News Release
May 18, 2004

ROLLOVER OF MRF 2002 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 Limited Partnership (the "Partnership") to MMF on April 12, 2004. The Partnership was dissolved on May 18, 2004. For the purposes of the exchange, the net asset value of the Partnership was $25.18 per unit. This translates into an after-tax total return on money at risk of approximately 51% 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, 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 6.40891. 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 1.76426 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 June 30, 2004.

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

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

Press Release
March 2, 2004

ROLLOVER OF PARTNERSHIP ASSETS

Middlefield Mutual Funds Limited in conjunction with MRF 2002 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 no earlier than April 1, 2004 and no later than May 14, 2004 and the subsequent dissolution of the Partnership shall occur within approximately 45 days of the exchange and in any case, no later than June 30, 2004.

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 Plus Class, U.S. Equity Class, Canadian Balanced Class, Global Technology Class, Index Income Class and Resource Class.

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

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

March 2, 2004

Dear Investor:

We are pleased to welcome you as a partner in MRF 2002 Limited Partnership, Middlefield's 27th resource fund. The Partnership raised $30 million in June for investment in flow-through common shares of Canadian oil and gas, mining and renewable energy companies. The Partnership has committed or invested approximately 90% of its net assets in 25 companies and expects to invest the remaining funds by year end. Please see overleaf for the Partnership's portfolio holdings as at November 22, 2002.

To date, all but two of the investments have been in public companies and predominantly in companies with market capitalizations of greater than $50 million. We anticipate that investments in oil and gas companies will represent about three quarters of the portfolio with the balance in mining companies.

Commodity prices are within reasonable trading ranges in both the energy and precious metals sectors and we believe that prevailing stock price levels represent fair value for companies in these sectors. We are particularly bullish on natural gas prices, in spite of current high storage levels, due to the decline in drilling activity. Oil prices remain largely unpredictable being driven more by political than economic factors. A reassuring fact is that OPEC has been successful in maintaining prices within its target band of US$23 to $28 over the past two years.

The income tax information required for your 2002 tax returns will be mailed to you by March 31, 2003 by your investment advisor and the Partnership. The information on a per unit basis will also be posted on Middlefield's website in March 2003. This will enable you to prepare your tax return before receiving your official information slips.

In light of continued favourable investment conditions in the resource sector, Middlefield has recently launched a new offering, MRF 2002 II Limited Partnership. This fund is presently available for purchase through your investment advisor.

Middlefield's website www.middlefield.com provides current information on all managed funds, including updated portfolios and net asset values. For further information, please contact the undersigned at 416-362-0714, extension 277 or toll free at 1-888-890-1868.

Yours truly,

Nancy Tham
Vice President

Press Release
June 18, 2002

FIRST CLOSING OF IPO COMPLETED

MRF 2002

Middlefield Group, on behalf of MRF 2002 Limited Partnership, is pleased to announce that it has completed the first closing of the initial public offering of MRF 2002 for $24,600,000. The offering is being made in each of the provinces of Canada and the Yukon Territory. The Partnership will have a final closing on or prior to July 18, 2002.

The Partnership will invest in flow-through common shares of companies involved primarily in Canadian oil and gas and mining exploration and development. Investors will be entitled to significant tax benefits, including the deductibility of the full amount of their investment from taxable income in 2002. Middlefield is the leading provider of flow-through share funds in Canada. Since 1983, Middlefield has sponsored 26 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 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., Dundee Securities Corporation, HSBC Securities (Canada) Inc., Middlefield Capital Corporation, Yorkton Securities Inc., Canaccord Capital Corporation, Raymond James Ltd., and Wellington West Capital Inc.

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

Press Release
May 29, 2002

INITIAL PUBLIC OFFERING

MRF 2002 LIMITED PARTNERSHIP

Middlefield Group, on behalf of MRF 2002 Limited Partnership, is pleased to announce that it has filed a final prospectus relating to the initial public offering of MRF 2002 Limited Partnership Units on May 28, 2002. The offering will be made in each of the Provinces of Canada and the Yukon Territory. The Partnership intends to have an initial closing on June 18, 2002.

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 100% of their investment in 2002. Since 1983, Middlefield has sponsored 24 public and private funds and has acted as agent or manager for over $700 million of resource industry investments.

The investment dealer syndicate is being co-led by CIBC World Markets Inc. and RBC Dominion Securities Inc. and includes BMO Nesbitt Burns Inc., National Bank Financial Inc., Scotia Capital Inc., TD Securities Inc., Dundee Securities Corporation, HSBC Securities (Canada) Inc., Middlefield Capital Corporation, Yorkton Securities Inc., , Canaccord Capital Corporation, Raymond James Ltd., and Wellington West Capital Inc.

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