Mr. Edward Fu reports

INDEPENDENT PROXY ADVISORY FIRM ISS RECOMMENDS MINTO APARTMENT REAL ESTATE INVESTMENT TRUST UNITHOLDERS VOTE FOR THE PROPOSED GOING-PRIVATE TRANSACTION WITH CRESTPOINT REAL ESTATE INVESTMENTS LIMITED PARTNERSHIP AND MINTO GROUP

Leading independent proxy advisory firm Institutional Shareholder Services Inc. has recommended that the holders of trust units of Minto Apartment Real Estate Investment Trust and special voting units of the REIT vote for a special resolution to approve the previously announced plan of arrangement involving the REIT, Crestpoint Real Estate (Pine) Limited Partnership, an affiliate of Crestpoint Real Estate Investments Limited Partnership and an affiliate of the Minto Group pursuant to the terms of an arrangement agreement dated Jan. 5, 2026.

Under the terms of the arrangement, Crestpoint will acquire all of the trust units, other than trust units held directly or indirectly by Minto and its affiliates and certain senior officers, for consideration of $18 per trust unit in an all-cash transaction. The arrangement resolution will be considered for approval at the special meeting of unitholders to be held on March 3, 2026.

ISS recommendation

In making its recommendation that the unitholders vote for the arrangement resolution, ISS noted: "In this circumstance, unitholders are presented with an attractive cash offer that represents a meaningful premium to the unaffected price. ... The offer appears to provide a reasonable outcome compared to likely alternatives, and the consideration represents a level not seen since May, 2022.

Board and special committee recommendation

Both the REIT's board of trustees (with conflicted trustees abstaining) and a special committee of independent trustees of the board determined, in consultation with financial and legal advisers, that the arrangement and the transactions contemplated by the arrangements are fair to trust unitholders (other than the retained interest holders) and that the arrangement and entering into the arrangement agreement is in the best interests of the REIT and such trust unitholders. Accordingly, the board unanimously (with conflicted trustees abstaining) recommends that unitholders vote for the arrangement resolution.

Details about Minto Apartment REIT's special meeting of unitholders

The meeting will be held in a virtual-only meeting format, on-line, on March 3, 2026, at 3 p.m. Eastern Time. The REIT's management information circular, dated Jan. 29, 2026, and related proxy materials, which provide additional details about the arrangement and information about how unitholders can vote their units, are available under the REIT's issuer profile on SEDAR+ and on the REIT's website.

Vote your units today

Your vote is important regardless of the number of units you own.

Unitholders are encouraged to read the circular and vote your units well in advance of the proxy voting deadline on Friday, Feb. 27, 2026, at 3 p.m. Eastern Time.

Unitholder questions and voting assistance

Unitholders who have questions about the information contained in the circular or require assistance with voting their units may contact Laurel Hill Advisory Group, the REIT's proxy solicitation agent and unitholder communications adviser.

Laurel Hill Advisory Group

Toll-free:  1-877-452-7184 (for unitholders in North America)

International:  1-416-304-0211 (for unitholders outside of North America)

Text message:  text "Info" to 1-416-304-0211 or 1-877-452-7184

By E-mail:  assistance@laurelhill.com

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 Vancouver.

About Crestpoint Real Estate Investments Limited Partnership

Crestpoint is an affiliate of Connor, Clark & Lunn Financial Group Ltd., a multiboutique asset management firm whose affiliates collectively manage over $167-billion in assets for individuals, advisers and institutional investors. Established in 1982, CC&L has over 40 years of experience, and has grown to be one of Canada's largest independently owned asset management firms with a presence across North America, Europe and Asia. CC&L's strategies span across equities, fixed income, alternative investments and multiassets.

Crestpoint Investments, established in 2010, focuses on commercial real estate and debt investments. Crestpoint Investments collectively manages over $11-billion on behalf of institutional and high-net-worth clients, and is one of the fastest-growing real estate asset managers across Canada. Crestpoint Investments' strategies span core plus real estate, opportunistic real estate, commercial debt, and segregated funds and co-investments.

We seek Safe Harbor.