MSRE.UN Sustainable Real Estate Dividend Fund

Sustainable Real Estate Dividend Fund (the “Fund”) (TSX: MSRE.UN) announced that it has filed a notice with the Toronto Stock Exchange (the “TSX”) and received its approval to make a normal course issuer bid (“NCIB”). Purchases pursuant to the NCIB will be made in the open market through the facilities of the TSX. This NCIB will commence on April 13, 2023 and will terminate on April 12, 2024. In accordance with the Declaration of Trust by which the Fund is governed, market purchases pursuant to its NCIB may be effected by the Fund.

The Fund had 2,301,647 units issued and outstanding as at April 3, 2023 including 2,267,047 in the public float. The Fund may, during the 12 month period commencing April 13, 2023 purchase on the TSX up to 226,704 units, being 10% of the public float and may not, in any 30 day period, purchase more than 46,032 units, being 2% of the units issued and outstanding. The Fund will hold in treasury for resale all units purchased pursuant to the bid. As at April 3, 2023 the Fund had purchased 160,700 units on the TSX at an average price of $7.70 per unit under its previously approved normal course issuer bid. The Fund had the ability to purchase up to 250,000 units under its last NCIB. The manager of the Fund believes that such purchases are in the best interest of the Fund and are a desirable use of its available funds.

The Fund trades on the TSX under the symbol “MSRE.UN”.

For further information visit our website at www.middlefield.com or contact the undersigned:

Nancy Tham Managing Director, Sales and Marketing (416) 847-5349

This press release may contain forward-looking information, including with respect to future purchases of Units by the Fund. The forward-looking information contained in this press release constitutes current expectations, 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 an estimate as of any date other than the date of this press release.