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Middlefield completes amalgamation of Middlefield Bancorp and Middlefield Tactical Energy

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MBN Corporation

On February 23, 2012, Middlefield Limited completed the amalgamation of Middlefield Bancorp Limited (“Bancorp”) and Middlefield Tactical Energy Corporation (“Tactical” and collectively, the “Funds”). Pursuant to the amalgamation, shareholders of Bancorp received equity shares of Tactical based on an exchange ratio reflecting the relative net asset values of Bancorp and Tactical, with Tactical issuing an aggregate of 1,475,761 equity shares. In conjunction with the amalgamation, Tactical changed its name to MBN Corporation. The Funds were advised by Fasken Martineau with a team led by Stephen Erlichman, John Sabetti, Daniel Fuke, Will Shaw (Securities) and Mitchell Thaw (Tax).



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