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, 2022 and will terminate on December 12, 2023. 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 6,418,826 units issued and outstanding as at November 30, 2022 including 6,396,626 in the public float. The Fund may, during the 12 month period commencing December 13, 2022 purchase on the TSX up to 639,662 units, being 10% of the public float and may not, in any 30 day period, purchase more than 128,376 units, being 2% of the units issued and outstanding. The Fund will hold in treasury for resale all units purchased pursuant to the bid. As at November 30, 2022 the Fund had purchased 175,700 units on the TSX at an average price of $8.56 per unit under its previously approved normal course issuer bid. The Fund had the ability to purchase up to 936,715 units under its last NCIB. The manager of the Fund believes that such purchases are in the best interest of the Fund and are a desirable use of its available funds.

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 Tham Managing Director, Sales and Marketing (416) 847-5349

December 9, 2022

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.

First Canadian Place, 58th Floor, P.O. Box 192, Toronto ON M5X 1A6 T. 416.362.0714 F. 416.362.7925 www.middlefield.com