Net Asset Value(s)

Middlefield Canadian Net Asset Value
 
Middlefield Canadian Income Trusts Investment Company PCC
 
Middlefield Canadian Income Trusts – GBP PC
 
   (a protected cell company incorporated in Jersey with registration number
                                     93546)
 
Net Asset Value
 
As at the close of business on17 December 2009 the Net Asset Value per share
 was 73.06 pence (including accrued income.)
 
The Net Asset Value includes the Swap at its mark-to-market valuation. The
 mark-to-market valuation of the Cross Currency Margin Differential (which
 forms part of the Swap and is fixed for the duration of the Swap) was0.94
 pence as at 17 December 2009.
 
The mark-to-market value of the Cross Currency Margin Differential (“CCMD”)
 can be either positive or negative and will vary over the life of the Swap.
 The mark-to-market value of the CCMD at any particular time reflects the
 difference between (a) the market rate at that time for a cross-currency
 interest rate swap of 3-month £ LIBOR and C$ CDOR interest rates for the
 remaining life of the Swap and (b) that which has been fixed for the Swap.
 
The mark-to-market value of the CCMD will vary depending on the relevant
 interest rates and the £/C$ exchange rate at any given moment. As a result,
 the Swap will reflect positively or negatively the mark-to-market value of the
 CCMD at that time.  All else being equal, the value of the CCMD will reduce as
 the Termination Date of 28 June 2013 for the Swap is approached.  At the
 Termination Date there will be no value attributable to the CCMD.
 
Terms set out in this announcement are the same as in the Company’s prospectus
 dated 19 June 2006.
 
This Net Asset Value, which has been prepared in good faith by the Company’s
 Manager, is based partially on formal valuations supplied to the Company by
 the administrators of the Company’s underlying investments.
 
Enquiries:
 
Kleinwort Benson (Channel Islands) Corporate Services Limited
 
 01481 727111
 
[HUG#1366438]