Global Real Estate & E-Commerce Dividend Fund Announces Exchange Ratios

CALGARY, Oct. 11, 2018 /CNW/ - Middlefield Group, on behalf of Global Real Estate & E-Commerce Dividend Fund (the "Fund"), is pleased to announce the exchange ratios for the exchange offer by the Fund (the "Exchange Option") being made under the final prospectus of the Fund dated September 19, 2018.

The Fund's investment objectives are to provide holders of units of the Fund ("Units") with:

(i)	stable monthly cash distributions, and
(ii)	enhanced long-term total return through capital appreciation of the Fund's investment portfolio;

through a diversified, actively managed portfolio comprised of dividend-paying securities of global real estate issuers that the advisor believes are well-positioned to benefit from the rapid adoption of e-commerce products and services, as well as securities of issuers operating in or deriving a significant portion of their revenue or earnings from products or services related to the e-commerce industry.

The initial target distribution yield for the Fund is 5.0% per annum based on the original subscription price (or $0.04167 per Unit per month or $0.50 per Unit per annum).

The number of Units issuable for each class of security of an Exchange Eligible Issuer (as listed below) (the "Exchange Ratio") has been determined by dividing the weighted average trading price of such security on the Toronto Stock Exchange (or such other exchange or market on which such security is then listed) during the period of five consecutive trading days ending on October 11, 2018 (the "Pricing Period"), as adjusted to reflect distributions declared by any Exchange Eligible Issuer that will not be received by the Fund, by $10.00. The Exchange Ratio for any such securities that do not trade in Canadian dollars was determined by converting the weighted average trading price on the applicable exchange of such securities into Canadian dollars based on today's Bank of Canada daily exchange rate. Holders of securities of Exchange Eligible Issuers who deposited such securities pursuant to the Exchange Option will continue to be holders of record up to but not including the date of the closing of the offering of Units and will be entitled to receive distributions in respect of such securities of Exchange Eligible Issuers that are declared up to but not including such date. Each Exchange Ratio will be rounded down to five decimal places.

The table below sets out the Exchange Eligible Issuers, the securities of which may be accepted by the Fund pursuant to the Exchange Option, including the name of the Exchange Eligible Issuer, its ticker symbol, its CUSIP number, its ISIN, its volume weighted average trading price during the Pricing Period and the Exchange Ratio.

Name	Ticker	CUSIP	ISIN	VWAP	Exchange Ratio
Real Estate Issuers
Agellan Commercial Real Estate Investment Trust	ACR-U	00844Y105	CA00844Y1051	12.8465	1.28465
Allied Properties Real Estate Investment Trust	AP-U	019456102	CA0194561027	42.0843	4.20843
American Hotel Income Properties REIT LP	HOT-U	026695106	CA0266951064	8.6695	0.86695
American Tower Corp	AMT	03027X100	US03027X1000	189.8994	18.98993
Artis Real Estate Investment Trust	AX-U	04315L105	CA04315L1058	11.4078	1.14078
BMO Equal Weight REITs Index ETF	ZRE	05560G105	CA05560G1054	21.2096	2.12096
Boardwalk Real Estate Investment Trust	BEI-U	096631106	CA0966311064	48.6626	4.86626
Canadian Apartment Properties REIT	CAR-U	134921105	CA1349211054	46.1032	4.61032
Chartwell Retirement Residences	CSH-U	16141A103	CA16141A1030	14.2538	1.42538
Cominar Real Estate Investment Trust	CUF-U	199910100	CA1999101001	11.3566	1.13566
Crombie Real Estate Investment Trust	CRR-U	227107109	CA2271071094	12.7853	1.27853
Crown Castle International Corp	CCI	22822V101	US22822V1017	142.5979	14.25979
Dream Global Real Estate Investment Trust	DRG-U	26154A106	CA26154A1066	13.6776	1.36776
Dream Industrial Real Estate Investment Trust	DIR-U	26153W109	CA26153W1095	9.5392	0.95392
Dream Office Real Estate Investment Trust	D-U	26153P104	CA26153P1045	23.6168	2.36168
Duke Realty Corp	DRE	264411505	US2644115055	36.5166	3.65165
Equinix Inc	EQIX	29444U700	US29444U7000	540.1418	54.01417
Extendicare Inc	EXE	30224T863	CA30224T8639	7.3586	0.73586
First Capital Realty Inc	FCR	31943B100	CA31943B1004	19.1533	1.91533
Granite Real Estate Investment Trust	GRT-U	387437114	CA3874371147	53.6465	5.36465
H&R Real Estate Investment Trust	HR-U	403925407	CA4039254079	19.3669	1.92519
InterRent Real Estate Investment Trust	IIP-U	46071W205	CA46071W2058	11.5187	1.15187
Invesco S&P/TSX REIT Income Index ETF	REIT	46142E101	CA46142E1016	21.2152	2.12152
iShares Global Real Estate Index ETF	CGR	46433A206	CA46433A2065	27.1855	2.71855
iShares S&P/TSX Capped REIT Index ETF	XRE	46431D103	CA46431D1033	17.0473	1.70473
Killam Apartment Real Estate Investment Trust	KMP-U	49410M102	CA49410M1023	15.8344	1.58344
Northview Apartment Real Estate Investment Trust	NVU-U	667185102	CA6671851021	25.0980	2.50980
NorthWest Healthcare Properties REIT	NWH-U	667495105	CA6674951059	10.8358	1.08358
Prologis Inc	PLD	74340W103	US74340W1036	85.3155	8.53154
Purpose Duration Hedged Real Estate Fund	PHR	74640L104	CA74640L1040	18.7148	1.87148
RBC Quant Global Real Estate Leaders ETF	RGRE	74934J104	CA74934J1049	18.3975	1.83975
RioCan Real Estate Investment Trust	REI-U	766910103	CA7669101031	24.0098	2.40098
SmartCentres Real Estate Investment Trust	SRU-U	83179X108	CA83179X1087	30.0293	3.00293
STAG Industrial Inc	STAG	85254J102	US85254J1025	34.4434	3.44433
Summit Industrial Income REIT	SMU-U	866120116	CA8661201167	8.8058	0.88058
Terreno Realty Corp	TRNO	88146M101	US88146M1018	47.8154	4.78154
Vanguard FTSE Canadian Capped REIT Index ETF	VRE	92203B107	CA92203B1076	31.3418	3.13418
VEREIT Inc	VER	92339V100	US92339V1008	9.2220	0.92220
WPT Industrial Real Estate Investment Trust	WIR/U	92937G109	CA92937G1090	12.8668	1.28668
E-Commerce & Related Issuers
Alibaba Group Holding Ltd	BABA	01609W102	US01609W1027	188.5558	18.85558
Alphabet Inc	GOOG	02079K107	US02079K1079	1457.4461	145.74460
Amazon.com Inc	AMZN	023135106	US0231351067	2358.4589	235.84589
AT&T Inc	T	00206R102	US00206R1023	43.3383	4.33383
BCE Inc	BCE	05534B760	CA05534B7604	51.5340	5.15340
Capgemini SE	CGEMY	13961R100	US13961R1005	31.7544	3.17544
CenturyLink Inc	CTL	156700106	US1567001060	27.5682	2.75681
CGI Group Inc	GIB/A	39945C109	CA39945C1095	79.1200	7.91200
Cisco Systems Inc	CSCO	17275R102	US17275R1023	60.6981	6.06981
Descartes Systems Group Inc/The	DSG	249906108	CA2499061083	40.0266	4.00266
Deutsche Post AG	DPSGY	25157Y202	US25157Y2028	43.3266	4.33265
FedEx Corp	FDX	31428X106	US31428X1063	296.9432	29.69431
International Business Machines Corp	IBM	459200101	US4592001014	189.0056	18.90056
Macy's Inc	M	55616P104	US55616P1049	42.8941	4.28941
Marks & Spencer Group PLC	MAKSY	570912105	US5709121058	9.8705	0.98705
Microsoft Corp	MSFT	594918104	US5949181045	142.3491	14.23491
PayPal Holdings Inc	PYPL	70450Y103	US70450Y1038	102.9079	10.29078
QUALCOMM Inc	QCOM	747525103	US7475251036	89.0005	8.90005
salesforce.com Inc	CRM	79466L302	US79466L3024	189.0973	18.90972
SAP SE	SAP	803054204	US8030542042	150.7378	15.07377
Shopify Inc	SHOP	82509L107	CA82509L1076	179.6786	17.96786
Taiwan Semiconductor Manufacturing Co Ltd	TSM	874039100	US8740391003	52.5291	5.25290
TELUS Corp	T	87971M103	CA87971M1032	45.2340	4.52340
Tencent Holdings Ltd	TCEHY	88032Q109	US88032Q1094	47.3394	4.73394
United Parcel Service Inc	UPS	911312106	US9113121068	152.5390	15.25389
Visa Inc	V	92826C839	US92826C8394	181.8925	18.18924
Walmart Inc	WMT	931142103	US9311421039	124.4808	12.44808
Wayfair Inc	W	94419L101	US94419L1017	160.7570	16.07569
Western Union Co/The	WU	959802109	US9598021098	23.5129	2.35128
WPP PLC	WPP	92937A102	US92937A1025	93.1101	9.31100
XPO Logistics Inc	XPO	983793100	US9837931008	137.4813	13.74812
Other Issuers
AltaGas Ltd	ALA	021361100	CA0213611001	21.0883	2.10883
ARC Resources Ltd	ARX	00208D408	CA00208D4084	14.2354	1.42354
Bank of Montreal	BMO	063671101	CA0636711016	105.0739	10.50739
Bank of Nova Scotia/The	BNS	064149107	CA0641491075	74.0638	7.40638
Barrick Gold Corp	ABX	067901108	CA0679011084	15.3667	1.53667
Bonavista Energy Corp	BNP	09784Y108	CA09784Y1088	1.4109	0.14109
Canadian Imperial Bank of Commerce	CM	136069101	CA1360691010	118.7650	11.87650
CI Financial Corp	CIX	125491100	CA1254911003	19.6063	1.96063
Crescent Point Energy Corp	CPG	22576C101	CA22576C1014	7.9277	0.79277
Emera Inc	EMA	290876101	CA2908761018	38.9683	3.89683
Enbridge Inc	ENB	29250N105	CA29250N1050	43.0661	4.30661
Encana Corp	ECA	292505104	CA2925051047	15.8940	1.58940
Enerplus Corp	ERF	292766102	CA2927661025	15.6091	1.56091
Freehold Royalties Ltd	FRU	356500108	CA3565001086	10.8420	1.08420
General Electric Co	GE	369604103	US3696041033	17.3811	1.73810
Great-West Lifeco Inc	GWO	39138C106	CA39138C1068	31.1291	3.11291
Hudbay Minerals Inc	HBM	443628102	CA4436281022	6.0875	0.60875
Hydro One Ltd	H	448811208	CA4488112083	19.3848	1.93848
Inter Pipeline Ltd	IPL	45833V109	CA45833V1094	22.0828	2.19428
Laurentian Bank of Canada	LB	51925D106	CA51925D1069	41.6493	4.16493
Manulife Financial Corp	MFC	56501R106	CA56501R1064	21.8677	2.18677
National Bank of Canada	NA	633067103	CA6330671034	62.8158	6.28158
Power Financial Corp	PWF	73927C100	CA73927C1005	29.3295	2.93295
Royal Bank of Canada	RY	780087102	CA7800871021	101.2387	10.12387
SNC-Lavalin Group Inc	SNC	78460T105	CA78460T1057	45.9019	4.59019
Sun Life Financial Inc	SLF	866796105	CA8667961053	50.2819	5.02819
Suncor Energy Inc	SU	867224107	CA8672241079	49.6890	4.96890
Toronto-Dominion Bank/The	TD	891160509	CA8911605092	76.1382	7.61382
TransAlta Corp	TA	89346D107	CA89346D1078	7.0739	0.70739

The syndicate of agents is being co-led by CIBC Capital Markets and RBC Capital Markets, and includes BMO Capital Markets, Scotiabank, TD Securities Inc., Canaccord Genuity Corp., GMP Securities L.P., National Bank Financial Inc., Raymond James Ltd., Industrial Alliance Securities, Manulife Securities Incorporated, Desjardins Securities Inc., Mackie Research Capital Corporation and Middlefield Capital Corporation.

This offering is only made by prospectus.  The prospectus contains important detailed information about the securities being offered.  Copies of the prospectus may be obtained from your IIROC registered financial advisor using the contact information for such advisor.  Investors should read the prospectus before making an investment decision.

SOURCE Global Real Estate & E-Commerce Dividend Fund

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