Middlefield Provides an Update for MBN Corporation

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 release dated March 8, 2022, all equity shares of the Corporation (the “

Equity Shares

”) will be redeemed effective April 21, 2022 (the “Redemption Date”).

The Corporation has applied to the Toronto Stock Exchange to voluntarily de-list the Equity Shares as of the close of trading on the Redemption Date. The Manager expects redemption proceeds to be paid out to holders of Equity Shares of record as of the Redemption Date by April 28, 2022, with the Corporation dissolving as soon as practicable thereafter.

Please note there should be no tax consequences to those shareholders who hold their investment within registered plans, such as RRSPs, TFSAs, etc. We encourage you to discuss your various alternatives with your investment advisor regarding the redemption and determine what strategy is most suitable for you to achieve your personal needs and objectives.

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.