U.S. Dividend Growers Income Corp. Announces Exchange Ratios

CALGARY, March 12, 2015 /CNW/ - Middlefield Group, on behalf of U.S. Dividend Growers Income Corp. (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 February 25, 2015.

The Fund's investment objectives are to provide holders of shares with:

(i)	stable monthly cash distributions and to grow distributions over time, and
(ii)	enhanced long-term total return through capital appreciation of the Fund's investment portfolio,

through an investment strategy which focuses on investing in securities of issuers that have exhibited strong dividend growth and that are organized in the United States or that derive a significant portion of their revenue or earnings from the United States.

The initial target distribution yield for the Fund is 5.0% per annum based on the original subscription price (or $0.04167 per share per month or $0.50 per share per annum).

The number of shares 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 March 12, 2015 (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. 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 shares 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
Technology, Media & Telecommunications
AT&T Inc.	T	00206R102	US00206R1023	42.0283	4.20282
BCE Inc.	BCE	05534B760	CA05534B7604	53.7124	5.30624
CGI Group Inc.	GIB.A	39945C109	CA39945C1095	53.5046	5.35046
Cisco Systems Inc.	CSCO	17275R102	US17275R1023	36.4615	3.64614
International Business Machines Corp.	IBM	459200101	US4592001014	201.2933	20.12933
Rogers Communications Inc.	RCI.B	775109200	CA7751092007	42.9344	4.24544
TELUS Corporation	T	87971M103	CA87971M1032	42.4401	4.24401
Verizon Communications Inc.	VZ	92343V104	US92343V1044	61.0685	6.10684
Energy
ARC Resources Ltd.	ARX	00208D408	CA00208D4084	22.5525	2.25525
Baytex Energy Corp.	BTE	07317Q105	CA07317Q1054	18.2023	1.82023
Bonavista Energy Corp.	BNP	09784Y108	CA09784Y1088	6.4076	0.64076
Cameco Corporation	CCO	13321L108	CA13321L1085	18.0487	1.80487
Canadian Oil Sands Limited	COS	13643E105	CA13643E1051	9.7955	0.97955
Cenovus Energy Inc.	CVE	15135U109	CA15135U1093	21.8587	2.15925
Crescent Point Energy Corp.	CPG	22576C101	CA22576C1014	28.4140	2.84140
Enbridge Income Fund Holdings Inc.	ENF	29251R105	CA29251R1055	38.3381	3.83381
Encana Corporation	ECA	292505104	CA2925051047	14.3973	1.43273
Enerplus Corporation	ERF	292766102	CA2927661025	12.3623	1.23623
Ensign Energy Services Inc.	ESI	293570107	CA2935701078	9.4881	0.94881
Husky Energy Inc.	HSE	448055103	CA4480551031	26.4172	2.61172
Inter Pipeline Ltd.	IPL	45833V109	CA45833V1094	30.7798	3.07798
MEG Energy Corp.	MEG	552704108	CA5527041084	19.8307	1.98307
Mullen Group Ltd.	MTL	625284104	CA6252841045	20.3912	2.03912
Talisman Energy Inc.	TLM	87425E103	CA87425E1034	9.7457	0.97457
Tourmaline Oil Corp.	TOU	89156V106	CA89156V1067	37.5615	3.75615
Veresen Inc.	VSN	92340R106	CA92340R1064	14.1499	1.41499
Financials and Real Estate
Agellan Commercial Real Estate Investment Trust	ACR.UN	00844Y105	CA00844Y1051	9.1878	0.91878
American Hotel Income Properties REIT LP	HOT.UN	026695106	CA0266951064	10.8826	1.08826
Artis Real Estate Investment Trust	AX.UN	04315L105	CA04315L1058	14.6250	1.46250
Bank of Montreal	BMO	063671101	CA0636711016	75.8766	7.58766
The Bank of Nova Scotia	BNS	064149107	CA0641491075	63.5499	6.35499
Calloway Real Estate Investment Trust	CWT.UN	131253205	CA1312532056	29.1034	2.91034
Canadian Imperial Bank of Commerce	CM	136069101	CA1360691010	93.0167	9.30167
Canadian Real Estate Investment Trust	REF.UN	13650J104	CA13650J1049	44.6410	4.46410
Chartwell Retirement Residences	CSH.UN	16141A103	CA16141A1030	12.0009	1.20009
Cominar Real Estate Investment Trust	CUF.UN	199910100	CA1999101001	18.7826	1.87826
Crombie Real Estate Investment Trust	CRR.UN	227107109	CA2271071094	13.2378	1.32378
Dream Office Real Estate Investment Trust	D.UN	26153P104	CA26153P1045	26.0065	2.60065
First Capital Realty Inc.	FCR	31943B100	CA31943B1004	19.5173	1.95173
Great-West Lifeco Inc.	GWO	39138C106	CA39138C1068	35.1643	3.51643
Laurentian Bank of Canada	LB	51925D106	CA51925D1069	47.9433	4.79433
National Bank of Canada	NA	633067103	CA6330671034	46.5270	4.65270
Power Financial Corporation	PWF	73927C100	CA73927C1005	36.5827	3.65827
Royal Bank of Canada	RY	780087102	CA7800871021	76.3924	7.63924
Sun Life Financial Inc.	SLF	866796105	CA8667961053	39.4988	3.94988
The Toronto-Dominion Bank	TD	891160509	CA8911605092	53.8000	5.38000
Other Dividend Paying Securities
Algonquin Power & Utilities Corp.	AQN	015857105	CA0158571053	8.7877	0.87877
Barrick Gold Corp.	ABX	067901108	CA0679011084	13.8719	1.38719
Emera Incorporated	EMA	290876101	CA2908761018	40.9461	4.09461
Fortis Inc.	FTS	349553107	CA3495531079	38.7953	3.87953
Innergex Renewable Energy Inc.	INE	45790B104	CA45790B1040	11.5540	1.15540
Johnson & Johnson	JNJ	478160104	US4781601046	126.6152	12.66151
Kraft Foods Group Inc.	KRFT	50076Q106	US50076Q1067	78.3252	7.83251
Potash Corporation of Saskatchewan Inc.	POT	73755L107	CA73755L1076	42.1028	4.21028
Superior Plus Corp.	SPB	86828P103	CA86828P1036	13.6714	1.36714

The syndicate of agents is being co-led by CIBC, RBC Capital Markets and Scotiabank and includes BMO Nesbitt Burns Inc., TD Securities Inc., GMP Securities L.P., National Bank Financial Inc., Canaccord Genuity Corp., Raymond James Ltd., Dundee Securities Ltd., Mackie Research Capital Corporation and Manulife Securities Incorporated 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 U.S. Dividend Growers Income Corp.

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