Mr. Mitchell Cohen reports

URBANFUND CORP. DECLARES DIVIDEND

Urbanfund Corp. has declared a dividend of 12.5 cents per common share and 12.5 cents per Series A, first preferred share, for the three-month period ended Dec. 31, 2023, representing five cents per share on an annualized basis. The dividend is payable on Jan. 15, 2024, to the shareholders of record on Dec. 29, 2023.

This dividend is designated by the company as an eligible dividend as defined by the Income Tax Act (Canada) and any similar provincial or territorial legislation. An enhanced dividend tax credit applies to eligible dividends paid to Canadian residents. The company has dividend reinvestment plans for holders of its common shares and Series A, first preferred shares (collectively, the DRIPs). The DRIPs provide eligible shareholders with the opportunity to reinvest their cash dividends, on each dividend payment date, in additional common shares of the company at a 5-per-cent discount to the volume-weighted average trading price of the common shares for the 10-day period preceding the dividend payment date. Shareholders are encouraged to review the text of the DRIPs, which are available at SEDAR+, and consult with their investment advisers should they desire to participate. The declaration and payment of dividends is at the discretion of the board of directors of the company and any future declaration of dividends will depend on the company's financial results, cash requirements, future prospects and other factors deemed relevant by the board of directors of the company.

About Urbanfund Corp.

Urbanfund is a Toronto-based real estate development and operating company listed on the TSX Venture Exchange under the symbol UFC. The company is a reporting issuer in Alberta, British Columbia and Ontario. The company's focus is to identify, evaluate and invest in real estate or real-estate-related projects. The company's assets are located in Toronto, Belleville, Kitchener, London and Brampton, Ont., and in Montreal and Quebec City, Que., and Dartmouth, N.S.

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