Mr. William Martens reports

MARWEST APARTMENT REIT ANNOUNCES NORMAL COURSE ISSUER BID

Marwest Apartment Real Estate Investment Trust has filed a notice of intention to make a normal course issuer bid (NCIB) with the TSX Venture Exchange, which will allow the REIT to purchase outstanding trust units of the REIT. The implementation of the NCIB remains subject to the approval of the TSX-V.

The REIT plans to implement the NCIB because it believes that, from time to time, the market price of the units may not fully reflect the underlying value of the REIT's business and its future prospects. Accordingly, the REIT believes that having the ability to purchase the units will be in the interest of the REIT and represents an opportunity to enhance unitholder value.

Under the NCIB, if approved by the TSX-V, the REIT may acquire up to an aggregate of 700,025 units over the 12-month period commencing on April 1, 2026, and ending on March 31, 2027, representing approximately 10.0 per cent of the public float (calculated in accordance with the policies of the TSX-V) as of Feb. 28, 2026. Additionally, under the NCIB, the REIT may not acquire more than 2 per cent of the issued and outstanding units in any 30-day period. Purchases subject to the NCIB will be carried out pursuant to open-market transactions through the facilities of the TSX-V and alternative trading systems or by such other means as may be permitted under applicable securities laws during the term of the NCIB at the prevailing market price of the units at the time of purchase. All units purchased by the REIT under the NCIB will be returned to treasury and cancelled. The actual number of units which may be purchased pursuant to the NCIB and the timing of any purchases will be determined by management and the board of trustees of the REIT. The NCIB will be conducted through National Bank Capital Markets (NBCM), a member of the TSX-V, and made in accordance with the policies of the TSX-V. The financing for any purchases pursuant to the NCIB will be from the working capital of the REIT.

In connection with the NCIB, the REIT has entered into an automatic unit purchase plan (AUPP) with NBCM as the designated broker. The AUPP provides a set of standard instructions to NBCM to make purchases under the NCIB in accordance with the limits and other terms set out in the AUPP. NBCM will determine the timing of these purchases in its sole discretion based on purchasing parameters set by Marwest Apartment and subject to the policies of the TSX-V, applicable securities laws and the terms of the AUPP.

To Marwest Apartment's knowledge, none of the trustees, officers or other insiders of the REIT, or any associate of such person, or any associate of affiliate of the REIT has any present intention to sell any units to the REIT pursuant to the NCIB. Marwest Apartment has not previously purchased for cancellation any of its outstanding units.

A copy of REIT's notice with respect to the NCIB filed with the TSX-V may be obtained by any unitholder, without charge, by contacting the REIT's chief executive officer, William Martens, by telephone at 204-947-1200 or by e-mail at wcm@marwest.ca.

About Marwest Apartment Real Estate Investment Trust

The REIT is an unincorporated open-ended trust governed by the laws of the Province of Manitoba. The REIT was formed to provide unitholders 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.

We seek Safe Harbor.