Mr. Edward Fu reports

MINTO APARTMENT REIT ANNOUNCES INTENTION TO MAKE NORMAL COURSE ISSUER BID

The Toronto Stock Exchange has accepted Minto Apartment Real Estate Investment Trust's notice to make a normal course issuer bid (NCIB) for a portion of its trust units as appropriate opportunities arise from time to time. The REIT's previous normal course issuer bid expired on July 20, 2023.

The NCIB will be active from Sept. 20, 2023, to Sept. 19, 2024, and permits the REIT to acquire up to 3,282,682 units, representing approximately 5 per cent of the REIT's 65,653,641 issued and outstanding securities (on a fully diluted basis, assuming the exchange of all 25,755,029 Class B limited partner units of Minto Apartment LP) and approximately 9 per cent of its public float. Under the terms of the NCIB, the REIT may acquire up to 25,003 units on any given trading day, representing approximately 25 per cent of the REIT's average daily trading volume for the six most recently completed calendar months of 100,013 units. Purchases under the NCIB will be made by the REIT for cancellation and will made in the open market through the facilities of the TSX or through Canadian alternative trading systems. Of the 3,847,284 units approved for purchase under its former normal course issuer bid, the REIT acquired 182,227 units at a weighted average price per unit of $15.15 in the last 12 months under such bid.

The REIT's board of trustees has authorized the NCIB because it believes that, from time to time, the purchase of units at prices below the REIT's net asset value may be an attractive and appropriate use of the REIT's funds, benefiting remaining unitholders by increasing the net asset value per unit of the REIT. Decisions regarding the timing of purchases of units will be based on market conditions, unit price and other factors.

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.

We seek Safe Harbor.