Net Asset Value(s)

Mittwoch, 16.12.2009 16:25 von Hugin

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 on 10 December 2009 the Net Asset Value per share
was 69.82 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) was 1.19 pence as at
10 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#1362976]