MDC.UN Digital Consumer Dividend Fund

Middlefield Group, on behalf of Digital Consumer 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 May 24, 2019.

The Fund’s investment objectives are to provide holders of units of the Fund (“Units”) with:

1. stable monthly cash distributions, and
2. enhanced long-term total return through capital appreciation of the Fund’s investment portfolio;

through a diversified, actively managed portfolio comprised primarily of dividend-paying securities of global issuers focused on, involved in, or that derive a significant portion of their revenue from developing products or services related to digital consumer themes, including streaming, digital content, cybersecurity, social networking, e-commerce and connectivity.

The initial target distribution yield for the Fund is 4% per annum based on the original subscription price (or $0.03333 per Unit per month or $0.40 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 June 13, 2019 (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	ExchangeRatio
Content, Streaming & Connectivity Issuers
Akamai Technologies Inc.	AKAM	00971T101	US00971T1016	105.8748	10.58747
Alliance Data Systems Corp	ADS	018581108	US0185811082	184.7695	18.47695
Apple Inc	AAPL	037833100	US0378331005	257.4335	25.74335
Arista Networks Inc.	ANET	040413106	US0404131064	325.9177	32.59176
AT&T Inc.	T (NYSE)	00206R102	US00206R1023	42.9961	4.29961
Autodesk Inc.	ADSK	052769106	US0527691069	218.9109	21.89109
BCE Inc.	BCE	05534B760	CA05534B7604	61.8937	6.11012
Broadcom Inc.	AVGO	11135F101	US11135F1012	372.1444	36.86135
Broadridge Financial Solutions Inc.	BR	11133T103	US11133T1034	175.0291	17.43829
Cadence Design Systems Inc.	CDNS	127387108	US1273871087	90.2829	9.02828
CenturyLink Inc.	CTL	156700106	US1567001060	14.2813	1.42813
Corning Inc.	GLW	219350105	US2193501051	41.3616	4.13615
Electronic Arts Inc.	EA	285512109	US2855121099	126.2625	12.62624
F5 Networks Inc.	FFIV	315616102	US3156161024	190.0573	19.00572
FleetCor Technologies Inc.	FLT	339041105	US3390411052	351.5799	35.15798
Gartner Inc.	IT	366651107	US3666511072	210.3027	21.03026
Global Payments Inc.	GPN	37940X102	US37940X1028	212.7452	21.27319
HP Inc.	HPQ	40434L105	US40434L1052	26.4909	2.64909
Intel Corp	INTC	458140100	US4581401001	61.9286	6.19286
International Business Machines Corp	IBM	459200101	US4592001014	179.9008	17.99007
Intuit Inc.	INTU	461202103	US4612021034	344.3136	34.43136
IPG Photonics Corp	IPGP	44980X109	US44980X1090	178.6840	17.86840
Jack Henry & Associates Inc.	JKHY	426281101	US4262811015	182.7968	18.27967
Juniper Networks Inc.	JNPR	48203R104	US48203R1041	35.8152	3.58151
Madison Square Garden Co/The	MSG	55825T103	US55825T1034	389.4300	38.94300
Manchester United Plc	MANU	n/a	KYG5784H1065	23.9240	2.39240
Motorola Solutions Inc.	MSI	620076307	US6200763075	214.9393	21.41798
NetApp Inc.	NTAP	64110D104	US64110D1046	82.4938	8.24938
Netflix Inc.	NFLX	64110L106	US64110L1061	469.1482	46.91481
Paychex Inc.	PAYX	704326107	US7043261079	116.4567	11.64566
QUALCOMM Inc.	QCOM	747525103	US7475251036	93.3429	9.33428
Rogers Communication, Inc.	RCI/B	775109200	CA7751092007	70.5736	7.05736
Seagate Technology PLC	STX	n/a	IE00B58JVZ52	58.6736	5.78341
Shaw Communication, Inc.	SJR/B	82028K200	CA82028K2002	27.5483	2.74495
Synopsys Inc.	SNPS	871607107	US8716071076	167.3692	16.73691
TELUS Corp	T (TSX)	87971M103	CA87971M1032	49.7324	4.97324
Texas Instruments Inc.	TXN	882508104	US8825081040	148.9146	14.89146
T-Mobile US Inc.	TMUS	872590104	US8725901040	100.8138	10.08137
Total System Services Inc.	TSS	891906109	US8919061098	170.7632	17.05899
Verizon Communications Inc.	VZ	92343V104	US92343V1044	75.9866	7.59866
Walt Disney Co/The	DIS	254687106	US2546871060	184.1639	18.41639
Western Digital Corp	WDC	958102105	US9581021055	49.7130	4.97130
Western Union Co/The	WU	959802109	US9598021098	26.7226	2.64561
Xerox Corp	XRX	984121608	US9841216081	46.4022	4.64021
Cybersecurity, Social Networks & E-Commerce Issuers
Alibaba Group Holding Ltd	BABA	01609W102	US01609W1027	212.9821	21.29821
Amazon.com Inc	AMZN	023135106	US0231351067	2462.0551	246.20550
Bank of Nova Scotia/The	BNS	064149107	CA0641491075	70.5017	7.05017
Cisco Systems Inc	CSCO	17275R102	US17275R1023	75.1479	7.51478
Citrix Systems Inc	CTXS	177376100	US1773761002	128.3278	12.83278
Dream Industrial REIT	DIR-U	26153W109	CA26153W1095	12.0924	1.20924
Facebook Inc	FB	30303M102	US30303M1027	233.9780	23.39779
Fortinet Inc	FTNT	34959E109	US34959E1091	100.6542	10.06541
Granite REIT	GRT-U	387437114	CA3874371147	61.3420	6.13420
Hewlett Packard Enterprise Co	HPE	42824C109	US42824C1099	18.9298	1.89298
Loblaw Cos Ltd	L	539481101	CA5394811015	70.0663	6.97513
Macy's Inc	M	55616P104	US55616P1049	28.4434	2.79404
Microsoft Corp	MSFT	594918104	US5949181045	175.8560	17.58560
National Bank of Canada	NA	633067103	CA6330671034	61.6585	6.09785
Oracle Corp	ORCL	68389X105	US68389X1054	71.6276	7.16275
Royal Bank of Canada	RY	780087102	CA7800871021	103.0409	10.30409
Shopify Inc	SHOP	82509L107	CA82509L1076	408.2487	40.82487
Snap Inc	SNAP	83304A106	US83304A1060	18.4700	1.84699
Splunk Inc	SPLK	848637104	US8486371045	155.1148	15.51148
Summit Industrial Income REIT	SMU-U	866120116	CA8661201167	12.9564	1.29564
Symantec Corp	SYMC	871503108	US8715031089	25.4233	2.54232
Tencent Holdings Ltd	TCEHY	88032Q109	US88032Q1094	57.7204	5.77203
Toronto-Dominion Bank/The	TD	891160509	CA8911605092	75.4207	7.54207
Twitter Inc	TWTR	90184L102	US90184L1026	49.5346	4.95346
Visa Inc	V	92826C839	US92826C8394	227.1659	22.71659
Walmart Inc	WMT	931142103	US9311421039	143.4261	14.34260
Williams-Sonoma Inc	WSM	969904101	US9699041011	78.2633	7.82633
WPT Industrial REIT	WIR/U	92937G109	CA92937G1090	13.6994	1.36994
Other Issuers
Ag Growth International Inc	AFN	001181106	CA0011811068	53.5765	5.35765
Alaris Royalty Corp	AD	01163Q400	CA01163Q4007	18.7259	1.87259
Alimentation Couche-Tard Inc	ATD.B	01626P403	CA01626P4033	86.4737	8.64737
ARC Resources Ltd	ARX	00208D408	CA00208D4084	6.8316	0.68316
Barrick Gold Corp	ABX	067901108	CA0679011084	18.0956	1.80956
Bonavista Energy Corp	BNP	09784Y108	CA09784Y1088	0.4900	0.04900
Bristol-Myers Squibb Co	BMY	110122108	US1101221083	62.4789	6.24789
Brookfield Renewable Partners LP	BEP-U	n/a	BMG162581083	44.7022	4.47022
Cardinal Health Inc	CAH	14149Y108	US14149Y1082	59.2457	5.92456
CI Financial Corp	CIX	125491100	CA1254911003	21.0941	2.10941
Cineplex Inc	CGX	172454100	CA1724541000	23.6445	2.36445
Crescent Point Energy Corp	CPG	22576C101	CA22576C1014	4.0643	0.40543
CVS Health Corp	CVS	126650100	US1266501006	72.2434	7.22433
Edwards Lifesciences Corp	EW	28176E108	US28176E1082	245.9200	24.59200
Extendicare Inc	EXE	30224T863	CA30224T8639	8.3402	0.83402
Fiserv Inc	FISV	337738108	US3377381088	119.5866	11.95866
Franco-Nevada Corp	FNV	351858105	CA3518581051	102.8376	10.28376
Great-West Lifeco Inc	GWO	39138C106	CA39138C1068	30.4836	3.04836
iShares Core S&P 500 Index ETF CAD- Hedged	XSP	46428J105	CA46428J1057	32.2634	3.20174
iShares S&P/TSX Capped Information Technology Index ETF	XIT	46428N106	CA46428N1069	25.8897	2.57937
Kraft Heinz Co/The	KHC	500754106	US5007541064	39.9663	3.99662
Manulife Financial Corp	MFC	56501R106	CA56501R1064	23.4385	2.34385
Mosaic Co/The	MOS	61945C103	US61945C1036	29.8605	2.98605
Power Financial Corp	PWF	73927C100	CA73927C1005	30.0322	3.00322
RioCan Real Estate Investment Trust	REI.UN	766910103	CA7669101031	26.6976	2.66976
SNC-Lavalin Group Inc	SNC	78460T105	CA78460T1057	25.3833	2.53833
Sun Life Financial Inc	SLF	866796105	CA8667961053	53.0952	5.30952
Walgreens Boots Alliance Inc	WBA	931427108	US9314271084	69.7987	6.97987

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

For further information, 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.

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.