RA.UN Middlefield Global Real Asset Fund ETF

Middlefield Global Real Asset Fund (the “Fund”) (TSX: RA.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 December 13, 2019 and will terminate on December 12, 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 11,000,354 units issued and outstanding as at December 4, 2019.  The Fund may, during the 12 month period commencing December 13, 2019 purchase on the TSX up to 1,099,535 units, being 10% of the public float and may not, in any 30 day period, purchase more than 220,007 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.  The Fund is implementing the NCIB to allow it to purchase units if and when it makes sense to do so.

The Fund trades on the TSX under the symbol “RA.UN”.

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

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

December 11, 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.