Mr. Michael Waters reports

MINTO APARTMENT REIT REPORTS VOTING RESULTS FROM ANNUAL GENERAL MEETING OF UNITHOLDERS

Minto Apartment Real Estate Investment Trust has released the results of voting at its annual general meeting of unitholders held on May 9, 2023. All of the nominees listed in the management information circular prepared in connection with the meeting were elected as trustees of the REIT. The voting results are set out herein.

         VOTING RESULTS FOR ELECTION OF DIRECTORS

Nominee                Number of units        Percentage of 
                                                votes cast  

                         For    Withheld     For   Withheld    

Roger Greenberg   46,182,023   4,255,684   91.56%      8.44%      
Allan Kimberley   50,310,633     127,074   99.75%      0.25%      
Heather Kirk      50,375,298      62,409   99.88%      0.12%      
Jo-Ann Lempert    50,399,360      38,347   99.92%      0.08%      
Jonathan Li       50,292,698     145,009   99.71%      0.29%      
Jacqueline Moss   50,252,848     184,859   99.63%      0.37%      
Michael Waters    46,411,919   4,025,788   92.02%      7.98%      

In addition:

• KPMG LLP was reappointed as auditor of the REIT.
• Unitholders approved a non-binding advisory say-on-pay resolution, accepting the REIT's approach to executive compensation.

About Minto Apartment Real Estate Investment Trust

Minto Apartment is an unincorporated, open-ended real estate investment trust established pursuant to a declaration of trust under the laws of the Province of Ontario to own income-producing multiresidential properties located in urban markets in Canada. The REIT owns a portfolio of high-quality income-producing multiresidential rental properties located in Toronto, Montreal, Ottawa, Calgary and Edmonton.