PRESS RELEASE

Toronto, February 3, 2003 – Middlefield Group, on behalf of MAXIN Income Fund, is pleased to announce that it has filed a preliminary prospectus in relation to the initial public offering of MAXIN Income Fund units.

The objectives of MAXIN Income Fund are to provide unitholders with a stable stream of monthly distributions targeted to be 10% per annum on the original issue price of $10.00 per unit and to return the original issue price upon termination on December 31, 2013. The Fund intends to achieve these objectives by investing in a diversified portfolio of securities consisting primarily of the two highest yielding income trust asset classes, business trusts and oil and gas royalty trusts, supplemented by the stability of REITs.

As a first for its family of funds, Middlefield is pleased to announce that individuals investing in MAXIN Income Fund will have the option of paying for units by exchanging units of certain specified income funds, subject to the terms and conditions set forth in the prospectus. By exchanging units of individual funds for units of MAXIN Income Fund, investors are able to achieve the benefits of diversification and professional management.

Middlefield Securities Limited and Guardian Capital Inc., both of which have significant experience investing in the foregoing asset classes, will act as Co-Advisors to the Fund, responsible for asset mix and security selection.

MAXIN Income Fund is the fourth fund to be co-advised by Middlefield and Guardian. With approximately $9.5 billion in assets under management, Guardian provides domestic and global investment management services to mutual funds and institutional investors. Middlefield MAXIN Management Limited, an affiliate of Middlefield Group, will provide administrative services to the Fund.

The syndicate of agents is being co-led by CIBC World Markets Inc. and RBC Capital Markets and includes TD Securities Inc., BMO Nesbitt Burns Inc., National Bank Financial Inc., Scotia Capital Inc., Canaccord Capital Corporation, Desjardins Securities Inc., HSBC Securities (Canada) Inc., Dundee Securities Corporation, First Associates Investments Inc., Middlefield Securities Limited, Raymond James Ltd., and Wellington West Capital Inc.

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