News Release

ROLLOVER OF MRF 2001 II LIMITED PARTNERSHIP

Middlefield Mutual Funds Limited ("MMF") is pleased to announce that it has completed the distribution of its Growth Class shares that resulted from the transfer of all of the assets of MRF 2001 II Limited Partnership (the "Partnership") to MMF on December 15, 2003. The Partnership was dissolved on January 30, 2004. For the purposes of the exchange, the net asset value of the Partnership was $26.47 per unit. This translates into an after-tax total return on money at risk of approximately 58% for an Ontario investor subject to the highest marginal tax rate.

The transfer is a tax free exchange which means that no disposition occurs and therefore no capital gains tax is payable as a result of the rollover. The capital gains tax liability that would arise upon disposition can be deferred by retaining the shares of the mutual fund rather than redeeming them. In the event of redemption, the capital gains will be included in the shareholder's tax return for that year when the shares are redeemed. Investors have the opportunity to switch into other classes of mutual funds and still be able to defer capital gains taxes until they actually redeem their mutual fund shares for cash. To provide investors with optimal flexibility in maintaining a diversified portfolio, in addition to the Growth Class, other funds currently offered are Income Plus Class, Equity Index Plus Class, Index Income Class, Canadian Balanced Class, Global Technology Class, U.S. Equity Class and Resource Class. All the funds that are offered under this multi-class structure are fully eligible as Canadian content in RRSPs and other registered plans.

New MMF - Growth Class shareholders can determine their holdings by multiplying the number of units they held in the Partnership by 6.12174. Shares of MMF - Growth Class have been credited to the beneficial holders. There are no fees charged on the transfer of units into MMF, nor on any redemption of the transferred assets. The adjusted cost base of shares in MMF - Growth Class is 1.88531 per share. To provide investors with time to determine which fund classes best suit their investment profile, MMF will waive the $30 switch fee for all switch requests received prior to February 29, 2004.

For further information visit our website at www.middlefield.com or contact the undersigned:

Nancy Tham
Vice President
(416) 362-0714 ext 277

January 30, 2004

Welcome Letter
February 15, 2002

Dear Investor:

It is our pleasure to welcome you as an investor and partner in Middlefield's 26th resource fund. The Partnerships' funds were used for investment in flow-through common shares of companies involved primarily in Canadian oil and gas and mining exploration and development. The net proceeds of this issue were fully invested by December 31, 2001.

The companies whose stocks are held in the MRF 2001 II portfolio include Cavell Energy Corporation; Compton Petroleum Corporation; Defiant Energy Corporation; Devlan Exploration Inc.; Elk Point Resources Inc.; Equatorial Energy Inc.; Gentry Resources Ltd.; Olympia Energy Inc.; Purcell Energy Ltd.; River Gold Mines Ltd.; Ventus Energy Ltd.; and Zapata Energy Corporation. The Partnership's investments are 95% TSE listed companies.

Fuelled by historically high natural gas prices of more than US$10/mcf and oil prices above US$30/barrel, the oil and gas sector was at the peak of its cycle at the beginning of last year. By the early summer, the sector had undergone a significant reversal with spot gas prices falling to their current levels of approximately US$2/mcf and oil at US$20/barrel. Factors including unseasonably mild temperatures, high gas production levels throughout the second half of 2001 and a slow-down in global economic activity combined to cause downward pressure on energy prices.

The correction in stock prices for Canadian oil and gas producers provided the Partnership with the opportunity to purchase shares of quality companies at attractive valuations. Despite continued weakness in energy prices in the first weeks of 2002, we believe that the long-term fundamentals for both oil and natural gas remain favourable. OPEC has successfully demonstrated its will and ability to work with non-OPEC producers towards stabilizing prices. Furthermore, lower drilling activity and switching back to gas by price sensitive users can be expected to result in gas prices strengthening as the economy continues to recover.

Your investment advisor and the Partnership will mail to you the necessary income tax information required to complete your 2001 tax returns by March 31, 2002. You will receive all required tax forms as well as instructions regarding their inclusion with your tax return.

Middlefield's web site (www.middlefield.com) provides current information on all our managed funds, including updates of portfolios and net asset values. For further information, please contact the undersigned at 416-362-0714 extension 277.

Yours truly,

Nancy Tham
Vice President

February 15, 2002

NEWS RELEASE
Final Closing December 20, 2001

Middlefield Group, on behalf of MRF 2001 II Limited Partnership, is pleased to announce that it completed the initial closing of its public offering for $5,000,000 on December 6, 2001. The Partnership intends to have a final closing on December 20, 2001 for a maximum of $15,000,000. The net proceeds of the offering will be invested by December 31, 2001.

The Partnership has been formed to invest in flow-through common shares of companies involved primarily in Canadian oil and gas, mining or renewable energy exploration and development. Investors will be entitled to significant tax benefits, including the deductibility of approximately 90% of their investment from taxable income in 2001. Middlefield is the leading provider of flow-through share funds in Canada. Since 1983, Middlefield has sponsored 25 public and private funds and has acted as agent or manager for over $750 million of resource industry investments.

The investment dealer syndicate is being led by CIBC World Markets Inc.

For further information, please contact Nancy Tham, Vice President, at (416) 362-0714 ext. 277.

December 11, 2001

NEWS RELEASE
Initial Public Offering

Middlefield Group, on behalf of MRF 2001-II Limited Partnership, is pleased to announce that it has filed a final prospectus for a maximum of $15,000,000 relating to the initial public offering of MRF 2001-II Limited Partnership Units. The offering will be made in British Columbia, Alberta, Saskatchewan, Manitoba and Ontario. The first closing is scheduled to take place on December 6, 2001.

The Partnership has been formed to invest in flow-through common shares of companies involved primarily in Canadian oil and gas, mining or renewable energy exploration and development. Middlefield is the leading provider of flow-through share funds in Canada. Since 1983, Middlefield has sponsored 25 public and private funds and has acted as agent or manager for over $750 million of resource industry investments.

The investment dealer syndicate is being led by CIBC World Markets Inc. and includes Middlefield Capital Corporation.

For further information, please Nancy Tham at 416-362-0714 extension 277.

November 30, 2001