, through a diversified, actively managed portfolio comprised primarily of dividend paying securities of global issuers focused on, involved in, or that derive a significant portion of their revenue from physical real estate or infrastructure assets, which the Advisor believes will generate attractive risk-adjusted returns for the Fund due to the tangible, difficult to replicate, long-term nature of such assets and their ability to shape and support global economic activity.
Transfer agent and registrar: Middlefield Capital Corporation at its principal office in Toronto.
Distributions The Fund intends to provide Unitholders with monthly cash distributions. The initial target distribution amount for the period ending February 28, 2021 is $0.04167 per Unit per month (corresponding to an annualized distribution of $0.50 per Unit per annum and representing an annualized yield of 5.0% per annum based on the original subscription price).
Sponsorship: Not applicable
Disclosure document: Prospectus dated October 11, 2019, which is available at www.SEDAR.com. Capitalized terms not otherwise defined herein are as defined in the Disclosure document.
Initial public offering: Pursuant to the terms of the Prospectus, a maximum of 15,000,000 Units (and a minimum of 2,000,000 Units) at a price of $10.00 per Unit, are being offered to the public.
TSX contact: Chris Birkett,
Director,
Toronto Stock Exchange