Middlefield Healthcare & Life Sciences Dividend Fund Announces Exchange Ratios

CALGARY, July 6, 2017 /CNW/ - Middlefield Group, on behalf of Middlefield Healthcare & Life Sciences Dividend Fund (the "Fund"), is pleased to announce the exchange ratios for the exchange offer by the Fund (the "Exchange Option") being made under the final prospectus of the Fund dated June 23, 2017.

The Fund's investment objectives are to provide holders of units of the Fund ("Units") with:

(i)  stable monthly cash distributions, and

(ii) enhanced long-term total return through capital appreciation of the Fund's investment portfolio.

The Fund's investment strategy will focus primarily on investing in dividend-paying securities of issuers operating in, or that derive a significant portion of their revenue or earnings from, products or services related to the healthcare, life sciences and related industries.

The initial target distribution yield for the Fund is 5% per annum based on the original subscription price (or $0.04167 per Unit per month or $0.50 per Unit per annum).

The number of Units issuable for each class of security of an Exchange Eligible Issuer (as listed below) (the "Exchange Ratio") has been determined by dividing the weighted average trading price of such security on the Toronto Stock Exchange (or such other exchange or market on which such security is then listed) during the period of five consecutive trading days ending on July 6, 2017 (the "Pricing Period"), as adjusted to reflect distributions declared by any Exchange Eligible Issuer that will not be received by the Fund, by $10.00. The Exchange Ratio for any such securities that do not trade in Canadian dollars was determined by converting the weighted average trading price on the applicable exchange of such securities into Canadian dollars based on today's Bank of Canada daily exchange rate. Holders of securities of Exchange Eligible Issuers who deposited such securities pursuant to the Exchange Option will continue to be holders of record up to but not including the date of the closing of the offering of Units and will be entitled to receive distributions in respect of such securities of Exchange Eligible Issuers that are declared up to but not including such date. Each Exchange Ratio will be rounded down to five decimal places.

The table below sets out the Exchange Eligible Issuers, the securities of which may be accepted by the Fund pursuant to the Exchange Option, including the name of the Exchange Eligible Issuer, its ticker symbol, its CUSIP number, its ISIN, its volume weighted average trading price during the Pricing Period and the Exchange Ratio.

Name	Ticker	CUSIP	ISIN	VWAP	Exchange Ratio
Healthcare
Aetna Inc.	AET	00817Y108	US00817Y1082	197.4410	19.67936
Agilent Technologies Inc.	A	00846U101	US00846U1016	76.8656	7.68655
AmerisourceBergen Corp.	ABC	03073E105	US03073E1055	122.6222	12.26221
Anthem Inc.	ANTM	036752103	US0367521038	244.9360	24.49359
Baxter International Inc.	BAX	071813109	US0718131099	78.1931	7.81930
Becton Dickinson and Co.	BDX	075887109	US0758871091	252.6789	25.26788
Boston Scientific Corp.	BSX	101137107	US1011371077	35.7632	3.57631
Cardinal Health Inc.	CAH	14149Y108	US14149Y1082	101.0145	10.10145
Centene Corp.	CNC	15135B101	US15135B1017	103.9090	10.39089
Cerner Corp.	CERN	156782104	US1567821046	85.4288	8.54288
Chartwell Retirement Residences	CSH.UN	16141A103	CA16141A1030	15.3986	1.53986
Cigna Corp.	CI	125509109	US1255091092	217.1334	21.71334
DENTSPLY SIRONA Inc.	XRAY	24906P109	US24906P1093	83.7267	8.37267
Express Scripts Holding Co.	ESRX	30219G108	US30219G1085	82.5080	8.25079
Extendicare Inc.	EXE	30224T863	CA30224T8639	10.2663	1.02663
HCA Healthcare Inc.	HCA	40412C101	US40412C1018	112.0563	11.20563
Humana Inc.	HUM	444859102	US4448591028	310.7346	31.07345
Jean Coutu Group PJC Inc./The	PJC.A	47215Q104	CA47215Q1046	19.7901	1.97901
Laboratory Corp of America Holdings	LH	50540R409	US50540R4092	197.6026	19.76025
McKesson Corp.	MCK	58155Q103	US58155Q1031	212.6856	21.26855
Medical Facilities Corp.	DR	58457V503	CA58457V5036	14.3345	1.43345
Medical Properties Trust Inc.	MPW	58463J304	US58463J3041	16.5388	1.65387
NorthWest Healthcare Properties Real Estate Investment Trust	NWH.UN	667495105	CA6674951059	10.7052	1.07052
PerkinElmer Inc.	PKI	714046109	US7140461093	88.1226	8.81226
Quest Diagnostics Inc.	DGX	74834L100	US74834L1008	143.0994	14.25168
Sabra Health Care REIT Inc.	SBRA	78573L106	US78573L1061	30.7524	3.07524
Senior Housing Properties Trust	SNH	81721M109	US81721M1099	26.3445	2.63444
Sienna Senior Living Inc.	SIA	82621K102	CA82621K1021	17.8718	1.78718
Thermo Fisher Scientific Inc.	TMO	883556102	US8835561023	226.3664	22.63663
UnitedHealth Group Inc.	UNH	91324P102	US91324P1021	241.2870	24.12870
Universal Health Services Inc.	UHS	913903100	US9139031002	157.3936	15.73935
Life Sciences
Abbott Laboratories	ABT	002824100	US0028241000	63.0255	6.26824
AbbVie Inc.	ABBV	00287Y109	US00287Y1091	93.6587	9.28301
Alexion Pharmaceuticals Inc.	ALXN	015351109	US0153511094	158.5722	15.85721
Allergan PLC	AGN	N/A	IE00BY9D5467	315.5756	31.55755
Amgen Inc.	AMGN	031162100	US0311621009	223.8090	22.38090
Biogen Inc.	BIIB	09062X103	US09062X1037	353.7003	35.37002
BioMarin Pharmaceutical Inc.	BMRN	09061G101	US09061G1013	117.1375	11.71374
Bristol-Myers Squibb Co.	BMY	110122108	US1101221083	72.3921	7.18871
Celgene Corp.	CELG	151020104	US1510201049	170.2575	17.02575
Eli Lilly & Co.	LLY	532457108	US5324571083	106.5008	10.65007
Gilead Sciences Inc.	GILD	375558103	US3755581036	91.4019	9.14018
Illumina Inc.	ILMN	452327109	US4523271090	225.7966	22.57966
Incyte Corp.	INCY	45337C102	US45337C1027	165.2363	16.52362
Johnson & Johnson	JNJ	478160104	US4781601046	172.0887	17.20887
Mallinckrodt PLC	MNK	N/A	IE00BBGT3753	57.5325	5.75325
Merck & Co Inc.	MRK	58933Y105	US58933Y1055	82.8649	8.28648
Mylan NV	MYL	N/A	NL0011031208	49.8405	4.98405
Pfizer Inc.	PFE	717081103	US7170811035	43.4751	4.34751
Regeneron Pharmaceuticals Inc.	REGN	75886F107	US75886F1075	641.5436	64.15435
Seattle Genetics Inc.	SGEN	812578102	US8125781026	67.3769	6.73769
Shire PLC	SHPG	82481R106	US82481R1068	215.4664	21.54663
Valeant Pharmaceuticals International Inc.	VRX	91911K102	CA91911K1021	22.3797	2.23797
Vertex Pharmaceuticals Inc.	VRTX	92532F100	US92532F1003	166.1009	16.61009
Zoetis Inc.	ZTS	98978V103	US98978V1035	80.8510	8.08510
Other
AltaGas Ltd.	ALA	021361100	CA0213611001	29.5276	2.95276
AltaGas Ltd. - Subscription Receipt	ALA/R	021361142	CA0213611423	29.1881	2.91881
ARC Resources Ltd.	ARX	00208D408	CA00208D4084	16.9498	1.69498
Artis Real Estate Investment Trust	AX.UN	04315L105	CA04315L1058	13.0984	1.30984
Bank of Montreal	BMO	063671101	CA0636711016	95.6371	9.56371
Bank of Nova Scotia/The	BNS	064149107	CA0641491075	78.2576	7.82576
BCE Inc.	BCE	05534B760	CA05534B7604	58.4456	5.84456
Bonavista Energy Corp.	BNP	09784Y108	CA09784Y1088	2.6997	0.26997
Canadian Imperial Bank of Commerce	CM	136069101	CA1360691010	105.9099	10.59099
Capital Power Corp.	CPX	14042M102	CA14042M1023	24.1628	2.41628
Cenovus Energy Inc.	CVE	15135U109	CA15135U1093	9.3994	0.93994
CGI Group Inc.	GIB.A	39945C109	CA39945C1095	65.7374	6.57374
CI Financial Corp.	CIX	125491100	CA1254911003	27.7348	2.77348
Crescent Point Energy Corp.	CPG	22576C101	CA22576C1014	9.7065	0.97065
Crombie Real Estate Investment Trust	CRR.UN	227107109	CA2271071094	14.0060	1.40060
Dream Industrial Real Estate Investment Trust	DIR.UN	26153W109	CA26153W1095	8.6422	0.86422
Emera Inc.	EMA	290876101	CA2908761018	48.0039	4.80039
Enbridge Inc.	ENB	29250N105	CA29250N1050	51.7365	5.17365
Enbridge Income Fund Holdings Inc.	ENF	29251R105	CA29251R1055	32.1351	3.21351
First Capital Realty Inc.	FCR	31943B100	CA31943B1004	19.6687	1.96687
Fortis Inc./Canada	FTS	349553107	CA3495531079	45.4944	4.54944
Husky Energy Inc. Cumulative Redeemable Preferred Shares Series 7	HSE.PR.G	448055806	CA4480558069	24.4728	2.44727
Hydro One Ltd.	H	448811208	CA4488112083	22.9834	2.29834
Intact Financial Corp. - Subscription Receipt	IFC/R	45823T148	CA45823T1488	95.4240	9.54240
Inter Pipeline Ltd.	IPL	45833V109	CA45833V1094	25.2736	2.52736
Kinder Morgan	KML	494549207	CA4945492078	15.9124	1.59124
Manulife Financial Corp.	MFC	56501R106	CA56501R1064	24.4633	2.44633
National Bank of Canada	NA	633067103	CA6330671034	54.8049	5.48049
Pembina Pipeline Corp.	PPL	706327103	CA7063271034	42.8840	4.28840
Power Financial Corp.	PWF	73927C100	CA73927C1005	33.3179	3.33179
Pure Industrial Real Estate Trust	AAR.UN	74623T108	CA74623T1084	6.8168	0.68168
Royal Bank of Canada	RY	780087102	CA7800871021	94.5891	9.45891
SNC-Lavalin Group Inc. - Subscription Receipt	SNC/R	78460T113	CA78460T1131	56.4936	5.64936
Source Energy Services Ltd.	SHLE	83615X100	CA83615X1006	7.7100	0.77100
STEP Energy Services Ltd.	STEP	85859H105	CA85859H1055	8.6841	0.86841
Sun Life Financial Inc.	SLF	866796105	CA8667961053	46.4174	4.64174
Suncor Energy Inc.	SU	867224107	CA8672241079	37.7098	3.77098
TELUS Corp.	T	87971M103	CA87971M1032	44.6998	4.46998
Toronto-Dominion Bank/The	TD	891160509	CA8911605092	65.5204	6.49204
TransCanada Corp.	TRP	89353D107	CA89353D1078	61.9404	6.19404
Veresen Inc.	VSN	92340R106	CA92340R1064	18.2795	1.82795
Funds
iShares Core S&P 500 Index ETF CAD- Hedged	XSP	46428J105	CA46428J1057	27.6262	2.76262
iShares Core S&P/TSX Capped Composite Index ETF	XIC	46430J101	CA46430J1012	24.0937	2.40937
iShares Global Healthcare Index ETF CAD-Hedged	XHC	46431R102	CA46431R1029	43.3120	4.33120
iShares S&P/TSX 60 Index ETF	XIU	46428D108	CA46428D1087	22.4419	2.24419

The syndicate of agents is being co-led by CIBC and RBC Capital Markets, and includes BMO Capital Markets, Scotiabank, TD Securities Inc., Canaccord Genuity Corp., GMP Securities L.P., National Bank Financial Inc., Raymond James Ltd., Manulife Securities Incorporated, Echelon Wealth Partners Inc., Mackie Research Capital Corporation and Middlefield Capital Corporation.               

This offering is only made by prospectus.  The prospectus contains important detailed information about the securities being offered.  Copies of the prospectus may be obtained from your IIROC registered financial advisor using the contact information for such advisor.  Investors should read the prospectus before making an investment decision.

SOURCE Middlefield Healthcare & Life Sciences Dividend Fund

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.