Press Release

SAGE ANNOUNCES NORMAL COURSE ISSUER BID

SAGE High Yield Debt Trust ("SAGE") announced today its intention to make a normal course issuer bid for its units through the facilities of The Toronto Stock Exchange (the "TSE"). This normal course issuer bid is intended to commence on June 11, 2001 and will terminate on June 12, 2002. In accordance with the Trust Agreement by which SAGE is governed, market purchases pursuant to its normal course issuer bid may only be effected if unitholders are offering their units for sale at less than net asset value per unit.

At May 31, 2001 there were 1,337,921 units issued and outstanding including 1,260,759 units in the public float. SAGE may, during the 12 month period commencing June 11, 2001, purchase on the TSE up to 126,075 units, being 10% of the public float of the units. SAGE will cancel all units purchased pursuant to the bid. Since June 11, 2000 SAGE has purchased and cancelled 96,000 units at an average price of $10.66 per unit under its previously approved normal course issuer bid.

SAGE has been trading at prices which are less than the net asset value per unit. As a result, depending on future movements and other factors, SAGE believes that its units may represent an attractive investment for SAGE and a desirable use of its available funds. Any normal course purchases made by SAGE will also afford an increased degree of liquidity to those unitholders of SAGE who wish to dispose of their units.

SAGE trades on The Toronto Stock Exchange under the symbol "BBB.UN".

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

Nancy Tham
Vice President
Middlefield Group

June 6, 2001