MG Dividend & Income Fund announces normal course issuer bid

    TORONTO, March 6 /CNW/ - MG Dividend & Income Fund (the "Fund") announced
today its intention to make a normal course issuer bid for its units through
the facilities of the Toronto Stock Exchange (the "TSX"). This normal course
issuer bid is intended to commence on March 8, 2007 and will terminate on
March 7, 2008. In accordance with the Declaration of Trust by which the Fund
is governed, market purchases pursuant to its normal course issuer bid may be
effected by the Fund.
    At February 27, 2007 there were 10,980,297 units issued and outstanding
including 10,858,297 units in the public float. The Fund may, during the 12
month period commencing March 8, 2007 purchase on the TSX up to 1,085,829
units, being 10% of the public float of the units. Since March 8, 2006 the
Fund has purchased 1,064,000 units at an average price of $8.93 per unit under
its previously approved normal course issuer bid. The Fund believes that its
units represent good value for the Fund and purchases under the normal course
issuer bid may serve to enhance returns to unitholders.

    MG Dividend & Income Fund trades on the Toronto Stock Exchange under the
symbol "MGZ.UN".

For further information:

For further information: visit our website at; or
contact the undersigned: Nancy Tham, Senior Vice President, (416) 847-5349

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