Joint Press Release - Merger of MINT Income Fund and MATRIX Income Fund

    TORONTO, April 9 /CNW/ - (TSX: MID.UN; MTZ.UN) - Middlefield is pleased
to announce the merger of MINT Income Fund ("MINT") and MATRIX Income Fund
("MATRIX"), with MINT being the continuing Fund. The merger is expected to
take place on or about May 24, 2007 but no later than May 30, 2007. Completion
of the merger is subject to all regulatory requirements and customary closing
conditions being satisfied. At a special meeting of unitholders of MINT and
MATRIX held on February 16, 2006, unitholders voted to approve a special
resolution authorizing the board of directors of the manager of each Fund to
merge or otherwise combine the Fund with one or more other funds, provided
that certain specific criteria for a fund merger are satisfied, all as more
particularly set out in the Joint Information Circular dated January 9, 2006.
    The merger is intended to provide unitholders of both Funds with the
opportunity to hold units of a continuing merged Fund with a larger market
capitalization, potential increased trading liquidity and lower operating
costs on a per unit basis. Since its inception in February 1997, MINT has
generated strong returns for investors and provided high levels of monthly
income. As at February 28, 2007, MINT's annualized total return on a net asset
value basis for the trailing five year period and the period from inception
approximately ten years ago was 22.3% and 13.8%, respectively. Unitholders of
MATRIX will also benefit from a reduction in management fees from 1.10% per
annum of net asset value to 1.00% per annum of net asset value.
    MINT trades under the symbol MID.UN on the Toronto Stock Exchange and
currently pays out a monthly distribution at an annualized rate of $1.20 per
unit. It is expected that the continuing merged Fund will also pay
distributions at this level.
    The merger will be effected by a tax-deferred "rollover" using an
exchange ratio based on the relative net asset values of MINT and MATRIX at
the time of the merger. MATRIX unitholders who surrender units for redemption
to receive a Redemption Price calculated with reference to the net asset value
per unit on April 30, 2007 pursuant to the annual redemption privilege will
not participate in the merger.
    For additional information regarding the Funds, please contact the
undersigned at (416) 847-5349.

    Nancy Tham

    Senior Vice President

    This press release contains forward-looking information, including
statements regarding: expected timing of completion of the merger; expected
market capitalization as a result of the merger; results that the merger is
expected to have on trading liquidity and operating costs; and expected
changes from amending the trust agreement. These forward-looking statements
are subject to various risks and uncertainties that could cause actual
financial performance and expectations to differ materially from the
anticipated performance or other expectations expressed including, among
others: uncertainties in realizing the expected benefits of the merger;
unanticipated incremental costs after the merger; uncertainties regarding
future performance of the portfolio of a merged Fund and of each issuer
included therein; and general economic and stock market conditions. In
addition, forward-looking information contained in this press release related
to the current monthly distribution of MINT on an annualized basis is based on
historical information of the distributions paid by MINT. Actual future
results, including the amount of distributions paid by MINT, may differ
materially, including due to: changes in portfolio composition; changes in
distributions and dividends paid by issuers of securities included in MINT's
portfolio from time to time; there being no assurance that those issuers will
pay distributions or dividends on their securities; the declaration of
distributions and dividends by issuers of securities included in MINTs'
portfolio will generally depend upon various factors, including the financial
condition of each issuer and general economic and stock market conditions; and
the uncertainty of realizing capital gains. The risks, uncertainties and other
factors that could influence actual results are described under "Risk Factors"
in MINT's prospectus dated May 30, 2006, as well as other documents filed with
the Canadian securities regulatory authorities. The forward-looking
information contained in this press release constitutes each Fund's current
estimate, as of the date of this press release, with respect to the matters
covered hereby. Investors and others should not assume that any
forward-looking statement contained in this press release represents each
Fund's estimate as of any date other than the date of this press release.

For further information:

For further information: regarding the Funds, please contact Nancy Tham,
Senior Vice President, at (416) 847-5349

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