Sustainable Real Estate Dividend Fund Normal Course Issuer Bid

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, 2022 and will terminate on April 12, 2023. 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 2,500,000 units issued and outstanding as at March 30, 2022. The Fund may, during the 12 month period commencing April 13, 2022 purchase on the TSX up to 250,000 units, being 10% of the public float and may not, in any 30 day period, purchase more than 50,000 units, being 2% of the units issued and outstanding. The Fund will cancel all units purchased pursuant to the bid. Subject to receiving all necessary regulatory approvals, the Fund may, in lieu of canceling units acquired, hold the units in treasury for resale. The Fund is implementing the NCIB to allow it to purchase units if and when it makes sense to do so.

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 [phone]

April 11, 2022

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.