Mr. William Martens reports

MARWEST APARTMENT REAL ESTATE INVESTMENT TRUST ANNOUNCES GRANTS OF DEFERRED UNITS IN SATISFACTION OF TRUSTEE COMPENSATION

Marwest Apartment Real Estate Investment Trust has issued deferred units of the REIT to certain of its trustees for the period July 1, 2023, through Sept. 30, 2023, to be effective Sept. 30, 2023, in accordance with REIT's equity incentive plan adopted effective April 30, 2021, as amended, and the REIT's policy regarding the automatic settlement of trustee compensation in deferred units.

The compensation payable to the trustees for the period noted (other than meeting fees which were paid in cash) was settled by issuing approximately 50 per cent of the total compensation in deferred units at a price of $1.10 per deferred unit. Luke Cain, chair, was issued 4,582 deferred units, Jason Pellaers, chair of the audit committee of the REIT, was issued 3,666 deferred units, James Green, chair of the governance, compensation and nominating committee, was issued 3,437 deferred units, and Cornelius Martens was issued 2,291 deferred units reflecting monetary compensation of $5,040.20, $4,032.60, $3,780.70 and $2,520.10, respectively, rounded to the nearest unit. The balance of the compensation was paid in cash in the amounts of $5,041.99, $4,033.15, $3,780.94 and $2,521.00, respectively.

About Marwest Apartment REIT

The REIT is an unincorporated open-ended trust governed by the laws of the Province of Manitoba. The REIT was formed to provide holders of trust units of the REIT with the opportunity to invest in the Canadian multifamily rental sector through the ownership of high-quality income-producing properties, with an initial focus on stable markets throughout Western Canada.