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INDEXPLUS Dividend Fund completes US$127 million IPO

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INDEXPLUS Dividend Fund

On February 18, 2011, INDEXPLUS Dividend Fund (the "Fund") completed its initial public offering of 10,000,000 units at a price of $12.00 per unit for gross proceeds of $120 million. On March 21, 2011, Middlefield Limited announced that the agents had exercised an over-allotment option for additional proceeds of approximately $7 million, resulting in aggregate gross proceeds of approximately $127 million. The Fund is designed to provide investors with low-cost exposure to the Canadian equity income sector through a combination of indexing and active portfolio management. At least 50% and up to 80% of the Fund's assets will be invested in a diversified portfolio of securities which is designed to track, to the extent practicable, the newly created S&P®/TSX™ Equity Income Index and the remainder of the Fund's assets will be actively managed. The offering was made through a syndicate of agents co-led by CIBC World Markets Inc. and RBC Capital Markets and including BMO Capital Markets, National Bank Financial Inc., Scotia Capital Inc., TD Securities Inc., GMP Securities L.P., Canaccord Genuity Corp., Dundee Securities Corporation, HSBC Securities (Canada) Inc., Raymond James Ltd., Macquarie Private Wealth Inc., Middlefield Capital Corporation and Wellington West Capital Markets Inc. The Fund and its manager, Middlefield Limited, were advised in this transaction with a team led by Stephen Erlichman and that included John Sabetti and Daniel Fuke (securities) and Mitch Thaw (tax).



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