News Release
February 1, 2005

ROLLOVER OF MRF 2002 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 2002 II Limited Partnership (the "Partnership") to MMF on December 15, 2004. The Partnership was dissolved on February 1, 2005. For the purposes of the exchange, the net asset value of the Partnership was $29.83 per unit. This translates into an after-tax total return on money at risk of approximately 75% 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 Class, Index Income Class, Canadian Balanced Class, U.S. Equity Class, Resource Class, Short-Term Income Class and Income and Growth 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 7.041937. 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 2.308449 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 28, 2005.

For further information contact the undersigned:

Nancy Tham
Vice President
(416) 847-5349

News Release
October 21, 2004

ROLLOVER OF PARTNERSHIP ASSETS

Middlefield Mutual Funds Limited in conjunction with MRF 2002 II Limited Partnership (the "Partnership"), announced today that, in connection with the planned dissolution of the Partnership, they are proposing to transfer all of the assets of the Partnership to the Growth Class of Middlefield Mutual Funds Limited in exchange for mutual fund shares having the same aggregate net asset value as the aggregate net asset value of the Partnership. Appropriate elections under applicable income tax legislation will be made to effect the transfers on a tax-deferred basis.

The transfer is conditional upon (i) approval being obtained from the partners of the Partnership at a meeting called for that purpose and (ii) the receipt of all necessary regulatory approvals. It is currently intended that, if all necessary approvals are obtained, the transfer of assets to the Growth Class of Middlefield Mutual Funds Limited will occur on or about December 15, 2004 and the subsequent dissolution of the Partnership shall occur on or about January 31, 2005.

The proposed transfer benefits both the partners of the Partnership and the shareholders of the Growth Class by enabling them to participate in a larger, more diversified and liquid mutual fund.

A further benefit is that shares of the Growth Class of Middlefield Mutual Funds Limited are exchangeable on a tax-free basis into other Middlefield mutual funds. Investors may switch into other types of funds and continue to defer capital gains taxes until they actually redeem their mutual fund shares. Other funds currently offered are Income Plus Class, Equity Index Class, U.S. Equity Class, Canadian Balanced Class, Index Income Class, Resource Class, Short-Term Income Class, and Income and Growth Class.

For further information contact the undersigned:

Nancy Tham
Vice President
(416) 847-5349

PRESS RELEASE
F I R S T   C L O S I N G   O F   I P O   C O M P L E T E D MRF 2002 II Limited Partnership             Toronto, December 2, 2002 – Middlefield Group, on behalf of MRF 2002 II Limited Partnership, is pleased to announce that it has completed the first closing of the initial public offering of MRF 2002 II for $16,854,300. The offering is being made in each of the provinces of Canada. The Partnership will have a final closing on or prior to December 20, 2002. The Partnership will 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 100% of their investment in 2002. Middlefield is the leading provider of flow-through share funds in Canada. Since 1983, Middlefield has sponsored 27 public and private funds and has acted as   agent or manager for over $800 million of resource industry investments. The investment dealer syndicate is being co-led by CIBC World Markets Inc. and RBC Capital Markets and includes BMO Nesbitt Burns Inc., National Bank Financial Inc., Scotia Capital Inc., TD Securities Inc., HSBC Securities (Canada) Inc., Yorkton Securities Inc., Canaccord Capital Corporation, Dundee Securities Corporation, Middlefield Capital Corporation, Raymond James Ltd., Wellington West Capital Inc., Desjardins Securities Inc. and Griffiths McBurney & Partners. For further information, please contact Nancy Tham, Vice President, at (416) 362-0714 ext 277.