MREL Middlefield Real Estate Dividend ETF

Sustainable Real Estate Dividend Fund (TSX: MSRE.UN) (the “Fund”) is pleased to announce that a distribution for April 2024 will be payable to unitholders of Middlefield Sustainable Real Estate Dividend Fund as follows:

Record Date	Payable Date	Distribution Per Trust Unit
April 30, 2024	May 15, 2024	$0.04167

As previously announced on January 10, 2024, the Fund is expected to merge into Middlefield Real Estate Dividend ETF (TSX: MREL) on or about May 16, 2024. After the merger, Sustainable Real Estate Dividend Fund unitholders will receive Middlefield Real Estate Dividend ETFs monthly distribution which is currently targeted at $0.075 per unit. The merger remains subject to the satisfaction of all regulatory requirements and customary closing conditions.

The trust units of Sustainable Real Estate Dividend Fund and Middlefield Real Estate Dividend ETF trade on the Toronto Stock Exchange under the symbols MSRE.UN and MREL, respectively

Due to the timing of the merger, the April 30, 2024, record date distribution will not be eligible for the distribution reinvestment plan (“DRIP”). Middlefield Real Estate Dividend ETF offers a DRIP for unitholders which provides unitholders with the ability to automatically reinvest distributions, commission free, and realize the benefits of compound growth. Unitholders who are currently enrolled in the Fund’s DRIP will have to enroll in the DRIP program of Middlefield Real Estate Dividend ETF by contacting their investment advisor.

Middlefield Group

Founded in 1979, Middlefield is a specialist equity income asset manager headquartered in Toronto, Canada. Our investment team utilizes active management to select high-quality, global companies across a variety of sectors and themes. Our product offerings include proven dividend-focused strategies that span real estate, healthcare, innovation, infrastructure, energy, diversified income and more. We offer these solutions in a variety of product types including ETFs, Mutual Funds, Closed-End Funds, Split-Share Funds and Flow-through LPs.

For further information, please visit our website at www.middlefield.com or contact Nancy Tham in our Sales and Marketing Department at 1.888.890.1868.

This press release contains forward-looking information. The forward-looking information contained in this press release is based on historical information concerning distributions and dividends paid on the securities of issuers historically included in the portfolio of the Fund. Actual future results, including the amount of distributions paid by the Fund, may differ from the monthly distribution amount. Specifically, the income from which distributions are paid may vary significantly due to: changes in portfolio composition; changes in distributions and dividends paid by issuers of securities included in the Fund’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 the portfolio will generally depend upon various factors, including the financial condition of each issuer and general economic and stock market conditions; the level of borrowing by the Fund; and the uncertainty of realizing capital gains. The risks, uncertainties and other factors that could influence actual results are described under “Risk Factors” in the Fund’s prospectus and other documents filed by the Fund with the Canadian securities regulatory authorities. The forward-looking information contained in this press release constitutes the 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 the Fund's estimate as of any date other than the date of this press release.