GDG.UN Global Dividend Growers Income Fund

Middlefield Group is pleased to announce the successful completion, effective today, of the previously announced merger of European Focused Dividend Fund (“European Focused Dividend”) (TSX: EF.UN) and Global Dividend Growers Income Fund (“Global Dividend Growers”) (TSX: GDG.UN), with Global Dividend Growers being the continuing fund.

Pursuant to the merger, each European Focused Dividend unit was automatically exchanged for 0.56876901 units of Global Dividend Growers. This exchange ratio was based on the net asset values per unit of European Focused Dividend and Global Dividend Growers as at the close of trading on the Toronto Stock Exchange (the “TSX”) on July 13, 2020. Approximately 1,577,437 new units of Global Dividend Growers were issued in connection with the merger. The units of the European Focused Dividend will no longer trade on the TSX.

The merger was effected on a tax-deferred “rollover” basis. All costs of the merger were paid by the manager, Middlefield Limited. Former unitholders of European Focused Dividend are not required to take any action in order to be recognized as a unitholder of Global Dividend Growers and to be in a position to trade their Global Dividend Growers units on the TSX. Former unitholders of European Focused Dividend who wish to participate in the distribution reinvestment plan (the “DRIP”) of Global Dividend Growers will need to enroll in the Global Dividend Growers DRIP.

The merger benefits unitholders by providing an opportunity to hold units of Global Dividend Growers, which offers a lower management fee, broader geographic diversification and a larger asset base to improve liquidity and lowers costs.

Global Dividend Growers Income Fund is designed to provide investors with a low-cost investment in global issuers that have exhibited a history of strong dividend growth through a combination of passive and active portfolio management.

The units of Global Dividend Growers trade on the TSX under the symbol GDG.UN.

For further information on either of European Focused Dividend or Global Dividend Growers, including their respective annual reports and annual information forms, which outline their investment strategies and other features and attributes, please visit our website at www.middlefield.com or contact Nancy Tham or Michael Bury in our Sales and Marketing Department at 1.888.890.1868.

Certain statements in this press release may be viewed as forward-looking statements. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, intentions, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as "expects", "is expected", "anticipates", "plans", "estimates" or "intends" (or negative or grammatical variations thereof), or stating that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved) are not statements of historical fact and may be forward-looking statements. Statements which may constitute forward-looking statements relate to: the proposed timing of the merger and completion thereof; the benefits of the merger; and the funds that are proposed to be merged. Forward-looking statements are subject to a variety of risks and uncertainties which could cause actual events or results to differ from those reflected in the forward-looking statements including as a result of changes in the general economic and political environment, changes in applicable legislation, and the performance of each fund. There are no assurances the funds can fulfill such forward-looking statements and the funds do not undertake any obligation to update such statements. Such forward-looking statements are only predictions; actual events or results may differ materially as a result of risks facing one or more of the funds, many of which are beyond the control of the funds.