INDEXPLUS Announces Replacement Index for the S&P/TSX Income Trust Index

TORONTO, Nov. 26 /CNW/ - In light of income trusts becoming taxable in January 2011, Middlefield Capital Corporation and Guardian Capital LP (the "Co-Advisors") expect most remaining income trusts, with the exception of real estate investment trusts ("REITs"), to convert to corporations over the coming months. Accordingly, this event will result in the discontinuation of the S&P/TSX Income Trust Index. As a result and pursuant to its Declaration of Trust, INDEXPLUS Income Fund ("INDEXPLUS" or the "Fund") will replace the S&P/TSX Income Trust Index, which a portion of the Fund's portfolio is required to track, with a newly created index to be called the Middlefield Income Trust Conversion Index (the "Income Trust Conversion Index" or the "Index"). The Income Trust Conversion Index will comprise the 40 top yielding REITs, income trusts and corporations formerly constituted as income trusts and which are constituents of the S&P/TSX Composite Index. The Index will be market capitalization-weighted with no one issuer representing more than 10% of the Index. As a result, the yield and sector weightings of the new Index are expected to be similar to those of the S&P/TSX Income Trust Index.

To date, a significant number of income trusts that have converted to corporations continue to pay regular dividends, offering investors an attractive source of income. It is the view of the Co-Advisors that a significant number of income trusts will, following their conversion, maintain dividend payments which, on an after-tax basis, generally will be consistent with their current distribution rates. Accordingly, the Co-Advisors believe that, by tracking the Income Trust Conversion Index, the Fund will be well-positioned to continue to meet its investment objective of providing investors with high levels of monthly cash distributions.

As at October 31, 2010, INDEXPLUS Income Fund has generated annualized total returns for the one, three and five year periods of 36.6%, 7.2% and 8.1%, respectively as well as an annualized total return of 13.6% since inception.

INDEXPLUS will adopt the new Income Trust Conversion Index on January 1, 2011. The Index will be rebalanced on a semi-annual basis and its constituents will be posted on the Middlefield website at www.middlefield.com. INDEXPLUS is a Toronto Stock Exchange listed closed-end investment fund that invests in a diversified portfolio of equity income securities, 50% to 80% of which will track the Income Trust Conversion Index. The remainder of the portfolio is actively managed to enhance returns and reduce the risks associated with indexing.

The trust units trade on the Toronto Stock Exchange under the symbol IDX.UN.

This press release contains forward-looking information, including information with respect to: the expected conversion of income trusts to corporations; the discontinuance of the S&P/TSX Income Trust Index; the payment of dividends following conversion to corporations including on an after-tax basis; and the date of adoption of the Index. Certain of the forward-looking information contained in this press release is based on historical information concerning the distributions and dividends paid on the securities of issuers historically included in the portfolio of INDEXPLUS Income Fund. Actual future results, including the amount of distributions paid by the Fund, may vary significantly. Specifically, the income from which distributions are paid may vary significantly due to: changes in portfolio or Index composition; changes in distributions and dividends paid by issuers of securities included in the Fund's portfolio from time to time; there being no assurance that those issuers will pay distributions or dividends on their securities; the declaration of distributions and dividends by issuers of securities included in the portfolio will generally depend upon various factors, including the financial condition of each issuer and general economic and stock market conditions; the level of borrowing by the Fund; and the uncertainty of realizing capital gains. The risks, uncertainties and other factors that could influence actual results are described under "Risk Factors" in the Fund's prospectus dated July 29, 2003 and other documents filed by the Fund with the Canadian securities regulatory authorities. The forward-looking information contained in this press release constitutes the Fund's current estimate, 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 the Fund's estimate as of any date other than the date of this press release.

For further information:

please visit our website atwww.middlefield.comor contact Nancy Tham, Managing
Director, Sales and Marketing, at 416.847.5349 or at 1.888.890.1868.